Are there age limits to Bitcoin investment? - page 8.

Bananington

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?
I read threads where people have constantly introduced Bitcoin to their underaged children (10years below) and I really don't think it's necessary because I feel those kids still have some mental growth to do and since Bitcoin is a very volatile digital asset, I think children shouldn't be made to go through such stress.

You are never too old to learn or be told about bitcoins, and not too young to know the name bitcoin and what it is. Someone can be too young to be forced into investing in bitcoins rather and too old like you have said, but bitcoins does not select by age. At any age where someone realizes the need to invest in bitcoins, bitcoins are available for them so long as they know how to handle and keep it safely. When a young or an old person is okay with investing, bitcoin is always ready to be invested in.

John Abraham

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Quote from: NotATether on February 21, 2023, 06:08:50 AM

Centralized exchanges are not banks and so they do not offer any savings accounts for kids.

I mean, why should they, anyway? Exchanges are already shady enough to just disappear overnight with everyone's money. Kinda defeats the idea of having a "savings account" you know.

I know you know better than me. Exchanges are not designed for holding your money there. You don't have to hold your money there. So they don't have to offer savings accounts for anyone. But, Some exchanges offer to stake coins and get profit in returns. I use exchanges to trade coins. Sometimes I buy from, and sometimes I sell. But, I don't keep balance on the exchange. We all know what happened last year with FTX users. If someone is too strict about privacy, they shouldn't use exchanges. Not for even trades.

GideonGono

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?
I read threads where people have constantly introduced Bitcoin to their underaged children (10years below) and I really don't think it's necessary because I feel those kids still have some mental growth to do and since Bitcoin is a very volatile digital asset, I think children shouldn't be made to go through such stress.
Same thing also applies to the elderly as I've also read news of people trying to get some retirees investing their pensions into crypto rather than advising them to relax and enjoy their pension and I really wanted to know if it's wise to get kids and elderly into the crypto industry.

Nope there is no age limit on crypto everyone is free to use it and due to it's anonymity we couldn't know about the people who are involved in it.
I know some people in crypto who has been around since their early teens year and now they have been successful.
It would all depends on how they handle it we all know that not everyone is made or build for investment.
For me age doesn't define them it is how they handle their investment it doesn't matter if their kids or elderly if they could handle it well then why should we complain and it is all their money.

Aanuoluwatofunmi

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?

There's no age limit since this is unlike the centralized institutionizations that requires age for KYC and other regulatory purpose, bitcoin is a decentralized network and there's no age barrier, but we can as well adopt this for the sake of our up coming generations by investing with bitcoin for them to inherit, we can teach the young ones the basic foundations about bitcoin, wallet and blockchain.

michellee

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Introducing bitcoin to kids under 10 is okay as common knowledge for them. But to teach them to invest in bitcoin, maybe wait until they grow up before we can teach them about investing in bitcoin. If you want to teach them about investing in bitcoin early on, that's fine too, but kids that age are more likely to have fun playing than to focus on one thing.

If they are over 17 years old, you can provide more detailed information about bitcoin so they can start investing in bitcoin. Maybe some of these children have been able to earn their own money from their part-time jobs, so you have to direct them to prepare for their future.

NotATether

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Quote from: John Abraham on February 21, 2023, 04:58:16 AM

Technically there are no age restrictions. But, If anyone wants to buy Bitcoins from centralized exchanges, You may have to submit KYC, and you must be 18 Years old at least (Not sure if any centralized exchange allows underage people). There shouldn't be any problem teaching kids with Bitcoins. They don't have to invest just to learn about Bitcoin. We learned many things in school, but we didn't do everything. My friend Completed his studies in commerce, and now he is a Tailor. Let them learn; one day, they will decide what to do.

Centralized exchanges are not banks and so they do not offer any savings accounts for kids.

I mean, why should they, anyway? Exchanges are already shady enough to just disappear overnight with everyone's money. Kinda defeats the idea of having a "savings account" you know.

bitzizzix

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?
I read threads where people have constantly introduced Bitcoin to their underaged children (10years below) and I really don't think it's necessary because I feel those kids still have some mental growth to do and since Bitcoin is a very volatile digital asset, I think children shouldn't be made to go through such stress.
Same thing also applies to the elderly as I've also read news of people trying to get some retirees investing their pensions into crypto rather than advising them to relax and enjoy their pension and I really wanted to know if it's wise to get kids and elderly into the crypto industry.

I don't know and to my knowledge children under 10 are not required to invest in bitcoin or anything, except in terms of saving and managing their finances wisely because that will educate them as teenagers when involved with bitcoin.
if it's just an introduction or teaching about bitcoin in my opinion it's important, but that doesn't mean it has to be an investment. Because kids have to keep learning and achieving to define decent jobs for them, and bitcoin is just a bridge to support them financially and economically ready for their journey and also their future and they can do it and we have to teach it as early as possible

John Abraham

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Technically there are no age restrictions. But, If anyone wants to buy Bitcoins from centralized exchanges, You may have to submit KYC, and you must be 18 Years old at least (Not sure if any centralized exchange allows underage people). There shouldn't be any problem teaching kids with Bitcoins. They don't have to invest just to learn about Bitcoin. We learned many things in school, but we didn't do everything. My friend Completed his studies in commerce, and now he is a Tailor. Let them learn; one day, they will decide what to do.

noorman0

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I don't think bitcoin investing is suitable for old age with some diagnoses of mental illness or heart attack. If any, it is highly recommended not to stare at the chart too often. Another concern is that in a certain old age range there may be a decline in memory, sensory function, or other aging factors that trigger asset security risks.

After all, it's a bit late to start any investment at old age unless it's to be inherited.

Outhue

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There should be age limit because its easier to lose your Bitcoin if its placed in the wrong hands, every kids get better with Fiat and they hardly lose their Fiat money, but to keep Bitcoin safe many lessons should be learnt first, this is why I believe that automatically there is age limit for who can acquire Bitcoin and safely keep them, so, Bitcoin is not for kids, also, not all adults want to get into Bitcoin because they find it too complex too understand, I am talking about older people that don't know how to even operate a smartphone.

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?

Who is going to restrict anyone? The government? Bitcoin is far more decentralized than the government to have that kind of control. Anyone can have bitcoin, you can buy it for your kids or anyone that you like.

Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?

No restriction and you can follow the decentralized way.

Quote from: Obari on February 21, 2023, 02:48:14 AM

Same thing also applies to the elderly as I've also read news of people trying to get some retirees investing their pensions into crypto rather than advising them to relax and enjoy their pension and I really wanted to know if it's wise to get kids and elderly into the crypto industry.

Very good if the elderly can understand and know what to do and what to avoid. For children, it is good, they can develop with it and when they grow they will know better even possible than you do.

kryptqnick

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I don't think small children should be concerned with investments, but I do think that an age of primary school is appropriate to start familiarizing a child with what money is, how it works, and what kind of money there can be. After all, kids often play games like Monopoly or apps that give them some tokens, which they can use in-game to purchase something or upgrade characters. So it's not entirely irrelevant. And in the light of discussing fiat, gold and other things, Bitcoin can also be mentioned as a kind of online money, but not the kind that a company or a country can control.
As for the elderly, these are adults, and unless a person is suffering from a severe cognitive impairment due to their age, I think it's totally fine to tell them about Bitcoin. Not to push them, but to tell them if they want to know something and at the level they are interesting to know of it. My older relatives who are in their late 70s roughly know about Bitcoin from me, although sometimes only at the level 'it's the Internet money', as some of them don't use laptops, smartphones or the Internet at all.
Bitcoin isn't just an investment, so it's okay to tell people about it in different ways.

Nwada001

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Ordinarily, Bitcoin is not under any government regulation or control, and as such, there is no limit to what age is enough to hold a bitcoin. If you have access to the internet, you are entitled to owning a bitcoin, no matter the amount. Currently, most parents purchase and store bitcoin for their infants. So if you have the money, no matter your age, just buy and hold—no age limit or restrictions.

jayce

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Unlike conventional and bank-related investments, there is no age limit for crypto investment especially bitcoin. But there is no point for kids to getting into bitcoin investment, especially at its current price. We might have heard some teenagers who somehow bought bitcoin and now being a millionaire, e.g. Erik Finman^[1], which he bought 400 btc with the $1000 his grandmom gave to him at the age of 12. But imo, that's possible to happen for him because it's rare to see a kid gets $1000 even from his close relative such as parents or grandparents, unless if he is from wealthy family. It could be applied to elderly people as well, which the only thing they care is spending their retirement time peacefully and not getting into any complicated thing such as investments, except for those who still have to live their family. Even for the latest category, they would prefer to invest on short-term investment like opening a shop so they don't need to wait so long to get profit and obviously with less risk.

[1] https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

kro55

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After all, bitcoin is money, and everyone needs money no matter how big or small, so I think there is no age limit on investing or owning bitcoin. For young children or the elderly, we can recommend bitcoin to them but should let them choose, if they want bitcoin, start with them, and if they refuse, don't force them.

I want to emphasize about introducing bitcoin to children, we don't have to rush, let them fully realize life before introducing bitcoin to them, they have more to learn than bitcoin. The early introduction of bitcoins does not guarantee that they will become richer in the future.

BenCodie

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It would be against Bitcoin's code (pun intended) to have an age limit. There's no reason to stun opportunity from the young, so if they dare try to join the ecosystem or hold BTC, let them!

sunsilk

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Quote from: Obari on February 21, 2023, 02:48:14 AM

I was actually wondering if there are any restrictions on age as to investing in Bitcoin?
I read threads where people have constantly introduced Bitcoin to their underaged children (10years below) and I really don't think it's necessary because I feel those kids still have some mental growth to do and since Bitcoin is a very volatile digital asset, I think children shouldn't be made to go through such stress.
Same thing also applies to the elderly as I've also read news of people trying to get some retirees investing their pensions into crypto rather than advising them to relax and enjoy their pension and I really wanted to know if it's wise to get kids and elderly into the crypto industry.

I have no problem if kids as young as 10 being introduced to bitcoin. They're not being obliged to invest but it's an additional thought and knowledge to them to know bitcoin at a very young age.

In general of investing, there's no restriction of age on when they can start. As long as they're aware of the basics of it and they know what they do, that's the key to investing to any asset like bitcoin.

Anyone can invest as old as they can like Warren Buffett although it's a different case on him because he doesn't like bitcoin. But I'm talking about the general rule in investing that no age is really required on when you'll start and when you'll stop.

Jawhead999

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Why it must be a minor with Bitcoin investment? there are a lot assets e.g. gold, stock, real estate etc and the fact a minor can buy those assets even though it's need an extra procedure where his parent need to verify if they allow his kids to do that. Similar like Bitcoin, it doesn't have any restriction too if you use decentralized exchange, you only need your bank account.

Quote from: Obari on February 21, 2023, 02:48:14 AM

Same thing also applies to the elderly as I've also read news of people trying to get some retirees investing their pensions into crypto rather than advising them to relax and enjoy their pension

Not all elderly want to get paid with Bitcoin, there are many El Salvadorians old people complaining and refuse to get paid with Bitcoin.

crwth

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The underaged should be guided with care and respect. The decision I think comes towards the parents of the child, knowing that they are going to let them pay or do something about their investing portfolio.

Personally, I would like my kids to know what Bitcoin is and what it could do for them and making sure that they are able to grasp the idea with how you could take advantage and the reason for having it in the first place. Maybe someday, you would never know, because if you had introduced them at an early age, you would be able to have a kid who can develop and improve Bitcoin as it is and know what type of applications could be done with it.

Make sure you know what you are doing so that you won't regret doing something in the first place.

EarnOnVictor

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It's the same thing as asking if there is an age limit for owning your assets and properties, there is certainly no age limit in Bitcoin investment. Both the young and old could participate, but they must be well informed about the investment before doing so.

However, this is applicable only to the core Bitcoin transaction whereby the privacy and anonymity of people below the age of 18 would be preserved. This could be done through the noncustodial wallet and decentralised exchanges. But if the investments are to be done with the custodial or the centralised exchange, KYC might be asked, and the legal underage would be restricted.

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