Topic: How are under 18's using Bitcoin? (Read 3379 times)

I view it as the currency of the future. That is it. It's not some shitty ponzi scheme, some pyramid scheme, some investment. It has a future. It does have some problems, but it can be solved.

Depends on how young you count the "under 18's" to be. Most 16 and 17 year olds at least should remember the vcrs,
altho I guess the 14 year olds probably don't.

Haha I was thinking the same thing

Wow, I came here expecting to see 4 pages of discussion on how the next generation are starting to use crypto currency, how they view it, and all manner of interesting things.

So sad that is not the case.

I do get his point that some major transactions / exchanges need a legal adults ID or whatever, but there are
many ways to obtain / use bitcoins.

Guys there are a lot of successful people under 18, please don't be jealous

As is pirating copywrited music and movies and smoking weed, but kids are doing both those things in abundance.

These laws are stupid, obsolete, unenforceable nightmares. Like the drug laws destroying young lives every day in Amerikkka.

Nothing is forbidden. Cryptocurrency does not belong to the older generation, those controllers.

Bitcoin belongs to the youth.

For me, I don't see anything wrong with minors using Bitcoins and transacting with it. There is no law that prevents minors from carrying and holding cash (in fact to do so would be ludicrous); so the same should apply to Bitcoins.

That being said, I will say, that it is quite possible that a lot of minors in the U.S. that perform dealings with BTC have probably done something illegal. If my interpretation of the law is in line with the current application, a minor that has mined an alt-currency is fine; same thing with mining BTC. The problem arises when trading from one cryptocurrency to another cryptocurrency. I can't speak for all exchanges, but I know a lot use Cryptsy. According to the terms under section 1c, users may not be on the U.S. Commerce Department’s Denied Persons List. Now this is slightly muddy waters, as this list is specifically for national security purposes. But since it is on a federal statute, this implicitly means that this excludes "restricted parties." According to the federal government, minors are a "restricted party." So unraveling everything, it can technically be said that minors are not allowed to use Cryptsy. Whether this is the current application of this interpretation, I do not know. Likewise, whether this type of ToS extends to other sites, I do not know.

However, some sites have already set precedents for these types of transactions. For example, it is against Coinbase ToS for minors to use their services. As for localbitcoins, I do not believe that is against the law, but I think those are also muddy waters.

I thought it was common practice for 18 year olds to save up for their first car.

3000-8000 USD

So why the hell is it so strange that they might have amassed that much value in bitcoin?
 i mean, shit, kids get allowance, birthday money, etc. graduation presents. and its def not illegal for them to hold, spend, or trade btc. hell, ive given my younger sister in law btc for most of the gifts ive given her of late (birthdays, her high school graduation)

what you aren't considering is that a smart 18 year old, having no bills/ recurring fiscal responsibilities, would find it incredibly easy to actually KEEP the btc (because I know mine provides a roof/food for me and others). The problem usually isn't making the money for most; thats easy in America. Just go trade some time.

Keeping said money, however, with insane tax rates and an unsustainable cost of living, is another story..

~Green

Thanks Starfish!

Yeah. It is definitely not illegal.

So? I Created a kraken account just last week and I'm only 14. Even though I have nothing in it, I'm making a bank account in the summer and going to start trading . Right now, I just need 1 more mBit so I can transfer funds from blockchain to play2win sites like Primedice.

 

LOL

In any disruptive technology revolution, expect the tiny tikes to know more than YOU! The very fact that you think BTC revolves around an anitquated CENTRALIZED concept, the exchanges and that it's impossible to legally own BTC without using them is a tell on your age. BTC is the concept of DECENTRALIZED banking. Even without exchanges, BTC will increase in adoption exponentially simply by people spending BTC. I bet you 1BTC that many kids probably own more BTC than you and know more about BTC than you or me.

This kinda reminds me of when I owned the world's first desktop computer. I nagged my parents for months incessantly until they bought it for me. They finally relented even though they had no idea what they were buying. Then, I had no money to buy sofware (much like these kids today have no money to buy BTC), so I posted an ad in a computer magazine (this was before there was an internet) offering to trade copies of software. Hundreds of people called to swap software. I'll bet you these kids probably mined their BTC two years ago when it was easy or if they're doing it now, they're mining alt coins for free with their parent's electricity then swapping them for BTC. There's a good chance the webmaster for this very forum is a 13 year old kid working on this site for BTC. You know, Bill Gates wrote his first million dollar software before he turned 18. He hid behind a corporate entity and hired adults in suits to do all the negotiations so people won't find out that he's just a kid.

You and I are probably still skeptical of bitcoin. I half expect the value to go down to zero. Our discomfort stems from our gut feeling that this is not "normal". However, kids have no preconceived notion of what's normal YET. So, if they're smart, they'll adopt the new "normal", Bitcoins. Their adoption feels comfortable because they have no other point of reference (central banking) if their first financial transactions are in Bitcoin and not dollars, which is likely because you cannot mine dollars but you can mine bitcoins, litecoins, and dogecoins. To these kids that grow up on cryptocash, pieces of paper with dead presidents seem "abnormal". Why are you using a medieval technology in the 21st century?!

+1
Anyone under 18 with the foresight to see the monetary future should be encouraged and admired, not admonished. Kudos to anyone under 18 on these forums.

I've been trading bitcoins for about 2 years now, and never once used an exchange. Usually trade in person with cash.

I also buy and sell things with Bitcoins.

I wish I was 18 again  , but now I'm in my thirties, and I don't think I'm unusual.

People under 18 have almost no limitations in Bitcoin operations. World does not circle around exchanges

The OP, Baitty, must be living in a parallel dimension where people live in prison until they are 18.

Or he's just annoyed to see under 18s doing better than him/herself.

How stupid is this post?


Like everyone else? Thread has no point, 0/10

I had to close many accounts recently because in the pasts the entered age or details were not correct. 

I cannot believe people think they need an exchange to buy or cash out of bitcoin. I generate bitcoin by mining as well as buying low when I have the opportunity.  I then either put an add on Craigslist or localbitcoin.com and I get all the buyers I could possibly want willing to meet me at the local Starbucks and pay in cash face to face. After the mtgox problem I would not use any exchange. Just my e wallet on my cellphone. I also visited the open bitcoin pit on monday night at 40 broad street in new york city and sold some in the open bidding pit. Cash in hand on the spot. Exchanges are to risky and not private at all.