Topic: Is age a limitation in Bitcoin - page 9. (Read 1749 times)

Arguably it is. Take for example a 7 year old kid wants to venture Bitcoin. He will definitely not be able to manage funds properly because of his level of maturity. Such a  very young kid can easily be scamed due to their age factor. However when it comes to technicality relating to the Bitcoin Blockchain, I don't think age really is a limitation. Besides kids tend to be better programmers when they are younger based on their ability to assimilate fast .

Is you check properly you will even notice that most of the best Blockchain tech and programming gurus out there actually started at a very young age. So for a kid teaching them Bitcoin technicalities at a young age isn't a problem as long as the kid enjoys it and isn't forced to.

It is true that age, race, religion, or caste do not prevent anyone from investing in Bitcoin. Rather, Bitcoin financial security helps with freedom because it is decentralized and Bitcoin investments act as everyone's own bank. Moreover, every centralized exchange has certain conditions for registration with a certain age limit along with personal information, which we know as KYC. Your registration is canceled if you are below the age limit. And for this matter, I was a victim of this several years ago. I could not open an account for myself due to the age difference. I had to wait until a certain age. (And it was very painful for me.)
However, you must remember that no matter your age, before investing in crypto or bitcoin, you need to be secure and aware enough about your wallet and gain proper knowledge about the risks of bitcoin. The more you read, the more you will learn, know, and master.

It depends on your choice, there are several crypto activities that involve user personal data such as those related to centralized services. Here, you can still avoid it with several KYC-less methods.
It's lucky if your country allows the use of bitcoin, because you don't need a bank account at all.

You would still need to be 18 or over that age to buy Bitcoin. Whether you buy Bitcoin being underage using your parent's credit or debit card is not our concern. If you are at an age wherein you can open an account does not mean you can buy Bitcoin. If you are living in locations where Bitcoin cannot be bought using banks debit or credit card then you will not be able to do anything. In my country, it is very hard to buy Bitcoin with banking technologies whereas we can buy it with alternate solutions but it will cost more.

Even though these exchanges or companies didn't accept minors, but if they earn money or have unearned income, they need to pay tax.

1. https://www.irs.gov/taxtopics/tc553
2. https://turbotax.intuit.com/tax-tips/family/at-what-income-does-a-minor-have-to-file-an-income-tax-return/L6HOdGp6i

It's really crazy how the government want to tax the thing that they restricts, they don't want to miss anything that could give benefit to them.

Some kids might be able to be a millionaire at a young age by having such airdrops. The only problem they got is the exchange or cashing out those profits from airdrops or trading. Sometimes there are users with such potential on trading that they might use their parents account or id to register on a platform. My take on this is even their kids they must be legally age before doing this.

Bitcoin does not create an age limit when it comes to accessing it. However, one should be mature and responsible enough before engaging into bitcoin, and by being responsible, one should be knowledgeable about bitcoin risks and its wallet security. Otherwise, you are like investing from a child perspective, which means you are not serious on bitcoin and it’s okay for you to lose more than your gains or profits. And since scamming gets rapid with bitcoin, so those who access or invest in bitcoin should maximize their awareness on how to beat those scammers strategies, getting the right information is the key.

  Cryptocurrency isn't bound by geography or age. It's the global nature and allure of potential profits that make it enticing to people of all age groups. After all, who hasn't heard of the teenager who made a fortune from Bitcoin? Now, while cryptocurrency itself doesn't come with an age tag, the platforms where you buy or sell them might. Most platforms have an age restriction, typically 18 or older. In many countries, 18 is considered the age of majority. That's when you can vote, drink, and yes, make significant financial decisions. Platforms might keep this as their standard to ensure users are legally accountable for their transactions. Investment isn't just about putting money in; it's about weighing risks, understanding the market, and making informed choices. And let's be honest, do most teenagers you know exhibit this level of caution?
  Instead of shunning the young from crypto, how about educating them? With proper guidance and resources, the youth can be well-equipped to venture into the crypto world responsibly. Cryptocurrency, in essence, isn't ageist. However, for safety and legality, platforms impose age restrictions. But remember, where there's a will, there's a way. With the right guidance and a sprinkle of passion, age becomes just a number in the vast crypto universe. Before getting involved in cryptocurrency activities, it's advisable to check the terms of service of the specific platforms you intend to use and be aware of any legal requirements in your jurisdiction. Always prioritize security and follow best practices when using cryptocurrency wallets and exchanges.

The OP is somewhat right, because it is true that anyone can create a wallet and send/receive transactions, but in order to register on CEX, they must be of legal age, and any service that requires KYC will be unreachable. However, Bitcoin allows everyone to be their own bank and, accordingly, to be somewhat financially independent, which is of great help to many people.

Bitcoin therefore has no limit when it comes to age, skin color or nationality, but it still requires some basic knowledge to be able to use it safely. Therefore, I would recommend anyone who is thinking about Bitcoin to devote their time to learning first, and only then to start dealing with practical things.

The age window when kids gain exposure and mastery of the internet keeps dropping and today there are 10-12 years olds that can perfectly understand the concept of bitcoin and are not hooked on the current system either. If  they can do that and are interested in putting some of the money they make from a lemonade stand or from selling an application into bitcoin, they should be encouraged to (with the supervision of adults if possible).

Those at more of a disadvantage are the elderly who have gotten too used to the current system to change their mindset, but we have people changing that narrative as well.

If your exit gate is bank, you will stil need a bank accout so there will be some indirect limitation. You can access Bitcoin without limits, restrictions but to exit your investment positions, you will need some methods like bank transfers for example and you will then have to deal with terms from banks.

Bitcoiner's demographic over years

No, there is no age limit in crypto. But you have to remember because crypto is a technology, those who are capable are people who already have sufficient knowledge.   From the data I obtained until now crypto users are 425 million. In some news that I read, the majority of crypto owners are 25-34 years old. There is even a survey conducted by Forbes UK at least 18-25 years old currently has 1 type of crypto. Certainly there may be some people under or Uper the age of 18, but probably not many. So I think the level of knowledge and education will affect when he will enter the Crypto world. IMO

Source:
1. https://explodingtopics.com/blog/cryptocurrency-stats#crypto-use-stats
2. https://www.forbes.com/advisor/au/investing/cryptocurrency/cryptocurrency-statistics/


I actually thought of KYC in exchanges, but maybe it's only some, not all exchanges. Besides, there are many ways to own Bitcoin and identity and age will never be used. But actually everything will deal with state institutions will require age and conditions that must be fulfilled. CMIIW

Yeah, but you need traditional banking to cash out or deposit to CEX... So even though no direct age barrier exists in crypto, there are indirect barriers. Theoretically, you could search for P2P cash - crypto DEX without KYC, but it may not exist in your area.

In the future, however, if crypto becomes mainstream we no longer need exchanges, age is no longer a problem.

Anything that is decentralized should be expected to work in such manner without any use of KYC, we give our personal information's because we make us of centralized commercial and financial institutions, but having the understanding of bitcoin network being decentralized, having it wallet is free and you don't need the permission from any regulatory bodies to create bitcoin wallet or maintain its uses by paying a fee, same way there is no age requirement in using the wallet or bitcoin.

If you're making money from illegal activities when you're young, nobody might question where it's coming from. But if you get caught, you'll face the consequences. Even though a kid with no job could invest in Bitcoin using their allowance or savings, doing anything beyond that which breaks the law will get them in trouble. However, age doesn't stop anyone from investing in Bitcoin. People of all ages who know how to earn and invest in Bitcoin can do so without any restrictions. Unlike banks or centralized bodies, Bitcoin doesn't care about your age before you can store your money. This is one of the great things about Bitcoinit gives everyone financial freedom. As long as you understand how a wallet works, how to buy Bitcoin, and most importantly, how to keep your funds safe, you're good to go.

Hold on there is kind of like an age requirement. A 16 year old who doesn't know hold to use a non-custodial wallet shouldn't buy Bitcoin. An uneducated, unemployed 16 year old unless he or she is a trust fund baby shouldn't think about buying Bitcoin yet. You have to spend time reading up on Bitcoin. The space is filled of scammers and hackers. If they go invest without knowledge then their first heart break will come from Bitcoin and not a girl or a boy.
The maturity level of the investor about Bitcoin is what matters.

But under 18 can find it difficult to use exchanges and platforms that are centralized. You are right because bitcoin is not centralized but decentralized and you can get your coins through decentralized exchanges or to buy it directly from someone selling bitcoin like such service offer on this forum.

Hi there to all of you. One of the most amazing things I've noticed about Bitcoin is that it doesn't have an age requirement before using it or creating a wallet. In traditional banking, however, one must be 16 or older to open an account, unless they have assistance from a guide who helped them do so. Additionally, no matter how young you are, no one can question you about how you make money because no one keeps an eye on your wallet.