Research has shown that most millennials and under 18s are more interested in Bitcoin than any other demographic cohort. In fact, most successful Bitcoin entrepreneurs started trading at less than 18 years old. However, due to regulatory concerns, most crypto exchanges have made it hard for underage to buy Bitcoin. This is in compliance with government compliance policies about knowing your customer (KYC).
However, there are many ways an underage person can buy Bitcoin without getting into trouble with the law. This guide details everything you need to know about how you can invest in Bitcoin even before you’re over 18 years.
How to Buy & Sell Bitcoin Under 18
If you’ve been wondering how you can buy Bitcoin as a minor, here are some of the ways to do so without breaking the law.
We currently have over 4,000 Bitcoin ATMs globally, a number that swelled in the last couple of years and grows by day. Albeit the hefty transactions charge, ATMs can be a safe way for minors to buy and sell Bitcoin. With an ATM, you aren’t required to verify your account unless you exceed a certain threshold.
You only need to find an ATM near you – have a look at the ATMradar site for that. If you want to go above the allowed threshold per ATM, then you’d have to hop from one machine to another. This way, you can buy or sell a few Bitcoins in one ATM then complete the other transaction in another one.
If you don’t have a Bitcoin ATM near you, keep reading, there are more options for an underage to buy and sell bitcoin.
DEXes like Bisq or localcryptos.com
Decentralized exchanges match buyers and sellers anonymously, unlike peer to peer marketplaces that require you to go through KYC. Bisq, HodlHodl and Localcryptos.com are good examples of decentralized exchanges that minors can take advantage of to buy Bitcoin.
Decentralized exchanges allow traders to buy and sell their preferred cryptocurrency on their terms. You don’t require any verification to transact. However, it’s advisable to do due diligence and only invest what you’re willing to lose.
Freelance for crypto payments
Understandably, as a minor, you may want to buy Bitcoin but cannot afford to buy them. If you have skills such as software development, web development, web design, video editing, content writing, or virtual assistance, you can earn Bitcoins for putting those skills to work.
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There are many new crypto-focused freelance websites that have facilitated their users to send and receive payments in cryptocurrency. Some of these websites have even gone ahead to offer safe Bitcoin escrow services to ensure people transact honestly.
All you have to do is place your gig on one of these sites or apply to job posts by people looking for certain services. With such freelance sites, you can make a lot of crypto money without worrying about your age and breaking the law.
Here are some of the websites that match service providers with clients who pay in Bitcoin.
This is a blockchain-focused jobs board by Anthony Pompliano, the popular crypto evangelist and partner at Morgan Creek Digital. Pompliano – known simply as “Pomp” in the crypto world – is planning to leverage his large audience to bring companies and job candidates together in a talent marketplace.
For now, most of the job postings on this board require a high level skills so you might need to wait a little bit until it expands and starts adding mid and low level job offerings.
⚡️ Facebook groups and subreddits
You can always post your job offering in one of the Facebook crypto groups (or regular job seeking groups, gig groups etc where you note that payment should be in crypto). There are often job postings as well by employers looking for a freelancer.
With CryptoJobs, you’re assured of so many opportunities posted daily on the job board from sales, to marketing gigs, you’ll find them all. The job board has remote jobs and those specified for certain locations. The payments are then made in Bitcoin.
The platform allows service providers to create accounts and advertise services such as web development or software engineering. Employers looking for your services will contact you and offer you a job. Besides receiving payment in cryptocurrency, the platform also has a multi-signature escrow service to protect users from scams.
BitGigs is a platform where clients and service providers can post their job offerings. If you offer technical skills like web development or content creation, you can rest assured of gigs. This way, you can fill your e-wallet with lots of Bitcoin even before you get to 18 years.
- How to buy Bitcoin anonymously
- How to buy Bitcoin with credit card
- How to buy Ethereum
- How to buy Ethereum with credit card
- How to buy Ripple
- How to buy Ripple in USA
- How to buy Litecoin with credit card
Buy Bitcoin Over The Counter (OTC)
You don’t have to buy Bitcoin from an exchange. You can try the OTC method. If you’re underage, the over the counter method will favor you because you don’t need any verification. All you have to do is look for a reliable Bitcoin broker and trade.
The good thing with most crypto brokers is that they won’t be keen on knowing your age or nationality as long as they can make a quick sale and cash in some profit. You can find brokers online through Facebook forums, Reddit, or other peer to peer groups.
When dealing with online brokers, it’s paramount to do some due diligence to avoid getting scammed. You can first check some reviews regarding the broker from the forums you find these brokers before transacting.
Register On An Exchange Under One Of Your Parent’s Or Older Sibling’s Name
All isn’t lost if you’re not of legal age to buy or sell Bitcoin. But did you know that you can ask your older siblings, parents, or guardian to help you with the process? You may fear that they won’t support the idea of investing in Bitcoin at a young age, but you’ll be surprised at how supportive they can be. Every parent or sibling is happy to see a young person thinking of investing rather than waste money on other stuff.
Using your sibling or parent to create an account is an easier method to bypass all the compliance laws put in place. However, if they don’t understand how Bitcoin or any other cryptocurrency works, you may have difficulty convincing them. It’s worth trying all the same.
Gift Cards on Paxful
Whether young or old, anyone can buy a gift card. There are many options from the iTunes gift cards, Amazon, and Google Play gift cards. For this method, you only need to buy your preferred gift card, then head over to Paxful and exchange the gift cards for Bitcoin. Buying gift cards is a great method for minors to acquire cryptocurrency because at no point will you have to answer questions regarding your age.
Exchanges That Have Lenient Know Your Customer (KYC) Regulations
Amazingly, some exchanges are so lenient and don’t ask for verification to create an account or even trade with them. Some of these platforms are discussed below. This is tricky as you would still need a credit card from someone in order to buy crypto on these exchanges. DON’T USE YOUR PARENTS CC WITHOUT THEIR KNOWLEDGE! However, if you do have their consent, Kucoin (for US users) and Binance (non-US) are a great place to go and quickly grab some bitcoins.
KuCoin doesn’t have strict KYC regulations for users that buy and trade small amounts of crypto. You can create an account hassle-free and even start trading your Bitcoin for other altcoins. Register on KuCoin here.
Just like KuCoin, you simply need to create an account, and your set to start buying your first Bitcoin. With Binance, you can also trade your Bitcoin for other digital currencies because the choices are endless.
However, the trading threshold without any verification is at 2 Bitcoins a day. If you need to withdraw more than 2, you’ll have to fill in the KYC forms. Why would an underage person need to withdraw more than 2 BTC in a day?
You don’t have to be of legal age to buy or even trade Bitcoin. You can own cryptocurrency even as young as 13 years without getting into trouble. This guide details everything you need to know regarding how old you need to be to buy Bitcoin.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com