Everyone and their grandma want to buy crypto these days, so it should come as no surprise that one of the most commonly asked questions is how old do you have to be to purchase a Bitcoin or any other cryptocurrency. Well, if that sounds like something you want to find out – you’ve come to the right spot.
The Age Limit?
The answer to this question might surprise you, although probably not as much like when you’ve seen Rick Scott’s consultant wave around a giant ice penis in front of a mannequin. All jokes aside, there is no age requirement for buying or owning Bitcoin, or any other currency for that matter. You could very well be ten and buy yourself some crypto, although we don’t really know how would that work.
Now, just because it is possible for minors to buy crypto, that doesn’t mean they should, nor that it will be easy. As a matter of fact, most places, like Coinbase, go out of their way to make sure that no one under the age of 18 can buy any coin off of their website. This is primarily due to the fact that most crypto investments require a lot of money, and as much as we hate to hear it – minors aren’t the most financially responsible people in the world.
However, Coinbase is not the only way for you to get your hands on some crypto.
Before we start, we just want to make sure you know that we are in no way, shape or form promoting or condoning any of this. We’re just simply letting you know how it can be done. Now that we’ve said that, here’s how you can do it if you’re underage.
Bitcoin ATMs are the safest option for a minor to buy some Bitcoin in a completely safe and legal manner. As of today, there are over 4000 of these machines all over the world, and all you have to do is find the nearest one, bring some cash along and make a purchase. There will be authentication of any kind, so you can very well be a 15-year-old child with aspirations to make it in the crypto world.
LocalBitcoins is a marketplace where you can buy and sell crypto regardless of your age. It is a peer-to-peer network where you would buy Bitcoin off of another person in exchange for cash or even another cryptocurrency. Just make sure you don’t get scammed because there’s no way you’ll ever going to get that money back if you do.
OTC, F2F, P2P
Over-the-counter, face-to-face, peer-to-peer – all of these essentially mean the same thing. You find someone that’s willing to sell you some crypto, and you come to meet them, cash-in-hand, and you do the transaction “off the books”. Essentially, you would be eliminating the market and the middleman from the equation and would just make an exchange of the goods. Because of it, your age, or anything else for that matter – doesn’t matter.
Despite the fact that there is no age limit to this, we strongly advise that you be careful and smart when dealing with crypto, especially if you’re a minor.