How Old Do You Have to Be to Buy Bitcoin?

by Jul 4, 2023Blockchain Technology0 comments

We all know What Bitcoin is. But buying Bitcoin is not easy for everyone. You must find the right website, create a wallet, prove your identity, and be responsible for your money. So it might not be for everybody. Different countries and websites have different rules for buying Bitcoin one of them is age restrictions. In this article, we will look at how old do you have to be to buy Bitcoin. Let’s begin!

Age Requirements for Buying Bitcoin in Different Countries

Age Requirements for Buying Bitcoin in Different Countries

The age requirements for buying Bitcoin are different from country to country, depending on each jurisdiction’s legal and regulatory framework. Generally, most countries require buyers to be at least 18 years old to buy Bitcoin legally, as this is the minimum age to open a bank account, sign a contract, or make a transaction. However, some countries may have different or additional rules or restrictions regarding buying Bitcoin.

For example, the minimum age to buy Bitcoin in the United States is 18 years old on most platforms or exchanges, such as Coinbase, Binance US, Kraken, and Gemini. However, some states have higher age limits or require parental consent for minors to buy Bitcoin. In New York, buyers must be at least 21 years old to use specific platforms or exchanges under the BitLicense regulation.

In Australia, you have to be at least 18 to buy Bitcoin on most platforms or exchanges, like CoinSpot, CoinJar, Swyftx, and Independent Reserve, which are more popular in Australia. However, some platforms or exchanges allow minors to buy Bitcoin with parental consent or supervision. For example, CoinTree will enable users who are 16- or 17 users to buy Bitcoin with their parent’s approval and verification.

Another region that has a minimum 18-year-old policy to buy Bitcoin is the United Kingdom. The exchanges that have this rule are Coinbase UK, Binance UK, CEX.IO UK, and Bitstamp UK. However, like in Australia, some platforms or exchanges allow minors to buy Bitcoin with parental consent or supervision. One platform that advises users under 18 to contact them first before buying Bitcoin is Solidi.

The minimum age to buy Bitcoin in Canada is 18 years old on most platforms or exchanges. The exchanges that have this policy are Bitbuy, Shakepay, Newton, and Coinberry. However, some platforms or exchanges allow minors to buy Bitcoin with parental consent or supervision. CoinSmart will enable users who are 16- or 17 users to buy Bitcoin with their parent’s approval.

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As you can see, the age requirements for buying Bitcoin differ across countries and platforms. Therefore, it is important to check the laws and regulations of your country and the terms and conditions of your platform before buying ‌Bitcoin. You should also consult your parents or guardians if you are underage and want to buy ‌‌Bitcoin.

Age Requirements for Buying Bitcoin on Different Platforms

Age Requirements for Buying Bitcoin on Different Platforms

As we said above, the age requirements for buying Bitcoin also vary from platform to platform, depending on their policies and procedures. Generally, most platforms or exchanges require buyers to be at least 18 years old to buy Bitcoin legally, as this is the minimum age to comply with their KYC (know your customer) and AML (anti-money laundering) requirements. KYC and AML are processes that verify buyers’ identity and source of funds to prevent fraud, money laundering, terrorism financing, and other illegal activities.

However, some platforms or exchanges may have different or additional rules or restrictions regarding buying Bitcoin. For example, some platforms or exchanges may have higher age limits or require parental consent for minors to buy Bitcoin. Some platforms or exchanges may also have lower age limits or allow minors to buy Bitcoin without verification. Some platforms or exchanges may also accept alternative forms of identification or payment for underage buyers.

One example is Bitcoin ATM, which is a physical machine that allows users to buy and sell Bitcoin with cash or debit cards. Bitcoin ATM does not have a specific age requirement for buying Bitcoin, but it does require users to scan their ID or phone number for verification. However, some Bitcoin ATMs may have lower verification thresholds or allow users to buy small amounts of Bitcoin without verification.

As you can see, the age requirements for buying Bitcoin are not uniform across different platforms and exchanges. Therefore, checking the policies and procedures of your platform or exchange before buying Bitcoin is essential. And Obviously, you should also consult your parents or guardians if you are underage and want to buy Bitcoin.

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Alternative Ways for Underage Buyers to Buy Bitcoin

Alternative Ways for Underage Buyers to Buy Bitcoin

If you are underage and want to buy Bitcoin but cannot find a platform or exchange that allows you to do so legally or easily, you may still have alternative ways to get your hands on some Bitcoin. However, these alternative ways may involve more risks or challenges than buying Bitcoin on a common platform or exchange. Therefore, you should exercise caution and care when using these alternative ways to buy Bitcoin. Here are some of them :

  • LocalBitcoins: LocalBitcoins is a peer-to-peer (P2P) platform that allows users to buy and sell bitcoin with other users directly. LocalBitcoins does not have a specific age requirement for buying Bitcoin, but it does require users to create an account and use its services. LocalBitcoins also allows users to choose their payment method and verification level, which can vary from seller to seller. However, LocalBitcoins also involves more risks than buying Bitcoin on a regular platform or exchange, such as scams, frauds, and thefts. Therefore, you should be very careful when using LocalBitcoins to buy Bitcoin.
  • P2P exchanges: P2P exchanges are similar to LocalBitcoins, but some of them may have more features or options than LocalBitcoins. For example, Paxful is a P2P exchange that allows users to buy and sell Bitcoin with over 300 payment methods, including gift cards, online wallets, and bank transfers. Paxful does not have a specific age requirement for buying Bitcoin, but it does require users to create an account to use its services. Working with Paxful involves more risks than buying Bitcoin on a regular platform or exchange, so you should be careful when using Paxful to buy Bitcoin.
  • Buying Bitcoin from a friend: Buying Bitcoin from a friend is another alternative way to buy Bitcoin if you are underage. If you have a friend willing and able to sell you some Bitcoin, you can arrange a deal with them and pay them with cash or any other agreed payment method. However, buying Bitcoin from a friend involves some challenges; trust issues, price fluctuations, and tax implications are the common challenges you may have. Therefore, you should be clear and honest with your friend when buying Bitcoin from them.
  • Local cryptocurrency groups and websites: Local cryptocurrency groups and websites are another way to buy Bitcoin if you are underage. If you live in an area where local cryptocurrency groups or websites organize meetups or events for cryptocurrency enthusiasts or traders, you may be able to find someone who is willing and able to sell you some Bitcoin. Buying Bitcoin from local cryptocurrency groups or websites also involves risks. Again, you should be cautious and respectful when buying Bitcoin from local cryptocurrency groups or websites.
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FAQ

Why do I need to verify my identity to buy Bitcoin?

You need to verify your identity to buy Bitcoin to comply with your country and platform’s KYC (know your customer) and AML (anti-money laundering) requirements. These requirements prevent fraud, money laundering, terrorism financing, and other illegal activities.

How can I verify my identity to buy Bitcoin?

You can verify your identity to buy Bitcoin by providing your personal information and documents, such as your name, address, date of birth, phone number, email, ID card, passport, bank statement, etc. The verification process may vary from platform to platform, but it usually involves uploading or scanning your documents and waiting for approval.

How can I find a reliable platform or exchange to buy Bitcoin?

You can find a reliable platform or exchange to buy Bitcoin by researching and comparing. It would be best if you looking for a platform or exchange with fast speeds, strong security, a no-logs policy, broad compatibility, and a good reputation. You should also check the reviews and ratings of other users and experts and the fees and limits of the platform or exchange.

How can I set up a wallet to store and manage my Bitcoin?

You can set up a wallet to store and manage your Bitcoin by choosing a wallet type and provider that suits your needs and preferences. There are different types of wallets, such as hardware, software, web, paper, etc. There are also different providers of wallets, such as Ledger, Trezor, Exodus, Electrum, Blockchain.com, etc. It would be best if you looked for a wallet with high security, easy usability, and wide compatibility.

Conclusion

In conclusion, age requirements for buying Bitcoin vary by country and platform. Most require buyers to be at least 18, but some may allow minors with parental consent. Check laws and platform policies before buying. Alternative ways to obtain Bitcoin may involve more risks or challenges. Exercise caution and care. Subscribe to our newsletter for updates on crypto, NFTs, and airdrops.

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