Can a 16-Year-Old Buy Bitcoins and Altcoins Without Their Parents?

One of the best and most reliable Bitcoin brokers is Coinbase. At Coinbase, which is also world’s largest Bitcoin broker, you can buy $150 or €150 of Bitcoin per week instantly with a credit or debit card in United States, United Kingdom, Canada, Europe, Australia and Singapore. Coinbase has a fee of 3.99% on all purchases via credit or debit card, which is among the lowest fees in the market. Relatively recently, Coinbase changed its policy about age restriction. Their new policy states that you need to be 18 or older to buy Bitcoins, although, some say it’s possible to buy Bitcoins if a minor has a signed consent from their parents.

Practically speaking, there is no legal way to buy Bitcoin as a minor, but there are two ways that are less shady than others.

First, there are Bitcoin ATMs which are essentially internet machines that allow you to exchange Bitcoins and cash. In theory, ATMs are a great way for minors to buy Bitcoins. The issue is, there aren’t many of them around, so if one doesn’t live in the centre of Tokyo, it would be hard to buy Bitcoin this way.

Another way to buy Bitcoins as a minor is through localbitcoins. Technically, the same rules that govern cryptocurrency exchanges also apply to sites like Localbitcoins.com. Basic verification can easily be achieved and once complete one is free to buy and sell P2P, transferring funds directly from their bank account. It is possible to meet local sellers in person and buy Bitcoin with cash, but caution is advised, especially when purchasing for the first time because it could be a scam. Minors should be always accompanied by an adult.

Some minors will surely find a way to buy Bitcoins, one way or another, but they can face legal consequences if they are caught. In a worst-case scenario, they could be scammed, resulting in big monetary losses or something even worse, if meeting with a local seller goes the wrong way. The best advice is to wait until one is 18, and then buy Bitcoins through one of the reliable brokers or to convince one’s parent to invest themselves.

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