This generation’s minors have no trouble using computer and telephone applications. They understand how and where to find the information they require. So it is unsurprising that many of them are aware of cryptocurrency. And we can understand the new generation’s fascination with cryptocurrencies, which are fast gaining popularity.
If your kid wishes to pursue their newfound interest or you wish for them to invest for their future, then it is important to conduct market research and involve them in studying this topic. After all, it has long been recognized that digital assets are the way of the future. But the market is not as simple as it seems. As a result, you should first determine whether people under the age of 18 can buy bitcoin and other cryptocurrencies. Then learn how to do it appropriately to provide your child with a secure means to obtain their first crypto assets.
What Is the Safest Way to Buy Cryptocurrency Under 18?
Like any learning in life, a child’s financial literacy education is also passed on through the parents. However, when concerned about their child’s future, further education, and quality of life, parents often limit themselves to opening a child’s deposit at a bank. This method is documentarily simple and welcomed in many banks.
At the same time, modern parents understand that banks offer a low-interest rate on deposits, which will not bring in much income. Therefore, despite the recent slowdown, cryptocurrency deposits are one of the most promising instruments.
And with that in mind, we found out that, as practice shows, there is simply no safe way for minors to buy cryptocurrency on their own. Therefore, it is better to consider a safe option, which they can do with the participation of an adult.
Guarda Wallet
Guarda Wallet is a time-tested and recommended service by many crypto investors. It supports a large number of different cryptocurrencies and also provides its users with a unique opportunity to participate in the creation of their tokens, which undergoes rigorous verification by the best team of experts.
The platform is suitable for both beginners and experienced crypto investors. It only takes a couple of minutes to create a cryptocurrency wallet on Guarda. And thanks to the convenience of the service, every user can easily figure out how to acquire the crypto portfolio of their dreams.
Let’s get acquainted with the process of buying cryptocurrency at Guarda service.
Get a Crypto Wallet
Before you start investing in cryptocurrency, you will need to create an account. To do this, go to Guarda and choose the Launch app section.
After that, you can start creating your wallet. Just click ‘Create a new wallet.’
The next step is to secure your wallet with a password. Make a complex password for security purposes and store it properly. Guarda service does not store your personal data and passwords. If the password is lost, the service will not be able to restore it.
Next, you will be given a backup which you have to download. Remember the backup file is the key to your funds. Please keep a backup file and store it properly, along with your password. This will ensure access to your funds. Like your password, Guarda does not save your backup. So in the case of a loss, the Guarda team will not be able to retrieve it. Only you have access to your wallet. Never share it with anyone.
Now you can start buying cryptocurrencies. Just click on ‘Buy’ and choose Bitcoin or any other cryptocurrency you wish to buy.
In the next step, you need to choose the currency you want to buy the cryptocurrency. And choose the one you want to buy from the rich list of cryptocurrencies.
The next step will require you to choose a payment method. Guarda supports Visa & Mastercard, and Swift.
As you decide on a payment method, check the box at the bottom on Personal data processing and to Terms of service, Privacy policy.
Next, you will be prompted to enter your email address or phone number. Click on Send code. You will receive a verification code, which you need to enter in the box.
Then you will be prompted to choose a way to identify yourself. Make your selection and press NEXT.
Your cryptocurrency will appear in your wallet after confirmation.
How Old Do You Have to Be to Buy Cryptocurrency?
There is no age limit for trading or mining cryptocurrencies. The problem is that when minors register on cryptocurrency exchanges to buy crypto, there is a one hundred percent chance of encountering an identity check called Know Your Customer (KYC). This prevents the young investor from buying It.
Nevertheless, there are various means that youngsters opt for to obtain crypto without having to verify their age. This part of the article will mention some risky options parents and minors should avoid so as not to lose funds.
Local Meetings
It would not be difficult for a minor to find a person on social networks willing to sell cryptocurrency in their city. However, this method is very doubtful, could lead to loss of money, and is unsafe for the child.
Marketplaces
Just as with searching on social networks, a minor can find a seller of cryptocurrencies on online platforms for selling goods. However, it is also a risky method, leading to loss of funds.
What Are the Reasons for Age Restrictions?
The younger generation may fail at investing independently due to a lack of understanding of cryptocurrencies. Lack of information can cause loss of funds, and, as often happens, parents do not know that their child has become a young crypto investor. To avoid such situations, large crypto platforms require identity verification.
How to Buy Crypto Under 18
There are several ways for minors to buy bitcoin without breaking the law.
Bitcoin ATMs
There are more than 14,000 Bitcoin ATMs](https://guarda.com/academy/tutorials/bitcoin-atm-top-up-wallet-without-online-banking/) in the world. It is similar to a regular ATM kiosk, which allows a person to buy or sell Bitcoins using an ATM. But there are some significant differences between the two. Instead of accessing your account and making transactions with a debit card, a bitcoin ATM acts by funding your account with cash and providing a wallet address to receive purchased cryptocurrencies.
Bitcoin ATMs can be of two types: one-way and two-way. A one-way ATM only allows customers to buy cryptocurrencies, while a two-way ATM will enable customers to buy and sell Bitcoin.
Such ATMs also allow customers to buy or sell cryptocurrencies by connecting directly to a cryptocurrency exchange. Most ATMs only accept cash, but you can also find some that accept credit and debit cards.
Peer-To-Peer Exchanges
Peer-to-peer trading (P2P) is a method of cryptocurrency exchange transactions through which crypto investors can transact directly with each other without the need for a centralized third party to facilitate transactions.
While traditional bitcoin exchanges impose stricter laws and require users to prove their identity before they can access and use the platform, P2P trading platforms, on the contrary, are much freer in their requirements.
Decentralized Exchanges
A Decentralized Exchange (DEX) is a crypto-asset trading application in which exchanges and other transactions take place using smart contracts rather than a centralized trading system.
The fundamental difference between DEX and centralized exchanges is that they do not store user funds and do not control transactions. Instead, funds are transferred directly from the user’s wallet, which he connects to the platform. Also, decentralized exchanges have no user verification procedure.
Receiving Crypto Payments for Work or Freelancing
You can find part-time jobs in the IT and crypto spheres. These fields are always looking for young talents who can bring something new to the table. As a rule, such part-time jobs pay well and might even pay in cryptocurrency.
Your Parents’ Help
As mentioned above, parents can be involved in the financial upbringing of a child. For example, parents can help to buy a minor’s first crypto portfolio or invest in educational courses.
Gift Cards
As an option, minors can get a cryptocurrency gift card. They are digital gift cards and contain cryptocurrency instead of the usual fiat currencies. Like any other electronic gift card, they can be freely transferred and sent anywhere in the world.
Conclusion
Adolescence is the best time to learn new things, and that includes learning the basics of cryptocurrency finance. It is even better if parents support minors in these endeavors. After all, an inexperienced novice can make trouble and lose money on his own. That is why it is better to turn to safe and trustworthy platforms with the guidance of an adult.
Create a Wallet to Start Your Crypto Journey
Disclaimer: The opinions expressed in this article are for general informational purposes only. They are not intended to provide specific financial or investment advice. Guarda’s editorial team reminds you of the risk of speculation in all financial markets. All financial activities carried out by you are made at your own risk.
FAQ
1. Is it legal for minors to buy cryptocurrency in the U.S.?
The minimum age for owning a cryptocurrency is not set, so teenagers can start investing at any age. Despite this, the most popular cryptocurrency exchanges do not allow people under 18 to open accounts.
2. How do I get a Bitcoin wallet under 18?
You need to choose one of the decentralized cryptocurrency wallet options to open a cryptocurrency wallet. But you can only place or withdraw cryptocurrency with the help of your parents.
3. Can a 16-year-old have Bitcoin?
A 16-year-old can have Bitcoin if their parents open a Bitcoin account for them.
4. How do teens buy crypto?
Teens can buy cryptocurrency through bitcoin, peer-to-peer, decentralized exchanges, getting cryptocurrency payments for work or freelancing, and gift cards.
