You will certainly agree that the world of finance is a pretty complex one. Naturally, every person who would like to have any kind of participation in it needs to have some basic knowledge. At the same time, there is a barrier in terms of how old that person is. Most of the legal systems in the world consider people who are 18 or older to be adults, therefore, they are fully competent to understand their rights and obligations.
At the same time, some systems consider people who are 21 or older to be at that level. While these details are not crucial to the story itself, they should be known. Until the 18 or 21 periods are reached, parents are fully responsible for their child’s action. When someone reaches the required age, the age of adulthood pretty much begins. Surely, you are perfectly aware of the fact that an underage person or a minor cannot have any credit cards in its name.
Since we are witnessing the complete transformation of the world’s financial system, we believe that some changes are bound to happen. With the introduction of cryptocurrencies, we can see that personal information is not what we can consider being crucial for the process, or for any kind of transaction for that matter. Therefore, the question arises, when someone is old enough to buy Bitcoin or any other digital currency.
It should be said that this is a pretty interesting question since this is the first time in history when we have a system that doesn’t have any kind of authority over it. More precisely, there isn’t any official institution that can control it. It pretty much controls itself. As you can presume, we are talking about the blockchain system. With all this in mind, we would like to discuss this topic a little bit further than the basics we’ve laid down for you.
Can You Buy BTC as a Minor?
Technically speaking, there isn’t any rule that can prevent any minor from participating in these activities. At the same time, we can see that minors cannot log into any kind of platform. This is the barrier we’ve been mentioning since the beginning of our article. We completely understand that this is a pretty good chance for young people to have some excitement because this is a new approach to finances. But allowing minors to fully participate in these activities is not a good option if you ask us.
The reason being that some mistakes can be pretty costly. If you are aware of the fact that the value of Bitcoin and any other digital currency is prone to significant changes from time to time, for a variety of reasons, you will understand our opinion completely. However, there are some ways you can avoid this barrier if you are a minor and you feel that you are fully capable of handling these situations all by yourself, even though we don’t recommend it.
How Can You Participate in the Market?
Probably the easiest way for you to avoid all the barriers you can stumble across is for you to ask someone to join on your behalf. Naturally, you will take the control of the account on your e-wallet. In case you are eager to try your capabilities in this world, it would be best if you can ask your parents to support you on your journey to become the best trader you can be.
Surely, you will need their consent to whatever you do with that account. But you will be able to try out all the strategies you thought about, right? There is one more thing that we would like to recommend you with. If your parents or any other relative, or a friend, agrees to help you, you should enroll in one of many different Bitcoin communities. In case you are interested in this topic, click here and see what’s it all about.
Mine Your Own BTC
There is another way you can participate in the market even though you are underaged. We are talking about mining these all by yourself. This is the best way you can ensure that nobody can impose some limitations on you. You are the owner of these coins, after all. However, this approach was a pretty good choice until a couple of years ago when large corporations started mining their BTCs. Therefore, the chances of small miners having a healthy profit are now down to a bare minimum.
What About ATMs?
It’s pretty obvious that one of the most important in this topic is about Bitcoin ATMs. Will they provide you with the possibility of withdrawing your money even though you are a minor? Well, this is a pretty tricky question. What needs to be known before that information is that there are almost 5,000 different Bitcoin ATMs thorough the world. Plus, the companies responsible for them are different. We are not playing Monopoly, right?
Since we are talking about a plethora of different companies, we can see that not all of them will have the same rules when it comes to minors being able to withdraw money from ATMs. Plus, we can say that a vast majority of counties don’t have any kind of regulation towards Bitcoin. In case you are not in the US, you will not have any limitations, most likely.
But we can see that Belarus fully legalized cryptocurrencies and they don’t allow minors to participate in the market or to withdraw money from ATMs. This can tell us about what the future of this concept can be in this regard. However, we cannot be sure that all of the countries in the world will handle this situation in this way. We will just need to be patient and see what will come out of it.
The Wrap-up
Since we believe that young people are the ones who are the most interested in this field, we believe that they need to know what they can expect from the market themselves. This was the reason we’ve provided them with this article of ours. We hope that you, our reader, will find it useful.
