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Author Topic: I am a 16 year old looking to purchase and hold some BTC!!  (Read 369 times)
hilliamonks
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July 27, 2019, 11:13:31 AM
Last edit: July 30, 2019, 08:03:34 PM by hilliamonks
Merited by OmegaStarScream (2), OgNasty (1), bitmover (1), Avast12 (1)
 #1

After getting my first job over the summer i have saved up a little but of money that i would like to ‘invest.’ Coinbase and other exchanges require you to be 18 and verify ID. I just want a solution where i can easily buy a small amount of btc using a debit card linked to a checking account. Any websites or programs i should use?
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July 27, 2019, 11:29:24 AM
Merited by dbshck (4)
 #2

For a "no ID" solution you may want to check Bitcoin ATM or similar "payment machines" near you, they'll work with cash and for small amounts you should not need ID.
In my country I've bought (long ago) Bitcoin from ZebraPay (machines where one can pay the bills).
Just take into consideration that such machines have quite big fees. And make sure you have a wallet safely created and you have the address written down.


Another idea could be Binance.je; Binance (.com) is known to operate without ID under certain amounts of money, just binance.com works with only crypto. They've opened this year Binance.je which works with fiat too. You have to find out though for sure if there is really no ID requirement and they accept cards too, since I didn't use their services.

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July 27, 2019, 11:30:56 AM
Merited by dbshck (4)
 #3

You can use Bitcoin ATMs. If you want to buy larger amounts without going through KYC verification, you use another phone number.

There is also Virwox.com but you'll have limits and also the fees will be high. Trading face-to-face with people can also be a good solution, but make sure to meet in public places as it can be dangerous.

Alternatively, just ask your parents or someone that you trust to make the registration and buy the bitcoins for you.


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July 27, 2019, 11:59:31 AM
 #4

IMO , it's better to get your ID before try to invest or you can ask your older sibling to help you to purchase some bits.
Just make sure that you have prepare for the worst before try to invest
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July 27, 2019, 12:07:28 PM
 #5


Alternatively, just ask your parents or someone that you trust to make the registration and buy the bitcoins for you.

This is the best solution I guess.

Even local bitcoins may be a problem for people under 18.

I suggest that you could use this time now to learn about blockchain and Bitcoin
 While learning, you can create an account here in the forum and earn some BTC by posting while wearing soem signature.  This will only be possible if you rank up your account, and for that you need some knowledge on bitcoin

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July 27, 2019, 12:24:23 PM
 #6

If there are no alternative local exchanges in your country that doesn't need verification you know, I think creating a Coinbase account for your parents, elder brother/sister will do if you are with them and they agree to do so. I don't think it'll be a problem since it's not permanent. Using an alternative account till you get to legal age is to best thing to do IMO.

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July 27, 2019, 01:20:45 PM
 #7

Look for some locals that are willing to meet you up in person and sell you few bitcoins that you want. Or look for reputable people that sells bitcoin on your place and deal with them.

Usually transaction happens through depositing on their bank account and after verifying, they'll send you bitcoin.

Note: this is just for trustworthy people that has built their reputation which is possible to find on your place is there's any.

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July 27, 2019, 01:41:36 PM
 #8

For a "no ID" solution you may want to check Bitcoin ATM or similar "payment machines" near you, they'll work with cash and for small amounts you should not need ID.
In my country I've bought (long ago) Bitcoin from ZebraPay (machines where one can pay the bills).
Just take into consideration that such machines have quite big fees. And make sure you have a wallet safely created and you have the address written down.


Another idea could be Binance.je; Binance (.com) is known to operate without ID under certain amounts of money, just binance.com works with only crypto. They've opened this year Binance.je which works with fiat too. You have to find out though for sure if there is really no ID requirement and they accept cards too, since I didn't use their services.

I think first comment helpful you can use balance without verified other hand you can use document your family member if you hold large amounts.  


1. Binance Limit

Veritified  account: withdraw 100BTC per 24h

Non-veritified account: withdraw 2BTC per 24h (Start from 2017/8/3 12:00AM, Beijing Time)



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-Fast: Average 10-30 mins for cryptocurrency to reach your wallet
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July 27, 2019, 04:25:26 PM
 #9

@Negotiation

The guy in under 18, so no matter verified or not. He can't join Binance as per its TOS so.

I don't remember who suggested opening an account using his parents' information. It' a terrible suggestion, even if they agree with. Your parents will be taxable for your investment, and if (like in my country) you need to report your accounts on exchanges otherwise get a fine, it's your parents who be charged. There are several points like these to consider

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July 27, 2019, 07:05:57 PM
 #10

Maybe you can try buying at https://paxful.com/
There are 300 types of payment methods that you can choose including bank transfers, buy bitcoin with gift cards, exchange bitcoin, cash, PayPal, credit cards and others. You can even buy even if you don't have a bank account. For more details, you can visit the website.
But still, I do not recommend you to buy bitcoin considering you are still 16 years old and need parental guidance to invest.

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LTU_btc
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July 27, 2019, 10:45:15 PM
 #11

It's not that easy to buy Bitcoin if you're younger than 18. You may ask your parents, but if they don't know much about Bitcoin, they may look sceptical at your idea. Alternatively you can ask your older brother/sister or friend to buy Bitcoin for you.
Maybe there is Bitcoin ATM in your city, it can be solution. But there are some cons - their rates usually aren't good and they are charging big fees. So, if you have little money to invest, fee can be too high for you.
Probably LocalBitcoins or another P2P exchange can be another way to buy Bitcoin, but you should be very careful. And I haven't used LocalBitcoins, so I'm not sure about KYC things on their website.
Personally I also started being under 18 years. I aquired my first BTC from faucets, but nowadays I can't suggest you to try it Cheesy.




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OcTradism
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July 28, 2019, 02:25:45 AM
 #12

You can applied those recommendations above to buy bitcoin, without KYCs.
After that, if you want to trade (it seems that not what you want to do, because you said you want to hold your BTC), there are some options for you:
- Binance: that is a big exchange, and does not aks for KYC if your withdrawals don't exceed 2 BTC per day.
- Several decentralized exchanges, that don't ask for KYC: For example, you can create your account at Crypto Bridge: https://wallet.crypto-bridge.org/
Please choose non-US citizen to avoid KYC requirements on Crypto Bridge.

More important!
- Storing your bitcoin on exchanges, whatever they are (centralized or decentralized, big or small) is not the best option. You can lose your bitcoin when exchanges scammed, hacked, out of funds to compensate their users due to attacks, etc.;
- It's better to storing your bitcoin in wallets you have full control of your private keys, and only deposit them to exchanges when you want to sell/ trade after a period of holding;
- There are some good wallets, that you can found here:
[General] Bitcoin Wallets - Which, what, why?
Hardware wallets should be consider (when you have funds): [Guide] Hardware wallets - which one is a good choice?
Whatever you want to do with bitcoin, you should read and learn those documents (guides/ threads) in order to secure your bitcoin. It is silly to spend your spare money to invest in bitcoin, then lose them all for hackers.
TUTORIAL: How to use Electrum (for beginners)
TUTORIAL: How to use Electrum (for advanced users)
Note that there are so many phising sites (of wallets, exchanges, etc.) so you should bookmark important sites from which you will download wallet upgrades.
Read this one to have an overview on phising attacks: ⚠⚠️⚠~Beware on active phishing Electrum websites~⚠⚠️⚠ (Collection list updated)
Electrum coin control features. The coin control features are helpful in case you want to modify transaction fees to consolidate your coins.
[JULY 2019] Fees are low, use this opportunity to Consolidate your small inputs!
Bitcoin Transaction Fees - Everything in one

Lastly, you have to know how to secure your wallets, accounts, with strong passwords:
[GUIDE] How to Create a Strong/Secure Password

Those threads/guides above are basics, you can find more things there (if you want):
[GUIDES] on Bitcointalk. Index thread (until there is a dedicated subforum?)

Now, it's your time to start reading.

OcTradism. I am Oc.
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July 28, 2019, 03:44:13 AM
 #13

just ask a family member like your parents to do it for you, it is much easier, safer and also cheaper to do that. all the other options that  don't require ID are usually unsafe or at the very least would cost you a lot more money. for example using a bitcoin ATM the fees you have to pay are much higher than if you use Coinbase.
you may also want to look into tax laws of your country. in many places when you buy bitcoin, it is considered an investment in a commodity for example and it is subjected to certain types of taxes.

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July 28, 2019, 05:01:55 PM
 #14

@Negotiation

The guy in under 18, so no matter verified or not. He can't join Binance as per its TOS so.

I don't remember who suggested opening an account using his parents' information. It' a terrible suggestion, even if they agree with. Your parents will be taxable for your investment, and if (like in my country) you need to report your accounts on exchanges otherwise get a fine, it's your parents who be charged. There are several points like these to consider

I have no reason to disagree with you but I used my mom document So far there have been no problems but if accounts are used for any bad purpose then there may be many problems otherwise there will not be any problem in general.

One more thing must be in compliance with its rules(Binance TOS).

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July 28, 2019, 08:41:12 PM
 #15

All available websites have limits if you want to buy bitcoin without verification ID even exchanges too,the best way is bitcoin ATM
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July 28, 2019, 08:48:30 PM
 #16

just ask a family member like your parents to do it for you, it is much easier, safer and also cheaper to do that. all the other options that  don't require ID are usually unsafe or at the very least would cost you a lot more money. for example using a bitcoin ATM the fees you have to pay are much higher than if you use Coinbase.
you may also want to look into tax laws of your country. in many places when you buy bitcoin, it is considered an investment in a commodity for example and it is subjected to certain types of taxes.
That would work too and op don't have to worry about buying bitcoin as many as the op wants to buy. If op is having trouble buying from exchange or other site that you can buy bitcoin and there is no bitcoin atm near so my choice will be what pooya87 suggested by asking a family member to do it for you. Op can also buy bitcoin from other person who are selling bitcoin but there is a risk of getting scam by the op's bitcoin seller if op wants to buy bitcoin from another person who has bitcoins to sell.

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July 28, 2019, 08:49:26 PM
 #17

I was in your position a few years back, and surprisingly you have a decent amount of options. I'm going to exclude Bitcoin ATM's as they are often located far away. I would say that the top 2 are LocalBitcoins and Paxful

Both allow you to purchase Bitcoin through a ton of payment options: tier A gift cards (Walmart, iTunes, Amazon). Since you don't have an ID, giftcards will definitely your best option. Usually Amazon GC's hold the highest value, around 75-80% in Bitcoin if you are lucky.

Both websites are great and usually I would suggest using the one you can find the best deal on. Paxful generally has a wider range of payment options, while LocalBitcoins has slightly better rates. Either way, you have a lot of flexibility in payment options, if you don't have access to Amazon, other gift cards will work fine as well.
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July 28, 2019, 08:57:17 PM
 #18

We don't know yet if he is living in US or any country that has Crypto ATMs with no KYC because some countries that has Crypto ATMs also meed KYC before they can access their atms. Might I suggest that you instead ask for an assistance of an adult you trust like any of your parent or older brother/sister for them to be the one to open an account and be the proxy for your portfolio. When your of legal age they can then transfer your holdings to your own account I meam we do are talking abiut hodlimg here so maybe a year or two away from your portfolio wouldn't hurt anyone. I cannot really suggest Crypto ATMs and Coinbase due to unfavorable rates for your money.

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July 29, 2019, 04:56:48 AM
 #19


Alternatively, just ask your parents or someone that you trust to make the registration and buy the bitcoins for you.

This is the best solution I guess.

Even local bitcoins may be a problem for people under 18.

I suggest that you could use this time now to learn about blockchain and Bitcoin
 While learning, you can create an account here in the forum and earn some BTC by posting while wearing soem signature.  This will only be possible if you rank up your account, and for that you need some knowledge on bitcoin
Localbitcoins is available for people under the age of 18. I just posted their TOS below, and I would recommend OP to verify his ID on localbitcoins (use your passport), and it'll be verified within 1-2 minutes.



You also can not open an account on Binance and trade fiat without verifying your ID. If you use Binance without ID verification, you can only trade crypto to crypto, with a 2 BTC daily withdraw limit.

Localbitcoins or paxful is your pick. I recommend buying it with your bank account because if you have more then 1,000 USD in your Paypal account, they will lock it until you can verify your ID (which you need to be 18 for).

Good luck!

ElmedoRator
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July 29, 2019, 11:22:25 AM
 #20

I remember that you can find a virtual Visa card, you don't need your ID. You deposit some money and use this card to buy BTC on OTC platforms. Or another way, you can find someone near you and trade with him in money.
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