Are People Under 18 Allowed to Buy Crypto?

Cryptocurrency has been making waves in the financial world for years now. So, it's no surprise that teenagers are eager to get in on the action. But are people under 18 allowed to buy crypto? Can teens profit from cryptocurrency? Let's take a look.

What is A Cryptocurrency?

Cryptocurrency (crypto) is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, hundreds of other cryptocurrencies have been created.

Cryptocurrencies are bought and sold on exchanges and can be used to purchase goods and services. However, their value is highly volatile, so it's important to do your research before investing any money. One thing to keep in mind is that you are not able to purchase cryptocurrency with fiat currency (traditional currency like USD) in all jurisdictions. So, if you're under 18 and want to buy crypto, it might be more difficult for you to do so for a reason that will be discussed later in the blog post.

How Does Crypto Work?

Crypto works by using blockchain technology. Blockchain is a distributed ledger that records transactions chronologically and publicly. This means that anyone can see the transaction history of a particular cryptocurrency. Bitcoins are mined using powerful computers that solve complex mathematical equations. The first person to solve the equation is rewarded with Bitcoin. The mining process becomes more difficult as more Bitcoin is mined, which limits the supply of Bitcoin and makes it more valuable over time.

What Are the Risks of Investing in Crypto?

As with any investment, there are risks involved with investing in cryptocurrency. One major risk is that cryptocurrencies are extremely volatile, which means their prices can fluctuate dramatically from day to day—or even hour to hour! This volatility can make it difficult to predict when to buy or sell a particular coin, which could lead to losses if you don't time your purchase correctly.

Additionally, cryptocurrency exchanges are often hacked, which could result in the loss of your investment. For these reasons (and more), it's important that you only invest money you're comfortable losing—don't bet your life savings on Bitcoin!

What Makes It Difficult for People Under 18 to Buy Cryptos?

It can be difficult for people under 18 to buy cryptos for a few reasons. Firstly, most exchanges require users to be at least 18 years old in order to comply with KYC regulations. This process ensures that no funny business is going on, like money laundering or financing of terrorist activities. The KYC law was put in place to protect consumers from fraudsters and scammers. So while it may be a pain for young people who want to invest in cryptos, it's there for a good reason.

Another thing that can make it difficult for people under 18 to buy cryptos is the fact that they may not have a credit or debit card. Many exchanges require users to have a card in order to buy cryptos. This can be a problem for young people who don't have a lot of money or access to credit.

How Doshi Is Solving This Problem

At Doshi, we strongly believe everyone should have the opportunity to invest in cryptocurrencies. It can be incredibly exciting to watch your investments grow, and we don't want anyone to miss out on that. That's why we created the Doshi Wallet, which is a crypto wallet designed specifically for those under 18s. The Doshi Wallet allows young people to buy, sell and trade cryptos in a safe and easy-to-use platform under adult supervision.

We also have a built-in education feature that helps them learn about cryptos and how to invest in them responsibly. This way, they can make informed decisions about their investments and enjoy watching their money grow!

If you are interested in investing but are under 18, don’t hesitate to download Doshi today for free! It's available on App Store and Google Play Store. We can't wait to welcome you to the world of crypto investing!

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