Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can be purchased 17 on online exchanges and some physical stores.
The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates risk of chargeback fraud.
A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold[98] or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that “stores the digital credentials for your bitcoin holdings” and allows one to access (and spend) them.[7]:ch.
1, glossary Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated.[99] At its most basic, a wallet is a collection of these keys.
There are several ways to buy Bitcoin at 17:
1) Directly from another person via marketplaces and peer-to-peer platforms;
2) Indirectly through an exchange; or
3) Using Bitcoin ATMs.
Each method has its own pros and cons. For example, buying Bitcoin directly from another person can be cheaper than going through an exchange but it may be riskier and less convenient.
NOTE: This is a general warning for anyone considering purchasing Bitcoin at the age of 17. Please be aware that in most countries, it is illegal to purchase Bitcoin (or any other cryptocurrency) if you are under the age of 18. Additionally, purchasing Bitcoin carries significant financial risks and it is important to research and understand the potential implications before investing. Finally, please make sure to use only reputable online wallets and exchanges when making purchases.
Going through an exchange may be more expensive but it will likely be easier and more convenient. using Bitcoin ATMs may be more expensive than going through an exchange but it will likely be more convenient.
10 Related Question Answers Found
If you’re like most people, you’re probably wondering if you can buy Bitcoin at 17. The short answer is yes, but there’s a lot more to it than that. Here’s what you need to know about buying Bitcoin at 17.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto, and started in 2009 when its source code was released as open-source software.
At 17, most people are still in high school, worrying about things like homework, tests, and prom. Others are working part-time jobs to save up for college. And then there are those who are investing in Bitcoin.
In most countries, you must be 18 years old to buy bitcoin. There are a few exceptions; in the United States, for example, you can buy bitcoin with a credit card from Coinbase if you are 16 years old. However, if you are under 18, there are still ways to buy bitcoin.
As the popularity of Bitcoin and other cryptocurrencies continues to grow, so does the number of people looking to invest in them. But what if you’re not yet of legal age to invest? Can you still buy Bitcoin under 18?
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
It is not illegal to buy Bitcoin if you are under 18. However, there are some risks associated with doing so. For one, the value of Bitcoin is highly volatile, meaning that it can go up or down in value rapidly.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
