Assets, Bitcoin

How Do I Open a Bitcoin Wallet 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.

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.

NOTE: WARNING: Opening a Bitcoin wallet under the age of 18 is not recommended. Bitcoin wallets are not regulated by governments and may be used to purchase items and services that are illegal. Additionally, this type of activity can be risky and has the potential to expose users to financial losses.

To be able to spend or receive bitcoins, you need a bitcoin wallet. A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold[99] or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that “stores the digital credentials for your bitcoin holdings” and allows one to access (and spend) them.

Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated.[100] At its most basic level, a wallet is a collection of these keys.

There are several quality mobile, desktop, and hybrid wallets available. If you want to do thorough research then you can read our comprehensive guide on how to find the best Bitcoin wallet.

As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[20] The number of transactions per day increased from about 70 000 in early November 2017 to over 400 000 by December 2017.

[21] By February 2018 about 1 million transactions were made daily,[22][23] some 8% of total global bitcoin traffic.[24].

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