Are you curious about the age requirements for getting a Bitcoin debit card? If you have a son or daughter who has been accumulating some cryptocurrency, you may be interested in getting them a debit card that they can use. In the US, the answer is not straightforward. Most cryptocurrency exchanges require their users to be 18 years of age or older to buy and sell Bitcoin. Nevertheless, there are some options available for those under 18. This article will explain how crypto debit cards work, how they differ from traditional debit cards, and four factors to consider when selecting a crypto debit card.
Crypto debit cards are linked to processing companies and your checking account, allowing merchants to process payments with the funds in your account. Exchange fees are a notorious issue in the traditional financial industry, but most crypto cards do not charge exchange fees. If you make purchases with your crypto debit card when your assets are at a loss, you can use this loss of capital to offset capital gains with a strategy called tax loss collection. When looking for the right crypto debit card, it's important to consider whether the provider charges for overseas conversions, geographical restrictions, and exchange fees. It's also essential to remember that cryptocurrency spending triggers a taxable event.
If you're interested in having a crypto debit card, here are some tips, tricks and best practices to consider. If you're wondering how old you have to be to get a debit card because you want to teach your child how to save and spend early on, it's hard to beat Copper Banking. Acorns Early offers an exclusive combination of a custody account that can be combined with a parent or guardian's debit card. Acorns Early comes with Acorns Checking, the checking account and debit card that you invest in your (or your child's) benefit, rounding up purchases. Debit cards can be valuable tools for teaching financial responsibility and independence to children and teens.
