What happens if they turn 25 and have grown to expect the nice features? They have more money, less time, and can be a beacon for their peers of "James used to get it for free, now even he pays"
I'd consider it similar to Adobe's old model (easy to crack, but converts to paying customers in a few years)
My point was exactly: how many people want to go through all of this AND would instead pay IF this route wasn't available?
a 12 year old without money won't pay for your service no matter what you do, so does it matter if you let them "hack it" for free?