First of all, I.. think we can all challenge the idea of "virginity". What does that mean exactly ? For many people, virginity means "not having practiced penetration", but, well, penetration is just one of maaaaaany sexual things partners can do. And if you use a toy, penetration can be done on yourself (whatever body you have) but I'm not sure you would consider that "losing your virginity". It could be, it really depends on what you put it under that word.
So well, first you could consider thinking about that, and about what it means for you.
Secondly, I'll invite you to ask yourself why you want to "lose your virginity" at 16 (if I understood well your question). Is it by social convention ? Because all of your friends already did (or claimed they did...which is quite different^^) ? Because you have sexual frustration and libido kicks and want to act on them ?
Then I'd say, since you talk about avoiding sexual frustration and libido kicks.. I think we don't really "avoid" having libido kicks but we can definitely learn how to deal with them and "control" them the best we can. What I mean by that is that clearly, in your life, you won't have the possibility to have sexe anytime you've got a libido kick. So to deal with it, you have options. Like masturbating : there is nothing wrong with that, and it's a very sane and safe way to discover one's body and act on our own "libido kicks" by ourselves.
You can also think of something else, like things that turn you off lol, or get involve in other activities unrelated to sex, until you eventually forget about your "kicks" of libido.
I wouldn't recommand to go see sex workers to have sex for your first time because well, first you're underage, and well, that's just my personal opinion but I think it can lead to think of sex as only a way to satisfy oneself, without caring about the other (since well, when people pay a sex worker, it's not to please the sex worker...). But anyway, you're underage.^^'
Thing is, You're young and you're going to learn how to deal with how your body talks to you, how you libido works, and what works best for you in these situations. So I'll suggest to take this time with yourself. Explore etc.
And don't think it's a "must do" at 16. Maybe the pressure by your peers is big.. But there is no right age to have sex for the first time. It'll always be better to wait some years, than to do it too early without being ready.. and in no way it should include someone who hasn't expressed their consent clearly.
Hope this helps a bit :)