Topic: Bitcoin for your children & future wealth distribution - page 3. (Read 1021 times)

You have also a good point here. However, there's nothing wrong if we will start little by little educating them about bitcoin so that they will also be aware that bitcoin exists other than fiat. Once we have seen their interest and the eagerness to get to know more about bitcoin, then it will be easier for them to absorb and understand the essence of Bitcoin in our lives.

When the child is off-age, as the parent who is interested in bitcoin, you can just call them together, even if it's just a single child you have. You can give them a child-to-parent kind of talk and share your basic knowledge about bitcoin with the child.
 
How they respond and the interest the child picks up from the teaching will determine if you should go further or not. I think we are now in an era where children are more exposed and know how to make choices on things they want even before they reach the age of 18.

You have also a good point here. However, there's nothing wrong if we will start little by little educating them about bitcoin so that they will also be aware that bitcoin exists other than fiat. Once we have seen their interest and the eagerness to get to know more about bitcoin, then it will be easier for them to absorb and understand the essence of Bitcoin in our lives.

It is very good when we reach people around us about Bitcoin and how to invest and not only the children. Learning is very important as we are growing and it is good people around us are also impacted gradually. By the time we starts teaching people around us how to invest in Bitcoin and have their own crypto portfolio, it is going to be a good approach when everyone is making money from the market.

 Cryptocurrency is the order of the new jet season and very soon the normal fiat currency would not be in existence again because the government would be looking for ways to save money and nut to be printing money just for distribution when their is no need for it.

The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor.

One way or the other I still wish at least one of my children would be willing to learn about Bitcoin.

Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin.

The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor.

One way or the other I still wish at least one of my children would be willing to learn about Bitcoin.

I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin.

Honestly, I would wait until he was probably starting to think about making money, or maybe around 16 years old until I would tell him. To be honest, I'll probably see where his interests and talents lie, if he's interested in technology and business, then I might introduce him. However, it's a good idea to invest in bitcoin little by little for our children in the future, but for now I haven't thought about that and am focusing on developing my business because my finances are still not stable. However, I will probably do that when things are good enough.

I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin.

The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor.

One way or the other I still wish at least one of my children would be willing to learn about Bitcoin.

Exactly, I know as a parents or soon to be parents we want the best for our children and as we know things that could help them in the future we cant force them into something that they dont want to or doesnt have an interest and one of it is bitcoin or crypto currency, although this things is very helpful and revolutional, if our childrens doesnt have a slight interest as maybe its too complicated to them or they dont simply have interest in earning moneh as they want to enjoy their life, then we cant do anything about that, what we can do is guide them to have a better life, and if they are in a right age to face the complexity of bitcoin and crypto currency then we could slowly introduce that to them and if they show interest then that would be great but if not then we have no other choice but to follow where they want to and where they will excel.

That is why I also think I sell all my crypto assets in the future and let my kids decide what they do with their money. Of course, I'll be happy if they continue investing in crypto but I should choose for them to start at the beginning like we did before.

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while.

But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them.

Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts.

Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there.

I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

I agree with this educational style and Warren Buffet did not let his children knew about his super wealth..

If we give them great fortune, and let them know about this inheritance when they are very young, they will lack of motivation to learn, get an occupation, find job and work as a normal citizen in society.

Educate them, keep our wealth in secret and don't tell them about any level of inheritance in time they only need to focus on learning, shaping their own brain, knowledge and characteristic, discipline. When they are educative, matured enough, we are older enough, we can proceed things about inheritance.

To be honest, those kids that have the edge are the ones introduced early on to money matters. At a young age, they learn and understand the importance of money. Not just about earning and keeping it but also in investing it. Do people think that the rich gets richer because they'd just pass on their wealth to their kids easily? I don't think so, they also teach them about money as they grow older.

Teaching to invest and to learn something new about Bitcoin is a good thing while the kids are young. They are on that period where they like to learn new things and discover it as they grow older. While this is a technology and finance combined, that is an interesting thing for them to learn. Well, my retirement and wealth distribution to my kids might not be on scheme but I'd just teach them first about how to keep their wallets safe and how to retrieve wallets through private keys.