Bitcoin for your children & future wealth distribution - page 4.

sunsilk

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Quote from: Silberman on July 03, 2024, 04:58:05 PM

I do not see anything wrong with teaching a kid how money works and why bitcoin is a superior form of money, after all knowledge about the economy will be way more important and useful during their lives than the majority of other knowledge that could be imparted to them, besides it is not like this knowledge has to be taught in a dry manner, as we could use one of the many board games in which money is an integral part to teach those principles and teach them about bitcoin at the same time while they are having some fun.

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.

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@OP, what I did is to feed them some crypto information and give them some examples to make everything clear to them. But as to expect, in their young minds, it couldn't be put in their mind due to lack of concentration and focus. Maybe, constant teaching helps them understand fully and it will keep in their mind. But on the side, it didn't mean that if we are in the crypto space, we can't expect our kids to also take this, which still depends on their wants.

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.

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Quote from: Stablexcoin on July 03, 2024, 05:47:48 PM

Quote from: Davidvictorson on July 02, 2024, 02:51:27 PM

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.

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.

Stablexcoin

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Quote from: Davidvictorson on July 02, 2024, 02:51:27 PM

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.

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

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?

Yes I plan to introduce my children to bitcoin, knowing fully the importance of bitcoin and what the future holds about it .
And secondly my long time plan in passing bitcoin to my next generation is that, bitcoin has set a long time record of being volitille for 15years and above. even though bitcoin has its ups and downs but it has surely moved gradually to this point today that made many people believe in it, and also believe that passing bitcoin to the next generation will be good. If bitcoin can make this tremendous move in this past few years, what do people expect from it by 20 years time from today? So mearly looking at bitcoin past record, bitcoin is worth passing it on to the next gen because of its volatility which made everyone invest in it.

Silberman

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Quote from: Davidvictorson on July 02, 2024, 02:51:27 PM

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.

I do not see anything wrong with teaching a kid how money works and why bitcoin is a superior form of money, after all knowledge about the economy will be way more important and useful during their lives than the majority of other knowledge that could be imparted to them, besides it is not like this knowledge has to be taught in a dry manner, as we could use one of the many board games in which money is an integral part to teach those principles and teach them about bitcoin at the same time while they are having some fun.

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Quote from: Davidvictorson on July 02, 2024, 02:51:27 PM

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.

My kids are still very young for now so just like you've said, let them enjoy their childhood first and just focus on playing and learning first. There's always a right time for bitcoin, and certainly for now it's never the perfect time to introduce bitcoin to them. But surely in the future, I will because I have also big plans for them continuing my legacy on bitcoin.

My children are my wealth, more than any fiat or bitcoin in the world. Let them be kids first, and when they're mature enough, that's the time to start exposing them to the world of digital currency, Bitcoin.

Onyeeze

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For you to introduce your children into cryptocurrency most especially Bitcoin it's not something that has to do with a steps or strategies it is a basic knowledge that will make you to transmit the understanding of Bitcoin specially to your offsprings, I believe that inverting your children the knowledge of Bitcoin even your wife is good and you should do not force them to understand or to develop interest in Bitcoin only develop interest to anyone who is interested into cryptocurrency network and the investment because sometimes it is not good to someone to learn bitcoin or to develop interest in Bitcoin your children can be lover of Bitcoin ordinarily and your function is to break it down to them to ensure that they have understood they strategies of cryptocurrency investment mostly Bitcoin and other basic functions of it

uneng

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

You are the one in charge of your money when dealing with cryptocurrency, so you should be the one to decide how your heirs are going to have access to that money once you are gone. To rely on third party services such as banks and judiciary system to solve such impasses between the heirs once the patriarch passes away is a dumb idea which always results in further losses and expenses which could be totally prevented if the family was just more organized and transparent beforehand.

Teach you children as soon as possible about Bitcoin. Introduce them to this payment method and investment category, so they will be already familiar with all the essential features once they have to access and manage your funds for real. I believe it's part of the responsability of each father to do this for his future generations and welfare of the family.

Rao420

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Quote from: Gaza13 on July 03, 2024, 11:03:16 AM

Quote from: Rao420 on July 03, 2024, 07:10:52 AM

In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children.

Of course, if you want to pay for your child's school education at a much higher level, this will most likely help with your child's school costs. You shouldn't just focus on one instrument, at least you have to create a foundation for any business that is as big as possible for your financial income (income) so that your grown-up children will be financially secure in the future. At least if your children are adults they can continue the legacy you have built over the years.

Very good thinking, If you want to increase your legacy , first train your children well and give them a good education. Because science has also noted that what you teach children from the beginning, they will grow up to follow the same path. Therefore we should make children realize from the very beginning that they are going to take a huge responsibility tomorrow. Only through proper training and education can we strengthen our legacy. Investing in the education of children in fact, guarantees the success of our generations.

Gladitorcomeback

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I don't see any complications in this matter. If you think your children are too young to be taught about Bitcoin and how they can import or use a wallet, you shouldn't have a wallet, preferably a hardware one, and keep depositing Bitcoin in it for their future. if you fear that something might happen to you before they grow older, you should write a will and include the seed phrase or private keys of the wallet where you have been depositing Bitcoin, and when the will is read to them later on, they will figure it out.

If they are old enough to understand it, you should go ahead and start teaching them about Bitcoin, what it is, how it came to being, how it is stored and how it is used. Tell them how they can access a wallet and how they can send and receive transactions, and then tell them that you have a hardware wallet that they should access and use when you are not around anymore. You should have the keys and the wallet in a safe or something that they could be able to access with a key.

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

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?

I think we have made this question a bit completed because we think that bitcoin should be early introduced to children which is not right.
The perfect answer to the OP question is to ask our selves that:-

1)when do we introduce dollar or fiat money to our children ?

2)What are our long term plan for passing down the fiat money wealth to our kids ?

The answers to both questions should be same even if the wealth is in the form of paper money or bitcoin. Hope this will make things clear that we do NOT need to transfer wealth early to the children.

Furious 7

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The age of children is still a very good age in learning all things including with bitcoin but in the end children must remain with the development of children their age. Introducing bitcoin is very good but we also don't have to peg it so that they do what we always do, especially in investment matters because they have the right to choose and do what they want to do and we only need to support it so that what the child wants goes well.

As for their future regardless of whether they want to be in bitcoin or not that's a back matter, it's great if they follow in our footsteps as parents but if indeed they don't have the same interest in the end it's also okay considering all have their own path. It's just that if we still want a share of bitcoin and save it for our children it is also a good thing because regardless of whether it will be continued by them when they are adults or indeed finished after they get the bitcoin we collect everything returns to choice because we do not have the right to force others to be in bitcoin including our own children.

2Pizza410000BTC

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I will introduce my children to Bitcoin when my child reaches the appropriate age. I don't want to introduce my child to bitcoin right now because my child is studying right now. My child is not too old now his age is schooling age if I introduce him to Bitcoin at this age I think my child will have a lot of difficulty in his education because he will develop an addiction to Bitcoin. Of course, my children see how I earn money, so if my children develop a feeling that I will earn money like my father, it may harm my child's keeping.

A parent never wants his child to become a bad person, a father always wants his child to become a good person. I am trying hard and spending everything for my child's education. Also, whatever I am earning, these are all planned for the future and I am earning. I definitely saved bitcoins for my child's future and am still going through the savings. But if I can accumulate bitcoin like this I can give my child a lot of money one day.

I've created a wallet to hold my investments but I'll just deposit a lot of bitcoins I'll never take out. My wallet is not a hardware wallet but a software wallet.

m2017

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

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?

There are plenty of instructions on how to familiarize yourself with bitcoin on the Internet. It is not enough to simply pass on wealth to subsequent generations. It is necessary to teach them how to manage their inheritance prudently, otherwise they will not have enough money if they get carried away, for example, by gambling.

Quote from: tread93 on July 02, 2024, 01:39:44 PM

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?

You can simply transmit seed phrases from your wallets. You won’t take this with you to the next world, right. Diversification will never be superfluous and therefore, part of the savings can be left in traditional forms of assets.

Quote from: tread93 on July 02, 2024, 01:39:44 PM

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.

They will have to come to success themselves, because you can only prepare them by investing useful skills and knowledge.

Quote from: tread93 on July 02, 2024, 01:39:44 PM

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.

What's stopping you from switching to bitcoin?

Quote from: tread93 on July 02, 2024, 01:39:44 PM

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.

It’s strange to hear this from a user who knows how to distinguish pure bitcoin from dubious surrogates.

Quote from: tread93 on July 02, 2024, 01:39:44 PM

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??

And what are the guarantees that if you turn to the services of custodial methods, that each child gets what has been set aside for them? Just assurances from the service provider and a piece of paper about it?

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Quote from: Rao420 on July 03, 2024, 07:10:52 AM

In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children.

Indeed, in the history of bitcoin, as time goes by, its value increases very rapidly, and this also applies if we store it for a longer period of time. To achieve just 1 bitcoin is currently very difficult, of course you have to work extra to achieve it. I think it is difficult if we only focus on one instrument so that your child is financially secure for his future life.

Of course, if you want to pay for your child's school education at a much higher level, this will most likely help with your child's school costs. You shouldn't just focus on one instrument, at least you have to create a foundation for any business that is as big as possible for your financial income (income) so that your grown-up children will be financially secure in the future. At least if your children are adults they can continue the legacy you have built over the years.

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

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?

Storing assets in a hot wallet is not as safe as using a cold wallet, so yes, I use a cold wallet to store Bitcoin which I will use as a long-term asset.
Still have no plans to create a cold wallet for them because I think the wallet I use as Bitcoin storage can be allocated to them by providing a private key or seed phrase to be able to access the assets in my current wallet.
It is not yet time for them to be fully taught apart from their wives about this asset.

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Quote from: tread93 on July 02, 2024, 01:39:44 PM

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??

Seriously I don’t think there is any problem that will arise in the future if at all you safeguard the wallets properly. First that caused a lot of worry to many people is how the knowledge of bitcoin will be passed down to the younger ones I will say this, it is definitely not an issue considering how the adoption rate of bitcoin and cryptocurrency at Large are growing. You will be astonished to see that even some schools will later implement it into teaching if the growth rate continues like this.

The major problem is how to safeguard the wallet you allocate to them which to me is not a big problem, first thing is make sure their is a clue to where you save the keys or seed phrases so that should anything happen then they will get access to it. Secondly there is a lock time script that prevents spending from certain wallet or address till a specific time, you can make use of this and secure the funds properly.

DiMarxist

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Op there is always a time for everything and time to observe and time to learn and time to invest. And the observation stage is not the time to learn, and at that stage they are only observing you, seeing what you are doing and probably you might not want the to learn at that age because of their age. And I think from 6 years, they can learn gradually till at the age of 13 to 15. Then you can open wallet for them and start the investment and make sure you show them every step taken so that he or she can do well. And if you are not depending on campaign coins and you have a physical job that is giving you income then you don't have to worry.
Because when your children grow up you definitely train them to invest in bitcoin.

BABY SHOES

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When it's time I will introduce bitcoin to children, it's just that now they are still small, let them play with their own age, I will not force them to introduce bitcoin early on.

I always have a plan to make savings in bitcoin just for the future of my child when he grows up can finance in college so I don't have to bother looking for a lot of money when he is old while this plan just wants to be done early so this is a good initiative that will be implemented soon.

I will not bequeath wealth to them, let my son seek his own wealth from bitcoin after he gets to know more deeply as for when my wealth continues to grow then when I die then the wealth is for my son who has become his right, but until whenever will not give them any seed phrase to them.

Topic: Bitcoin for your children & future wealth distribution - page 4. (Read 1029 times)