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?
Videos online, and other stuff.
I can't say an exact way because I believe that in the future, we might see different and more efficient ways of teaching our kids something and that includes cryptocurrency. Now we are seeing AI being developed at a rapid pace. I mean with the help of AI, we might see another way to introduce Bitcoin to our children. My long-term plan? Just secure my seed phrase, and I've already gave a copy of all of my seed phrases to the one that I trusted the most so that if the worst thing happens to me, at least there's somebody that can teach or at least tell my children that I'm storing some Bitcoins and other assets.
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??
If there's somebody around you that's knowledgeable about crypto, passing it will not be that hard because for sure, he/she knows what to do based on what you said as the owner of those assets. Well, there might be instances where some of the heirs will prefer just cash instead of crypto and if that's the case then they just need to convert it.
It doesn't need to be passed down as crypto if the heirs don't want it at first place. I don't see passing down problematic. If they want crypto, and they're knowledgeable about it, give it as crypto. If they don't want, give it as hard cash. As for storing, hard wallet is the best so far, but maybe, just maybe we might see a better one in the future.
