Childrens Wallets - page 2. | Bitcointalksearch.org

noormcs5

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

You or your children will be the owner of the coins if you have the private key with you. I can advise that you should create one or more trust wallets for your kids and deposit funds in those wallets. Once they grow up, you can hand these wallet to the kids by giving them the private keys. If you can afford, you can buy a hardware wallet for each of your kid.

passwordnow

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Quote from: Dhaniii on November 25, 2021, 11:00:06 PM

Quote from: passwordnow on November 25, 2021, 05:58:58 PM

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

Looks like the OP is worried enough about the future of his kids to have to think about making a dex wallet for his kids. I think it's not necessary to worry about preparing a wallet for children from now on, you just need to invest bitcoin for yourself and save it well, after your child is old enough and has understood about cryptocurrency, you just need to transfer the bitcoin to your child, done and not too much trouble. Looks like the OP is thinking of a wallet for kids like building a house or building.

If you're a parent, you get to understand why parents are thinking of their kid's future. It's not about being worried but just wanting to make sure that his kids will have a good place whenever they grow up and OP becomes older. But what you've said is also correct about him being the investor and eventually, he's going to introduce it to them and I think there's no difference from it from doing so. It's not questionable if someone is thinking of it and we're also doing the same as him but we have a different priority.

lixer

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

Don’t know what plans you are having for now, but my suggestion would be that you should make use of a wallet that is a non-custodial wallet and then you can back up the wallets using the twelve word phrase, which you will write down and keep it in a safe place for your children to have access to them whenever they are ready for it.

Moreover, I don’t think I have seen a custodial wallet that allows people to add a next of kin that would inherit their wallet later on. But, when you store on a non-custodial wallet and you keep the private keys safe for them, anyone can be able to have access to their own wallets, without any problems at all. The decision is still left for you to make anyway.

deadmousehat

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Are you sure your chosen DEX still operate until your child grows up? it seems like hardware wallets like ledger or trezor are more suitable and more secure in the long run and don't have to worry about losing them and don't need your personal data to use them either.

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

Hardware wallet, or maybe even the centralized wallet i think no matter what wallet it is as long we save the private key securely it can be done. But maybe hardware wallet can be best option to take, i have ledger nano s and don't have any problem with it until now. But for kids, maybe i just made savings in fiat,i am not aim anything with savings because i want it to be safe.

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Quote from: passwordnow on November 25, 2021, 05:58:58 PM

Quote from: Ryker1 on November 24, 2021, 06:30:21 PM

Quote from: passwordnow on November 24, 2021, 05:43:42 PM

Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

Looks like the OP is worried enough about the future of his kids to have to think about making a dex wallet for his kids. I think it's not necessary to worry about preparing a wallet for children from now on, you just need to invest bitcoin for yourself and save it well, after your child is old enough and has understood about cryptocurrency, you just need to transfer the bitcoin to your child, done and not too much trouble. Looks like the OP is thinking of a wallet for kids like building a house or building.

passwordnow

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Quote from: Ryker1 on November 24, 2021, 06:30:21 PM

Quote from: passwordnow on November 24, 2021, 05:43:42 PM

Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

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Quote from: qwertyup23 on November 25, 2021, 11:10:12 AM

Quote from: sheenshane on November 23, 2021, 06:18:10 PM

No, even DEX exchange we dont know when the site becomes shutdown, IMO, isn't a good idea to save your Bitcoin for a long time purpose there.
You can create a paper wallet or a Hardware wallet and here is a [BIG LIST] Hardware wallets (80+), either Ledger or Trezor which are very common to use.

In crypto, we have an important rule to follow in order for your coin to be safe for a long time (Not your key Not your coin), that key means your private key which is you are the only one who controls it and no one will access it. Saving Bitcoin on exchange isn't a good idea at all.

I am somehow guilty with this especially on the last paragraph you pointed out.

As someone who started with the world of cryptocurrencies last 2017, I mainly deposit almost all of my earnings to our local exchange which is recognized here in the country. While I do acknowledge the convenience it provides (e.g. direct bank transfer, credits, exchanges, etc.), the best way to really secure my funds is by transferring them to a hardware wallet. I might actually check those out with the link that you provided- got me really curious as to how these hardware wallets function.

Non custodial wallets like hardware is much more preferred rather than storing up your coins mainly on a custodial one which we know that we don't possess the keys which means that it is really riskier in terms of possible losing those coins.

So don't really be that confident on making it a storage no matter how reputable or known it is because you wouldn't know on when they would be hacked.

As for giving your children a wallet for his own crypto savings then it isn't a bad idea as long he/she do knows on how things works then it wouldn't matter.

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

Allow me to enter into context with these two basic points, I think they are necessary because if you understood them, your question would not have arisen:

1.-The traditional scheme gives you an account address and a physical office. Deposits are in Fiat + KYC.

2.-with bitcoin you only need a public address, but you do not need the infrastructure of a bank, deposits in bitcoin, not KyC.

It doesn't matter what he meant by Dex, or whatever adjective he adds to Wallet, as in his case "Childrens," a bitcoin wallet provides several advantages in terms of control, e.g. giving succession to his children their bitcoin just by giving them access to the private key of a public address.

That is what you have to interpret, now what type of wallet and how will you give access to the private keys, some posts above have already made suggestions but it is if you want a very creative and simple or technological part if you wish, by the way there is also the legal one.

qwertyup23

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Quote from: sheenshane on November 23, 2021, 06:18:10 PM

No, even DEX exchange we dont know when the site becomes shutdown, IMO, isn't a good idea to save your Bitcoin for a long time purpose there.
You can create a paper wallet or a Hardware wallet and here is a [BIG LIST] Hardware wallets (80+), either Ledger or Trezor which are very common to use.

In crypto, we have an important rule to follow in order for your coin to be safe for a long time (Not your key Not your coin), that key means your private key which is you are the only one who controls it and no one will access it. Saving Bitcoin on exchange isn't a good idea at all.

I am somehow guilty with this especially on the last paragraph you pointed out.

As someone who started with the world of cryptocurrencies last 2017, I mainly deposit almost all of my earnings to our local exchange which is recognized here in the country. While I do acknowledge the convenience it provides (e.g. direct bank transfer, credits, exchanges, etc.), the best way to really secure my funds is by transferring them to a hardware wallet. I might actually check those out with the link that you provided- got me really curious as to how these hardware wallets function.

Leviathan.007

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I had the same situation just like you a few months ago and I could find a good solution for it, opening account any platform on any exchange or platform for your children can not be safe since you cannot be hundred percent sure about any platform besides that we all know the best and most safe asset for us to hold is bitcoin in long term and usually you will invest your children in long term, so you can store the bitcoins on a wallet and save seeds in a piece of paper and keep it somewhere safe with a little of kind words for your children.

davis196

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Quote from: haasanjui on November 24, 2021, 01:42:32 AM

Children are not mature they download and made wallets and they don't know what is seed phrase and keys. They don't save any keys and they forgot their password and lost there wallets. My opinion is to give mobile to child with parent control.

OP doesn't mean to create wallets and seed phrases and give them to his kids right away.
He wants to save a bunch of crypto in some wallets and give the wallets to his kids when they become mature enough(18+ years old).
Like other forum members said,the best idea is to have hardware wallets,rather than relying on some centralized online wallet.
OP should also be aware that the idea of long term saving of cryptocurrencies can be risky.
Nobody knows what will happen with Bitcoin in 10 years.It might be 250K USD or it might be gone.
New technology gets obsolete pretty fast,nowadays.

leea-1334

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I would not do this as well as others adviced.

Think about how you would do something with regular money. You would simply keep the savings in a wallet or bank account under your name. Which you control.

Then when it is time to give it to your kids you simply transfer it to them. With accounts on their name, teaching them how to use it, sign it, withdraw it,,, all the rich kids do it like this

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It depends on the age of your children if they are already in teachable age then you have to teach them what io s necessary to operate a wallet such as a wallet seed and security phrases, you don't necessarily have to register the wallets in your name and most none custodial wallet doesn't require any information to set it up.

Obito

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Best thing to do would be for you to teach them when they're on the appropriate age about handling their own crypto wallet. You may keep it for now if they're still young and carefree, I mean you can teach them financial stuff right now but you can't trust them yet with the applications of it yet. I think that it's a good thing that you're thinking about introducing your children to cryptospace, wish that more parents are just like you.

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

The best thing you can do is just buy a hardware wallet for each of your kids and start saving accordingly and prepare their future so when they grow up and you have already taught them about how to use crypto properly, they will know what they can do with that funds. You do not have to create a new account for each of your kids instead just create one new account and send the funds for each wallet so that will save your time watching the price when you want to buy the coin. Besides that, you can only use one exchange (CEX or DEX) to buy and send the coins and I suggest you use CEX instead of DEX and Binance will be my recommendation.

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Quote from: lumierre on November 24, 2021, 11:05:03 PM

Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

You can just buy ledgers for them or any other cold wallet and buy crypto for them. You had better store seed phrases on a sheet of paper in your safe and inform your children on how to use ledger and tell them about crypto. It will be a good heritage for them if you buy some Bitcoin and some other mainstream currencies and store them in cold wallets that they will be able to use in the future.

Agree this is the best option because it is safe and reliable which you can keep it your self also because if you are creating wallet online it is really prone now a days and i know you will be holding it in a long period of time which we dont know what will happen soon and also not just i don't trust them but i think anytime you will be having problem in converting your money into fiat but if in your ledger it is sure 100% safe and you could get your money

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

You can just buy ledgers for them or any other cold wallet and buy crypto for them. You had better store seed phrases on a sheet of paper in your safe and inform your children on how to use ledger and tell them about crypto. It will be a good heritage for them if you buy some Bitcoin and some other mainstream currencies and store them in cold wallets that they will be able to use in the future.

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Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

With cryptocurrencies you don't need to care about that, because nobody needs an ID card or any KYC paper to own cryptos and to set up a wallet. You just need to own a private key for that. Then unlike a bank account you can create and use a wallet for you and later transmit it to your children without any formality.

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Quote from: passwordnow on November 24, 2021, 05:43:42 PM

Quote from: whatthefrance on November 23, 2021, 05:09:08 PM

I would like to set up a wallet for each of my kids and start saving accordingly. I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids. Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

Topic: Childrens Wallets - page 2. (Read 513 times)