Topic: Childrens Wallets - page 3. (Read 513 times)
The decision is really appreciable, because such thinking take bitcoin and other cryptocurrencies to the future. When we start accumulating cryptocurrencies for the future generation automatically the usage will continue rather than getting disturbed at some time period. As most users suggested it is good to educate your kids how-to use the ledger or trezor wallet. So that now itself they'll start accumulating same as saving in a piggy bank.
If you are wiling to give your children about Bitcoin, Ethereum, and also other top coins, why don't use any hardware wallet which is safer than DEX?
I still do not understand what OP meant as DEX, decentralized exchange or what? In my opinion, there is nothing bad to use a hardware wallet, but this type of idea is not that safe for children if not above certain age to understand what wallet, seed phrase and passphrase are. But, yet, hardware wallet will be one of the safest option in this regard.
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?
Tell them about the basics first from what is bitcoin or crypto and then tell about the security or on how wallet works because if you dont explain about the basic fundamentals then you would really be seeing this as a main problem because it could really lead to mistakes which is really a common thing thats why you should really need on explaining on everything so that everything would really be in order and would work as it should be. 
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.
If I were you I would simply buy a hardware wallet ( in my opinion either Trezor or CoinKite ), fund it, and then hold it for them for the long term. Exchanges should be used as little as possible. Buy your coins off of an exchange or sell your coins and then be done with it until you have to do a similar procedure. Try and stay away from leaving any funds on an exchange.
My question would be though; is it worth investing in a hardware wallet, when you could just make a offline wallet. Since, hardware wallets really start to shine when you want to frequently access the Bitcoin, while still remaining pretty safe. However, since this is a inheritance plan, that isn't really required. Might be better putting that 30-50 quid that it would cost for a hardware wallet, and put it towards more Bitcoin for his kids. 
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 don't need to create any accounts on DEX or CEX exchanges, all you need to give your children is seed words or private keys that are holding Bitcoin you sent on their addresses.Using hardware wallet would be interesting in case you have multiple kids, everyone could share same seed words but each of them will have separate strong passphrase only they know.
If one of them lose seed words but still have his passphrase, he/she can always regain access to his coins again with help of sibling sharing seed words.
Most important thing for this to work is to write clear and simple instructions for them.
If I were you I would simply buy a hardware wallet ( in my opinion either Trezor or CoinKite ), fund it, and then hold it for them for the long term. Exchanges should be used as little as possible. Buy your coins off of an exchange or sell your coins and then be done with it until you have to do a similar procedure. Try and stay away from leaving any funds on an exchange.
I understand you want to introduce the digital world by way of educational storage by saving money using a wallet that may be specifically for your child, but in my opinion that is not a good thing and very risky because this makes your child will try to open it because he wants to know so that it can be misused to access it and you should be the one who deserves to keep it
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?
is it not too risky for you to make a wallet on dex, I think it would be better if you just use a soft wallet, which is only specifically for you to save for your child in the future, by the way how old is your child? Is your child ready to learn to operate the wallet that you will inherit?
I agree with mK4 it's better to use hardware only, because the level of risk is less in my opinion than exchange,
you save the key and phrase in the form of inheritance in a lawyer you trust
you save the key and phrase in the form of inheritance in a lawyer you trust
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?
Why not just have Electrum wallets for each kid and send money to these wallets when you can? You can then give your kids access to their wallets when you believe they are old enough. It seems like a simple and safe solution to me. Also, I don't think it requires a name, so that part of the problem is solved automatically. After all, Bitcoin wallets don't have to be tied to particular names and identities. As for exchanges, I wouldn't trust any of them when it comes to savings. Even good ones can fail at some point over the years or, if it's a centralized exchange, change policies to those you or your kids might not find appealing in the future. 
If you want to setup a savings fund, DEX would obviously not be a part of this, and you should go for a non-custodial wallet and keep the funds on your own safekeeping and just keep multiple backups of the wallet. Or you can buy a hardware wallet and keep it somewhere safe, and give it to your children when the time comes. It's less of a hassle for you since you don't have to continuously think whether the third-party you're entrusting the funds will be gone.
Just get a hardware wallet? Why even bother making a wallet in an exchange when you're going to use it to hodl and earn crypto for your children. It's not like they're going to use said coins to trade right now, or in the next few years even. You're just going to let the coins sit there for a long time, till at least when your children have grown old enough to handle their own finances, then you can give them said hardware wallet without any issues whatsoever no? Trezor would be one of the top choices imo.
If you are wiling to give your children about Bitcoin, Ethereum, and also other top coins, why don't use any hardware wallet which is safer than DEX?
I still do not understand what OP meant as DEX, decentralized exchange or what? In my opinion, there is nothing bad to use a hardware wallet, but this type of idea is not that safe for children if not above certain age to understand what wallet, seed phrase and passphrase are. But, yet, hardware wallet will be one of the safest option in this regard.If anyone is suggesting centralized exchange, that will be the worst option to go for. If anyone is suggesting decentralized exchanges, decentralized exchanges are only used for trading or exchanging of coins, not for saving.
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 need neither a decentralized exchange (DEX) nor a centralized exchange (CEX) in order to save money for your kids. As a name suggest, an exchange is nothing else but a place where the buyer and the seller meet to make a deal, it is not supposed to be used for storing your funds, especially if you are focused on the long term. So, if you are focused on the future then you will likely need to set up your own bitcoin wallet. During the creation of a wallet, you will be given a set of English words that should be carefully written on paper and kept securely. These are your seed phrase, your main key. Your seed is used to generate a set of private keys. Private keys generate addresses where you send your savings.
There is also a thing called "passphrase". A passphrase is like a password, but when combined with your initial seed phrase, it generates a totally different set of private keys and therefore completely different addresses. Each passphrase generates its own set of addresses. You can utilize this feature and create multiple wallets using only one seed phrase. Each kid will have an assigned passphrase, with which they can access a particular wallet after combining it with your seed phrase.
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.
I don't know what Decentralized Exchange (abbreviation DEX) has to do with anything here. You don't create an "account" in a DEX, if you do it is no longer a DEX. Instead you create a local wallet like any other bitcoin wallet but it would be a hot wallet. Although it can still be used but why would you even choose it if you want to create a "wallet"? Just use any of the traditional wallets such as Electrum.
You can create a new deterministic wallet with Electrum that will give you a seed phrase which you can write down as backup, then choose a different address for each of your kids and deposit the money in there. In the end you can give them each a single private key (corresponding to their address) while still holding the seed phrase so that you can recover everything if you needed.
It is the same with hardware wallets as others suggested.
You can create a new deterministic wallet with Electrum that will give you a seed phrase which you can write down as backup, then choose a different address for each of your kids and deposit the money in there. In the end you can give them each a single private key (corresponding to their address) while still holding the seed phrase so that you can recover everything if you needed.
It is the same with hardware wallets as others suggested.
I Second that suggested by mk4. Since you are wondering about saving Bitcoin or cryptocurrency for your kids, I believe you can afford to buy two hardware wallets. Especially you may find some offer next few days. So gift them a hardware wallet device and save it there. So your saving will be most secure and your kids will have a better experience. This is the right way to teach your kids for good practice of cryptocurrency
I'd rather go for a software wallet (noncustodial) like electrum than buy a hardware wallet too early. Unless you think it's good enough to store hardware for years. The problem is you don't know how many years you have left to inherit those bitcoins. Also, by the time you hand HW over to your children, it may become an obsolete tool and not worth using. The durability of HW also needs to be considered.
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?
Not necessarily under your name. Cause dex is just a compilation of users, no emails needed for registration but a technical creation of wallet with a key. That's the important one since you gonna do a very sensitive process for your kids. Can I ask what are the ages of your kids? Hope they are big enough to handle this cause for a child below like 10 is kinda not a good practice to let them handle a very risky one with involvement of money of course. Jump to: