What do you mean you're "looking to accumulate some sort of interest during that period?" If you're thinking of a bank-like scenario, that's something not advisable as it means you will entrust your funds to a custodian. It's risky and not worth it. The best way is to have your funds kept in a cold wallet. Forget about interest. It could mean your children might not be able to enjoy it.
A hardware wallet is a good choice. Create an address for each one of your children. You can even name those addresses with their names. Give them the private keys as soon as they reach 18. Keep the seed phrase safe and offline all the time. You're saving for your children.
Also, since this is for the next 6-10 years, you might want to focus only on Bitcoin. Avoid altcoins as it could mean they're already worthless by the time they're given to your children.
Topic: Crypto child savings account - page 2. (Read 262 times)
There are no rules here. Heck, you could create a crypto wallet for your dog if you wanted to. As with a non-custodial wallet, you're not even going to need to provide AML/KYC documents. All you need is to generate a wallet, then store the backup securely.
Read: https://cryptosec.info/wallets
Read: https://cryptosec.info/wallets
Why not create a wallet with electrum for your kids and share the seed phrase with them and use the time lock to send BTC to their wallet?
You likely lock a transaction and it only triggers or is sent to your kid's wallet when the set time/date is reached.
The only problem is that you won't able to spend them until the date/time come.
This one is a future saving it's a good option for your kids.
Follow the guide here https://bitcointalksearch.org/topic/m.24712087
You likely lock a transaction and it only triggers or is sent to your kid's wallet when the set time/date is reached.
The only problem is that you won't able to spend them until the date/time come.
This one is a future saving it's a good option for your kids.
Follow the guide here https://bitcointalksearch.org/topic/m.24712087
Is it possible to create accounts/wallets in their name, that I can control while they are minors, and that they automatically will become owner of when they turn 18? Or will I need to create a crypto account for myself and just manually gift it to them when they become of age? What might be the smart solution?
It seems like you're planning to sign up in a centralized wallet because you've said it under the name of your child.No, that's a big mistake, don't trust any centralized wallets and store your Bitcoin for a long term that is intended for your child saving. That's not how will work. Centralized exchanges will have a right to your Bitcoin anytime and not under your control or your child's.
Choose these [BIG LIST] Hardware wallets (80+) which are very safe to store your Bitcoin that you've control on it. You can keep it and give it to your child when at the right age.
I always said here this valuable rule for storing your Bitcoin, "Not your keys Not your coins".
Go for a hard wallet and you don't need to create an account with your children's name or anything, it doesn't matter. Let your wife know about your savings and also give her the seed phrase to keep them safe in case anything happens to you.
Cryptocurrency doesn't work like a bank account but the only thing you can do is create a Cold storage wallet for the minors, and set a transaction notification for the wallet so you can get instant notification about the wallet's in and out transactions there's telegram notification bot that can do this.
He can take notes on a paper of the investment, there is no need to give that task to a telegram bot or anything else which can harm the wallet. If OPs intention is to save bitcoin for his kids. hero member
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Cryptocurrency doesn't work like a bank account but the only thing you can do is create a Cold storage wallet for the minors, and set a transaction notification for the wallet so you can get instant notification about the wallet's in and out transactions there's telegram notification bot that can do this.
After that, you can start weekly on monthly DCA investment on Bitcoin and move it to the wallet.
If the cold storage is too complicate for you to understand, get a hardware wallet for the minors.
After that, you can start weekly on monthly DCA investment on Bitcoin and move it to the wallet.
If the cold storage is too complicate for you to understand, get a hardware wallet for the minors.
I have recently started investing in crypto, and I have now decided to create crypto savings accounts for my children. Is it possible to create accounts/wallets in their name, that I can control while they are minors, and that they automatically will become owner of when they turn 18? Or will I need to create a crypto account for myself and just manually gift it to them when they become of age? What might be the smart solution?
If you want to save some Bitcoin for your children you don't need to create any accounts that are centralized controlled.All you need is to have your own Bitcoin wallet and seed words that are held in secure place, use hardware wallets, and than you can add additional wallets for your children.
THis can be done simple with separate passphrase for each child, so they would need to have two things to recover their keys.
First part is your seed words (that is the same for all children) and second part is separate passphrase known only to them.
If you want to make everything extra secure than you can create multisig setup with your children.
You can create a wallet address for them on a hardware wallet or airgapped device and send Bitcoins regularly to it. You can also intimate your spouse of your plan and teach them how to work around cryptocurrencies if they are not savvy, so they can always access the funds should anything happen to you and still fulfill the purpose.
If you're going to invest in a decentralized asset, you should not shirk the responsibility that comes with safeguarding the assets.
I'll be depositing funds in their accounts regularly, which will keep sitting there for about 6-10 years, so I'll be looking to accumulate some sort of interest during that period. What options should I consider for this?
This would require some sort of staking on a centralized platform. This comes with the risks that you are not in control of the funds and the platform can fold, seize or freeze the funds or get hacked.If you're going to invest in a decentralized asset, you should not shirk the responsibility that comes with safeguarding the assets.
I have recently started investing in crypto, and I have now decided to create crypto savings accounts for my children. Is it possible to create accounts/wallets in their name, that I can control while they are minors, and that they automatically will become owner of when they turn 18? Or will I need to create a crypto account for myself and just manually gift it to them when they become of age? What might be the smart solution?
I'll be depositing funds in their accounts regularly, which will keep sitting there for about 6-10 years, so I'll be looking to accumulate some sort of interest during that period. What options should I consider for this?
I'll be depositing funds in their accounts regularly, which will keep sitting there for about 6-10 years, so I'll be looking to accumulate some sort of interest during that period. What options should I consider for this?
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