Topic: Deciding to save money in Bitcoins for the future of the child - page 2. (Read 439 times)

I'm not familiar with the economic situation of your country, which is Bangladesh so what I can advice is, since it's your country, you'd probably know better than others how's your economy is doing and if it seems that the situation continues to worsen, then I think it's good to put it in Bitcoin to store for a long term. Also, try to look at how the bank where you put your money, if it's doing well or not. To prevent losing your funds if there's a higher chance of them getting bankrupt in the future.
If you choose to put your savings in Bitcoin for a long run (idk how old your kids are and how long it'll take before they can make use of your savings), better teach them little by little about Bitcoin so when the time comes that they'll be needing it, they know how and what to do with their Bitcoin.

I absolutely agree with you but we have another question. The question was how to save money.

What you are talking about is very important. Children grow up and wasting everything their parents worked for not because their parents were rich, but because parents didn't pay attention to them, didn't teach them financial literacy, didn't teach them to make decisions on their own, make mistakes, gain experience, but did everything for them, not giving them the opportunity to develop. In such conditions, a child can grow up ungrateful, not ready for life and not knowing the value of money.
There are many rich people whose parents were also rich.

If some banks have already closed and everything is going to close others, then taking money from the bank is a good idea.
Investing in bitcoin is a riskб but bitcoin is better than an unreliable bank. But you should to consider that bitcoin can increase in growth at times and a decline in price.
I don't know how much we are talking about, but you should also pay attention to gold and real estate. Don't keep all your savings in one place.

My best wishes to you and your children

Good choice, though you'll still need a bank account if you're going to transfer your fiat to Bitcoin and vice versa, unless there are other options for you to do that. I, personally don't use banks when storing my money, I only invest it in Bitcoin for long term purpose, that way, profit is way more better and I control my own money. The only disadvantage of cryptocurrency is its volatility I guess, since it's not always bullish so you will need a lot of patient waiting for the right moment to sell.

During any financial crisis,  banks are always one of the most affected, you don't need ti be told that keeping your money out of any private banks is the best way to go, like I keep telling people living around me, banks are not safe either, some people believe so much in banks, like nothing will ever happen to banks, that's not always true.

The reason why I still use banks today is because of Fiat currency, assuming we can buy everything with Bitcoin I have no reason to still use Fiat, but since Fiat is the only currency they recognize here I have no choice.

as parents, of course we will think about the future of our children so that in the future our children will become successful people in all things.

if your country is in a crisis as you tell me and has the potential to be affected by inflation
of course you have to make a good strategy, and if your choice is to invest in btc I think it is the right decision because investing in btc for the long term will certainly have the potential to benefit.
but you also have to be prepared for the risk of investing in btc.

Yes, we manage the risk. However, given the circumstances presented by OP, we were only left with two options: putting our money in a bank that will be affected by hyperinflation or converting it into Bitcoin. Which one would you choose? The answer is quite obvious; it's a matter of choosing between right and wrong. You would choose the right option every time, which is investing in Bitcoin.

One of my friend have started to collect little by little keeping the future in mind. His plans were long term, and he still holds a good sum of holdings in the exchange. He finds it easier. I've suggested him to move his funds, He never go through whst is happening around the market. Whenever he have got excess money, he'll just invest into different cryptocurrencies. Afterall he started doing it after my suggestion. Myself trying to accumulate something, but the money need doesn't let me follow it.

Considering the ongoing inflation and the return from different investments it is the best choice to save in terms of bitcoin.

While you store your money in the bank, inflation will be your risk and then potentially lost your money if the bank bankrupt. But if you withdraw your money then start investing to the bitcoin you will face another risk.  The bubble effect of bitcoin price will haunt you every time. The price of bitcoin would go high but it will go dip any time then if you do not cut your loss you  may loss a lot.

It is the best decision you will make in your life because Bitcoin is the undisputed safe currency in the market, so be completely reassured that this currency will secure your money and secure the future of your children, but do not forget that the crypto market is volatile, so if you want to put your money in Bitcoin, you have to ignore the FUD and you have to be patient enough, because patience is your effective method in this market, and you have to gain enough experience. These central banks in your country are not a good place to save your money because, as you mentioned, they may go bankrupt one day. Bitcoin also has risks, but in my opinion, it is better than central banks and safer because any central authorities do not control it. If you invest part of your money in it and hold it in the long term, you are undoubtedly, In the end, will get your money back and make good profits that are sufficient for your living life.

Your decision is not bad at all, but never think that all banks will go into bankrupt. You can still save in a reputable bank but only put a small amount so that if ever the bank goes bankrupt, your funds will still have the chance to be refunded. Or if not, at least you can easily manage to lose those amount. And just learn to diversify your investments by not putting all your money in a single basket. Maximize your investment with bitcoin and the rest can also go into other investments like gold, assets or stocks. That way, when one investment fails, other investments will still have the chances to succeed and be profitable.

There's no way the government will continue to print more fiat currency and the economy won't be struck by inflation. Therefore, to avoid the fund you save for the future of your crashing into the tiny air I will advise you to convert it into BTC and Gold if you want to practice risk management since your plan is long-term holding and it is not wise to put all eggs in one basket.
I like you as a parent who has a plan for the future of his/her child.

The dependency on using Bank Accounts and using Crypto as asset storage both have their own importance.
I adhere to both of these storage systems because Crypto and Fiat cannot be separated at this time. Both are needed although there are some risks that will occur in both. Exchanging crypto assets and putting them into a bank account is very easy and there are no difficulties, except for some obstacles from the overcrowded Bitcoin network.

But that's another discussion, let's go back to the context in the OP's language about saving in Bitcoin for his child's future.
Storage like this will be done for the long term. It would be an investment that would be given to his son.
It would be a perfect investment, with no third-party interference and no monthly fees required. But the security for Seed Phrase really needs to be thought about.

Dear Synchronym, you have left no other option other than storing your assets at your home where they will only lose their value over time as you said inflation is high and the dollar is at heights, so the second option is, you could invest in any asset to which you will have full control and ownership + the value of your money in assets (BTC) will not decrease over time.

But keep in mind that BTC is also very volatile and its price is influenced by many factors such as news which creates FUD and FOMO among investors and holders. Like the recent one by SEC suing Binance and Coinbase. Due to which market was 5% down. So, you should be mentally prepared for such situations too, like a traditional person who recently shift to BTC to store the value of their money, always played by market sentiments and sometimes by their emotions and loss too. So you have to keep this in mind and be prepared for such a situation and should remain calm. Plus, if you are new to the crypto space then you should also read some articles about how to keep your assets safe and i suggest you should use a hardware wallet or an open-source wallet. The most preferred wallets i have seen by others on this platform are Bitcoin and Electrum. You should make a mindset that for how long you are planning to hold BTC as if that is for 5 to 10 years then you should not be worried about news and thus you cannot be played by them.

The purchasing power of fiat currency can decrease over time due to inflation, so many people look to and consider alternative stores of value like Bitcoin. The potential risks associated with bank failures may also make some people hesitant to just keep their savings in traditional banking institutions. When comparing growth potential and passive income, you must weigh the risks and benefits of different options. While saving at a traditional bank can yield some interest, it is often very small and may not keep up with inflation. On the other hand, platforms that offer staking or other methods of earning passive income from holding Bitcoin may come with their own risks, but higher returns are acceptable. Investing in Bitcoin should therefore be done with a long-term view, understanding the potential risks and rewards associated with cryptocurrencies.

I don't always find it difficult to withdraw money  to my bank account, and I don't always find my money safe in the bank. If i leave money in my bank account, you will be charged for things like ATM card maintenance fees even if you do not use the ATM card, and there are other charges you will be charged at the end of the month, which I see as cheating, because if I can leave money in my account, banks are using my money for business and profiting from it, so why will they charge me again? They are still deducting money from my account after they used it for business. I don't care about fees which I will be spending, I prefer withdrawing to my account whenever I want to make use of my money.

You are a brave and caring parent. I think you are doing the right thing by protecting your savings from inflation and bank failure. Bitcoin is a decentralized and scarce asset that can preserve your wealth and give you more freedom and control over your money. I wish you and your children all the best.

This isn't right too because everytime when you need money you can get by selling it may cause little inconvenience along with delays, I expect you to have the money required for that month in your bank account so you can save time from selling everytime and fees due to moving from wallet to exchange then exchange to bank account.

Would be a wise move if we have the assurance that nothing bad will happen in this industry, in the future. This technology runs in blockchain and there are even restrictions regarding its usage to some countries which should already impose a risk from storing huge value with a futuristic purpose. If it is security you are looking for, then engage with bank savings or properties. Still has risks buy for sure lower. Bitcoin indeed is a profitable investment, we all know that but if it is for the future of your child, would you be too confident of it?Both has risks. It is a good thing to invest in Bitcoin for long term but to put everything into it won't be advisable. Always manage the risk right?

I read a bit about the dollar crisis, and the articles I saw were on struggles to pay for fuel because the dollar reserves are shrinking. I didn't know (and, to be honest, don't understand) that it was connected to bankruptcies, but I know that bankruptcies can hurt people a lot, especially when they just keep happening. I think that putting savings into Bitcoin, while risky, might be safer than relying on a bank in a country where there's a high risk of bankruptcy and having an account in a fiat currency that might suffer from heavy inflation. After all, Bitcoin keep recovering eventually, and even if it doesn't all go great with Bitcoijn, there's always an option to sell it for fiat.