Topic: Deciding to save money in Bitcoins for the future of the child - page 3. (Read 484 times)

If you do, it's really too harsh. Saving money or leaving an inheritance to our children doesn't mean you have to give all your assets to them and direct them to a life based on what we leave behind without having to work. Saving a small portion for them just as a gift when they grow up, they can more easily start their dreams. It's also a way to teach them that, besides working hard for a good life, it's also important to save for the future.
Our children are spoiled or will grow up wise, it all depends on how we raise them. Many families still leave inheritances, and their children can create even more wealth for future generations.

When it comes to hyperinflation, you can't trust banks with your money, not because they might go bankrupt, but mainly because the value of your money will significantly drop due to the crisis. As a crypto investor, I agree with your decision to convert your money to Bitcoin and save it for your future. Bitcoin has shown positive growth when looking at the big picture. I know some experts would argue that putting your money in Bitcoin is too risky, but isn't hyperinflation even riskier as it affects everyone?

I have also thought of this, as I do have an upcoming child, but I am not as lucky as you to have spare money. Your idea is really good to save it for the future of the child, but always think about the risk. It is also best to put it in the bank, but again, banks are failing in your country. I think that is really the best way right now. Your situation is very difficult because there are no banks if you want to put it there. How about those businessmen or rich people? How do they store their money?

Just so you know, not all children are going to be the same, I would rather teach my kids how to make money or get Bitcoin instead of storing a high amount of money for them, sometimes, we help our kids by not been too helpful to them, I know this sounds harsh but it's the beet way for many children.

Like I've said before, some children won't turn against your plan and you will feel like the most blessed parent in the world, but majority of children that grows up near me end up wasting everything their parents worked for, that's because they don't understand how hard it is for their parents to gathered some money or properties for them.  

There are things to can pass unto your children that are far better than money and gold, you aren't harsh, you are teaching them to be prepared for their future.

The decision you made was indeed the right one, because after I read from the posts you wrote, regarding the state of the banks that have occurred in your country, I think bitcoin is indeed the most suitable choice, to be used as a savings or investment asset for expenses. your child's school in the future. So you don't need to hesitate and be half-hearted when you have invested your money into bitcoin. Because if bitcoin assets continue to run smoothly for a long time, in the future maybe the money you invest in bitcoin will increase.

But on the other hand, bitcoin has indeed become the crypto asset that is most in demand by many investors, and its quality is indeed number one among other cryptos. But still, you also have to remember the worst possibility or risk.

Because bitcoin is decentralized, and that means you become a king of the assets you have. And of course along with the name of the risk. So I'm just reminding you, because you choose bitcoin as the asset you choose to be an investment asset, and just in case, of course, don't forget all the risks that you might have to face.

1. I'm also not in favor of putting too much money in the bank, especially long-term savings for the future, because they won't be worth anything until then. But I like what you say and many people are just abusing the collapse of some banks and trying to exaggerate things. During an economic crisis, it is normal for companies, businesses, and banks to fail, it has happened many times in the past. But that doesn't mean all banks will fail. And you are also absolutely right, use the official government bank, don't be greedy for high interest rates but choose a private bank.
2. Everything is at risk, and don't forget bitcoin is very volatile, and there is no guarantee for its future. So don't get too exaggerated about bitcoin. Let's diversify our assets is the right thing to do.

OP if you live in a country where banks fail, and at the same time there is no deposit insurance, then the logical conclusion would be that you do not keep money (or too much money) in the bank. The question is what will you choose as an alternative, and Bitcoin is only one of the options in case you realize that the only correct way to store it is to be your own bank.

If you decide to go in that direction, then you have to accept the responsibility and risk that comes with it. Will you lose your backup, will someone hack you, or will the price of BTC in xx years be lower than today are just some of the questions you should ask yourself. Maybe it's wise to listen to people who say that it's not good to keep all your eggs in one basket, and that means that you should invest in something else in addition to Bitcoin.

much better decision to do so. Banks can bankrupt anytime and you will be not able to withdraw if its happen. saving in btc is good option and this will worth when every banks failed. I will advise you to hold these btc in hardware wallet or at least use Electrum wallet which is open source and still secure to hold btc. If you buy in Cex and hold there then it is same like bank which can be bankrupt like FTX or Sec will try to sue.

It is a good idea to transfer your money from the bank to bitcoin and not necessarily for children but because it is more save in bitcoin. If your are saving for your children what about the private key and the password? Are you giving them now? Or you are going to give them in the future? There are things that are involved if you are investing for children. In the process of investing for them and you sick to the point of dead which you can talk and you have not given the security apparatus of the wallet, then what will happen to the coins. And also probably for the fear of dead, you told them the password and the seed phrase, what do you think they will do with the coins. This is call risk management.

Leaving all your money in the bank may not be a good idea because of inflation, so it will be nice if we invest it in an asset.
 
If you don't trust banks much, it will be a great idea to be your own bank as you decide to withdraw all the money you want to use and support your children in future from bank and convert it to Bitcoin and store it in bitcoin in our own personal wallets.bitcoin have been a great asset from the history of Bitcoin due to volatile nature of Bitcoin, But I will not advise you to investing all the money into bitcoin despite the fact that you are not ready to use the money currently. The best  idea is to divide the money into two or three paths so you can invest in bitcoin and also save some in the bank, I believe despite all the points you have made, I believe that it is not all the banks that will go bankrupt due to inflation.so I will not advice you to store all the in bitcoin because nobody can actually predict what  the Bitcoin come with due to it volatility.

You mentioned transferring your money to bitcoins because you don't trust banks, you didn't mention investing. That is, you convert the money that you keep in the bank into bitcoins and later you keep those money in bitcoins in the same way as you used to deposit money in the bank. Your decision is a good one because you can keep your money as savings as well as invest your money. That is, if you convert your money through Bitcoin and keep it for a few years, then you can benefit from your capital in addition to your savings after a few years. I support the decision you made.

In such times I would recommend you to keep your savings in only those banks which are falling into the domain of Government banks because Bangladesh is a quite good country and its inflation rate might decrease in future. If your savings are in government banks then you should be assured that even if inflation reaches its peak still your saving will be there and no one could steal those from your account. However, I must say that with inflation the value of your savings will decrease over time and you may not be able to purchase the goods in same price that you can right now.

It's always a better choice to opt for Bitcoin in such financial conditions in a country. I have heard that in your country Bitcoin isn't legal so you should keep that in your mind as well before converting your fiat into Bitcoin. If you have really made your mind to go with Bitcoin then be sure to have a safer wallet software to store those Bitcoins because if your computer is affected by a virus and has many vulnerabilities then you funds could be stolen from your wallet. It's always a better choice to format your hard drives, I prefer SSD, and then install a clean copy of the operating system into the pc, after that install a well known and trusted wallet software like Electrum. Once the installation is completed then create your wallet and during the creation of wallet you'll get your private keys and a seed phrase, keep those in a safe location and have multiple copies of those and the wallet file on many storage devices.

Once all those steps are done, then you should move your BTC from the exchange to your own wallet address and after confirmation of received coins, you should disconnect your pc from internet and never connect it back to internet to be on safe side.

All countries around the world today are suffering from the bad effects of inflation, and here in our country, most goods are also expensive. And a dollar also went up here with us. The only difference is that our inflation percentage last April was at 6.6% this month of May, it dropped by 6.1%

In today's time, it's hard to entrust the bank with all the money we have now because of that inflation, that's why you took the money out of the bank and converted it to Bitcoin for me it's a good decision you've made that. For me, what you did was right, even if there is a risk, you know that the money will not be wasted.

Just like your country, my country is also suffering from the dollarization of the economy. We expect it to keep happening because it seems our weak economic policies will keep dragging us backwards.

I can tell already that you are a great parent who wants the very best for their kid. You have made a very thoughtful decision. Inflation makes reduces our wealth and having all your money in the bank during this period is definitely not a good idea. To be able to make a decision with regards to your children's future -  leave some money in the bank, buy some real estate properties if you can or some assets and have the remainder in bitcoin. Your kids will thank you.

I see several issues here that the OP has not yet answered, such as where he plans to store those Bitcoin holdings.

Being from Bangladesh, I don't know if he will be someone rich from there, but if he is not, he better keep the Bitcoin for himself and in the future his son will already inherit. That of keeping something for your son if tomorrow you may have financial problems, I do not see it.

Better to build up an estate little by little and have as much Bitcoin as you see fit, always planning a system so that your heirs can manage the private keys if you die unexpectedly.

On one hand you believe banking system can collapse and it's not safe still you have decided to open a savings account for child in banks? This is strange because in future your money will not be worth and on the opposite btc will become too high in price levels that you can't get anything with money in your account.So best is to invest whatever you feel safe directly in Bitcoin and hold it safe with you in self custody wallets for long term.

Allocating a portion of your savings to BTC is a wiser choice than simply hoarding FIAT until your children can benefit from it later on. People here will surely argue that inflation can be quite painful for those who consistently hoard FIAT without considering other opportunities, and this reasoning does make a lot of sense.

Setting aside some savings to buy BTC is indeed another option that increases your chances of growing your money. Although the risk of volatility looms over BTC users, time has proven that Bitcoin, which was once worth a mere penny, now holds a value of tens of thousands of USD.

I support your decision to buy BTC, but make sure that the amount of FIAT you keep in a commercial bank is sufficient for your living expenses in the coming months, so that you can avoid potential Bitcoin losses that may occur due to urgent needs.

This is probably a better decision if you are saving for your child's future. Just keep it extra safe.

It is a feature of fiat that it will continuously diminish its purchasing power. What you can buy today with your money you can't buy tomorrow with the same amount. This is the reason why saving fiat for the future isn't a good thing. Add to it the fact that banks could also go bankrupt and you might lose your money.

However, some are saying that savings in the bank earn, unlike Bitcoin in a cold wallet that doesn't grow even a little. Be wary of this. First, bank interests on savings is negligible, especially vis-à-vis your country's inflation rate. Second, you might end up grabbing the offers of certain platforms to have your Bitcoin staked so that it will earn passive income while your hodling it. Don't fall for it! Avoid them!

The idea of Bitcoin being a birthright for our kids I think is a must to secure their future. While a person still have the capacity to work and feed their family, buying BTC wiill be worth it like a property to handout before you checkout.

But also don't put all your eggs in one basket. Fiat still is going to be as useful as it is. You will end up selling those coins when you are out of cash.

If the situation continues like the way Bitcoin is increasing in popularity and people's trust in banks is going down, in the future people will save Bitcoin to secure their children's future. However, an important piece of advice when it comes to Bitcoin storage is choosing a security system and wallet. Storing bitcoins in a safe wallet will secure the child's future.