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

Not using any banks is the best advise, if you feel Bitcoin is very volatile and unpredictable for it to be use as an investment for the future of your children then try investing in more stable forms of investment like Real estate that'll be profitable even in the future. Real estate will always be of value because individual will always need house to live in and you could be getting a good deals now for the future.

Bitcoin is perfect as you can do everything from your house without having to meet any agents like when investing in Real estate. Investing in Bitcoin is a good choice but don't just invest and forget, stay updated with your investment because wallets are getting hacked lately.

That was the best move you could have made. You can't let what happened to others affect you too, especially now that it's so difficult to save money. If you decided to withdraw money from your bank account to invest in bitcoin, that's fine and good, but at the very least, I'd advise you to tell your kids about it since no one knows what the future holds. You should let them know that it should be a secret to them.

Imagine how individuals who had their money deposited and went bankrupt would feel right now, especially after hearing reports that it will happen again. You have made a good suggestion, thus it is okay to move on with that.

If ever I were to have a child, I would have a separate bank account for him/her and have another one for bitcoin and crypto. That way, I'm not putting the future of my child at risk just because I believe in something that works now that could possibly not work in the future. As time goes by, it becomes increasingly hard to choose which investments to go for, especially if you have a limited income. But still, it's best to not put all your eggs in one basket just to prevent unexpected things from causing too much damage.

As a father, it is completely your responsibility to cater for your child and ensure they have a great future, their future is sure in their hands, but as long as they are not yet adults, their future is in the hands of the parents, making financial preparation for the future of our kids is pretty very much important, and considering all the shit happening with fiat and banks lately, I can't help but agree that saving in bitcoin for the future of our kids is definitely the best decision any body can make right now, yeah, bitcoin does have its own risks attached, but as long as the saving is for the long term, rest assured there wil be good profit at the end of the day.

I'm sure you have chosen a bank that has a good credit quality standing. By failure, do you mean the bank you are referring to might go bankrupt in the future? All banks are insured and it's not that a specific bank won't go bankrupt overnight especially if your chosen bank does have a good reputation in their entire operation.


Your own money, your rules, your own decision.

I just hope that you know and understand very well the associated risk you will deal with. Remember that what you will do here, is to long-term holding. Just make sure that you will store your Bitcoin in a secured storage, non-custodial wallet, and knows very well the ways to keep it safe.

If you lose access to any of your private keys holding your stored bitcoin, that is done for good. There is no insured-related stuff there.

You should also accept the risk of investing money in Bitcoin.  Bitcoin's future even though it is in an uptrend price chart history is still uncertain.  There is still a possibility of the Bitcoin market collapse making the Bitcoin price crash if not become worthless. So aside from Bitcoin investment just to make a backup strategy you should also invest in another investment not in the form of cryptocurrency but in the form of other possible business venture.  there is a saying that we should not put all our eggs in one basket because we never know what will happen in the future.

Even without hyperinflation, we know that trusting banks are not ideal since they are the ones benefiting the most of our money rather than giving to us what we deserved. That is why trusting our funds into the banks are also risky especially if most banks have shown to be nearly in closure due to bankruptcy. And here comes bitcoin, which is free from hyperinflation, and has high potentials to be highly profitable in the future. So if you are into financial success and stability, especially for your children’s future, I think bitcoin investment is certainly the best option for now.

       
I completely agreed with you about this all because in current world nothing is safe and secure we have to do few things which are surely needs something which not need extraordinary locks because I remember I read on a site one person keep his bitcoin in wallet but sadly after few years he lost his password and keys as well, so now he is regretting about his decision with this all are gone with no chance for the return so if op wants to secure his kids future then surely he needs to have few alternatives as well which helps him or his kids in case of any emergency or uncertainty because what's going to happen in next moment no one aware about this all so just keep things going in better way for all is surely more important.

Yes, saving for the future of your child is always a good idea, but if you withdraw all your funds and focus on bitcoin investment, I guess that would be too risky to take. You could be so much profitable in the future, or yet  you could lose them all when bitcoin’s value end up zero( of course that won’t happen hopefully). However, if you have ultimately lost your trust in the banks, then you can invest and diversify them. Do not put your egg in just one basket, learn to invest in other profitable investments too such as real estate, stocks, or even gold that is showing consistent price increase.

Whether you're saving in cash or Bitcoin for your children's "future" you should just remember that life is full of uncertainties. There's no guarantee that things will fit in as perfect as you're projecting them. Always leave room to brace up for things going wrong. Again, what even makes you think your children will like the idea of an already planned future or saved up financial protection from their Dad? Independently minded people wouldn't like such a plan. They want to sweat it out by themselves rather than being spoon fed. Anyway, a better gambling option between the two – Fiat and Bitcoin, for the future of you asked me would be to save up in Bitcoin; not fiat.

Great choice you made and if it was possible  to buy them one bitcoin each, then that would have been one of the best decisions so far as that gives more guaranty of profits over losses, as long as bitcoin doesn't fall to zero then they  should  still be in trade.
Hope you know that nothing is guaranteed in bitcoin  and anything can happen because just as you're expecting the money to be safe, and yield some possible profits, hope you also know that, there are possibilities that you can make losses while hodling as a result of the volatile nature of bitcoin which actually makes it more interesting as people profit from others losses.
You make a good decision  for your children  bjt also do well to take out time to study more about it because you're expected to pass the knowledge  across to them when they're of age.

Always remember don't put it in one basket, the point is even if you decide to transfer your money to Bitcoin, it doesn't mean you don't have spare money in your wallet. At least having cash for survival must still be done even in the midst of inflation. No wonder there is panic everywhere when savings accounts are frozen, everyone simultaneously becomes poor together. Therefore it is not recommended to keep all funds in the bank. For example, I always have an emergency fund, and some of it is invested. There is indeed a balance in the account, but it doesn't reach 10% of the cash and assets that I have. You could say that the country's economic condition is stable, inflation is not too bad, and banks are still open everywhere that doesn't make me careless.

Here's the thing - the financial jitters you're experiencing are definitely real, and your idea to use Bitcoin as a cash reserve echoes a predicament faced by a global crowd. But remember, you gotta tread lightly; Bitcoin, for all its worth as an inflation shield, comes packaged with its very own risks

Yes, it's out there in the wild, decentralized, and free from governmental puppet strings. But this digital bucking bronco is known for its epic mood swings. The value can rocket sky-high only to plunge into the abyss just as swiftly. Add to this, the ground rules and warm reception to Bitcoin varies widely from one country to another, and that includes Bangladesh.

Maybe try looking at a buffet of investments. How about dipping your toes in the stock market, trading commodities, or becoming a property tycoon? Or even stocking up on foreign currencies that are more on the stable side? Each investment has its own game of roulette, but scattering your bets can help soften the blow if one goes belly up. How does this game plan sound to you?

Well, if you believe that Bitcoin's price will be more than what it is today then I guess you made the right choice.
I mean there's nothing wrong in investing your money instead of just sitting it there in the banks, and wait for it's value to be eaten out because of inflation.

Now the question is, do you have emergency funds? I don't know if there's doing it here aside from me, but the only use of my bank account right now is for emergency funds. We put our emergency funds there. If you convert it all there, then I guess it would be better to have emergency funds just in case somebody goes wrong. Investing in Bitcoin is good, but investing ALL, and not having emergency funds is a different story.

Like you, I'm doing the same as well, but I also save money for different things like when I need to buy something expensive, or for emergency funds. I hope that you can keep that Bitcoins safe for the next 5 years to a decade or even more. Good luck in storing it.

I don't object to him using his savings to invest in bitcoin for his children's future. But from what you said about bitcoin, I don't see you mentioning any risk of investing in bitcoin that he would face. However, such advice is not entirely true, as no asset offers high returns without risk. Putting your trust in the bank is wrong, but putting all your money in a volatile asset like bitcoin is even worse. Why should we not allocate and diversify? Diversity is always encouraged because it is the best way to protect our assets, nothing is completely safe.

I agree with your opinion, and indeed investing in btc is always risky because there is always a bear market and a bull market,

so in my opinion the op can invest in btc for his child's expenses as long as the op has to be prepared for the risk.
but if the op is hesitant to invest in btc I think op can invest in gold because usually gold is not subject to inflation, but you won't get as many benefits as investing in btc. because if invest in btc op can potentially get a lot of profit but the risk is also high. So the choice is in op hands.

You made a mistake trusting your investment to banks, they don't care about you but only want to make the profits so they can share with in their self. Investing in Bitcoin is better than investing through banks. As you have bought Bitcoin, you have made a good choice as you'll have the control of your investment and nobody can detect when you sell your Bitcoin. As you keep adding more bitcoin to your savings, you'll keep getting more profits.

Bitcoin is decentralized and can't be affected by inflation because Bitcoin keeps growing in approximately every four years therefore you'll keep getting profits whenever the the price of the market increases. Now all you have to do is to teach your children about Bitcoin.

Some unfortunate situation happening there in Bangladesh with the  reliance on the dollar, and in the midst  of all this ,good  to see you have still gone ahead to secure your children's future using the bank as those were your only options at the time...But with the coming of cryprocurrencies,  you can go one better by saving some of that money in Bitcoin and some stablecoins to have some stable source of finances in the future should it be needed.

Protect your hard earned money by going the crypto way as you are privileged to know of alternatives, good luck!

Banks and Bitcoin, they both have risks. But in terms of advantage, Bitcoin will win, no doubt there. So let's talk about advantage and disadvantage.

Advantage:

Banks: You can keep your money here, and it will be safe. It has to be backed by Government. The amount will increase slowly, but will not decrease (based on your interest percentage). In emergency situations, you can withdraw and use your money as needed. If the money is lost or robbed from the bank, it's their fault, and they will most likely pay you back what is yours. So you are kind of safe from losing money if it's kept in the banks.

Bitcoin: Easily assessable from anywhere in the world. All you need is a device and an internet connection. You will have full control over your assets. If you use it for payment method, then you can do it by sitting in your room. No hassle. Bitcoin is immune to inflation. Because it has a limited amount of supply. And as the market is volatile, price could move up too in the long run, thus giving you more as return in profits than banks.

Disadvantage:

Banks: We will face inflation every now and then. It will make the value of your money worth less in the long run. The interest amount is so low that it can not compete with the inflation. You will have to go through a full process in order to withdraw your OWN money from banks. And also, as you mentioned, banks can go bankrupt.

Bitcoin: Market is volatile, so you need to keep that risk in your mind. In emergency situations, you may have to withdraw at a low price, thus taking a loss. The transactions irreversible, so once sent mistakenly, you can not get that back. You have to keep them in personal wallets. So any risk of losing the key is on you.

As said, Bitcoin will take the win when it comes to advantages. But you need to keep it safe if you want to use Bitcoin as an investment for the future. Keep multiple backups, never share that with anyone except for loved ones. In case anything happens to you, they should be able to access that. Never make a backup online. Keep them safe and create a beautiful future for your kid.

It would be a good choice if OP had a few more investments, saving it with other assets like gold or real estate. Putting money in bitcoin instead of saving it in a bank is not too strange for us, but besides its volatility, bitcoin also has many potential risks when the future is unpredictable and uncertain. So it's really not a good idea if we put all our money in bitcoin and think it will definitely bring huge profits to our children. One more thing, like it or not, banking will still be a part of our lives, so it wouldn't be a good idea to eliminate it.

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.

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.

If I were you I will diversify my portfolio I mean bitcoin is great it can be up more than 1000% for the current price but bear market has become a ghost to some people.

You might do little math and some spreadsheet and try diversify to other investments like mutual fund, stock or Gold. So when one investment hit by the bear you can still have the safe net

Saving account is a trap, don't keep your money in banks. They will make more money with your savings and they only give a little portion from it, but with the inflation you will see after 5-10 years your money is not worth the wait.

Investing in bitcoin and other profitable assets is a wise decision. Holding bitcoin for long term is profitable for you and your family. You will get the return you wanted and you don't have to face any kind of inflation.

Exactly. Government banks are still aplenty, and most of them even give out bonuses just for banking with them, presumably as a means to catchup with private banks. He could also look into investing on a form of 401k or a Roth IRA for his son, a trust fund per se. That would really set the kid for the future, and does not carry with it a lot of risks that investing in bitcoin or cryptocurrencies will bring. I would highly suggest you diversify your savings as well, one for emergency, one for your kid, and one for travel and leisure, being the basics. This will help you make sure you don't drain out your savings all at once, and keeps you set at a goal that you want to achieve.

Lastly, you might wanna look into other forms of investing, like real-estate and other forms of commodities like gold and silver, diversifying your portfolio gives you the best chance at making sure you turn a profit when push comes to shove. Do this and not only will you secure a bright future for your kid, you'd also be ensuring a nice and dandy retirement for you and your wife.

BTC is a censorship resistant and decentralized currency, so buying BTC removes your money from any central control, neither can your bank going bankrupt affect you anymore, but take note that you are going to control your money yourself and you have to be careful not to make any mistakes. I don't feel buying BTC and saving your money in it is the problem, but setting everything up and keeping it in a safe enviroment, people lose their funds often because they choose the wrong wallet and have bad operational security, so if you are sure you are ready and you have enough knowledge about BTC, you can go on with your plan.

I guess that's fair enough if you're in a country that's facing severe financial crisis anything can happen in a blink of an eye. One of the safest option is to put your money where nobody is controlling it except you, plus you get to enjoy the profit in the future.
I personally witnessed when one of the main stream education insurance in my country went bankrupt and not everything was refunded. Not sure what happened back then since I was too young to understand things regarding the financial aspect, but It was most likely caused by some corrupt officers.
Just make it sure that you're teaching your children how to access their money as early as they have in the right mind to understand things, other wise it will all go to waste when an unfortunate incident happens to you.
That's the only major problem I'm looking at in such situation other than the risk of your children withdrawing it prematurely and spend it to useless things, of course that will not happen if you keep the keys away from their reach.

You purchasing bitcoin for your children is a nice idea, but you should make sure you properly secure your bitcoin since you are holding it for long term, and you should make sure you store your bitcoin private key in a place where your children can easily access maybe incase if anything happens to you. It won't really make sense if your children can't access the bitcoin you bought for them after your death.

If you keep money in your bank, your money won't be increasing, I can't even remember the last time Ieft money in my bank account for long time, the only money I keep in my bank account is the amount I will be needing in the next few hours or days, my money is always in bitcoin and Whenever am in need of money, I will sell the bitcoin and convert the money to fiat currency, then use it for any necessary thing I need it for at that moment.

Being an over-thinker is paying again. You think a lot for you to actually settle down and think into the future and what can possibly happen to the money that you have kept in store for your child. Making the decision to make the withdrawal and convert the money to bitcoin is a better option considering that it will be safer from any economic challenge that the banks will face. Now that you have made the choice of keeping it in bitcoins, you have only solved one challenge. You also need to be aware and ensure that you know how to keep the bitcoins safe because it can also be lost to theft and through other means.

Today the financial landscape is changing and cryptocurrencies like Bitcoin have the potential to bring about significant changes in the traditional financial system. Hence the fact that many people view Bitcoin as a hedge against economic uncertainties or a potential alternative to traditional banking systems. When it comes to financial decisions regarding long-term savings and your children's future, you must consider carefully and take a diverse approach tailored to your individual circumstances and risk tolerance. Anyway at this point stability is still better than trade-off.

dads gotta provide for his family thats one responsibility you got. you are absolutely right in seeing Bitcoin as your savior when it comes to finance problem. we're all banking to BTC as well to beat the inflation.

all currencies today are affected by global economic crisis. if you left your money in fiat, it will lose value especially when your local currency is not USD.

I don't know if it's related to your country but for like three years ago, there is a financial policy that helps the customers of any individual bank to have access to their funds after folding up. I will like to also know what you plan to do with the money in the bank even before the dollar rises, do you plan to invest in stock or bonds? Investing the money in Bitcoin is a good decision you made for the betterment of your child

You have made the right decision, in fact, I believe there may come a point in time where parents who did not do such thing may find themselves behind or potentially in hardship if they did not make a similar decision. Banks are ancient businesses, their models are obsolete and their grip on societies around the globe will only weaken as economics weaken their primary currency for business and as people lose faith and confidence in their pull over economies. It will be a painful change for those who do not find a hedge like Bitcoin, but hopefully it will be smoother for those who do use the hedge. Good job and good luck during this process synchronym, you've done the right thing so far!

For me OP's decision is the right thing to do specially from what he/she had mention that Banks in their country are failing.
It is better to keep the child's money in crypto to secure it and also it could gain profit by doing it.

I understand your situation, and it seems like you've made some sound decisions thus far. Storing money in banks may not be as secure as it once was. One of the primary concerns is that banks and governments have control over your funds, and there is a risk of them declaring bankruptcy, which can leave citizens cheated. Therefore, it has become increasingly difficult to trust any bank, especially during times of inflation.

Alternatively, investing in Bitcoin can offer potentially significant returns, and it allows you to have full control over your funds, effectively becoming your own bank. To ensure the utmost security, it is advisable to use a non-custodial wallet or consider purchasing a hardware wallet. These measures can provide added protection for your Bitcoin holdings.

It's a honest decision for the bright future of your children as currently every fiat (dollar, euro, Pound etc) suffering inflation,  so it's a best strategy to adopt Bitcoin as for holding your wealth but currently due to irregulation of Bitcoin in  Bangladesh will give you hard time as mostly FBI take action against them and mostly seized Thier assests by creating drama of money laundering, so before adoption you should keep such point in mind.
It's true that later due to high devaluation of paper money each government will regret Thier mistake for not regulating Bitcoin but currently banking mafia totally changes Thier mindset..

Not a bad idea to save your funds on assets that have store of value like bitcoin. But I would likely advise you that you should split them and probably invest some in other assets too because bitcoin is a volatile asset. Although every bitcoin has the potential not to remain at this price or go lower than this in a year to come but due to its volatility mainly caused by economic factors it cannot be certain there won’t be a bear period when you might need it. Bitcoin as at of last year this time around was close to $30k but it is below that now. So imagine someone that bought that price and is trying to sell off now will loss. But once you save in another asset you can turn to them when bitcoin is facing a bearish period and that will save you from panic sell.

Also since this is a long time saying I would suggest you think and make a good choice of wallet. An electrum wallet will be advice but if the funds is huge I would advise you to just go for hardware wallet instead. Then be cautious of where to store it or them

I don't think it's a good idea to put savings in a private bank during a financial crisis. Instead, you should choose a government bank because if they go bankrupt, you will still be supported by the state. But if you want to invest in Bitcoin, ensuring proper storage and security is important. Using a hardware wallet from a reputable website is indeed a recommended method for long-term storage of cryptocurrencies. Remember to keep multiple backups of your wallet's recovery phrase or seed and store them in separate secure locations.

I'm from a developing country and presently the central bank has set in place measures to ensure that customers can still get their funds whenever a bank goes bankrupt, but sometimes I do ask myself questions like what would be the fate of my savings in the bank when there's a civil unrest or war, since this is not inevitable. In the past I've heard unpleasant stories of how some customers lost their money as a result the crashing of some commercial banks, but saving funds in bitcoin either for your children future or for personal purpose is a wise choice and can help to checkmate this.

In my point of view It's really a great decision to hold in Bitcoin rather than holding it in a bank account. Because the demand of Bitcoin and the popularity is growing day by day. So there is a huge chance that the price of Bitcoin will pump hard in near future. I am also deciding to make some deposit in Bitcoin for the future. Anyway best wishes for your upcoming future.

if you don't mind that the value of your savings has decreased drastically, you can choose Bitcoin as an asset for your savings. because even though it is very safe to save money on Bitcoin but we don't know for sure how the price of Bitcoin will go in the future, it could decrease drastically or it could increase, no one can predict. the point is that you have to be prepared for uncertain market conditions.

my advice is that you should be able to diversify your assets. don't put it in one place. because it's too risky to put your savings on bitcoin only. moreover this money is for your child's future. you still need a stable asset whose value is not as volatile as bitcoin.

There are two things I would like to day.

1. Even if banks go bankrupt it doesn't necessarily mean all banks will go bankrupt and the economy will collapse.
So to be on the safer side, do not put your money in private banks and put it in government banks instead.
The reason being government banks if gone bankrupt are backed by the government and hence the money is comparatively safer there.

2. If you want to put your money in bitcoin for your child's future then do consider the fact that you have to store the coins in a safe place and keep the keys safe.
So you have to be extracautious since you will be holding the coins for a long term. Consider buying a hardware wallet from the official site.

So basically you're depositing your money in a bank account and think it will grow in the next 10 or 15 years?

You should never keep more money in the Fiat form that you require for next 6 months incase if you lose your source of income completely and need to survive. And anything apart should go into investment which can be gold/stock/bitcoin/real estate or whatever that has potential to grow in the future.

I am a Bangladeshi citizen currently my country is suffering from severe dollar crisis. Such incidents have happened in our country before. Due to the dollar crisis, several banks went bankrupt at that time and those who had deposited money in those banks lost it completely. Currently, the top media of our country is once again broadcasting various news about the dollar crisis. And they think inflation like inflation may happen in Bangladesh very soon. If things like inflation happen then there is a possibility that many banks of our country will go bankrupt again. I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.