Inheritance is something we all wanted, especially for Bitcoin. The problem however is on how you secretly keep the seed phrases or private keys for the next generation to figure themselves out, especially in terms of calamities.
Writing them down on a piece of paper or notebook won’t work in the long run, because it can be damaged by fire or water and the ability to access will be gone forever. Engraving them in an aluminum steel would do, but where would you keep it?
Maybe in a safe aluminum steel box with a sign “Don’t open until Day/Month/Year” and giving them some out of the box clues about the passcode that even intruders may find it hard to decipher or so.
Just my opinion only.
Topic: Get Bitcoin Holdings for your child from infant. - page 6. (Read 1061 times)
why don't you buy Bitcoin Holdings for your child from infant and do all his savings in Bitcoin so that by the time the child becomes a teenager, Bitcoin price might have hit $500k and above. This way you can have a long term holdings in Bitcoin.
What is your opinion on my suggestion, is it a guarantee for the child's future and will enable you to benefit from Bitcoin ?
This will be the ultimate test of my life and possible for others out there who are holding their Bitcoins for a very long time or just like me that is holding Bitcoin for my future child What is your opinion on my suggestion, is it a guarantee for the child's future and will enable you to benefit from Bitcoin ?
.Test of patience. Discipline plays a big role on this one if you are planning to do it and TBH, there is nothing wrong with it since just by looking at the charts, the price movement of Bitcoin is only going upwards though it isn't a smooth road and there will be times where it will make a huge correction that might affect you and your whole strategy.
On the other hand, putting all of the savings for him to Bitcoin is not a good strategy for me. I will hold Bitcoin for my child but at the same time, I will hold other assets as well like Stock Market that gives dividends so in that way, it is compounding since it's for the long term.
This your write-up is very big you would have cut it shorter so that the readers will understand exactly what you're saying writing it's so big like this to make some people not understand what you are saying exactly so I believe that you have to learn how to do all this thing's so that he will not the writing something that is not understandable to people the
Some people might not be very good at organizing words to make readers comprehend their points easily. But the most time they have some vital information that might help readers. It is now the responsibility of readers to be patient and carefully read what the writer has written to grab the points. You can also seek clarification from the writer in areas that are not clear to you.
This is certainly a great idea to HODL for long.
I have seen some families open bank accounts for their infant children to save for the future. And these conventional banks cannot be trusted. Bitcoin investment for children would be a very viable alternative because it gives the parents the privileged of controlling the investment.
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But my issue is security. Since seed phrases or private keys are to be kept save then only trusted people could have access to it. Now what if an unplanned circumstance happens like death to the seed holders and no one was given the phrases before they passed on how can this be rectify? What will also happen if the investors country made strong hold against bitcoin before the child comes off age. What will happen to the coin?
In such cases, at least the father and mother should be aware of the seed phrase and when the child is grown up he can also be told where it is safely kept. There would always be a way to do Bitcoin transactions and the benefactor might also consider moving to a neighboring Bitcoin-friendly nation to carry out Bitcoin transactions if it is worth it.
I will say only one thing, "don't put all your eggs in one basket", and that way you will reduce the risks arising from long-term investment. I will not tell anyone what to invest in, but be smart and try to understand that no one knows what will happen next year, let alone in 20 years. It's not just about the price of Bitcoin, but also the way in which you will store it to be safe - because it is very easy to lose everything that you have saved in this way for years if you happen to be hacked, or if you somehow lose your backup.
Being your own bank is really a big challenge and responsibility, and those who don't understand how important it is are not ready to invest in Bitcoin.
Being your own bank is really a big challenge and responsibility, and those who don't understand how important it is are not ready to invest in Bitcoin.
Came in to say this. I know at least one Bitcoiner's who's gone all in, but he's also forced his family and 3 kids to already live a very alternative lifestyle with home schooling. Respect to anyone who wants to do their own thing, but there are no guarantees, not for fiat guaranteed by the government, not for welfare enshrined by whichever constitution, certainly not for Bitcoin.
And as Lucius said, it's not just about the value of your investment but about the safety, security, and ability for inheritance.
I mentioned in forum personally, given 2 kids their own Bitcoin some years back (I hold the rest for everyone, wary of a time when I must find a way for them to enjoy it in my passing). The older, more responsible one, actually lost his privkeys. An experiment I expected him to pass.
Sovereign money, independence, these all sound great, but the responsibility, the challenge, people probably don't realise the magnitude of that shift of mindset.
Your idea is not new. I have already met people with similar ideas on the forum, and even people who follow your idea. During my youth, my parents put some money in the bank as regularly as they could. After some time, a good amount has accumulated. Now that it is possible to keep savings in bitcoins, those who are familiar with the subject understand that investments should be made for a fairly decent period of time. And at the same time, fears that in the time it takes for children to grow up, a lot can change should be taken as a fact that surprises can happen at any time. The aphorism "Nothing is more permanent than temporary" will always be relevant.
Wow this idea is superb I have never thought of it, my daughter's birthday celebration I save the money she gets or I give to her in the bank which the bank uses this money to trade without adding good interest rate. I will buy her Bitcoin Holdings in his next birthday and I will use all the fiat money she has in her account to purchase his holdings so that as he grows his Bitcoin Holdings will also grow with her.
I will tell my wife and a let her know about the phrase seed of the wallet and password. Why? If I die before he grown my wife can hand it over to her so that the coins will not be lost. It is a safer way to secure her savings in Bitcoin for a Lond term run.
I will tell my wife and a let her know about the phrase seed of the wallet and password. Why? If I die before he grown my wife can hand it over to her so that the coins will not be lost. It is a safer way to secure her savings in Bitcoin for a Lond term run.
I will say only one thing, "don't put all your eggs in one basket", and that way you will reduce the risks arising from long-term investment. I will not tell anyone what to invest in, but be smart and try to understand that no one knows what will happen next year, let alone in 20 years. It's not just about the price of Bitcoin, but also the way in which you will store it to be safe - because it is very easy to lose everything that you have saved in this way for years if you happen to be hacked, or if you somehow lose your backup.
Being your own bank is really a big challenge and responsibility, and those who don't understand how important it is are not ready to invest in Bitcoin.
Being your own bank is really a big challenge and responsibility, and those who don't understand how important it is are not ready to invest in Bitcoin.
Nobody knows what will happen after 18 years. Bitcoin might be close to 500K or it might be close to 5K USD.
Having a long term investment plan in times like these is difficult. Really high inflation, which will most likely continue in 2023. Potential recession, which might decrease the prices of all financial assets, including Bitcoin.
Bitcoin so far simply isn't working as an inflation-protection asset.
Do not be deceived by short time speculations, check the history. If you want to save for your kid until he or she is 18 years, as long as you have it in bitcoin, it is good. 100 years can be long to predict, but 18 years is not long to determine what bitcoin would mean to the world as the adoption is great so far. I do not expect bitcoin to ever reach $10000 again, not to talk of $5, but expecting $500000 or more in the next 18 years is more likely to happen. Having a long term investment plan in times like these is difficult. Really high inflation, which will most likely continue in 2023. Potential recession, which might decrease the prices of all financial assets, including Bitcoin.
Bitcoin so far simply isn't working as an inflation-protection asset.
It’s always safe to invest in a child’s future from an early start and it’s never a bad idea to have an account that money would be regularly deposited into for the kids future.
But if an individual is impatient with his long term investments and doesn’t have the urge and patience to invest in the long run, what’s the possibility of the parent holding onto bitcoin for the long run even if it’s for his kid?
But if an individual is impatient with his long term investments and doesn’t have the urge and patience to invest in the long run, what’s the possibility of the parent holding onto bitcoin for the long run even if it’s for his kid?
Someone that's always selling after their is little increase in bitcoin price, can the person hold for their children? I think if you can't hold for yourself, then you cant hold for your kids, I believe if their is little pump in bitcoin price then the person will still definitely sell and will want to wait for buy back when the price reduce again.
Not really, if it's your money, you can spend it comfortably, without thinking, but if it's your children's money, you will have to think a lot to make a decision. I have a baby and you know, birthday money or money that my wife and I save for her and we almost never touch it no matter how much we need the money, as we think doing so will form a bad habit and we cannot guarantee that we will be able to refund our child. I would rather borrow money than never use the money I gave my son, remember that is his future, he needs that money as much as we do.
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What is your opinion on my suggestion, is it a guarantee for the child's future and will enable you to benefit from Bitcoin ?
Nobody knows what will happen after 18 years. Bitcoin might be close to 500K or it might be close to 5K USD.
Having a long term investment plan in times like these is difficult. Really high inflation, which will most likely continue in 2023. Potential recession, which might decrease the prices of all financial assets, including Bitcoin.
Bitcoin so far simply isn't working as an inflation-protection asset. Maybe it will, maybe it won't.
Saving money for your children seems like boomer mentality to me. There's nothing wrong with the whole idea, but the times have changed.
I believe that saving money is profitable only, if the interest rates(or asset price growth) that you are getting are higher than the inflation.
If you are planning to advice anyone to invest in bitcoin for their kids, then you should properly teach the person about cryptocurrency, how to properly store your bitcoin and properly secure your wallet address. Trying to hold bitcoin for your kids will be a long term investment, so if the wallet address is not properly secured then you might endup losing your bitcoin.
Someone that's always selling after their is little increase in bitcoin price, can the person hold for their children? I think if you can't hold for yourself, then you cant hold for your kids, I believe if their is little pump in bitcoin price then the person will still definitely sell and will want to wait for buy back when the price reduce again.
I think anybody that can hold, it's a good idea to have a bitcoin for our kids, am not married yet but am still having plans for my children already, the bitcoin am holding currently, am planning to keep it for my children.
Someone that's always selling after their is little increase in bitcoin price, can the person hold for their children? I think if you can't hold for yourself, then you cant hold for your kids, I believe if their is little pump in bitcoin price then the person will still definitely sell and will want to wait for buy back when the price reduce again.
I think anybody that can hold, it's a good idea to have a bitcoin for our kids, am not married yet but am still having plans for my children already, the bitcoin am holding currently, am planning to keep it for my children.
The OP's mentioned plan has been on my mind for a long time when my son was born and is not yet a year old, and mine isn't until I reach my teens because that would take a very long time. And I also don't know if I can last that long because the temptation will be a lot.
and I plan for 4 or 5 years when he starts studying or kindergarten for me to use during school and other needs, and that doesn't mean I don't keep buying and investing because I will continue to do so and only separate for the needs of my child 4 or In the next 5 years, because I see the needs of children are very large, what else in the future and also requires large capital and I have thought about this.
and I plan for 4 or 5 years when he starts studying or kindergarten for me to use during school and other needs, and that doesn't mean I don't keep buying and investing because I will continue to do so and only separate for the needs of my child 4 or In the next 5 years, because I see the needs of children are very large, what else in the future and also requires large capital and I have thought about this.
What is your opinion on my suggestion, is it a guarantee for the child's future and will enable you to benefit from Bitcoin ?
Why not, this is a good idea to build some portfolio for your kids at a very young age. If you are buying bitcoins for yourself, why not do so for you kids as well? At the moment banks are offering a lot of new savings schemes that are designed for young parents and grand parents. My parents where offered multiple savings accounts that lock you in for 18 years and then will be paid out to the child when it becomes of age. These schemes are designed to be able to pay for a new car, or university later. The big problem I have with them is that they cost a lot of commission today and offer almost no good interest rate in the long run. So why do you need the bank in the first place? To me it seems much better that you take care of the saving yourself and don't pay the bank for it. This gives us a lot of flexibility and we are not limited to save in only one account. When it comes to long periods of time I would recommend to invest in more risky assets. Putting some of the money in crypto currencies is a great idea, same goes for investment and real estate funds. Over 18 years all these products are going to offer better returns than a savings account.
Not totally the same . but some of us has this nowadays , Like me ? i am holding small amount of Bitcoin for my Son college studies , since he is still 6 years from turning into colleges so i still have plenty of years to keep it for Him.
I am buying small amount each week to keep in His wallet(that My wife keeps on hold) so in time of Him? there will be enough funds to cover His expenses .
I am buying small amount each week to keep in His wallet(that My wife keeps on hold) so in time of Him? there will be enough funds to cover His expenses .
This is certainly a great idea to HODL for long. But my issue is security. Since seed phrases or private keys are to be kept save then only trusted people could have access to it. Now what if an unplanned circumstance happens like death to the seed holders and no one was given the phrases before they passed on how can this be rectify? What will also happen if the investors country made strong hold against bitcoin before the child comes off age. What will happen to the coin?
If you have planned for your future safety then bitcoin investment is best in the name of your children as you can put investment with DCA investment also but if you say about security of seed phrase then you need to safely backup them up because once you loose it all your funds will be gone in a while.But there are ways like seed washers or engraving them on metal plates which can survive extreme conditions and keeping your seed phrase safe as many have done because you need to responsibly make sure it's safe until you have those funds in your wallets and child don't use it.This is main concern but if you take precautions you can safely keep your funds in your wallets. 
My son's 4th birthday is a week away and I've been thinking about this idea as well.
Actually, I opened a savings account for him when he was 2 years old but the current savings I have for him is gold, not fiat or Bitcoin.
Although they are not much since I don't save often, I just save them for him whenever I have a little extra in my pocket.
And I came up with the idea of saving in Bitcoins when he and I were making Bitcoin pumpkins, I discussed with my wife a few days ago, I decided to save more for him but this time it's Bitcoin.
I am a Bitcoin investor but I like both gold and Bitcoin and I want to diversify his savings because if I just save gold everything will be fine but wont be able to give him a decent amount of money when he grows up so I will add one more option which is Bitcoin.
I'm asking a friend of mine to buy a hardware wallet to start saving but it probably won't make it in time for his birthday, as it takes up to 30 days to ship to my area.
He seems very interested in my physical Bitcoins. I don't know if he grew up as passionate about Bitcoin as I was but now I want to do something that ties him to Bitcoin.
He takes it out to play every day.
Actually, I opened a savings account for him when he was 2 years old but the current savings I have for him is gold, not fiat or Bitcoin.
Although they are not much since I don't save often, I just save them for him whenever I have a little extra in my pocket.
And I came up with the idea of saving in Bitcoins when he and I were making Bitcoin pumpkins, I discussed with my wife a few days ago, I decided to save more for him but this time it's Bitcoin.
I am a Bitcoin investor but I like both gold and Bitcoin and I want to diversify his savings because if I just save gold everything will be fine but wont be able to give him a decent amount of money when he grows up so I will add one more option which is Bitcoin.
I'm asking a friend of mine to buy a hardware wallet to start saving but it probably won't make it in time for his birthday, as it takes up to 30 days to ship to my area.
He seems very interested in my physical Bitcoins. I don't know if he grew up as passionate about Bitcoin as I was but now I want to do something that ties him to Bitcoin.
He takes it out to play every day.
This is a best thing a parent can do for his child. I did this, but when I was in need I wasn't able to hold it longer. When we save for the kids, it should be left for their future needs. I'm sure this will benefit the kids, but it needs the right way of holding as well as the kids need to be taught about it rather than just saving for them.
Investing in bitcoin is always the best choice considering the inflation and the return it can provide in the long term. There is risk associated with it, to the risk we take it gives the return that other investments can't provide.
Investing for the long term future of your kids is a good idea, but just as you discovered it is very difficult to actually be able to hold your coins for such a long time because there is always something which could happen which could force you to sell your coins.Investing in bitcoin is always the best choice considering the inflation and the return it can provide in the long term. There is risk associated with it, to the risk we take it gives the return that other investments can't provide.
So it is important to keep a balance between the amount you save for the future of your kids in the form of bitcoin and your expenses, as it can be very demoralizing to sell something which you know is so important.
It's important to tell your child where you hide your seed phrase when he's get older. Anyway you should teach him about Bitcoin and let see what his reaction, if he's not interested with Bitcoin, of course this will make you in trouble. Usually most people don't care with privacy and when they got a huge money, they will spend to buy anything that they want including the luxury stuff. Your investment can make your child happy, but your child doesn't use it properly.
I guess this is a strategy for someone who wants to invest on Bitcoin for a long term but is scared of waiting for too long.
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My suggestion to these set of people is that we should invest on Bitcoin for our children from infantry to teenage.
If they are real investors, they should have enough patience to wait for the completion of their investment plan. To have such patience, they must have solid plans for their capital beyond the capital part is used for Bitcoin investment and for their expenses in life without the need to touch their bitcoins.-snip-
My suggestion to these set of people is that we should invest on Bitcoin for our children from infantry to teenage.
Most of people don't have such plans and they are not actual investors but really are speculators. No plans, no patience and worse no solid belief that is based on knowledge, they will sell when they are panic or need money for expenses in life.
If they can not not invest for themselves, they can not invest for their child.
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