Gifting Bitcoin to minor | Bitcointalksearch.org

Lanatsa

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Quote from: JohnBitCo on July 08, 2022, 11:40:14 PM

Quote from: Car52 on June 23, 2022, 03:57:38 PM

There is only 10 percent bitcoin mining left.Gift the bitcoin to poor and needy people for help,as they realy need it.

Bitcoin is money and everyone needs money. We are here discussing gifting bitcoin to minors (who may be our relatives/friends) and not about the charity in bitcoins.

I would encourage parents to give half of their pocket money to their children in bitcoins and tell them to save it for the future. The other half can be given in dollars (or any local currency) which they can spend.

Not all parents would really be knowledgeable on todays tech specially into those 40-60s as of this moment but not all since there are ones who are aware on tech world or era we are living on.

Gifting bitcoin to a minor then it would really be needing some introduction or at least giving them the idea on what it is and how it do works or simply talks about that so on the time that you had transferred out some coins then they are really that aware on how to keep it safe and would make it as a saving for long term aspect.

It all matters on knowledge that you do share up and of course it would be depending on that minor if he/she fully understands on whats bitcoin or crypto is all about.

JohnBitCo

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Quote from: Car52 on June 23, 2022, 03:57:38 PM

There is only 10 percent bitcoin mining left.Gift the bitcoin to poor and needy people for help,as they realy need it.

Bitcoin is money and everyone needs money. We are here discussing gifting bitcoin to minors (who may be our relatives/friends) and not about the charity in bitcoins.

I would encourage parents to give half of their pocket money to their children in bitcoins and tell them to save it for the future. The other half can be given in dollars (or any local currency) which they can spend.

Rockstarguy

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Quote from: Car52 on June 23, 2022, 03:57:38 PM

There is only 10 percent bitcoin mining left.Gift the bitcoin to poor and needy people for help,as they realy need it.

Not everyone can manage bitcoin. Bitcoin is not just like the fiat currency we use for purchasing, bitcoin has more value and it usefulness is beyond spending as currency. Giving bitcoin to people who have no idea how it works and how it is been used as investment can be of waste, I think they need bitcoin education first than to offer them bitcoin as a gift.

Car52

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There is only 10 percent bitcoin mining left.Gift the bitcoin to poor and needy people for help,as they realy need it.

mayfair_coin

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It completely depends upon the individual (minor) whom you are gifting to,whether he/she is responsible enough to utilize coin in a right manner,must be adult or we can say must having governmet ID and also need to check whether bitcoin is legal or not in the country of a minor whom you are gifting the bitcoin.

carlfebz2

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Quote from: antonio george on March 21, 2022, 05:01:22 AM

Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

you can gift bitcoin to anyone it does not depend on th age

Age does matter because if that someone doesnt really have idea on what he/she receives then it would just be a waste of those coins or would be totally lost in void which is a sad part.

Whenever you do consider on gifting bitcoins to a minor then you should take the full responsibility of its recieving wallet and on the time that certain fella is able to understand things
then this is where you do explain to it which i would see to be a better move to be made and not just sending out without minding about those probabilities.

antonio george

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

you can gift bitcoin to anyone it does not depend on th age

ajochems

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Gifting bitcoin to minor or young age people was a good option.For his/ her birthday you can gift of 1000$ value of bitcoin to his wallet. Incase you gifted the bitcoin to first year college student.Then it take 4 years for him to complete his graduation. After four years the price of bitcoin will cross the value of 3-4 k dollars. So that 4000 dollars can be used by that minor person to started a business with that 4k dollars.

LoyceV

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Quote from: Quintom on March 17, 2022, 02:47:06 AM

~~https://shift.infinite.red/gifting-cryptocurrency-to-kids-c9c5a4644f31~~

I'll make my WARNING! a bit bigger: you too are linking to a site that promotes a known and confirmed scam site! DO NOT use those sites to create a paper wallet, you will lose your funds!

Quintom

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I think it's not a bad idea gifting kids with Bitcoin, but you have to gift them with some restrictions though, to make sure they don't misuse it.
It's not bad gifting minors, it will help you gain bonuses even. As time goes on you'll explain to them how they can use it wisely.

https://shift.infinite.red/gifting-cryptocurrency-to-kids-c9c5a4644f31

LoyceV

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Quote from: DoublerHunter on February 05, 2022, 05:57:50 PM

with this link ~~https://bitcointalksearch.org/topic/howto-give-bitcoin-as-a-gift-5190702~~

Warning: That link promotes a site that steals your Bitcoin! It used to be legit, but got sold and turned into a scam. Do not use it!

DoublerHunter

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

^ Gifting it to someone is a great thoughtful gesture on your part, but you must consider his or her age. Does that minor already have the necessary understanding and has studied the entire notion of BTC ownership? You should also consider whether the child is responsible enough to care for what you have given to him/her so that it does not go to waste. After that, consider the steps you probably learn on how to give BTC as a gift with this link https://bitcointalksearch.org/topic/howto-give-bitcoin-as-a-gift-5190702

syedakhlaque

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this, please?

If you want to give bitcoin to minor for future use or future insurance and safety.Maybe your own child or someone's friends, relatives or some dear to you. Then it is right. In the future, when he will come of age and be young. It is possible that there will be a huge increase in bitcoin price and bitcoin amount may double or more. So, in this regard, it is not bad to give bitcoin to a minor.

Obito

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

Teach them about how the world works, what fiat is and how to be financially wise and then you get to the good stuff which is telling the minor what cryptocurrency is, remember that a minor doesn't have a lot of experience so you're going to have to be thorough when it comes to things that you want to introduce.

Gozie51

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Quote from: yhiaali3 on December 26, 2021, 01:41:18 PM

I do not think that gifting bitcoins to a minor is a legal crime in any way, but the question is what is the purpose of gifting bitcoins to a minor? Is it just a gift without other goals? Or is it for education, for example? Or for other purposes? I think the only case that can be punished by law is if it is a temptation to a minor, unless there is bad intentions I don't think there will be any legal accountability.

Gifting bitcoin is as like gifting of fiat and people give cash to there family members etc except if bitcoin is regarded as a crime in that country then it can be illegal too to do bitcoin gifting. It will look as if it is being used to induce the minor or make him hodl it illegally . The basis is if the bitcoin is regarded as a crime in the country but if not it should freely be given as gift.

LoyceV

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Quote from: yhiaali3 on December 26, 2021, 01:41:18 PM

what is the purpose of gifting bitcoins

It's quite normal for an uncle to give his nephew a gift for certain occasions.

yhiaali3

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I do not think that gifting bitcoins to a minor is a legal crime in any way, but the question is what is the purpose of gifting bitcoins to a minor? Is it just a gift without other goals? Or is it for education, for example? Or for other purposes? I think the only case that can be punished by law is if it is a temptation to a minor, unless there is bad intentions I don't think there will be any legal accountability.

Coingifter

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Sounds good to me, thankyou.

LoyceV

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Quote from: Coingifter on December 19, 2021, 09:15:51 AM

is Kraken any good? I have signed up and am good to go...aiming for small initial investment ($30) and low buying/seeling fees...

I'm a satisfied customer.
Buying/selling fees are usually low (0.26%), withdrawal fees is what gets you on most exchanges for small transactions.
It's actually quote low nowadays at Kraken:

Code:

Minimum withdrawal 0.00050 BTC
Withdrawal fee 0.00002 BTC

In dollars: just under $1 fee (Binance charges 25 times more, and tries to trick you into accepting fake tokens).

Coingifter

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is Kraken any good? I have signed up and am good to go...aiming for small initial investment ($30) and low buying/seeling fees...

SFR10

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Quote from: Coingifter on November 29, 2021, 01:13:23 PM

Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?

The following link might come in handy: BTCitcoin Withdrawal Fees on Cryptocurrency Exchanges + Minimum Withdrawal Amounts
^{Note: I'm not familiar with most of the exchanges from that list, hence why it's not a recommendation.}

Just to give you a couple more options:

Currency exchange
^{Note: Only deal with veterans who have a good reputation since there are a lot of scammers on that board!}
BTCitcoin ATMs
^{- Most of the ones I've seen so far, have an average fee of 10% - 15% but depending on where you are, you "might" be able to find one with a smaller fee.}

BlackHatCoiner

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Quote from: LoyceV on November 29, 2021, 02:46:22 PM

Binance will try to trick him into withdrawing their own fake Bitcoin tokens, or they'll charge him about 22 GBP withdrawal fee. That's not very newbie friendly.

If you have a better suggestion drop it. I don't know much from exchanges, but I've seen people being satisfied with few.

LoyceV

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Quote from: BlackHatCoiner on November 29, 2021, 02:11:51 PM

Binance is fine for these amounts.

Binance will try to trick him into withdrawing their own fake Bitcoin tokens, or they'll charge him about 22 GBP withdrawal fee. That's not very newbie friendly.

Coingifter

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Well, I do like to think am quite a techie person, I just like to fully undersetand things. I am a newbie who is learning.

I am going to research in more detail yet.

Thanks for the recommendnation.

BlackHatCoiner

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Quote from: Coingifter on November 29, 2021, 01:13:23 PM

In fact, I saw him last night at a family get-together and gave him a bit of a tutorial on what I had learned so far and set some "homework" f watching copies of short videos on Bitcoin.

As long as you convince him that it's an interesting thing to get involved and don't just give him the money, you rock. Even if the amount isn't much to start with, you definitely push him in a financially intelligent direction.

Quote from: Coingifter on November 29, 2021, 01:13:23 PM

Either way, I will soon be ready to dive in with a minimal purchase of my own just to get the hang of it. Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?

I don't know many, but since you don't seem me a techie-person, I know Binance is fine for these amounts. Otherwise, if you don't want to give KYC, try a decentralized exchange such as bisq.network.

Coingifter

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OK, sounds like the worst that can happen is he messes around and blows it.

I am going to talk to his parents and if they give the OK, explain Bitcoin as best I can and offer him the options, including cash. In fact, I saw him last night at a family get-together and gave him a bit of a tutorial on what I had learned so far and set some "homework" f watching copies of short videos on Bitcoin.

Either way, I will soon be ready to dive in with a minimal purchase of my own just to get the hang of it. Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?

LoyceV

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Quote from: BlackHatCoiner on November 28, 2021, 12:29:25 PM

It'd be basically you giving him an “I owe you X bitcoins” piece of paper that he couldn't do anything other than wait until he's 18, to redeem it.

This reminds me of Using Locktime for inheritance planning, backups or gifts: Coingifter could create a time locked transaction that's only valid when the kid turns 18. This way, he can receive all the information he needs to redeem the coins already, but can't use it yet.
Pros: Coingifter can forget about it.
Cons: The kid still has to trust Coingifter doesn't take the money earlier. And it requires more understanding of what you're doing because it's more complicate to create/redeem.

Quote from: Coingifter on November 28, 2021, 12:35:25 PM

Do I have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it?

How about this: Give him half the Bitcoins now, and tell him you'll double it if he doesn't move it before he turns 18!

Quote

I am concerned that he might try to buy more using my debit card credentials. Not saying he would, but just want to make sure.

Bitcoin has nothing to do with your debit card. Owning Bitcoins doesn't give anyone access to whatever other payment methods you used to buy them. If you're concerned about this, it sounds like you should learn a bit more about Bitcoin by yourself. That's good for 2 reasons: first, you may benefit from it in the long term, and second, you can teach your nephew how it works.

Quote

If I am going to sell the idea to his parents, I know they will want reassurances that there is no danger of him getting himself or anyone else into financial trouble.

Unlike credit cards, you can't spend Bitcoins you don't have. That should reassure them he can't go negative.

BlackHatCoiner

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Quote from: Coingifter on November 28, 2021, 12:35:25 PM

Do I have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it?

There's no way to ensure he cannot tinker with it. You either give him hard cash or an IOU with the illusion he has bitcoins.

Coingifter

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Do I have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it? I am concerned that he might try to buy more using my debit card credentials. Not saying he would, but just want to make sure.

Yes, a good idea to teach him about Bitcoin. He is very financially aware for a 12-year-old - indeed, I jokingly call him "breadhaed" sometimes. I hope he may have a career in the City of London one day if that is his inclination.

If I am going to sell the idea to his parents, I know they will want reassurances that there is no danger of him getting himself or anyone else into financial trouble. I want peace of mind over it also.

BlackHatCoiner

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Quote from: Coingifter on November 28, 2021, 10:56:45 AM

He would have no right to trade or amend things in any way as I retain the private key (?)

Yes. It'd be basically you giving him an “I owe you X bitcoins” piece of paper that he couldn't do anything other than wait until he's 18, to redeem it. If you consider this a nice way of delivering him his gift, then do it. I wish my uncle/aunt had bought me bitcoins as a gift six years ago.

However, I'd appreciate it even more if they had taught me how it works and what's the purpose of it.

LoyceV

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Quote from: Coingifter on November 28, 2021, 10:56:45 AM

He would have no right to trade or amend things in any way as I retain the private key (?)

When he is 18 I could fully transfer everything to him legally.

Why not wait until he's 18? If you give him a watch-only wallet now it's basically an "I Owe You" that's completely useless. But worse: many people have been scammed when they thought they bought Bitcoin, but all they got was a watch-only address. He shouldn't think having an address is the same as owning Bitcoin.

Coingifter

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Quote from: sheenshane on November 26, 2021, 10:26:26 AM

Quote from: Coingifter on November 24, 2021, 02:51:11 PM

I will do more research. It does seem complicated but I can keep at it.

It seems you're doing great now and I think you already understand the concept of Bitcoin and how it will wor

Thanks. I am getting there

I am about ready to plunge in. So if I have this right, I buy the Bitcoin, then transsfer it to my nephew, but only one of the keys (public I believe but need to check this).

W/he can use a paper wallet and if I want I could fund a coin with it.

He would have no right to trade or amend things in any way as I retain the private key (?)

When he is 18 I could fully transfer everything to him legally.

sheenshane

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Quote from: Coingifter on November 24, 2021, 02:51:11 PM

I will do more research. It does seem complicated but I can keep at it.

It seems you're doing great now and I think you already understand the concept of Bitcoin and how it will work. As you have said above, your nephew said that he/she likes Bitcoin, which means, your nephew probably already knows or has a little idea about Bitcoin and that is the reason why he/she requested that valuable stuff from you.

Just a friendly reminder, remember that anyone who will hold the private key will be the new owner of your Bitcoin. If you want to hand over the private key to your nephew, just make sure it is safe and should not be saved in any online third party or any device that could be hacked. Valuable things like this are always prone to scam.

hugeblack

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I don't know what the interests of minors in your country are but here many children are interested in Yu-Gi-Oh cards^[1] and playing with it so you can search for some cool bitcoin designs or made it you only need designs and print the public/private Bitcoin address on that card^[2] and give it to him.

If you are afraid of losing money, print the public key and keep the private key with you.

[1]

[2]

LoyceV

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

Since you're posting this in Legal, I'd say discuss it with the kid's parents first.

Quote from: Coingifter on November 21, 2021, 12:17:45 PM

Just a minimum amount which appears to be 30 UKP.

UK Pound? I've never seen it written like that.
In Bitcoin, there's not really a minimum amount, this sounds like a limitation from an exchange, and depending on the exchange you may waste a lot of money on fees. I take it you're unexperienced in Bitcoin yourself, correct?

Quote from: Baofeng on November 21, 2021, 05:41:49 PM

Or follow this tutorial, (might be outdated though), but the idea is still there [Howto] Give Bitcoin as a gift.

The first site it mentions is (now) a scam! Don't recommend it.

Quote from: Coingifter on November 24, 2021, 01:28:53 PM

I would prefer to gift Bitcoin in a more ta tangible form than paper.

Just for the record: Bitcoin isn't "tangible". You can write/print/stamp the keys on anything you want though.

There are so many ways of transfering Bitcoin, anything from a printed private key to an Electrum seed or funding an address created by your nephew, but it all has pros and cons you should be aware of before using it. But that doesn't really belong in "Legal".

Mbitr

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I’m sure you’ll enjoy your Bitcoin ride

You can have a look at the first post in this thread and it will give you some of the basics

https://bitcointalk.org/index.php?topic=1631151.160

Then you can look at getting some Bitcoin and transferring it to a wallet for the kids to hold for the future

Good luck and happy to help

Coingifter

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That is helpful, thank you. Agree, I am still very much a newbie and think I will plump for a paper wallet for now.

I will do more research. It does seem complicated but I can keep at it.

Mbitr

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Quote from: Coingifter on November 24, 2021, 01:28:53 PM

So I am on a learning curve here. Ben watching some Inrtroudtion to Bitcoin videos.

I would prefer to gift Bitcoin in a more ta tangible form than paper.

I presume the Bitcoin coins you can but for just a few UKP are inherently worthless and need to be funded? If so, how would I do that? What woudl be the advantage of buying one via the forum linked above?

I presume the Bitcoin credit stick comes pre-funded if that is the right terminology?

So if it costs USD 39 then that is 39 USD worth of Botcoin?

I think if you are going to gift some bitcoin, you need to do a bit of research yourself. Don’t worry and don’t panic

The ‘credit stick’ you mentioned - probably an open dime is an off line storage device for bitcoin. There are several devices or hardware wallets like this. They come unloaded, ie, no bitcoin included. So you would need to buy these and load the bitcoin yourself. There are plenty of guides out there to help you.
Personally I would avoid buying loaded coins/ items for now as you will definitely need to do a lot more research.
Don’t be put off , Bitcoin sounds complicated, but the more research you do , obviously the more you’ll understand how it works and you’ll definitely work out what you need to do.
Sorry , I hope this helps

Coingifter

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So I am on a learning curve here. Ben watching some Inrtroudtion to Bitcoin videos.

I would prefer to gift Bitcoin in a more ta tangible form than paper.

I presume the Bitcoin coins you can but for just a few UKP are inherently worthless and need to be funded? If so, how would I do that? What woudl be the advantage of buying one via the forum linked above?

I presume the Bitcoin credit stick comes pre-funded if that is the right terminology?

So if it costs USD 39 then that is 39 USD worth of Botcoin?

Coingifter

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Interesting - thankyou everyone.

usekevin

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

All the elder people in forum will have some bitcoin in their wallet.So they can give to some little portion of the holding to the people with less knowledge about crypto.It maybe their trigger to get into cryptocurrency field.If more and more will get into crypto.We can able to see,huge investment in short period.People should take care of hold by using security like google authentication.

SFR10

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Quote from: Coingifter on November 21, 2021, 12:17:45 PM

Just a minimum amount which appears to be 30 UKP.

Are you referring to the British Pound? If you're willing to spend a bit more and get your nephew something that "also" has a different kind of value, then I'd suggest looking at the "Collectibles" board and choosing the cheapest funded and graded collectible coin that you can find ^{[he has to break the case, in order to get to the private key]}.
^{Note: DYOR before trusting any of the sellers!}

Quote from: Coingifter on November 21, 2021, 12:17:45 PM

I have also considered putting it in my own name and transferring it to him legally when he hits 18. Is there any way of giving him "read-only" login rights to an account so he can check the value without being able to tinker with anything?

In addition to what Jawhead999 posted, the following feature might come in handy: Timelock

Jawhead999

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Quote from: Coingifter on November 21, 2021, 12:17:45 PM

I have also considered putting it in my own name and transferring it to him legally when he hits 18. Is there any way of giving him "read-only" login rights to an account so he can check the value without being able to tinker with anything?

It looks like you're want to use exchanges/custodial wallet isn't? Well it's very not recommended to leave your exchanges for a long time, we don't know the future what the future of your exchanges. Only in 1-3 years there's a lot change on each exchanges, it could be hacked, exit scam, shut down, popular etc.

Yeah you can create watch only wallet only by importing the public key (not private key or seed) of your wallet, so your nephew can't do anything except read the balance and transaction. It's only for non-custodial wallet.

Baofeng

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

Paper wallet would be a good idea.

Or follow this tutorial, (might be outdated though), but the idea is still there [Howto] Give Bitcoin as a gift.

Or you can buy this: https://opendime.com/ and use it as a gift.

Mbitr

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I’ve given bitcoin to my own children and they are under strict instructions to HODL

They are using a phone wallet at the moment. You should always make an off line produced paper wallet or something similar - possibly with 2fa or split keys - so that he can’t access the funds without your permission.
I’m not the most technical, but I’m sure some other members will come up with a perfect solution. Good luck and well done promoting Bitcoin.

Coingifter

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Thanks for these replies. It's for my nephew who is 12.

Just a minimum amount which appears to be 30 UKP. For saving, as he is already a keen saver and has said he would like some Bitcoin.

I would be nervous about him dabbling in dealing - are there safeguards to prevent this?

I have also considered putting it in my own name and transferring it to him legally when he hits 18. Is there any way of giving him "read-only" login rights to an account so he can check the value without being able to tinker with anything?

YOSHIE

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Quote from: Coingifter on November 21, 2021, 11:29:54 AM

I would like to gift Bitcoin to a minor - how would I do this please?

There is no law that prohibits you from introducing and giving Bitcoin to your child, as long as he knows how to operate the internet, android cellphones, computers and laptops, everything is fine, not a few parents are introducing and giving Bitcoin to minors, in this world, including me.

Bitcoin is not something that demoralizes minors, it is an asset that everyone needs to know including children, if they want to know.

Conclusion: what do you want to do for your child, that's ok, what else want to give Bitcoin, so how old is your child is a minor, 10 years and under are still categorized as minors, except: your child is still a baby, that's just blaming the law, you can say the person who gave it doesn't know the law.

Mbitr

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What age would the “minor” be ?
You would have to think how responsible they are, what do they know about money in general , what do the know about Bitcoin ??
Definitely an introduction to how FIAT works and how Bitcoin works would be the first step. Then an introduction to wallets, including hot and cold wallets. Would they be using or saving the Bitcoin ?

Coingifter

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I would like to gift Bitcoin to a minor - how would I do this please?

Topic: Gifting Bitcoin to minor (Read 805 times)