Topic: I will invest in bitcoin for my child's cost when they grow up. - page 3. (Read 524 times)

for the advice and support to me I thank everyone,, and thank you also to everyone who reminded me to put my bitcoins in a safe place like , hardware wallet.

If you are asking whether investing in Bitcoin for the long term is good or not, I'd say that as long as you can take the risk it is worth it. While I believe Bitcoin will increase its value in the future, some people don't have the necessary capital or management to make sure they can avoid being destroyed by the bear market due to overinvesting or something similar. If that is what you're worried about, you can read more about dollar cost averaging or value cost averaging and make sure you follow your plan carefully. It is difficult to give you detailed suggestions since we don't know if you also invest in other things or just Bitcoin to prepare for your children's future IMO. The general rule is to make sure you can invest the amount you can afford to lose.

For security or inheritance setup, there are many good threads about it here. I suggest you search and read about them. You can find discussion on time-locked transactions, multi-sig setup for inheritance purposes, or even find some service that provides custody for inheritance purposes. Although the latter is probably not the best option if you want complete control and don't want to rely on a third party who might or may not hold your money and use it without your consent.

Are you familiar with hardware wallets, air-gapped devices, etc? Depending on how familiar or how eager you want to learn about them, your setup options can be flexible. CMIIW.

Your idea is a good one and is shared by many people who are into Bitcoin. Planning for the future, requires an inflation resistant asset like Bitcoin.

You need to plan for two things;
• Proper security of your Bitcoins,
• A contingency plan where your child or closest next of kin can still access the bitcoins should anything happen to you.

With proper security, a hardware wallet is a safe option, with multiple backups in safe locations.
You also need to learn how to generate your keys securely.

On how to make the bitcoins accessible even if you're not there to release it, you could reveal the location of one of the backups to a trusted person, or utilize the locked transaction or locked address option, which makes the UTXO available to an address at a specified time in the future, this way, it cannot be accessed by anyone else now, but would be available to the person you any at a time in the future. You need to do your research and be sure you know what you're doing here

Your opinion is not bad and is a good idea for considering the future of your children, but while at this, you need to exercise caution from the type of wallet used, which i expect you to use a decentralized wallet under wgich you could get a cold storage that will give you control over your keys, then tou also need to know how tou could secure these keys to avoid them from third parties, invest now and the future is secured for your children finances with your bitcoin investment because it will always appreciate over a long period of time.

since you are willing to take the risk, then, just research how to properly secure it if you are HODLING for a long time. there are a lot of people who have lost their bitcoin because of poor security. there are members here who are knowledgeable about how to properly secure a wallet, if you have questions, just ask. also, good luck!

That is a good plan. As we know that fiat has greater inflation than bitcoin itself, of course, when you invest in bitcoin, you will maintain a store of value from the assets you own. by the way, the halving of the bitcoin network will be happened by early next year (Q1 probably), so it would be a good opportunity for you if you invest in bitcoin asap.

I see lots of people who have long term success investing in bitcoin. for example, like people who bought bitcoin in 2009 and sold it in 2021 when the bitcoin price was high.

now I have a child and my child is still small, of course the bigger my child is, the living expenses will also be greater.

so I plan to buy bitcoin and will invest in bitcoin for the long term, with the intention of paying for my children in the future, such as for school capital and my child's future marriage.

but I am also aware of the risks of investing in bitcoin, but I personally am ready for the risk of investing in bitcoin.

I want to know your opinion?