Topic: Parental Guild on Bitcoin - page 4. (Read 452 times)

Yes I think it's a great idea, just as you can open a savings account for your kids, you can do same with Bitcoin by creating a dedicated wallet for your kids, buy and store Bitcoin. When they grow of age, you can hand it over to them or use it to sponsor them through school.

They may be too young to understand wallet security and could mess things up. Instead, use this approach by LoyceV: Using Locktime for inheritance planning, backups or gifts to leave something for them.

Since Bitcoin is not centralized, it's not under the control of government or any agency and it's not limited by age.

1: if you have the capital buying Bitcoin for anyone is quite a good decision especially when they are kids, you can structure when the get to have it (may be at 18yrs) this would give the Bitcoin you purchase for them adequate time to increase.

2. Firstly I don't think it's wise to hand over Bitcoin wallet to a kid, just like you would not hand your banking application to a kid, I think we should let kids be kid and handling finances is complicated for kids so it's best to hand it to them when they are matured.

3. Well I think the government should stay away from Bitcoin and Crypto-currency it defeats the decentralization aims so the restrictions should be made by the adult purchasing the Bitcoin for kids.

In order to adapt to the competitive environment in the future, it is very necessary to educate children about this cryptocurrency i.e. Bitcoin. I think we should normally introduce children to Bitcoin the same way we teach the basics of money management. But one extra thing will be added here is that it is a peer-to-peer based system which is fully decentralized and if you know how to use it properly, you don't need to use a centralized exchanger to buy and sell here.
Add one more thing here, Phishing. Teach them what is Phishing and why people are losing their funds after falling into Phishing traps without sharing passwords or private keys with others.
Of course 'Bitcoin' rather than the shitcoins. Keep in mind that Bitcoin will be better than anyone else but that must be for the long term.
Moreover, if you want, you can buy bitcoins as a gift for them using this method- Using Locktime for inheritance planning, backups or gifts

There will be no benefit in keeping the age restriction, because it is not a bank or a centralized exchange that anyone needs to verify with the NID card to make a purchase or transaction. But ethically speaking, children are naturally more immature than an adult so there needs to be an age restriction to protect the fund from risk. 

This is overthinking btc which is not necessary imo. However, Just like some parents have a bank account for saving money for their children's future upkeep, a parent can also buy btc for their kids and maintain guardianship till that child is of age to handle such assets.
Kyc already serves the purpose of age restriction so if you are not 18 and above i doubt you can be able to register in any centralized exchange because you need a governement approved identity verification document to verify the account.

As a parent, it is mandatory to always communicate with your children regarding your assets regardless of whether it is btc or not, this will prepare them for any future emergency that may arise.
It is very easy for a parent to teach their children the basic knowledge of btc, securing the p/key, and buying/selling which is the whole idea behind investing and hodling btc.

@jrrsparkles, and @Churchillvv, their is no age restriction for buying bitcoin. AFAIK, if you have the money to buy bitcoin, you can buy it no matter the age that you are. All you need is just to know how, and for centralized exchange is not the only means to buy bitcoin, infact it's not even a safe means to acquire a privacy coin. There are Dex, F2F trade and other forms of acquiring bitcoin which will not require you to pass KYC. 
 
21st century has us with lot of technology, so the young are taking so much advantage of it and it's also speeding up the learning process. So parents just have little job to do in the aspect of training their kids about Bitcoin. In this period, before you even raise concern about it, your young kid will tell you detail information about the coin. All that's just needed is for the kid to be smart and the parent can just guide them on the risks involved and allow them to choose their part. 
 
Parent investing in crypto for child is also a good initiative. It's a future investment and it's part of the best thing, which can serve as insurance for children from their parents, why they grow up. 

You mentioned kids so i will respond you in a straight forward manner and i will say NO, let kids be jids and allow them the pressure of trying to comprehend a complex topic such that involve finances and investment.

I will personally not teach my kids at an early age about Bitcoin,  but I will hold a certain amount of Bitcoin for them and when they grow up to the age at which they can understand the concept and be able to bear some risk, then I will give them possession of the bitcoin and at that point, we already had some good discussion on security and safety in using bitcoin and what the risk level in it.
If there may be some strong regulations where and when citizens' Bitcoin are owned 100% in a centralized exchange,  which is not possible,  only then will you say that Bitcoin owners can be age-restricted.

But since Bitcoin is a decentralized currency, there is no limitation to who and when you own it as long as you can securely set up a wallet and own your private keys.

In as much as there is no parental control in buying and selling of Bitcoin it's still limited to some extent, the classification ladder we have two major societal class the Adults and the minor hence it all depends on where you live, in some countries one is allowed to carry out whatsoever he or she wishes to do at the age of 18 and above while some are 16 or less. with this age differentiation some exchanges uses the KYC which also requires age before you can have some certain qualifications that will be used for verification hence through this age limitation has been brought in consciously or subconsciously/ with or without their notice.

Buying Bitcoin for a kid is quite confusing because the age which you are talking about should be specific, a child of 1-10 or 11 - 16 or above or less is what any parents should considered, of what necessity is buying Bitcoin for a child for? except it's an investment in their future just as parents do save money for their kids. If you where talking about saving money for children in Bitcoin that's quite convincing but trying to communicate what bitcoin entails and it's usage is not really relevant because I do say this alot that teaching children about bitcoin is not healthy for me, I do say that let children be children let us not border children with the knowledge of Bitcoin.


In as much as no knowledge is a waste teaching children about bitcoin is not healthy enough in my opinion, why not teach them about the whole concept of money and not Bitcoin that is way beyond their understanding, because if they don't know how to handle their finances, then knowing Bitcoin is useless already. it's better not to even border children with Bitcoin knowledge than teach them what they can use a the moment and thereby leaving them with incomplete knowledge.



Buying Bitcoin can be good idea if its sort as investment in there future as I have said above.

I wouldn't teach a child how to secure bitcoin but an adult that would be capable of making good decision or at least a teenager.

Since there are no restrictions in age for owning money why would there be restrictions on owning Bitcoin? whereas Bitcoin is a decentralized currency that can't be controlled by any authority which is the goal of Satoshi Nakamoto in creating bitcoin. Not even government can make decisions for Bitcoin so no agency can make any restrictions on what one should do concerning Bitcoin ownership.

AFAIK, every centralized exchange enforced mandatory KYC and also the account holders required to be 18 or above which sums that only an adult can legally open an exchange account so that they can buy and sell cryptocurrencies.

Also, exchanges have risk policies along with FAQs that should explain what is crypto trading to the user.

Parental Guild on Bitcoin

I have observe that there is no parental guide to buying and selling of Bitcoin. However, some central exchangers do put age restriction if you want to buy/sell digital currencies and some do not see the need to do so. Specifically, I would like this discussion to focus on Bitcoin or you can make reference to other cryptocurrency to drive in your point if you choose.  I do encourage parents to buy BTC in smaller amounts for their kids that's depends on how they can afford. One of the most likely challenge is how a parent can communicate to the child on the usage, what BTC entails and how to secure there funds.

I have put in written form some ways I can communicate this;

BTC is real and it is money in digital format. You can access it anywhere in the world and convert it to local currency to be use for purchase. Bitcoin is own and control by individuals who uses the internet for access and can do it using Laptop, Phones, tablet etc. Bitcoin is stored in Wallet which has its own unique key or addresses. Buying and selling of Bitcoin is legitimate but there are restriction in some countries and there is also risk involve. You can actually trade bitcoin too but I will not want you to because you need the right knowledge to do so if not you will lose all of it. Bitcoin has lot of benefit but should not be use as a game and get rich quick. You should also no share you password or personal key to anyone as it you funds can be withdrawn without your notice.

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?

Should authorities or agencies place age restriction on owning Bitcoin?

I will appreciate you immerse contribution to this discussion.