Topic: Parents on childs savings bank accounts are waste of time if not saving on BTC (Read 910 times)

We are so lucky being  Bitcoin believers and users so we all has the opportunity to take the advantage
of the volatility of bitcoin , but parents knows best for their children meaning if they do believe in banks then
that is what they do  believe will better for them .

we must respect their decision because they know nothing about bitcoin or even if they do? what
they understand is this is a scam and never to be trusted.

And when you save your money with Banks’s they will even borrow out your money, it is better to invest it on their behalf because people are just getting this update now, if not people would have taken their money to bitcoin, and their is no way they will save your money and they won’t tax you it’s not possible. The tax depends on countries but if it is banks am very sure they will tax you for fees and sometimes it will be based on the amount of money you have in your bank account.  When you have bitcoins for the kids their will be an increase when the price is  going up, your money will also go up, anyone that wants to save for the child should be advised to invest in bitcoin since bitcoins is a long term investment.

I agree that by continuing to save and increase BTC ownership, especially when the current conditions will be quite beneficial in the future and the fact is that people who already have a lot of money and have a strong trust and understanding of the great potential in BTC in the future will certainly not waste this opportunity to prepare for the twilight of the future.

The important point here that I want to say is caution, having a strong mentality and more or less we are required to understand the type of investment that has the potential in the future as well as the risks because the results in investing are always two whether it will be profitable and enter a state of depression, Well, if I read the direction of your discussion like this, BTC is the solution in this case.

Are you trying to say we should be trading Bitcoin and not hold it for future gains, I think that is a wrong advice you're giving out as when we try to trade Bitcoin regularly we risk losing at any moments. Using Bitcoin as a bank would be better as you don't have to worry about the volatility of the market but just keep accumulating Bitcoin to your highest capacity. Just as you would had considered a savings account for your children, you can do the same and keep the money in Bitcoin. Since your duration wouldn't be short term, you don't have to worry about losing. The more you hodl Bitcoin, the safer it gets to get better profits. Your kids would be glad you gave them a better future when they get to sell their Bitcoin and make big profits.

Nothing is without downsides, everything that has benefits has some downsides and that's the case with the crypto market and BTC.

When the market goes up you get profit and when the market goes down you can also face losses but I still consider Bitcoin more reliable than altcoins. Money kept in banks does not give profit for years but money invested in Bitcoin gives you some main or double or triple profit in years, but Bitcoin is not something that you buy and forget.

If you have bought Bitcoin then you have to keep an eye on the market you should know when the market is up and you should sell, from here you can earn profit. Don't think of Bitcoin as a bank, but think of it as a trade. Once you sell, then you have to buy it again at a reasonable price.

However, do your research before doing anything.

When it is about Bitcoin, I do not think being confident or being over confident is a question. It's been over a decade, Bitcoin is now like Internet. You can not stop it. Question now is how much Bitcoin you can afford to stash?

Being confident on bitcoin is a good thing but being over confident about it is not a good thing.
Investing in bitcoin for your children is a good thing but keeping bitcoin as the only investment for future of your children is again a bad idea.
So you need to balance it out and diversify your investments.

If the parent know about bitcoin then provably the best approach for their parent is to save whatever amount they can on regular basis to have certain stake for future of their child we know bitcoin potential is unimaginable and there's a lot of room for its value to grow.

But the story goes in other way if they don't know about bitcoin. Since everything will be in bad position if they don't know what they are dealing with. Bitcoin is stressful asset due to its volatile feature so people who deal with it should learn about this first before they enter the scene. But there are lot of time for them to do a research since everything could be learn if people will just show some willingness to learn.

Bitcoin is the most coolest asset since if they save it in fiat then maybe they lose some value due to inflation.

Yes, dont only focus on a single point on which this one would really be the key on which you could somewhat assure yourself that you could be having that multiple sources in the moment that you would really be needing those things. This is why it would really be that recommended that you should really know on what are the things that you should gonna do since we are talking about future of our kids then it would really be that wise that we should really be that putting up focus on which one would really be that worth. Yes, fiat would really be having that decreasing value as years passing by because of inflation but we do know that majority would really be that still trusting fiat among the rest. For those who do know about Bitcoin or crypto then they would really be having that another approach on which this is something considerable as well.

The thing on here is that you do know about the risk involved when dealing up with crypto. You should know that there would be no guarantees about having that kind of good value in the future.
Everything would really be still that speculative.

Look credit unions and traditional banks - theyre fine and all.  But frankly, sticking my measly paycheck into some stale savings account with a tiny interest rate feels like tossing cash into a black hole.  Im not saying saving money isnt important, but the old-school banking system doesnt feel built for someone like me.

Now Bitcoin, on the other hand - thats something I have been looking into more.  Risky? Heck yeah.  But the potential payouts seem way more exciting than watching the dust gather in my savings account.  Maybe it isnt for everyone, but Im willing to take a calculated risk if it means potentially building a better future for my family one day and  even setting a little extra aside for the kids. 

Right from time the government and the banks has been working hand in hand to ensure that bitcoin doesn't become legalized in all the countries in the world because they are not in control of bitcoin, the transactions and the people making the transactions, moreover if bitcoin becomes generally acceptable it will help to checkmate their level of accountability to the people that's why they don't wanna allow you guys have access 5o Bitcoin and make transparent transactions.

The government understands that the existence of Bitcoin if generally accepted cannot totally eradicate Fiat completely because people will still need to make some transaction and bank will continue to make their profit from their daily charges they take from people's money but a lot of things are going to be exposed and some level of money laundering and some other hidden things won't be easily done by some government officials that's the more reason why they are doing everything possible to make sure that people keep seeing Bitcoin and Bitcoin lovers as evil. The government want to keep controlling people they don't want people to have total control of their funds so that they won't depend solely on government because if most people have total control of their own money they may decide to challenge the government some day. A typical example of my point is my country Nigeria, the youths are mostly bitcoin believers that's the more reason why the government is against it over there because they are corrupt and youth decided to speak up few years ago even though they didn't end up in a good way.

It's true that I have some of my asset for my daughter in bitcoin form. In fact Bitcoin is an investment for me. I don't prefer cash. When you save fiat, you are basically losing the value each year but when you make investment [I also suggest to invest in real estate, properties, gold] then you are giving more benefit to your future.

If we are to analyze this, it means that if a person was to invest $100 monthly for 13 years (i.e 156 months), it means the investment could have amount into $15,600 as the capital, of which im still sure when the bank would have deducted it's capital long term savings fees of probably 10% (i.e 1,560), the child is likely to have been left with just $14,040

Whereas, if that same $100 was to have been investment in Bitcoin 13 years ago when the value of Bitcoin was around $30 to $150 per BTC, by now it's value would have amount to approximately $50,000 to $65,000 today. Hence, why Bitcoin investment should always be prioritize whenever it comes to long term investment.

This is where we have all the problems because in my country the government has declared Bitcoin illegal and Bitcoin transactions in banks will be completely prohibited and considered as money laundering. So even if we want to, we can't store or store bitcoins, in this case, if the government comes to know about my bitcoins, they can bring me under the law. If the government of my country legalizes bitcoin in the future, then people will lose the importance of keeping money in the bank and keep all their savings in bitcoin so that the financial security of their children's lives can be created in the future.

Op i get your logic and this situation is the same as a pension fund, before it is time to spend it in ~ 15-20 years, the money is already worth nothing due to inflation affecting fiat currencies. However, i can understand the parents, who might not want to take any risks in what they are saving for their kids' future, so they might not be ready to buy BTC, so i can recommend that they buy assets that have low risk, which surely would come with low rewards, but still better than keeping it in fiat and losing all of its value before it is time to spend it.

When someone has a good understanding of how Bitcoin investment will run very well in the long term, of course they will try to be able to have that investment for their future and as you said is very true when someone has a good understanding of the risks and can manage them well. To be able to minimize losses, of course they will invest in Bitcoin and for some people who choose to save at the bank, it could be because they don't understand Bitcoin very well, which is very good for future investment, or they don't understand well the banking system, which is only the bank benefits more than those who save at the bank.

Having some funds saved in the bank is indeed necessary for the needs we need or as an emergency fund, but if we save large amounts of money, of course this will be very detrimental when inflation occurs, as you have said, if they save it for their children and when they taking it when inflation occurs, of course the money is still the same and the value of the money is very different from before we saved.

That's the thing with Bitcoin. If you're going to hold it for so long, the capital appreciation is there and the value of the Bitcoin that you're holding right now will increase in due time. It's designed to increase in value due to its limited supply and with its halving, etf and demand. While we can't break people's confidence through saving in the banks and that's what they think is the right thing to do. There's nothing wrong with that but they shouldn't expect a lot with the appreciation that they'll get from it when the time comes and their holding matures.

The interest of everyone including investors ways of savings in either at the banks on in the Bitcoin wallets is based on individual awareness of where fit best for them based of their knowledges.

We are actually comfortable storing our values in the Bitcoin all because we understand the peripherals of how the technology works and then, we are just good on bearing the risks involved while those who chooses the bank are far behind unknown and does not trust the technology.

Agreeably, it is not their fault but the reality fact remains that the threat of economy and inflations remains a big blow for saving money in the bank for a long term holding as storing financial values for the kids against their future utilizations. If it is just a short while use, I submit to it that banks is the best because Bitcoin is best invested on specifically for long term holding and not for the short terms.

Perhaps as being said, there are variety utilities by which we could have our funds there in Bitcoin just as being mentioned of retirements, storing of values against inflations, investment purposes and long term goals etc.

Can you tell me which country has a tax rate of 45%?

Wouldn't the tax rate be imposed after they get income to their savings? While parents who save in the bank there is no tax, even if there is, it will not be too high.

That not everyone knows how safe it is to save bitcoin, and moreover don't put all the money in bitcoin, it's better to invest bitcoin and keep a little money in the bank for your monthly needs.

I think the matter here is that because we're Bitcoin enthusiasts and real investors of it and that's why we can easily say these scenarios of DCAing for our kids future through Bitcoin than saving it on a bank. While for those that are not hear but they're able to save for their kids future, they might choose other investments or just plainly save it on the bank but you're right, their enemy is the inflation that will surely suck up the value of their fiat upon depositing there.

Wise parents will want the best for their kids. So whichever method is going to work for them, we go and support them at all cost. Whilst us, our investments with Bitcoin can be for many purposes. Retirement, child college fund and other future matters that we're hoping that it's going to be solved by Bitcoin. That's not hard at all but we need to be savvy in how we spend our money and salaries and keep it in the form of Bitcoin for future's sake. And those that are not yet in Bitcoin won't understand what we talk about but if they are real curious, they need to start checking and learning so.

For me, setting up both is going to be fine. A bitcoin wallet for the future of our kids and have some cash in the bank and depending on how much the amount that I can afford to deposit every time that I've got some profit in trading or elsewhere or if I've got spare.