Bitcoin Forum

Today my daughter put her first bonus pay into Bitcoin.

She is well aware that I have Bitcoin for a few years and today out of the blue
decided to make the move

via Revolut!

I explained to her the drawbacks of using Revolut, She cannot move it, she
doesnt have any control over what she has and her options are hold or sell.
She is happy to proceed as a first experience with Bitcoin and told me that many
of her friends have Bitcoin. I was curious about that and wondered just how many
Revolut customers actually have Bitcoin?

For all its drawbacks Revolut offer a very easy route into Bitcoin in a lightweight way.
It also proves that the younger generation want a hassle free entry into Bitcoin and
dont initially want the seemingly inconvenience of securing their Bitcoin.

Fintech Challengers Revolut and Luno are Experiencing Dramatic Surge in Demand from Bitcoin and Ethereum Traders (https://www.crowdfundinsider.com/2021/01/171006-fintech-challengers-revolut-and-luno-are-experiencing-dramatic-surge-in-demand-from-bitcoin-and-ethereum-traders/amp/)

It's not a secret that most people nowadays generally wants the more convenient ways. There were also articles before that says one of the struggles of bitcoin mass adoption is the difficulty of access or the complicated settings.

The surge in users of custodial services buying bitcoin kinda proves also that mainstream adoption means dumbing down knowledge on bitcoin. Sad.

That's a pretty normal thing if your daughter isn't tech savvy or doesn't come here or read r/bitcoin. In general there's 2 groups of users and this is the same in every single thing. One is people who just want to use something. They come home with a new purchase, unwrap it and plug it in. The second group reads all the instructions, posts pictures of their new purchase online, want to research some hacks and hidden features, find out ways to make that thing even better. That's why you have people who know everything about their car and people who after a few months of driving still don't remember on which side the fuel filler is.

I personally have a lot of well-known friends who buy crypto coins, not just Bitcoin via Revolut.
But they are all people who are not so interested in what is happening in the crypto market and crypto world. Just Revolute is a convenient way to buy coins through your mobile phone in seconds and that makes them happy.
In general, they do not intend to trade, or speculate on coins, just to own part of the large share.

Young people take advantage of downloading the apps that their friends use such as Revolut app. But as we know to buy cryptocurrencies, sell and hold this app is not the best option. Binance and other exchange platforms are joining forces to offer simple apps for users. We just have to invest a little of our time with teenagers to teach them how to invest their first cryptocurrencies.

 I congratulate you first for having a daughter who is old enough to invest in bitcoin. And I like to advise that you have a responsibility to her on guiding her to have better knowledge on wallets or means to hold. A better option is to be shown to her.

Congrats to you and to your daughter.

Now, the next step is to make her feel that she really holds her bitcoin. If that's not possible in revolut, she should buy elsewhere like Binance.

It's easier than that app.

Bitcoin is known to young ages as they are very active on social media and the internet. Good thing that they only heard about the positive side, not the FUDs having them and your daughter's interest in Bitcoin.
People are expecting so great about Bitcoin, once they heard about this thing...ohh it is a big money, you've got be a millionaire someday. But they still never know the risk and they might lose.

I think that's where he needs to come in, to explain the pros and cons of using the app vs top exchanges.
He can easily show the difference by making it an example, especially if he is a user of Binance or any top exchange.
Sooner or later, the daughter will learn more tips along the way, and she will find other good alternatives to deal with bitcoin.
And more than likely, she will not only venture in bitcoin but other alts as well.
In this generation, they can easily be swayed by social media, so he still needs to guide his daughter on what is the right thing to do.

I dud I explained the differences between custodial services and wallets and taking ownership
of Bitcoin but you know not everyone wants to get so involved some people like the convenience
that the likes of Revolut provide.

Maybe in time these younger generations will want more than just an app on their phones.

More often than not, the easiest way is not the best way.

I hope you will somehow enlighten your daughter about the unnecessary risks involved with keeping Bitcoin in a wallet beyond her personal control. I mean, it is a must with Bitcoin. Other than avoiding the possibility of losing her funds, Bitcoin is essentially about freedom and complete ownership. The philosophy of Bitcoin is as important as the technology itself. It's like the soul and body of Bitcoin, respectively.

I agree, as a first step is not that bad, after all I think most of us even if we got some bitcoin we decided to store it at first in an online wallet or an exchange, however as we know the whole point of bitcoin is to hold your coins yourself so no one but you has legitimate access to those coins, the OP should try to explain to his daughter and if possible to her friends about the advantages of having your own wallet and hold your coins, but still it is nice to see the new generations being interested in bitcoin and what it brings.

I agree as most of these things cannot be trust especially they don't have any proof to consider that they can really be trusted to hold BTC for long. Exchanges are not recommended as well but they can use as alternatives if you don't have yet any hard wallet for now. Most of these people who hold more BTC than the others are investing in buying some best hard wallets to secure their BTC to the max especially those long-time holders. Because it's just some obvious matter because we have witnessed how other exchanges got compromised in the past.

Well, the market is getting bigger for cryptocurrency and certainly in this expanding market we can see many types and variants. I may even say that I belong to the group of people who just to own something and never care so much on technicalities, always preferring convenience as my top priority over anything else and of course along the way we want to experience safety and security of our digital assets. There are many choices in the market right now and there can be more in the coming days. What can be most important is that more and more people are getting hold of cryptocurrency, be it Bitcoin or otherwise -- as long as not shitcoins.

Bitcoin is not just adopting gradually with revolut but also to another remittance app. It must be because of the remittance app these days that people are now looking for alternative and cheaper ways to send money abroad. Its just making people's lives easier than bank transfers that ask for high fees. Each country has its own app to use for their remittance that accepts BTC and other coins, I'm sure anyone who looks for this alternative will learn from their fellow expats.

If you are that worried about your daughter using Revolut, I think that you should teach her the hard way so she can secure her bitcoins. It is a good thing that younger generations are getting into the bitcoin business because I believe that these people should know the value of money and earn money at a younger age, waiting to go to college and getting a degree at this era is not a plausible option because the prices of commodities are piling up and any assistance can be of big help.

This is the exact thing I would do — hold her by the hand. It's not enough that she's showing interest in Bitcoin, you have to make that interest worth its while for her. She can easily get distracted once she ignorantly falls victim of hack or scam. As her father and a veteran member of a Bitcoin forum you just got your first close ardent Bitcoin disciple. So, make it count. Don't be a distant observer to her. I don't think monitoring and directing her on this will be counted as infringing on her privacy or freedom if that's what you're worried about.

I can agree with you in a certain way but being a doting parent won't help if you are trying to teach your children these things, especially the boring details. You had been a young one once, so you know how stubborn they are if they want to get in their way. Take it slow and just teach them the ropes in a way that isn't overwhelming her ideas.

this is my approach, i have already planted a number of seeds about Bitcoin education,
Bitcoin ownership and being security conscious. Over time those seeds will germinate
and she will look for more from Bitcoin.

The primary thing is that she has become involved in a very light way for the moment,
as we progress through this bull market hopefully her taste for Bitcoin will develop

Isn't this an example of riding the trend. Younger generations tend to ride whats "IN" and what is trending. Since they sees BTC traders, especially that Musk takes a huge uproar into the scene, they want a piece of that so they ride the trend. This is natural response of a human especially those who are anxious of everything, and since you mentioned that almost all of her friends has bitcoins, it maybe is also a factor why she get some, for her to not feel left out.

Anyways, not to be negative, it is good for her, and be sure to guide her.

As long as she understands or believes in Bitcoin value as currency and asset, I think it will be fine. What makes people lose hope in Bitcoin or crypto is because they believe they'll get rich quickly by holding some coins, within a month or so, and if they experience a massive loss due to various reasons.

I think you should encourage her to learn and read about why crypto has value, what makes Bitcoin is sound money, etc.

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Firstly the fact that your daughter who i presume is very young has an interest in crypto is something i find very commendable. With such a mindset of investment at a yiung age, She will turn out tobe a millionaire at a very early age.

These happenings should be kept so that we can increase these good news to make bitcoin into mainstream.

When I grow older I will surely teach my son about cryptocurrency and blockchain technology so that he can somehow secure his future just like what I'm doing right now.

So as soon as we get financially stable, we should pass the mindset that we have in an investment to the younger generation so that they can also experience how interesting playing with the market.

provides basic knowledge about bitcoin, how to get started, where to buy and sell it is what needs to be done from the start. Children today who have an interest in bitcoin have the potential to become even greater bitcoin activists than you. Don't let them fall victim to hacking and fraud, you have to direct them to the right path and warn them about the risks they will face. Teaching it directly will certainly give them encouragement and indeed, not only being observers but being a good teacher will make them experience rapid development. provide a good and correct education and become a teacher until they understand what they have to do in the future.

I guess you tagged me wrongly because you seemed to have reechoed what I said, thinking I said the opposite 😂.

Well, I for one believe there is nothing like starting something at the right time. There's never a right time. The right time is always now. Again, my little knowledge of biology tells me that a kid's mind is a tabula rasa — an empty book, so to say. And as such you can write whatever you want on it and it becomes an impression or learning. Whatever you teach anyone at young age stays with them longer than it would if taught at adult age.

The beauty of Revolut is that you can use it as a bank account but buy and sell bitcoin etc in a very simple easy way.
I believe this is the future.
Revolut is easy to use and the fact that your account is not just for buying and selling coins is a big plus.
Even simpler platforms like Coinbase, don't feel as easily accessible as Revolut.

I think if you are going to be investing your bonus or investing anything into something you need to do your research are remains in control. According to what I have read it is like Paypals bitcoin offering in that you can only sell or buy and therefore do not even own them. What sort of investor would invest money into something they give over ownership to someone else when they could easily claim it themselves.

That's usual for beginners.

They think that it's fine to store it on online wallets but with revolut as he said, she cannot send it. I have no experience particular in using that platform.

But if he says that his daughter can't, they just have to go onto another better exchange.

This is why I say that whoever is going to be the first to bring user-friendliness to a cryptocurrency is gonna be the first cryptocurrency to truly turn mainstream. Most of the crypto knowledge requires a lot of time to spend learning, and time is something not very easily affordable nowadays.

I can't take what Revolut does with respect. I think they're doing more damage to Bitcoin than good since their customers know nothing besides the fact that they're "holding Bitcoins". I'm happy to know that younger generations get into BTC more than the previous ones, but at the same time the fact that they choose convenience over anything else is quite sad.

It is very nice to see that today's young generation is very enthusiastic about technological developments. Therefore Bitcoin, which does include
advanced technology, is sure to attract the attention of the younger generation. Especially with the price of Bitcoin which continues to rise, making
it easy for the generation to prefer investing in Bitcoin over traditional assets. In my opinion, we can buy Bitcoin anywhere, as long as the platforms
we use to buy Bitcoin are popular and have a good reputation. So we don't have to use Revolut to buy Bitcoin, after all I have never used Revolut,
so I can't give an opinion regarding Revolut.

Younger generation are really the ones who are up into the latest technology and they were also the ones that are the risk takers that are willing to seek new knowledges the world has to provide based on what I am seeing because they tend to explore more to satisfy themselves into learning what can benefit them on their own good sake. It is not surprising on how the younger generations are into easily being driven into engagement into something like Bitcoin because of the era where they are born, the technological advancement is present and when it comes to anything related to it added by the fact that Bitcoin is something valuable specially at this time, younger generation will surely be attracted and be easily convince to get engage with it.

I guess this answers your question ..and I quote from your article : " Money management app Revolut, which provides crypto trading as part of its wide range of services, stated that it has seen around 300,000 new digital asset customers during the past 30 days.

That is certainly a lot of new customers within a short time period.  ;)  I know some people that are using Luno.com and they are very satisfied with their services... but I do not know if they cover the US and EU countries.  ??? (Look like they are targeting the 3rd world markets)

The younger generation is APP driven, so if a service can be accessed on their phones ...then it will draw their attention.  ;D

I think you might try and use normal offline wallets and even encourage her to do so since bitcoins was indeed made to kill the third parties and at the same time to help the community to stand up for themselves, to attain not just a financial revolution but at the same time make people free from the government, companies, big whales. Holding bitcoins and not knowing it's concept might give her an Investment opportunity but at the same time why not engage in it fully? It's not just for tech people, there are wide varieties of sections that one can continue to dig deeper in. These kind of apps and businesses for sure does help people to easily reach their target but they can very easily Manipulate the market or stop the users from making their independent move. I do believe that you should rather try and ask her to download an offline wallet not a days they are as easy as softwares like revolut but at the same time they are more anonymous and secure. You also have your independence.

Indeed, life is really centered around the smartphone.

I have an idea! i'm going to buy her a Ledger Nano S and an OTG cable. [I use this myself]

1. she gets to take control of her Bitcoin [she revolutes me the FIAT, I buy and transfer it to her Ledger]

2. she gets to interact with her Bitcoin on her phone throught the Ledger app

Revolut is fine, it's a legit service that I also use, not for storing/buying/selling Bitcoin though. I don't really understand your frustration though, it's a legit banking service that has incorporated cryptocurrencies into their services. A similar example would be Paypal. It kind of works like an exchange would, you don't have 100% access to your coins, your coins depend on their service.

She is not frustrated about Revolut service or legitimacy but she trying to make her daughter understand the disadvantage of storing one's cryptocurrency holding in a custodial wallet which is totally not advisable.
Having said that, Revolut service shouldn't be compared with Paypal service cause they totally offer different service

Not that familiar with Revolut but overall its good that you're daughter had realized on whats the benefits or opportunities that she can get when he do invested or deal up with bitcoin.
The issue i have seen that she wasnt able to transfer those coins to other wallets? thats quite absurd for a platform to have.Better sell off those to fiat and find another
platform which she can really pull off those coins into a non-custodial wallet rather than she let those coins sitting into their platform for long term.As long
you dont possess those coins then those arent considered to be yours fully.

That's fine, Revolut is a world-renowned service that has recently integrated cryptocurrency in their services. Holding in any service similar to Revolut, which you do not have full access to your coins is not advisable but as OP said, she just started, and I guess it's not a large amount of BTC, so she'll be fine.  After she is accustomed to the crypto environment she can start hoarding more and move them to a wallet.

This should be way easier as the daughter of the OP and her friends are already showing interest in bitcoin, if we were talking about trying to convince someone to invest in bitcoin for the first time then this could be incredibly hard as for the most part such person will not want to go through the trouble to protect their coins, but in this case that is already out of the way so trying to convince them to secure their coins properly should be easy as long as he explains to them why it is important to be the only person holding your coins.

I think all the younger generation will meet bitcoin and blockchain they must know about technology and they will be in control going forward for this system.

Hopefully that will be the case but if they came from an ignorant household with ignorant parents, I think that they are going to be having a hard time accepting bitcoin. Good thing for you OP that your daughter discovered bitcoin, hope that your guidance will be of big help to her, I suggest that not just observe but to also be an active mentor to your daughter.

I also have Bitcoin in a third-party app. Though I wouldn't encourage it that much because of what the OP already mentioned on how his/her daughter doesn't have control that much on how she holds the coin.
I am kinda worried most of the time that my third-party app might consider questioning me on how much I hold just on how much Bitcoin is right now and freeze my account.

Well if you are going to keep your coins in an online wallet then it could be a good idea that you only keep a portion of your portfolio there, so in the case they begin to ask questions about it and you do not feel like answering then you only lose a very small capital, personally I would encourage people to never hold any amount of money in wallets like that regardless of how practical you may think they are as the risk of your funds being frozen is simply too high to ignore.

There is also a degree of FOMO, it always happens when there is an uptrend.
My daughter know about Bitcoin and my involvement but was previously sceptical,
now that Bitcoin has PROVEN itself she (and many others) deem it a viable option.

My task now is to educate her so that she then can educate her friends.

The younger generation has been systematically being taught about Bitcoin and blockchain.  They will understand that Blockchain is a powerful, transparent, and exciting tool to make the world a better place.  I think the next generation will drive the crypto market cap to become the largest in the world with even more amazing crypto projects.