Title: Bitcoin for your children & future wealth distribution Post by: tread93 on July 02, 2024, 07:09:44 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?
Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? Title: Re: Bitcoin for your children & future wealth distribution Post by: coolcoinz on July 02, 2024, 07:20:35 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? My daughter is still very young, so we have time, at least I hope we do. If I had to come with a plan right this moment I'd probably try to explain to her how bitcoin works and how to safely spend my coins in case I die all of a sudden. It's a rare thing to happen and we usually don't think about such possibility, but I know someone who lost both parents in a car accident. They were coming back from a party in a cab and they both and the driver were killed, so these things do happen. Quote Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I'd do that just to see if she can keep it safe and manage her money, but I'd rather hold on to anything big like as I have years of experience in this. I don't have any other savings apart from bitcoin. All I have is invested in real estate and cars, so if my kids ever need cash they'll have to sell properties or bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: Davidvictorson on July 02, 2024, 08:21:27 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Upgrade00 on July 02, 2024, 08:55:41 PM Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Why not do both? We don't have the 529 savings plan for education but if it's possible to choose which exact plan to opt for you can change to a more price friendly one and have a personal college saving in Bitcoin. If the kids won't be needing it for another 8+ years, even a small amount of Bitcoin is enough to go a very long wayThese answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? There are many topics where this has been discussed, I can't find them now, but if you search you will get some good ones. There has been a number of custodial services as well as non custodial wallet tools you can use to store Bitcoin for the future generation.Title: Re: Bitcoin for your children & future wealth distribution Post by: Lanatsa on July 02, 2024, 08:57:05 PM Im not really that minding much as of now about speaking to them or mentioning about what crypto is since they are still young and it cant be possible that they would really be able to comprehend
but on the moment that they would really be reaching out such age or time then pretty sure that everything would really be explained to them accordingly. I wont really be making up that kind of enforcing that they should be looking into crypto when it comes to their savings or whatsoever. All i do want is to share up that awareness on whats its benefits or utility or simply the opportunity that it could give on some aspect, but of course you shouldnt really be forgetting about the risks involved about it because it wont really be that good if you do miss this one. Theres the perfect time for everything and its something that you would really be needing up to do such thing when that thing arrives. We do have our own approach and plans in life in regarding on sharing up the information about crypto specially into our kids. Title: Re: Bitcoin for your children & future wealth distribution Post by: Ruttoshi on July 02, 2024, 09:50:01 PM I also have this same plans for my kids to pass on my bitcoin to them but what I intend doing is when they are above 12 years, I will start introducing them to bitcoin gradually but only the basic knowledge of bitcoin and as time passes on, they will be interested and learn about it themselves because by then, bitcoin news will be everywhere as digital gold.
To pass my bitcoin to my heirs, I will use timelock on their bitcoin so that it is when that time reaches that they can access their bitcoin investment. I think it is safe that way because it is only them that will know this. Title: Re: Bitcoin for your children & future wealth distribution Post by: crwth on July 02, 2024, 09:54:51 PM There are a lot of approach that you can do when it comes to your children with Learning about bitcoin But as much as it is important to have financial future and sharing your wealth, it is best to focus on their growth and development with their character.
Creating their own wallet and then depositing their continuity would be the ideal way to have your children be involved Bitcoin and somehow Continuously average, the entries that you have. Possibly in the future, it would be profitable. Title: Re: Bitcoin for your children & future wealth distribution Post by: Ojima-ojo on July 02, 2024, 11:20:04 PM If choosing bitcoin as next of kin benefits becomes the case then I will say you be ready to take custody of the child benefit for a long time at least you have to hold the money in bitcoin for the child until he, she is old enough to be thought about bitcoin at least to the extent of how to protect their bitcoin and also be financially discipline.
If the above principle have been achieved, then you can pass the bitcoin custody to you next of kin to have total control over the funds, but just as you said this format seems to be risky. Title: Re: Bitcoin for your children & future wealth distribution Post by: BlackBoss_ on July 03, 2024, 02:11:56 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? The best you can do for your children is nurturing them and educating them. The first task is easy than the second task, but education is key for your children future, not food or how much money you leave to your children as inheritance.If they are educated well, they will have good major and occupation for their future then they can work and get money by themselves. Rich can be achieve by themselves too if they are knowledgeable through education. There are other soft skills but education is a key in all the complex process. Wealth distribution in society will be done naturally, from generation to generation, you don't have to worry about that. Title: Re: Bitcoin for your children & future wealth distribution Post by: Darker45 on July 03, 2024, 03:49:38 AM I think the future generation would know Bitcoin as they know of money. There might not even be a need to teach them because they will learn it anyway. You cannot not learn it. Decades from now, Bitcoin is probably a very popular and widely accepted alternative currency.
Anyway, I guess it's enough for me to prepare a bright future for my children. Whether I'm preparing Bitcoin for them or real estate assets or a business or stocks doesn't matter much. What matters more than anything else is that I'm doing my part to the best of my abilities to make sure they have a good life. Title: Re: Bitcoin for your children & future wealth distribution Post by: AprilioMP on July 03, 2024, 07:40:25 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? Cold wallets are the best place for me and other people who plan long term for education costs and health costs for those who don't have children and wives and for those who already have children and wives. Bitcoin is a legacy that is worth preserving and continuing because Bitcoin is a very valuable asset that can be used by anyone because its value is not the same as fiat currency. I have planned some of the amount of Bitcoin I have for educational purposes, even during this time I have also planned bigger things with Bitcoin for the future. Title: Re: Bitcoin for your children & future wealth distribution Post by: LogitechMouse on July 03, 2024, 08:00:40 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Videos online, and other stuff.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I can't say an exact way because I believe that in the future, we might see different and more efficient ways of teaching our kids something and that includes cryptocurrency. Now we are seeing AI being developed at a rapid pace. I mean with the help of AI, we might see another way to introduce Bitcoin to our children. My long-term plan? Just secure my seed phrase, and I've already gave a copy of all of my seed phrases to the one that I trusted the most so that if the worst thing happens to me, at least there's somebody that can teach or at least tell my children that I'm storing some Bitcoins and other assets. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? If there's somebody around you that's knowledgeable about crypto, passing it will not be that hard because for sure, he/she knows what to do based on what you said as the owner of those assets. Well, there might be instances where some of the heirs will prefer just cash instead of crypto and if that's the case then they just need to convert it. It doesn't need to be passed down as crypto if the heirs don't want it at first place. I don't see passing down problematic. If they want crypto, and they're knowledgeable about it, give it as crypto. If they don't want, give it as hard cash. As for storing, hard wallet is the best so far, but maybe, just maybe we might see a better one in the future.Title: Re: Bitcoin for your children & future wealth distribution Post by: Apocollapse on July 03, 2024, 08:04:03 AM I will never talk about my wealth to my kids and I don't want them to expose my wealth to them.
I will act like a broke person and being very stingy when they ask for money, the most important thing I will teach them is work hard and support what they interested/like to do, if they don't interested with Bitcoin, I will not explain it. It's better for them to build their own wealth rather than knowing if they have money which they can spend it to anything they like. Title: Re: Bitcoin for your children & future wealth distribution Post by: Catenaccio on July 03, 2024, 08:25:56 AM I will never talk about my wealth to my kids and I don't want them to expose my wealth to them. I agree with this educational style and Warren Buffet did not let his children knew about his super wealth..Quote I will act like a broke person and being very stingy when they ask for money, the most important thing I will teach them is work hard and support what they interested/like to do, if they don't interested with Bitcoin, I will not explain it. If we give them great fortune, and let them know about this inheritance when they are very young, they will lack of motivation to learn, get an occupation, find job and work as a normal citizen in society.It's better for them to build their own wealth rather than knowing if they have money which they can spend it to anything they like. Educate them, keep our wealth in secret and don't tell them about any level of inheritance in time they only need to focus on learning, shaping their own brain, knowledge and characteristic, discipline. When they are educative, matured enough, we are older enough, we can proceed things about inheritance. Title: Re: Bitcoin for your children & future wealth distribution Post by: tech30338 on July 03, 2024, 08:45:15 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I would say don't give much bitcoins for them, let them be and watch them grow, just guide them that's what is important eventually they will figure thing out, kids this days are so intelligent, remember a kid making millions on a shark NFT's, best thing you can share them is you're experience and knowledge about bitcoin, bitcoin will here to stay, eventually if they like crypto like you, they will continue the path you have taken.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? why i'm emotional when it comes to children, I just want them to live and do what they really love. Title: Re: Bitcoin for your children & future wealth distribution Post by: DeathAngel on July 03, 2024, 09:15:49 AM It’s a good idea to explain Bitcoin to your kids but maybe you can wait until they are 10 or something, if your personal situation allows it. Set up a test wallet & let them play with sats, they need to know how to send & receive transactions safely. The most important thing is security so you’re going to have to spend a lot of time explaining public & private keys, cold storage, seeds & how important security is. If you plan to leave a lot of money in Bitcoin for their inheritance you’re going to need to really make sure you educate them on Bitcoin.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Zanab247 on July 03, 2024, 10:05:06 AM Quote from: tread93 How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? It has been in my mind to teach my unborn children BTC and crypto, so that when they grow up in the society, they will not be struggle to grow financially because there are opportunity in BTC and crypto to grow up financially and materially in the industry.Quote Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? No, that is not in my plan to store BTC and crypto in the cold storage wallet for my unborn children, because anything can happen to the market that will make the coins to disappear from the market for other new coins to start spreading to take BTC position and other cryptocurrencies. I'm using BTC investment to generate incomes that will make my unborn children wealthy, financially and materially in the society, which is the reason, I used to take every opportunity in the market to purchase some BTC to add to my portfolio, and wait for 10 or 12 years before I can release them for sale to make millions of dollars that will increase my wealth for my unborn children to live to enjoy for life time.Title: Re: Bitcoin for your children & future wealth distribution Post by: riantolie on July 03, 2024, 10:45:05 AM That's an interesting topic. I'm not planning to have kids, so at some point, I'll spend all my Bitcoin, but it still was interesting to read the thoughts of other people.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Zlantann on July 03, 2024, 10:49:29 AM I think the future generation would know Bitcoin as they know of money. There might not even be a need to teach them because they will learn it anyway. You cannot not learn it. Decades from now, Bitcoin is probably a very popular and widely accepted alternative currency. I was going through the textbook of my son, and I saw that they had been taught about crypto currency as a type of money. They even discussed the origin of cryptocurrency and explained Bitcoin to a large extent. My son usually hear me talk about Bitcoin with my wife, so he understands that it is money but I intend to explain to him about the investment part of it when he gets to a certain age. My only challenge is the security part of it. He might go and tell his friends that his father has Bitcoin, and we don't know who the relatives of these friends are. Quote Anyway, I guess it's enough for me to prepare a bright future for my children. Whether I'm preparing Bitcoin for them or real estate assets or a business or stocks doesn't matter much. What matters more than anything else is that I'm doing my part to the best of my abilities to make sure they have a good life. My plans is to set up a wallet for each of my children. Using DCA, I will keep buying and hodling the coin. This will serve as my backup fund to take care of their education when they go to college. But in case of an emergency, when they are at least 18 years old, I will inform them of these wallets and tell them how to access them if I am not around to help them pay their bills. Title: Re: Bitcoin for your children & future wealth distribution Post by: Ronsbit on July 03, 2024, 10:55:39 AM I have had this thought for some time and I decided to do a little accumulation and savings bit by bit as I can invest within my capacity. Although I am yet to marry but I have plans for my kids in the future. I started with just one account with the minimum of $10 worth of bitcoin on a weekly basis. This is just the first step I decided to take till i get married and start having kids. I will also devote my time to teach them about bitcoin from their tender age so that before they could grow to maturity, they already have idea and knowledge about bitcoin even if they do not show interest, at least let them have the knowledge about bitcoin.
Title: Re: Bitcoin for your children & future wealth distribution Post by: lovesmayfamilis on July 03, 2024, 12:00:35 PM What prevents you from creating several wallets for each of your children and regularly investing a certain amount of money in them? It doesn’t matter that the children are small; you are still their parent, who is obliged to raise the children until they reach adulthood. Why should they understand Bitcoin now? The time will come, and you will be able to give them what you now seem to be concerned about. The only thing you can't go wrong with is that the sooner you decide to invest in your children's wallets, the more they will receive as adults.
Title: Re: Bitcoin for your children & future wealth distribution Post by: moneystery on July 03, 2024, 12:55:15 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? i don't make a special plan to introduce bitcoin to my child, maybe what i will do later is introduce it in the usual way and if he is interested in it then he can learn it and inherit the knowledge and assets that i have. because i am not the type of parent who forces their will on their child that they must like/inherit what i have, if from the beginning i see that my child does not like it, then i will not force him to learn more about bitcoin. but if he likes it and wants to learn, then he is free to ask what he wants to know about bitcoin and he might inherit the assets that i have. and also if i see that he only wastes money, and does not care about financial management, then maybe i will not let him inherit my bitcoin and maybe i will make someone else who understands it better to handle it, because my assets are too valuable if they fall into the hands of ungrateful people. Title: Re: Bitcoin for your children & future wealth distribution Post by: legendbtc on July 03, 2024, 01:38:41 PM I think the future generation would know Bitcoin as they know of money. There might not even be a need to teach them because they will learn it anyway. You cannot not learn it. Decades from now, Bitcoin is probably a very popular and widely accepted alternative currency. Anyway, I guess it's enough for me to prepare a bright future for my children. Whether I'm preparing Bitcoin for them or real estate assets or a business or stocks doesn't matter much. What matters more than anything else is that I'm doing my part to the best of my abilities to make sure they have a good life. I am not sure whether Bitcoin will become an alternative currency or will become an asset like gold in the future but I agree with you that bitcoin will become such an important part that everyone will have to know about it, even if we don't teach them about it. Furthermore, if bitcoin becomes a currency, I believe that using bitcoin will become much easier, not as complicated and anyone can use it like we use fiat today. Actually, inheritance for our children will depend on our circumstances, how can we prepare an inheritance for them when our current life is still unstable? I see many people make a lot of plans but I don't know if they can execute them or not. Once again I agree with you, we should try our best to ensure the best life for them instead of setting many plans for the future while we still have many difficulties at present. Title: Re: Bitcoin for your children & future wealth distribution Post by: Z_MBFM on July 03, 2024, 01:59:38 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Bitcoin is now very popular and a strong asset for us and we can say btc if future money. so it is very important for next generation to know about bitcoin. that's why i will definitely introduce my Child with bitcoin. and it should be long planning. Quote Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? Bitcoin is not our local Fiat money so servings for school/College is shouldn’t in btc. but btc can be save for future because you must hold your btc for long term to get potential profit from it. and will teach my child all step in very active process. then it will helpful for his life servings Title: Re: Bitcoin for your children & future wealth distribution Post by: Findingnemo on July 03, 2024, 02:20:35 PM Passing your knowledge about wealth and passing your wealth are different, now you are trying for them to inherit your bitcoin savings now the knowledge because they don't really need to know about bitcoin in detail to have it but if you want them to then you need to work on a method that suit for them to understand.
Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. Instead of Bitcoin ETF you can just give them the real bitcoins, by using locktime feature that locks your bitcoin on the desired destination for x number of blocks that you can design as long as you want then only the user can access the funds. Read more : Using Locktime for inheritance planning, backups or gifts (https://bitcointalk.org/index.php?topic=5180850.0) by LoyceV (https://bitcointalk.org/index.php?action=profile;u=459836) Title: Re: Bitcoin for your children & future wealth distribution Post by: tabas on July 03, 2024, 02:30:43 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I've got some other assets that I can say will be good for the long term and as for inheriting my BTC and introducing it, just like you guys, my kid is still young. I'd wait for the right moment to introduce it but for now, this is a talk with my wife. So, whatever my plan will be when the time is right, it will easily be passed on and let alone my kid or my wife do the rest.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I'll mix it up, some cash, some BTC, and whatever I think is best will do. While we're all enthusiastic about Bitcoin, diversifying is still a good option. Title: Re: Bitcoin for your children & future wealth distribution Post by: BABY SHOES on July 03, 2024, 03:10:18 PM When it's time I will introduce bitcoin to children, it's just that now they are still small, let them play with their own age, I will not force them to introduce bitcoin early on.
I always have a plan to make savings in bitcoin just for the future of my child when he grows up can finance in college so I don't have to bother looking for a lot of money when he is old while this plan just wants to be done early so this is a good initiative that will be implemented soon. I will not bequeath wealth to them, let my son seek his own wealth from bitcoin after he gets to know more deeply as for when my wealth continues to grow then when I die then the wealth is for my son who has become his right, but until whenever will not give them any seed phrase to them. Title: Re: Bitcoin for your children & future wealth distribution Post by: DiMarxist on July 03, 2024, 03:33:21 PM Op there is always a time for everything and time to observe and time to learn and time to invest. And the observation stage is not the time to learn, and at that stage they are only observing you, seeing what you are doing and probably you might not want the to learn at that age because of their age. And I think from 6 years, they can learn gradually till at the age of 13 to 15. Then you can open wallet for them and start the investment and make sure you show them every step taken so that he or she can do well. And if you are not depending on campaign coins and you have a physical job that is giving you income then you don't have to worry.
Because when your children grow up you definitely train them to invest in bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: EL MOHA on July 03, 2024, 03:45:27 PM I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? Seriously I don’t think there is any problem that will arise in the future if at all you safeguard the wallets properly. First that caused a lot of worry to many people is how the knowledge of bitcoin will be passed down to the younger ones I will say this, it is definitely not an issue considering how the adoption rate of bitcoin and cryptocurrency at Large are growing. You will be astonished to see that even some schools will later implement it into teaching if the growth rate continues like this. The major problem is how to safeguard the wallet you allocate to them which to me is not a big problem, first thing is make sure their is a clue to where you save the keys or seed phrases so that should anything happen then they will get access to it. Secondly there is a lock time script that prevents spending from certain wallet or address till a specific time, you can make use of this and secure the funds properly. Title: Re: Bitcoin for your children & future wealth distribution Post by: yudi09 on July 03, 2024, 04:02:16 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Storing assets in a hot wallet is not as safe as using a cold wallet, so yes, I use a cold wallet to store Bitcoin which I will use as a long-term asset.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? Still have no plans to create a cold wallet for them because I think the wallet I use as Bitcoin storage can be allocated to them by providing a private key or seed phrase to be able to access the assets in my current wallet. It is not yet time for them to be fully taught apart from their wives about this asset. Title: Re: Bitcoin for your children & future wealth distribution Post by: Gaza13 on July 03, 2024, 04:03:16 PM In today era it has become very important to build asset for your children future. Investing Bitcoin in asset is a good idea . This asset will increase in value over time and will benefit our children in future . And if we invest a little today , tomorrow this asset can make our children financially secure because the future of Bitcoin is very bright it can be a stable and valuable legacy for our children. Indeed, in the history of bitcoin, as time goes by, its value increases very rapidly, and this also applies if we store it for a longer period of time. To achieve just 1 bitcoin is currently very difficult, of course you have to work extra to achieve it. I think it is difficult if we only focus on one instrument so that your child is financially secure for his future life. Of course, if you want to pay for your child's school education at a much higher level, this will most likely help with your child's school costs. You shouldn't just focus on one instrument, at least you have to create a foundation for any business that is as big as possible for your financial income (income) so that your grown-up children will be financially secure in the future. At least if your children are adults they can continue the legacy you have built over the years. Title: Re: Bitcoin for your children & future wealth distribution Post by: m2017 on July 03, 2024, 04:30:07 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? There are plenty of instructions on how to familiarize yourself with bitcoin on the Internet. It is not enough to simply pass on wealth to subsequent generations. It is necessary to teach them how to manage their inheritance prudently, otherwise they will not have enough money if they get carried away, for example, by gambling.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? You can simply transmit seed phrases from your wallets. You won’t take this with you to the next world, right. Diversification will never be superfluous and therefore, part of the savings can be left in traditional forms of assets.I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. They will have to come to success themselves, because you can only prepare them by investing useful skills and knowledge.Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. What's stopping you from switching to bitcoin?Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. It’s strange to hear this from a user who knows how to distinguish pure bitcoin from dubious surrogates.I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? And what are the guarantees that if you turn to the services of custodial methods, that each child gets what has been set aside for them? Just assurances from the service provider and a piece of paper about it?Title: Re: Bitcoin for your children & future wealth distribution Post by: 2Pizza410000BTC on July 03, 2024, 05:17:01 PM I will introduce my children to Bitcoin when my child reaches the appropriate age. I don't want to introduce my child to bitcoin right now because my child is studying right now. My child is not too old now his age is schooling age if I introduce him to Bitcoin at this age I think my child will have a lot of difficulty in his education because he will develop an addiction to Bitcoin. Of course, my children see how I earn money, so if my children develop a feeling that I will earn money like my father, it may harm my child's keeping.
A parent never wants his child to become a bad person, a father always wants his child to become a good person. I am trying hard and spending everything for my child's education. Also, whatever I am earning, these are all planned for the future and I am earning. I definitely saved bitcoins for my child's future and am still going through the savings. But if I can accumulate bitcoin like this I can give my child a lot of money one day. I've created a wallet to hold my investments but I'll just deposit a lot of bitcoins I'll never take out. My wallet is not a hardware wallet but a software wallet. Title: Re: Bitcoin for your children & future wealth distribution Post by: Furious 7 on July 03, 2024, 05:28:06 PM The age of children is still a very good age in learning all things including with bitcoin but in the end children must remain with the development of children their age. Introducing bitcoin is very good but we also don't have to peg it so that they do what we always do, especially in investment matters because they have the right to choose and do what they want to do and we only need to support it so that what the child wants goes well.
As for their future regardless of whether they want to be in bitcoin or not that's a back matter, it's great if they follow in our footsteps as parents but if indeed they don't have the same interest in the end it's also okay considering all have their own path. It's just that if we still want a share of bitcoin and save it for our children it is also a good thing because regardless of whether it will be continued by them when they are adults or indeed finished after they get the bitcoin we collect everything returns to choice because we do not have the right to force others to be in bitcoin including our own children. Title: Re: Bitcoin for your children & future wealth distribution Post by: virasog on July 03, 2024, 05:28:54 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I think we have made this question a bit completed because we think that bitcoin should be early introduced to children which is not right. The perfect answer to the OP question is to ask our selves that:- 1)when do we introduce dollar or fiat money to our children ? 2)What are our long term plan for passing down the fiat money wealth to our kids ? The answers to both questions should be same even if the wealth is in the form of paper money or bitcoin. Hope this will make things clear that we do NOT need to transfer wealth early to the children. :) Title: Re: Bitcoin for your children & future wealth distribution Post by: Gladitorcomeback on July 03, 2024, 06:01:45 PM I don't see any complications in this matter. If you think your children are too young to be taught about Bitcoin and how they can import or use a wallet, you shouldn't have a wallet, preferably a hardware one, and keep depositing Bitcoin in it for their future. if you fear that something might happen to you before they grow older, you should write a will and include the seed phrase or private keys of the wallet where you have been depositing Bitcoin, and when the will is read to them later on, they will figure it out.
If they are old enough to understand it, you should go ahead and start teaching them about Bitcoin, what it is, how it came to being, how it is stored and how it is used. Tell them how they can access a wallet and how they can send and receive transactions, and then tell them that you have a hardware wallet that they should access and use when you are not around anymore. You should have the keys and the wallet in a safe or something that they could be able to access with a key. Title: Re: Bitcoin for your children & future wealth distribution Post by: uneng on July 03, 2024, 08:39:17 PM These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? You are the one in charge of your money when dealing with cryptocurrency, so you should be the one to decide how your heirs are going to have access to that money once you are gone. To rely on third party services such as banks and judiciary system to solve such impasses between the heirs once the patriarch passes away is a dumb idea which always results in further losses and expenses which could be totally prevented if the family was just more organized and transparent beforehand.Teach you children as soon as possible about Bitcoin. Introduce them to this payment method and investment category, so they will be already familiar with all the essential features once they have to access and manage your funds for real. I believe it's part of the responsability of each father to do this for his future generations and welfare of the family. Title: Re: Bitcoin for your children & future wealth distribution Post by: Onyeeze on July 03, 2024, 09:25:34 PM For you to introduce your children into cryptocurrency most especially Bitcoin it's not something that has to do with a steps or strategies it is a basic knowledge that will make you to transmit the understanding of Bitcoin specially to your offsprings, I believe that inverting your children the knowledge of Bitcoin even your wife is good and you should do not force them to understand or to develop interest in Bitcoin only develop interest to anyone who is interested into cryptocurrency network and the investment because sometimes it is not good to someone to learn bitcoin or to develop interest in Bitcoin your children can be lover of Bitcoin ordinarily and your function is to break it down to them to ensure that they have understood they strategies of cryptocurrency investment mostly Bitcoin and other basic functions of it
Title: Re: Bitcoin for your children & future wealth distribution Post by: Maslate on July 03, 2024, 09:35:29 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. My kids are still very young for now so just like you've said, let them enjoy their childhood first and just focus on playing and learning first. There's always a right time for bitcoin, and certainly for now it's never the perfect time to introduce bitcoin to them. But surely in the future, I will because I have also big plans for them continuing my legacy on bitcoin.My children are my wealth, more than any fiat or bitcoin in the world. Let them be kids first, and when they're mature enough, that's the time to start exposing them to the world of digital currency, Bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: Silberman on July 03, 2024, 09:58:05 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. I do not see anything wrong with teaching a kid how money works and why bitcoin is a superior form of money, after all knowledge about the economy will be way more important and useful during their lives than the majority of other knowledge that could be imparted to them, besides it is not like this knowledge has to be taught in a dry manner, as we could use one of the many board games in which money is an integral part to teach those principles and teach them about bitcoin at the same time while they are having some fun.Title: Re: Bitcoin for your children & future wealth distribution Post by: Samlucky O on July 03, 2024, 10:28:51 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Yes I plan to introduce my children to bitcoin, knowing fully the importance of bitcoin and what the future holds about it . And secondly my long time plan in passing bitcoin to my next generation is that, bitcoin has set a long time record of being volitille for 15years and above. even though bitcoin has its ups and downs but it has surely moved gradually to this point today that made many people believe in it, and also believe that passing bitcoin to the next generation will be good. If bitcoin can make this tremendous move in this past few years, what do people expect from it by 20 years time from today? So mearly looking at bitcoin past record, bitcoin is worth passing it on to the next gen because of its volatility which made everyone invest in it. Title: Re: Bitcoin for your children & future wealth distribution Post by: Stablexcoin on July 03, 2024, 10:47:48 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: Assface16678 on July 03, 2024, 11:40:56 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: mirakal on July 03, 2024, 11:44:32 PM @OP, what I did is to feed them some crypto information and give them some examples to make everything clear to them. But as to expect, in their young minds, it couldn't be put in their mind due to lack of concentration and focus. Maybe, constant teaching helps them understand fully and it will keep in their mind. But on the side, it didn't mean that if we are in the crypto space, we can't expect our kids to also take this, which still depends on their wants.
That is why I also think I sell all my crypto assets in the future and let my kids decide what they do with their money. Of course, I'll be happy if they continue investing in crypto but I should choose for them to start at the beginning like we did before. Title: Re: Bitcoin for your children & future wealth distribution Post by: sunsilk on July 04, 2024, 04:33:09 AM I do not see anything wrong with teaching a kid how money works and why bitcoin is a superior form of money, after all knowledge about the economy will be way more important and useful during their lives than the majority of other knowledge that could be imparted to them, besides it is not like this knowledge has to be taught in a dry manner, as we could use one of the many board games in which money is an integral part to teach those principles and teach them about bitcoin at the same time while they are having some fun. To be honest, those kids that have the edge are the ones introduced early on to money matters. At a young age, they learn and understand the importance of money. Not just about earning and keeping it but also in investing it. Do people think that the rich gets richer because they'd just pass on their wealth to their kids easily? I don't think so, they also teach them about money as they grow older.Teaching to invest and to learn something new about Bitcoin is a good thing while the kids are young. They are on that period where they like to learn new things and discover it as they grow older. While this is a technology and finance combined, that is an interesting thing for them to learn. Well, my retirement and wealth distribution to my kids might not be on scheme but I'd just teach them first about how to keep their wallets safe and how to retrieve wallets through private keys. Title: Re: Bitcoin for your children & future wealth distribution Post by: fuguebtc on July 04, 2024, 09:03:20 AM I do not see anything wrong with teaching a kid how money works and why bitcoin is a superior form of money, after all knowledge about the economy will be way more important and useful during their lives than the majority of other knowledge that could be imparted to them, besides it is not like this knowledge has to be taught in a dry manner, as we could use one of the many board games in which money is an integral part to teach those principles and teach them about bitcoin at the same time while they are having some fun. To be honest, those kids that have the edge are the ones introduced early on to money matters. At a young age, they learn and understand the importance of money. Not just about earning and keeping it but also in investing it. Do people think that the rich gets richer because they'd just pass on their wealth to their kids easily? I don't think so, they also teach them about money as they grow older.Teaching to invest and to learn something new about Bitcoin is a good thing while the kids are young. They are on that period where they like to learn new things and discover it as they grow older. While this is a technology and finance combined, that is an interesting thing for them to learn. Well, my retirement and wealth distribution to my kids might not be on scheme but I'd just teach them first about how to keep their wallets safe and how to retrieve wallets through private keys. No one denies that teaching bitcoin to our children is not good, but we also need to wait until they reach the appropriate age, you cannot teach bitcoin to your children when they are only 4 to 5 years old. At an age where children cannot even perform basic multiplication, division, addition and subtraction and do not understand the importance of money. Teaching bitcoin to children too early will have no effect, and can even ruin their childhood when we deliberately cram them with things they don't need to use yet. Can any of us know what bitcoin will be like in 10 or 20 years? And is it necessary to educate our children about bitcoin when we still don't know what their world will look like? We don't need to be in such a hurry, let's give our children the best childhood and teach them when they are ready to learn, don't force or impose on them. Title: Re: Bitcoin for your children & future wealth distribution Post by: Apocollapse on July 04, 2024, 09:11:19 AM I agree with this educational style and Warren Buffet did not let his children knew about his super wealth.. Unfortunately, it's impossible for Warren Buffet's kids to not know who're exactly Warren Buffet is. If he going out with his dad, people will recognize Warren Buffet and ask to take a picture. If he entering school or playgroup, his friends will talk about Warren Buffet, not to mention there are a lot articles talks how rich Warren Buffet is.Quote If we give them great fortune, and let them know about this inheritance when they are very young, they will lack of motivation to learn, get an occupation, find job and work as a normal citizen in society. Yeah, this is why most parents ask their kids to live outside when they're already turn 18 years old. It's too force them how to live alone, how to handle anything alone etc.Educate them, keep our wealth in secret and don't tell them about any level of inheritance in time they only need to focus on learning, shaping their own brain, knowledge and characteristic, discipline. When they are educative, matured enough, we are older enough, we can proceed things about inheritance. Title: Re: Bitcoin for your children & future wealth distribution Post by: Synchronice on July 04, 2024, 09:44:05 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? It's not necessary to introduce your kids to Bitcoin if they are under 15-16. They won't understand and I think it's too much information and responsibility for a kid to get introduced to Bitcoin. When you introduce them, you have to be sure that they completely understand what it really is and have an idea about how life works and don't believe in fairy tales.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? Setting up a cold wallet and regularly depositing Bitcoins is a good idea to collect some wealth for your kids but I wouldn't completely stick with Bitcoin if I sense some bans, regulations or anything that would significantly affect Bitcoin's price and further adoption or development. Title: Re: Bitcoin for your children & future wealth distribution Post by: Rockstarguy on July 04, 2024, 11:20:05 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I don't think I need to worry much on how I can introduce bitcoin to my kids, I think their is still time for kids to learn about bitcoin. The reason why I wont be too bothered to teach my kids about bitcoin is that bitcoin is different from the fiat currency because of it volatility features. If I must think about bitcoin to introduce to my children I must first have that sense of them having interest for bitcoin. If I found bitcoin very interesting it doesn't mean I must make my kids to have interest in bitcoin. I would love my kids when they grow up to see reasons for themselves why they need to use bitcoin, I wouldn't want want just to influence them without them having interest in bitcoin because they may not really take it very serious. If at all kid should get awareness about bitcoin it should be the age when they can make a good decision and have the interest of learning. Title: Re: Bitcoin for your children & future wealth distribution Post by: OrangeII on July 04, 2024, 12:04:01 PM Honestly, I would wait until he was probably starting to think about making money, or maybe around 16 years old until I would tell him. To be honest, I'll probably see where his interests and talents lie, if he's interested in technology and business, then I might introduce him. However, it's a good idea to invest in bitcoin little by little for our children in the future, but for now I haven't thought about that and am focusing on developing my business because my finances are still not stable. However, I will probably do that when things are good enough.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Nothingtodo on July 04, 2024, 12:15:17 PM I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin.
Title: Re: Bitcoin for your children & future wealth distribution Post by: batang_bitcoin on July 04, 2024, 12:42:12 PM That is why I also think I sell all my crypto assets in the future and let my kids decide what they do with their money. Of course, I'll be happy if they continue investing in crypto but I should choose for them to start at the beginning like we did before. I haven't thought of this but if the time comes and I'm about to die, I might just do this if they don't have an idea on how to hold it. But if they like to hold it on crypto assets then I'll just give them the keys or send it to their wallets. Whichever is comfortable to them, I'd be happy to pass it onto them and that will be one of the legacies that they'll remember when I die. All of the hard work and patience that I've exerted into accumulation, that's all where it is going and hopefully it can make generational wealth. Title: Re: Bitcoin for your children & future wealth distribution Post by: leonair on July 04, 2024, 02:46:04 PM Exactly, I know as a parents or soon to be parents we want the best for our children and as we know things that could help them in the future we cant force them into something that they dont want to or doesnt have an interest and one of it is bitcoin or crypto currency, although this things is very helpful and revolutional, if our childrens doesnt have a slight interest as maybe its too complicated to them or they dont simply have interest in earning moneh as they want to enjoy their life, then we cant do anything about that, what we can do is guide them to have a better life, and if they are in a right age to face the complexity of bitcoin and crypto currency then we could slowly introduce that to them and if they show interest then that would be great but if not then we have no other choice but to follow where they want to and where they will excel. Every parent thinks of doing good things for their children. They always try to do good things as much as they can for their future. But one thing we have to keep in mind is that we should let our children do the work that they are most interested in. Otherwise, if our children don't like a task and force it on them, they will fail to do it. But now, whose little kids are a little bit more interested in crypto currency. Because they know that there are many opportunities in it- There are benefits and there is an opportunity to change lives very easily.Title: Re: Bitcoin for your children & future wealth distribution Post by: Viscore on July 04, 2024, 02:51:49 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. Probably for now, I’ll just focus first on my own investment and accumulate more bitcoin for my kids future so that in time, when their interest for bitcoin has grown already, that’s the time I will be serious on opening their minds about bitcoin and how it can be beneficial for them in the future. Title: Re: Bitcoin for your children & future wealth distribution Post by: Fara Chan on July 04, 2024, 02:56:49 PM I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin. Your plan for this is very wise because I think you have realized that saving money in any bank is a mistake, because the bank will get richer when there are many customers who want to save money with it. Although at this time there may still be many people who don't realize that so they still save large amounts of money in the bank and don't remember to save Bitcoin as good savings for their own future. I will also make plans that are almost similar to what you said for my future because for me the bank is not a safe enough place to store money. And besides that, everyone who only relies on saving their savings in the form of money will also face inflation which can openly cause the value of money to decrease. So saving savings in the form of Bitcoin should be a pretty good option even though Bitcoin is not a stable coin in price, but there is always an increase in price in each cycle. Title: Re: Bitcoin for your children & future wealth distribution Post by: Marvell1 on July 04, 2024, 03:11:49 PM Honestly, I would wait until he was probably starting to think about making money, or maybe around 16 years old until I would tell him. To be honest, I'll probably see where his interests and talents lie, if he's interested in technology and business, then I might introduce him. However, it's a good idea to invest in bitcoin little by little for our children in the future, but for now I haven't thought about that and am focusing on developing my business because my finances are still not stable. However, I will probably do that when things are good enough. You need to teach your children how to make money as well as the importance of money. You cannot wait for your children to start thinking about making money before teaching them because they will always be playful if not properly educated and parents are the best teachers. But I will agree with you if you decide to teach bitcoin and finance to your children when they are 16 years old because that will be the right age to get used to making money and being responsible for yourself and your family. Don't teach them too early like many others because teaching them to make money too early will sometimes be counterproductive and harm their future rather than make them better. In addition, it is also necessary to consider their preferences and forcing them is something we should avoid if they do not like it. In my opinion, accumulating bitcoins for our children is a good idea but it will depend on our economic conditions and that is not so important. I value teaching my children to be able to make their own money and succeed with their own abilities without depending on anyone, instead of leaving assets to them. Title: Re: Bitcoin for your children & future wealth distribution Post by: 2Pizza410000BTC on July 04, 2024, 09:06:39 PM I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin. Of course, investing in Bitcoin is smarter than keeping money in the bank. Currently most banks are corrupt. I think you will definitely get more success in future if you invest directly instead of taking ricks during this corruption. People who are experienced in cryptocurrency always love to hold cryptocurrency rather than keep money in bank. If I say from my side I never trust bank and keep money in bank I definitely invested all my money in bitcoin and ethereum and trying to keep it. But I think in future I can definitely earn something good from here which can earn about 100 times more profit than keeping it in bank. But not everyone should take ricks, I think only those who are experienced in cryptocurrency should take such ricks.Title: Re: Bitcoin for your children & future wealth distribution Post by: Wakate on July 04, 2024, 09:39:19 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. Cryptocurrency is the order of the new jet season and very soon the normal fiat currency would not be in existence again because the government would be looking for ways to save money and nut to be printing money just for distribution when their is no need for it. Title: Re: Bitcoin for your children & future wealth distribution Post by: Finestream on July 04, 2024, 09:45:47 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. You have also a good point here. However, there's nothing wrong if we will start little by little educating them about bitcoin so that they will also be aware that bitcoin exists other than fiat. Once we have seen their interest and the eagerness to get to know more about bitcoin, then it will be easier for them to absorb and understand the essence of Bitcoin in our lives.Title: Re: Bitcoin for your children & future wealth distribution Post by: Fiasem20 on July 04, 2024, 11:16:08 PM It is good to enlighten your children about Bitcoin,we are in a digital world so enlightening your children about Bitcoin is just like explaining Bitcoin as an electronic cash and also an asset that can be invested for the long term with returns.In my country children are eager to know about Bitcoin,even the smallest child in my neighborhood know about Bitcoin.If you feel like educating your children about Bitcoin,it is actually a good move,you are their dad and you know what is best for them and what isn't.It is left for your children to select what investment they're comfortable with it mustn't be Bitcoin,in essence some might pick interest while some will love to know.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Ever-young on July 04, 2024, 11:39:51 PM The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. When the child is off-age, as the parent who is interested in bitcoin, you can just call them together, even if it's just a single child you have. You can give them a child-to-parent kind of talk and share your basic knowledge about bitcoin with the child.One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. How they respond and the interest the child picks up from the teaching will determine if you should go further or not. I think we are now in an era where children are more exposed and know how to make choices on things they want even before they reach the age of 18. Title: Re: Bitcoin for your children & future wealth distribution Post by: Stablexcoin on July 04, 2024, 11:42:23 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. The knowledge should not be forced but it should be out of willingness. I do not care how old my child might be but if he/she is interested in learning and understanding Bitcoin I will teach the child. Just the same way I won't force the knowledge on them it is the same way anyone who has the potential and wants to learn I won't deny being the mentor. One way or the other I still wish at least one of my children would be willing to learn about Bitcoin. Cryptocurrency is the order of the new jet season and very soon the normal fiat currency would not be in existence again because the government would be looking for ways to save money and nut to be printing money just for distribution when their is no need for it. Title: Re: Bitcoin for your children & future wealth distribution Post by: GigaBit on July 05, 2024, 07:17:44 AM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. You have also a good point here. However, there's nothing wrong if we will start little by little educating them about bitcoin so that they will also be aware that bitcoin exists other than fiat. Once we have seen their interest and the eagerness to get to know more about bitcoin, then it will be easier for them to absorb and understand the essence of Bitcoin in our lives.Title: Re: Bitcoin for your children & future wealth distribution Post by: uswa56 on July 05, 2024, 08:13:04 AM When the child is off-age, as the parent who is interested in bitcoin, you can just call them together, even if it's just a single child you have. You can give them a child-to-parent kind of talk and share your basic knowledge about bitcoin with the child. Sharing knowledge about Bitcoin with children will of course be very good, but we also need to pay attention to them whether they have an interest in learning about this or not and if they really have a curiosity about this, of course we can first explain to them about it. the basics of Bitcoin until they reach adulthood, then we can explain Bitcoin in detail to them, but if they are not yet interested in this, it would be better for us not to force them to learn about Bitcoin earlier and we can continue to do things. what we should do to prepare our future better and we will be able to teach our children after they grow up.How they respond and the interest the child picks up from the teaching will determine if you should go further or not. I think we are now in an era where children are more exposed and know how to make choices on things they want even before they reach the age of 18. Title: Re: Bitcoin for your children & future wealth distribution Post by: Iranus on July 05, 2024, 10:14:38 AM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. You have also a good point here. However, there's nothing wrong if we will start little by little educating them about bitcoin so that they will also be aware that bitcoin exists other than fiat. Once we have seen their interest and the eagerness to get to know more about bitcoin, then it will be easier for them to absorb and understand the essence of Bitcoin in our lives.As Davidvicterson said, let children be children, don't destroy them because of our desires and not theirs. If you want to teach them bit by bit about bitcoin, you need to at least wait until they are old enough, not when they are 10 years old and don't even know what fiat money is or what inflation is... We need to know that there are many important things in our world, it doesn't just revolve around bitcoin. Many people still don't know about bitcoin and are still leading a rich and happy life, bitcoin is not everything. @Davidvictorson, I don't know if you are married or not but I like your thinking and I believe you will be a good father because you understand your child's wishes. I also have a family and I know what my children want so I never liked the idea of teaching bitcoin to children. Title: Re: Bitcoin for your children & future wealth distribution Post by: kuriboh on July 05, 2024, 10:50:49 AM When the child is off-age, as the parent who is interested in bitcoin, you can just call them together, even if it's just a single child you have. You can give them a child-to-parent kind of talk and share your basic knowledge about bitcoin with the child. Sharing knowledge about Bitcoin with children will of course be very good, but we also need to pay attention to them whether they have an interest in learning about this or not and if they really have a curiosity about this, of course we can first explain to them about it. the basics of Bitcoin until they reach adulthood, then we can explain Bitcoin in detail to them, but if they are not yet interested in this, it would be better for us not to force them to learn about Bitcoin earlier and we can continue to do things. what we should do to prepare our future better and we will be able to teach our children after they grow up.How they respond and the interest the child picks up from the teaching will determine if you should go further or not. I think we are now in an era where children are more exposed and know how to make choices on things they want even before they reach the age of 18. Title: Re: Bitcoin for your children & future wealth distribution Post by: AirtelBuzz on July 05, 2024, 12:22:12 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I definitely want to connect my child to Bitcoin but not now when he is an adult. My son is still very young he is now in toddler stage even studying primary school I don't think he should be explained or informed about Bitcoin at this moment. But after passing Secondary, I will definitely do it. Every parent has a dream for their child, mine is to teach my child freelancing or bitcoin investing along with education to create additional income opportunities.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? As people think about their children's future and save money every month for them, instead of depositing money like them, I convert it into Bitcoin and hold it so that it gives good profit. This is my child's future savings. Title: Re: Bitcoin for your children & future wealth distribution Post by: kryptqnick on July 05, 2024, 12:40:28 PM I don't have children, but I hope to have them at some point. Education of children is extremely important, but it must be done in a way of using a child's natural curiosity instead of being forced out of nowhere. I do believe that teaching kids about money and some basic financial literacy is a good idea, and teaching about Bitcoin should be a part of that. I wouldn't focus on Bitcoin as an investment; I would focus on how it's a different kind of money that is relatively new but pretty successful. At different stages of life, the information should be presented in different ways and amounts, so it doesn't have to be a comprehensive guide on Bitcoin for a kid.
As for a fund, I do plan to save up a bit in BTC for kids, but once they're already born and growing up. Title: Re: Bitcoin for your children & future wealth distribution Post by: Nothingtodo on July 05, 2024, 12:47:40 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. Children of the future will be born in a time when they will see all the modern things in the whole world and Bitcoin will not be a surprise to them. At some point Bitcoin will become such an acceptable currency for people that they will invest in Bitcoin instead of keeping money in the bank. But because of the risky nature of Bitcoin, people are afraid to invest in Bitcoin, but if you invest for a long term, it is definitely possible to get a lot of profit along with the risk.Title: Re: Bitcoin for your children & future wealth distribution Post by: eightdots on July 05, 2024, 03:27:19 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. Children of the future will be born in a time when they will see all the modern things in the whole world and Bitcoin will not be a surprise to them. At some point Bitcoin will become such an acceptable currency for people that they will invest in Bitcoin instead of keeping money in the bank. But because of the risky nature of Bitcoin, people are afraid to invest in Bitcoin, but if you invest for a long term, it is definitely possible to get a lot of profit along with the risk.If your children are curious, you should tell them about Bitcoin when they ask you about it. It is not right to dictate such issues to children before they reach a certain age. You should save and invest for your children, they don't need to do this, you do it for your children. When the time comes, you should tell your children that you are investing for them and leave the decision to your children. The world is always changing and we try to keep up with this change. The new generation can learn many things from social media and the internet. It is best to guide children in the direction of their curiosity. Title: Re: Bitcoin for your children & future wealth distribution Post by: Smack That Ace on July 05, 2024, 03:44:02 PM At different stages of life, the information should be presented in different ways and amounts, so it doesn't have to be a comprehensive guide on Bitcoin for a kid. Like educational programs, why does the Ministry of Education divide levels in educational programs and need to be taught according to age? Same with bitcoin, is it ultimately a currency or an investment and should we teach them when investment knowledge is beyond their understanding? If someone thinks that the earlier they teach their children about bitcoin or investing, the more successful they will be when they grow up. So why don't they teach their children to study university programs and ignore elementary and middle school programs? Teaching bitcoin to children is not a bad thing, but it seems like people seem to be in too much of a hurry to educate their children about bitcoin. Everything needs to be trained at the right age to bring the best results, teaching them early does not mean they will be better than others. Title: Re: Bitcoin for your children & future wealth distribution Post by: leonair on July 05, 2024, 06:02:49 PM I think the best profit can be made by buying and holding bitcoins rather than keeping them in the bank. Moreover, if Bitcoin is saved for children in the future and once you estimate how much that savings will increase after 2030, it will be easy to understand how much wiser it is to hold Bitcoin than to keep money in the bank. So I decided that if I was going to save any wealth for my son or daughter for the future, it would definitely be in Bitcoin. If you make the decision you have made, you can really do a lot of good for your children. If all the countries are going through the bad situation now, if I keep money in the bank now, the profit I will get in 2030, if I can invest it in Bitcoin. We will get several times more profit than the bank. So those who are intelligent will think of investing in Bitcoin instead of keeping money in the bank. However, if we can invest in land in addition to Bitcoin, it can be very profitable for us.Title: Re: Bitcoin for your children & future wealth distribution Post by: Russlenat on July 05, 2024, 08:41:39 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I definitely want to connect my child to Bitcoin but not now when he is an adult. My son is still very young he is now in toddler stage even studying primary school I don't think he should be explained or informed about Bitcoin at this moment. But after passing Secondary, I will definitely do it. Every parent has a dream for their child, mine is to teach my child freelancing or bitcoin investing along with education to create additional income opportunities.Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? As people think about their children's future and save money every month for them, instead of depositing money like them, I convert it into Bitcoin and hold it so that it gives good profit. This is my child's future savings. Title: Re: Bitcoin for your children & future wealth distribution Post by: Sandra_hakeem on July 05, 2024, 09:59:30 PM I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. is that a problem right now?? What's the point of starting them up with Bitcoin at such a tender age? Isn't it to show them a way and an easy step to understanding how the system works? If they grow up, it becomes a starter pack for them. Most of us weren't born with a golden spoon; we just had to fight our way through... You don't want your kids to face the same reality... Show 'em how!Quote But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. If you have such an easygoing plan for your family, and you have the resources constantly running, that'd be the best decisions you'd ever make for the betterment of those young kids.Edit: By the way, this isn't new to me ...we've got similar topics like this already discussed over and over again.... Title: Re: Bitcoin for your children & future wealth distribution Post by: Plan well on July 05, 2024, 11:10:07 PM Bitcoin can be thought of as a digital asset that can be passed down to future generations, much like a family heirloom or inheritance. In that sense, one could consider Bitcoin as a form of "digital children" that can be nurtured and grown over time.
Title: Re: Bitcoin for your children & future wealth distribution Post by: NurseHub on July 05, 2024, 11:27:05 PM Anytime that this conversation comes up , I will.always say, let kids be kids. We should think that they would miss anything by not learning about Bitcoin at a young age. There is more to their life and development than Bitcoin. Therefore I would not agree to anyone forcing Bitcoin knowledge upon them when they should be taking, music lessons, dance classes, football classes. The only Exception is if the kid show repeated interest in knowing about Bitcoin. I will let my kids grow to ask what I really do to make money, then I will calmly explain to them, and if I notice their interest, I will start asking them to assist me in one or two things in the forum and see how smart they can be. Not all children can love to do it, but if one finds interest, I will continue to teach him or her till he can do it alone. I'm not going to force teach anyone my kid about Bitcoin, but you believe society is alright telling our kids, maybe before them Bitcoin might even be studied in school (joke), but regardless, I will teach who is interested. Of course they must not be Bitcoin holder, there are more to do. Title: Re: Bitcoin for your children & future wealth distribution Post by: LDL on July 05, 2024, 11:55:00 PM I currently have all my funds invested in bitcoin so before the market crash my bitcoin portfolio was $3200 but now my bitcoin is dumping at $2400. Not sure if I should sell the bitcoins and convert them to my home currency or hold them for 2026/27. But I invested in bitcoin and gold at the same time but unfortunately gold is in profit while bitcoin is in loss. But I think it would be best for my child to keep money in the bank and invest in gold. Investing in Bitcoin is uncertain and may result in profit or loss. But if you invest in gold, it is guaranteed that you will get profit over time. So I have decided that if I keep anything for my child's future, I will keep it in gold.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Bd officer on July 06, 2024, 04:13:56 AM I currently have all my funds invested in bitcoin so before the market crash my bitcoin portfolio was $3200 but now my bitcoin is dumping at $2400. Not sure if I should sell the bitcoins and convert them to my home currency or hold them for 2026/27. But I invested in bitcoin and gold at the same time but unfortunately gold is in profit while bitcoin is in loss. But I think it would be best for my child to keep money in the bank and invest in gold. Investing in Bitcoin is uncertain and may result in profit or loss. But if you invest in gold, it is guaranteed that you will get profit over time. So I have decided that if I keep anything for my child's future, I will keep it in gold. Yes, buying gold for your child's future will be much better than buying bitcoins. But if you keep money in the bank, the value of money decreases due to inflation. According to me, it can be better to buy land along with gold. Bitcoin is risky, gold is not risky and profit is guaranteed. Even if you buy the land, the price of the land will increase a lot in the future, there is no possibility of decreasing. In my opinion as a father it would be much better for his children to buy land or gold instead of buying risky assets like bitcoins. However, you can educate your children about Bitcoin, your children will be interested in investing in Bitcoin if they can earn in the future. I will buy both gold and land for my children. I will not teach my children about Bitcoin at a very young age, as it may harm my children's education. When my children are older and wiser, I will introduce them to Bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: Cryptmuster on July 06, 2024, 08:28:46 AM I currently have all my funds invested in bitcoin so before the market crash my bitcoin portfolio was $3200 but now my bitcoin is dumping at $2400. Not sure if I should sell the bitcoins and convert them to my home currency or hold them for 2026/27. But I invested in bitcoin and gold at the same time but unfortunately gold is in profit while bitcoin is in loss. But I think it would be best for my child to keep money in the bank and invest in gold. Investing in Bitcoin is uncertain and may result in profit or loss. But if you invest in gold, it is guaranteed that you will get profit over time. So I have decided that if I keep anything for my child's future, I will keep it in gold. It is very important to use diversification in investing, you cannot keep all your capital in one asset, because there is a possibility of losing everything. In addition, if you decide to invest in a high-risk asset, you must understand that the probability of losing your money will be higher, and if we are talking about Bitcoin, then you need to take into account its cyclical nature and in order not to find yourself in a situation where your investments lose -30% or more, choose the right one time to buy and don’t delay selling, because greed can play the same cruel joke if you don’t sell Bitcoin on time. Title: Re: Bitcoin for your children & future wealth distribution Post by: Solosanz on July 06, 2024, 10:18:37 AM It is very important to use diversification in investing, you cannot keep all your capital in one asset, because there is a possibility of losing everything. In addition, if you decide to invest in a high-risk asset, you must understand that the probability of losing your money will be higher, and if we are talking about Bitcoin, then you need to take into account its cyclical nature and in order not to find yourself in a situation where your investments lose -30% or more, choose the right one time to buy and don’t delay selling, because greed can play the same cruel joke if you don’t sell Bitcoin on time. There's nothing should be scared if you invest in Bitcoin, just keep DCA-ing in anytime frames (weekly, bi-weekly, monthly etc) and after at least for four years, you will make a lot money. But, if they choose to invest in shitcoins aka altcoins, they should be worried because they could lose half of their money, most people who invest in memes are lose more than 70% right now.Diversification is only for people who have a lot of money, say multi-millionaires or billionaires, lower than that people should go for one asset or few assets since they have nothing to lose. https://imgvb.com/images/2024/07/06/7c55e1a2ff80a2818fa23b57b67b76cd.png Title: Re: Bitcoin for your children & future wealth distribution Post by: Blitzboy on July 06, 2024, 12:52:37 PM You're wise to consider Bitcoin for your kids' future. Yes, it has great promise. Good to hear you're considering cold storage versus a 529. We need forward-thinking like that. Diversification matters. Even with Bitcoin, dont put all your eggs in one basket. Mix it up. Buy gold and Bitcoin ETFs. Put some Bitcoin in cold storage too.
Many worry about passing on this riches, which is understandable. Dont worry too much. We'll find solutions shortly from the brightest minds. Although Bitcoin is revolutionary, they'll figure out way to obey your wishes. Start now. Your kids will get Bitcoin eventually. They'll be ahead when they do. The goal is to educate kids financial independence and give them a head start in a fast-changing world. Winners do that. They win by adapting and learning. Title: Re: Bitcoin for your children & future wealth distribution Post by: tread93 on July 06, 2024, 06:09:33 PM I will never talk about my wealth to my kids and I don't want them to expose my wealth to them. I agree with this educational style and Warren Buffet did not let his children knew about his super wealth..Quote I will act like a broke person and being very stingy when they ask for money, the most important thing I will teach them is work hard and support what they interested/like to do, if they don't interested with Bitcoin, I will not explain it. If we give them great fortune, and let them know about this inheritance when they are very young, they will lack of motivation to learn, get an occupation, find job and work as a normal citizen in society.It's better for them to build their own wealth rather than knowing if they have money which they can spend it to anything they like. Educate them, keep our wealth in secret and don't tell them about any level of inheritance in time they only need to focus on learning, shaping their own brain, knowledge and characteristic, discipline. When they are educative, matured enough, we are older enough, we can proceed things about inheritance. Well said, education there is the most important thing. What I hate the most is seeing the entitled individuals that come from great wealth. Those folks never learned hard work and the joys of earning a living. Keeping it secret is something that is to be said. I don't like talking about money because it can lead to boasting and jealousy. Kids need to be kids, and not worry about money. But if you can raise them to have an entrepreneurial spirit so that they can grow and start their own business one day or pursue a great profession that generates an income this is the best way. Inheritance and passing down bitcoin well, you're right maybe it won't even come in the form of bitcoin maybe that bitcoin will be spent to acquire something else like real estate, which in my opinion is really the best thing to have, that and land. Title: Re: Bitcoin for your children & future wealth distribution Post by: Franctoshi on July 06, 2024, 08:11:49 PM All I owe my kids as regards to this is to pass down the information I have known about Bitcoin to them and leave them to decide what they will use the information and do, I'm not in a position to determined for my children where they will find their interest but rather will provide them with the necessary guidance they need to know regarding how they should go about their investment in digital asset "Bitcoin" and once I have achieved that I believe that other necessary things we follow suit.
Title: Re: Bitcoin for your children & future wealth distribution Post by: leonair on July 10, 2024, 11:35:28 AM Future generations will surely adopt Bitcoin today or tomorrow. But those who are able to exploit this advantage first will be ahead of the rest. I will definitely teach Bitcoin to the younger ones in the family who are old enough to learn. If they learn about Bitcoin from their families, they will be more interested in learning about it from outside as well. On the one hand, as the younger ones will be ahead in increasing their technological knowledge, they will also be comfortable in the financial aspect. Teaching them Bitcoin at a young age means building a hard foundation for it. Yes it is true that in future generation everyone will adopt Bitcoin. From now on those who have adopted Bitcoin can introduce Bitcoin to their family members if they want. But I think those who are interested in Bitcoin should be introduced to Bitcoin. In future all things may be transacted through Bitcoin.Paper money may not exist in the future. All transactions will be done through bitcoin very soon we will have to wait for few years for that now people in almost all countries know about bitcoin slowly everyone will start using bitcoin. Title: Re: Bitcoin for your children & future wealth distribution Post by: retreat on July 10, 2024, 11:52:24 AM I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me. But that's just my wish, because he's still small right now and it's not appropriate to introduce Bitcoin at his current age, maybe later when he's older and understands technology better I'll consider introducing Bitcoin to him. If he likes it maybe I'll teach him and consider investing Bitcoin specifically for his future investments.
Title: Re: Bitcoin for your children & future wealth distribution Post by: MainIbem on July 11, 2024, 08:40:27 AM I wish I had the opportunity to be introduced to Bitcoin as a teenager maybe I would've started making plans of saving in BTC earlier and would've probably have saved a lot. However I don't think it's a bad idea to save for the future of your kids, especially when it involves saving in Bitcoin which is probably the future of money. There's this method my parents used in saving for me and my kid bro, they opened a bank account for us and deposited 10-20% of their income to the account, and it helped me during my college days, I think I'll emulate such method and instead of saving in bank for my kids I'll open a cold wallet and save some percentage of my income in the wallet, then gradually teach them about Bitcoin and it's concepts then give them access to the wallet when they're of age (18+).
Title: Re: Bitcoin for your children & future wealth distribution Post by: Magic-Money on July 11, 2024, 09:23:10 AM I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come.
Title: Re: Bitcoin for your children & future wealth distribution Post by: Wakate on July 11, 2024, 11:33:39 PM I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me. But that's just my wish, because he's still small right now and it's not appropriate to introduce Bitcoin at his current age, maybe later when he's older and understands technology better I'll consider introducing Bitcoin to him. If he likes it maybe I'll teach him and consider investing Bitcoin specifically for his future investments. Children can learn about Bitcoin gradually but it should not be something that need to be compulsory. Learning Bitcoin is all about interest because there are a lot of people that have been shown the way to learn about Bitcoin which the can utilize the knowledge to make money for themselves. There are lot of opportunities in the crypto market which can make us make lots of money without doing physical jobs. Cryptocurrency has been a great eye opener for many of us that are in crypto now and anyone that are serious can make money even without any investment.Title: Re: Bitcoin for your children & future wealth distribution Post by: Smartvirus on July 11, 2024, 11:39:26 PM I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me. It’s not a bad idea to actually introduce Bitcoin to your kids but to do that successfully, you have to ensure you break it down to a level they could understand, even having to use their level of institution level to teach this. Don’t forget, this is financial education and kids aren’t that matured about finances and so, if you become more practical about it, you’ll find your kids to follow but hey, don’t get disappointed at the outcome if they don’t.Title: Re: Bitcoin for your children & future wealth distribution Post by: passwordnow on July 11, 2024, 11:53:24 PM I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come. I advise you to do the traditional way of keeping up the private keys and nothing beats better than writing it off on a piece of paper, a cardboard. While the plan sounds good but if the long term is what you're planning for, although cardboards and papers might crumple over the period of time but it's much better than keeping it on a device. You'll never know what might happen for the next years to come. But as you've said, this is a back up so please make sure that you've got strong back ups where you'd write your private keys because we have to anticipate the unexpected thing to come. And with that, there can be a lot of things that might come and someone might steal that device compared to a paper or card board, no one gets interested with that for stealing unless that thief knows what's written on it. Title: Re: Bitcoin for your children & future wealth distribution Post by: Sonia_123 on July 12, 2024, 03:33:12 AM Investing Bitcoin for your children is the best thing parents can do for them, while they are small, it is best you do that so as the children grows up, their investment also grows with them so that in future they will not have any financial issues or dependent on anyone, this is where your investment for Long term comes in using your cold storage wallet,and you put the child through when the time comes. Involving the child at these tender age might be risky to his/her growth and exposure to money, because there is time for everything,life is in stages,the best you could do is to keep saving for the child until he gets of age which he can handle issues and take care of himself/herself.
In terms of passing down the wealth is not an issue, the same measure you used in acquiring the wealth that will be introduced to them when you think is necessary,through your WILL or whatever means you wish to use, they should be informed . Title: Re: Bitcoin for your children & future wealth distribution Post by: synchronym on July 12, 2024, 04:08:17 AM We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market.
Title: Re: Bitcoin for your children & future wealth distribution Post by: uswa56 on July 12, 2024, 04:27:54 AM I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come. We all certainly have good plans for children in the future so that they can use the assets that we have collected from now on and we must first give them an understanding of this investment so that they can make good use of the assets that we will give them, maintaining properly lock the wallet in which we store Bitcoin assets, of course this is very important so that we can still access them when we have collected these assets and if you choose some other type of altcoin, of course this will be very good if you have sufficient funds to be able to hold it for the long term. For a long time, of course this will give you benefits from holding assets that you believe in, especially Bitcoin.Title: Re: Bitcoin for your children & future wealth distribution Post by: Mahanton on July 12, 2024, 05:52:01 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? i don't make a special plan to introduce bitcoin to my child, maybe what i will do later is introduce it in the usual way and if he is interested in it then he can learn it and inherit the knowledge and assets that i have. because i am not the type of parent who forces their will on their child that they must like/inherit what i have, if from the beginning i see that my child does not like it, then i will not force him to learn more about bitcoin. but if he likes it and wants to learn, then he is free to ask what he wants to know about bitcoin and he might inherit the assets that i have. and also if i see that he only wastes money, and does not care about financial management, then maybe i will not let him inherit my bitcoin and maybe i will make someone else who understands it better to handle it, because my assets are too valuable if they fall into the hands of ungrateful people. As for wealth distribution then it wouldnt really be just that focusing on crypto or one business but rather you would be focusing into tons as much as possible, although not all does have the capital then stick into things on which you do able to make money or profit and gradually making up progress if you do have plans on achieving such target. Title: Re: Bitcoin for your children & future wealth distribution Post by: ChiBitCTy on July 12, 2024, 06:08:16 AM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? Call me soon, lets chat about this brotha! One thing that stands out here, I'm not sure opening an IRA for them makes any sense right now. A 529 makes more sense as it's the cadillac of educational savings plans and it's not just for college savings anymore, but have opened up to HS level (about time). There are some draw-backs, but I think it's imperative that if a child has the opportunity to go to college free of charge, they should do so in most all scenarios. The whole "college is a waste of money" theme people like to talk about is utter bullshit. But that's a different story for another day. As for safeguards and succession for passing along bitcoin to your heirs- I wrote a thread about this back in 2019. Like anything establish a will at minimum and perhaps a trust - https://bitcointalk.org/index.php?topic=5134350.0 Title: Re: Bitcoin for your children & future wealth distribution Post by: maydna on July 12, 2024, 12:13:25 PM We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market. When we becomes parents, we must make a plan for our future, especially for our children. We can not lets them without any preparation because they will not be ready with what they will do in the future. If we can starts to have investment from now and teach our children all things necessary, they will have a chance to survive in the future and even they can develops more than us. With starting to investing for our children future, we prepare their future better than us and we can also teach them to do what we did to their children. Bitcoin investment is a good thing for them but we must tells them that Bitcoin investment have its risks so we must teach them how to manages the risks. So that can helps them to use Bitcoin as something that can change their life better in the future.Title: Re: Bitcoin for your children & future wealth distribution Post by: radjie on July 12, 2024, 01:00:53 PM You're wise to consider Bitcoin for your kids' future. Yes, it has great promise. Good to hear you're considering cold storage versus a 529. We need forward-thinking like that. Diversification matters. Even with Bitcoin, dont put all your eggs in one basket. Mix it up. Buy gold and Bitcoin ETFs. Put some Bitcoin in cold storage too. Many worry about passing on this riches, which is understandable. Dont worry too much. We'll find solutions shortly from the brightest minds. Although Bitcoin is revolutionary, they'll figure out way to obey your wishes. Start now. Your kids will get Bitcoin eventually. They'll be ahead when they do. The goal is to educate kids financial independence and give them a head start in a fast-changing world. Winners do that. They win by adapting and learning. I agree with that, it's best not to focus on putting all your eggs in one basket. Planning Bitcoin for the long term is quite promising, especially if you have the desire to pass on the assets we own to our children. However, we also have to think about the assets we store in crypto which are quite vulnerable and easily stolen by irresponsible individuals. therefore applying Bitcoin and gold as long-term investment assets will be much better for planning the distribution of wealth that will be passed on to our children in the future Title: Re: Bitcoin for your children & future wealth distribution Post by: peter0425 on July 12, 2024, 02:23:03 PM I think the future generation would know Bitcoin as they know of money. There might not even be a need to teach them because they will learn it anyway. You cannot not learn it. Decades from now, Bitcoin is probably a very popular and widely accepted alternative currency. That’s true sometimes our kids even know more than what we do no matter how much that might be painful to say for parents and adults. They are the generation with so much access to the internet so it should not come as a surprise if they manage to know about crypto even at a young age.Quote Anyway, I guess it's enough for me to prepare a bright future for my children. Whether I'm preparing Bitcoin for them or real estate assets or a business or stocks doesn't matter much. What matters more than anything else is that I'm doing my part to the best of my abilities to make sure they have a good life. Personally I would want to pass down whatever investments I have on to my children but first and foremost I should make sure that I have already built a life of security for my children. I don’t want to pass down my investments to them for the purpose of making us rich. I want to pass it down to them for the purpose of knowledge and further development. No pressure at all. Title: Re: Bitcoin for your children & future wealth distribution Post by: Blitzboy on July 12, 2024, 06:17:03 PM We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market. When we becomes parents, we must make a plan for our future, especially for our children. We can not lets them without any preparation because they will not be ready with what they will do in the future. If we can starts to have investment from now and teach our children all things necessary, they will have a chance to survive in the future and even they can develops more than us. With starting to investing for our children future, we prepare their future better than us and we can also teach them to do what we did to their children. Bitcoin investment is a good thing for them but we must tells them that Bitcoin investment have its risks so we must teach them how to manages the risks. So that can helps them to use Bitcoin as something that can change their life better in the future.It goes beyond mere financial gain. Its about wisdom. Its about understanding how the world works. The market swings both upward and downward. Its like life itself. Not only the sunny days; we also have to equip our children for the storms. Teach children how to manage risk, make wise decisions, and that will be a lesson they carry always. Its a lesson for life. Title: Re: Bitcoin for your children & future wealth distribution Post by: maydna on July 13, 2024, 07:12:39 AM ~snip~ Listen, the best bargain is ensuring our children's future. And starting early, demonstrating to children the value of wise financial decisions, is quite important. Now, Bitcoin is flashy, the planet is humming, and yes, it might be huge. But its not a sure thing. We gotta teach our kids that.It goes beyond mere financial gain. Its about wisdom. Its about understanding how the world works. The market swings both upward and downward. Its like life itself. Not only the sunny days; we also have to equip our children for the storms. Teach children how to manage risk, make wise decisions, and that will be a lesson they carry always. Its a lesson for life. We can teach them to knows about financial so they can manage their finance better than us. We will be proud if they can have a better life from us and still respect us as their parents. Having a wealth without respect their parents will be useless because they can not use their wealth for a good things. Title: Re: Bitcoin for your children & future wealth distribution Post by: tread93 on July 13, 2024, 07:51:00 PM We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market. When we becomes parents, we must make a plan for our future, especially for our children. We can not lets them without any preparation because they will not be ready with what they will do in the future. If we can starts to have investment from now and teach our children all things necessary, they will have a chance to survive in the future and even they can develops more than us. With starting to investing for our children future, we prepare their future better than us and we can also teach them to do what we did to their children. Bitcoin investment is a good thing for them but we must tells them that Bitcoin investment have its risks so we must teach them how to manages the risks. So that can helps them to use Bitcoin as something that can change their life better in the future.It goes beyond mere financial gain. Its about wisdom. Its about understanding how the world works. The market swings both upward and downward. Its like life itself. Not only the sunny days; we also have to equip our children for the storms. Teach children how to manage risk, make wise decisions, and that will be a lesson they carry always. Its a lesson for life. Hey you know what you're right, history has taught us time and time again how things can change very quickly. As flashy and cool as bitcoin is we have to prepare them for the hard times to your point. The good times AND THE BAD. Life lessons are the hardest to teach simply because they take a life long to learn!!!! A lot of times people have to learn the hard way but if we are good parents and teach our children to listen and watch for signs and how to react they can be more prepared during these hard times. Hopefully most of their days are sunny tho!!! Title: Re: Bitcoin for your children & future wealth distribution Post by: Roy443 on July 14, 2024, 07:59:20 AM We all wish our child a bright future. As far as I know the people who bought bitcoin in the beginning own a lot of dollars today. Now they are able to provide a better life for their children. I think those who buy bitcoins now will also be able to provide a better life for their children in the future.
Title: Re: Bitcoin for your children & future wealth distribution Post by: dansus021 on July 15, 2024, 03:24:08 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? I just give all the information about crypto the good one of course to my children and how to get it for free and how to withdraw it etc. and you know what I probably and have a high chance to give my crypto to my children when I passed away. Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? Like a bank account Im gonna had a coldwallet for saving that my family had accessed to it and can see the balance for security Im going to use a multi-sig wallet so alteast need 2 approval before made any transaction Overall the idea of Bitcoin for your children & future wealth distribution is very good and all crypto parent should implement it Title: Re: Bitcoin for your children & future wealth distribution Post by: Casdinyard on July 15, 2024, 04:12:56 PM How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen? Not gonna particularly introduce them to bitcoin of crypto for that matter cause we never really know whether bitcoin nad crypto will stand the tests of time even though we’re kind of on track when it comes to whether bitcoin will succeed or not. But whateverDo you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets? I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while. But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them. Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts. Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there. I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal?? I think what I will introduce to them primarily is the concept of saving money, as well as making your money work for you through investments and other real great options that they can explore.saving money so they can have wuick cash to grab as well as contingencies in situations where they would need a lump sum of cash to work with, and investments to provide them with a reliable and consistent income stream. Again, wouldn’t have to be crypto or bitcoin for that matter. Just the basic concept of investing as a whole. |