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Author Topic: Bitcoin as a gift for a baby?  (Read 2479 times)
Yakamoto
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September 08, 2016, 05:02:19 AM
 #21

Serious question.  My baby niece will be 1 year old in a few weeks and she's going to get lots of lovely and expensive presents from all the family, but I'm her geeky aunt and I want to encourage her geeky side.  I'm considering making her a vanity address , printing it on a paper wallet and funding it with some bitcoin, in the hope that by the time she's old enough to appreciate it, the value might have appreciated also.  But I have some concerns...

Is a vanity address sufficiently secure if I generate it and the paper wallet offline and assume my computer has no malware?  (I have enough antivirus/anti-malware software in action and really, if I do have that level of malware, I'm screwed anyway)

And the impossible question... is bitcoin a reasonable risk for such a long term investment?  If she's 1 now, it could be 15 years before she accesses the funds in that wallet.  I won't be able to sell out if I see a crash coming like I can with my own.  I know nobody can really judge what Bitcoin is going to do over that period and I don't want this to turn into yet another one of those speculation threads where people post crap.  So I guess my real question here is has anybody else done this or put bitcoin in cold storage for a similarly long period?

And are there any other considerations I haven't thought of?
That's probably all you need to think of to be honest, as long as everyone who you're going to be giving the gift to knows what they'll have to be doing and how to keep the wallet and everything safe, you should be good and everything should be fine from what I know.

Reasonable risk for an investment? Probably, I'd say, it's kind of a gamble, to be honest. It depends on the market and how the future rolls.














 

 

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September 08, 2016, 05:07:48 AM
 #22

I haven't tried it yet. In my opinion, since we don't know what will happen in bitcoin in the near future, I guess it would be better if you yourself will keep that Bitcoin for your niece. Give her a present now and then keep the Bitcoin for her future. Well, 15 years is quite a long time, many things can happen, at least you will be able to make the right decision with the bitcoin for those years. Anyway, it's still your decision, it's okay as long as you know the risk and you are ready for the things that might happen.

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September 08, 2016, 05:10:37 AM
 #23

Serious question.  My baby niece will be 1 year old in a few weeks and she's going to get lots of lovely and expensive presents from all the family, but I'm her geeky aunt and I want to encourage her geeky side.  I'm considering making her a vanity address , printing it on a paper wallet and funding it with some bitcoin, in the hope that by the time she's old enough to appreciate it, the value might have appreciated also.  But I have some concerns...

Is a vanity address sufficiently secure if I generate it and the paper wallet offline and assume my computer has no malware?  (I have enough antivirus/anti-malware software in action and really, if I do have that level of malware, I'm screwed anyway)

And the impossible question... is bitcoin a reasonable risk for such a long term investment?  If she's 1 now, it could be 15 years before she accesses the funds in that wallet.  I won't be able to sell out if I see a crash coming like I can with my own.  I know nobody can really judge what Bitcoin is going to do over that period and I don't want this to turn into yet another one of those speculation threads where people post crap.  So I guess my real question here is has anybody else done this or put bitcoin in cold storage for a similarly long period?

And are there any other considerations I haven't thought of?

this is a great idea and i might do it in the future too.

you only have to make sure to generate the wallet properly. so i guess your best option is on a live linux without any kind of internet connection. and also i think it is better to make a regular address rather than a vanity although that is still secure too.



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September 08, 2016, 05:16:42 AM
 #24

In my point of view, It is not good idea that give a baby bitcoin even the baby don't know what is bitcoin. I think if you say it for investment to the baby , there is not perfect titime to give an investment for the baby.

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September 08, 2016, 05:25:20 AM
 #25

You just migt end up, being the most generious aunt in history, if Bitcoin goes mainstream. If it goes bad, you will spoil her in any way. Why do you want to create a Vanity address? Just create a simple Bitcoin address with some Bip pass phrase and print it. Then you laminate it and you put it in a nice card, with a explanation on what it is and how valueble it might become. < personal message >

Enjoy!

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September 08, 2016, 05:26:44 AM
 #26

In my point of view, It is not good idea that give a baby bitcoin even the baby don't know what is bitcoin. I think if you say it for investment to the baby , there is not perfect titime to give an investment for the baby.
And following your logic - the only valid gift for a baby is food, clothes or diapers. Because baby obviously have no idea about nothing more than basic functions of a body.

Of course it is not gift meant to be used right now it is more like insurance policy in case Bitcoin in the future gained massive popularity - thus, will reach spectacular price, something like 1 BTC=100k USD.
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September 08, 2016, 05:27:27 AM
 #27

Ooh, a USB copy - I hadn't thought of that!  I guess USB drives can deteriorate over time though, and who knows how storage tech will progress.  Everything I considered important in my youth is trapped on floppy disks that I'll never access again  Cheesy  It's worth considering though.
~~~

that is right. USB disks are good for using as a regular thing not a cold storage for 15+ years. although i am using a USB disk as my cold storage but i connect it to my computer and boot up the Live Linux on it and also i have a paper back up from the same wallet because if the USB disk is not connected to electricity (USB port) then it will lose the data stored on it over time.


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September 08, 2016, 05:31:06 AM
 #28

Well, it is a good thing that you are thinking about the future of your niece on her financial aspects.  But what if you have the baby of your own, would you still give it to her if the price of bitcoin price goes high considering that it would benefit not your kid but your niece?  Well, I am not being selfish but sometimes we come to a point that we change our mind.  

But if you are a generous aunt then you could just do it.  Do not be afraid on what tomorrow will bring, courage brings surprises.  It must be the best gift that your niece would ever had.  And let just hope that the price of bitcoin would appreciate at that time.
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September 08, 2016, 05:44:57 AM
 #29

My son is about to turn one in a couple of months. Maybe bitcoin is not such a bad idea as an additional gift. I remember when I was young, the in thing then was to buy educational plans for kids. Now, bitcoin seems to be a good option, more like opening a bank account made specially for kids.


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September 08, 2016, 05:50:57 AM
 #30

If you generate that vanity address from your own computer and paper wallet in offline mode than it may be considered safe from my prospective. If you really care about price crashing than you can also have one copy of that paper wallet with you to sell. And also laminating that paper and putting it in safe box before giving her may protect paper from damaging on long year of storage.

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September 08, 2016, 06:42:28 AM
 #31

It's an interesting idea for a gift and would have a bit more thought put into it than maybe bonds or something similar but at the cost of being a bit less safe. These days are any options really "safe" though? I don't think it's a bad idea but hey it's up to you.

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September 08, 2016, 06:52:05 AM
 #32

Serious question.  My baby niece will be 1 year old in a few weeks and she's going to get lots of lovely and expensive presents from all the family, but I'm her geeky aunt and I want to encourage her geeky side.  I'm considering making her a vanity address , printing it on a paper wallet and funding it with some bitcoin, in the hope that by the time she's old enough to appreciate it, the value might have appreciated also.  But I have some concerns...

Is a vanity address sufficiently secure if I generate it and the paper wallet offline and assume my computer has no malware?  (I have enough antivirus/anti-malware software in action and really, if I do have that level of malware, I'm screwed anyway)

And the impossible question... is bitcoin a reasonable risk for such a long term investment?  If she's 1 now, it could be 15 years before she accesses the funds in that wallet.  I won't be able to sell out if I see a crash coming like I can with my own.  I know nobody can really judge what Bitcoin is going to do over that period and I don't want this to turn into yet another one of those speculation threads where people post crap.  So I guess my real question here is has anybody else done this or put bitcoin in cold storage for a similarly long period?

And are there any other considerations I haven't thought of?

apart from all the security measures that others have mentioned for "generating the private keys" you also have to think about keeping the private key safe.

- keeping the paper safe: this can be done by using a good quality paper with a nice print because it can be damaged over time if not done properly.

- also printing the private keys on a piece of paper means anybody who sees the paper can steal the bitcoin in it so you can split it into two papers or you can even look into multi signature wallets so you or anybody else can hold the second pair of keys for extra security measures.

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September 08, 2016, 07:01:20 AM
 #33

some of interesting gift, still the baby dont really know the value of bitcoin.
he dont need that thing, because he dont know the value of money or bitcoin. but you can use the bitcoin for developing his future.
except he grow much enough for him to learn the value of money nowadays
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September 08, 2016, 07:47:52 AM
 #34

sure, why not. if bitcoin is dead in 15 years she will have forgotten about it anyway and i am sure she will not be mad at you.
i would be more concerned that she losses or throws away the paper wallet. i would suggest you make also a nice card to go along or frame it. something that she wants to keep it.
maybe keep a back up of the keys.
and i guess then you have to see how the things develop over the years and adjust. i mean you can talk to her and her parents.   

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September 08, 2016, 07:56:56 AM
 #35

I do not think its a good idea to be honest, because the most people do not even know the bitcoin these days so they will think its a bad thing.
You can better give the baby something more normally its too much for the baby right now, you can better do this on an older age.
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September 08, 2016, 08:41:28 AM
 #36

I do not even think where to start when it comes to buying gifts for a baby and are there even web shops were you can purchase stuff for babies with Bitcoin?
I think that a nice baby hat would be a nice gift if you ask me.
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September 08, 2016, 09:11:03 AM
 #37

Well it's going to be a gamble no matter how you look at it, nothing you can do about that. 15 years is a long time but I think it's unlikely that they'll bring changes to the code radical enough to mean that old private keys no longer work. But there are no guarantees there either, you just gonna have to play it as a gamble. Just put the paper wallet in a nice frame and have her parents hang it on the wall in her bedroom or something. If Bitcoin disappears, at least she'll have something nice to remember you by  Wink
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September 08, 2016, 09:13:49 AM
 #38

I think it's a good idea, it's only like some parents/relatives start a fiat savings/trust account for a baby. Just print off a paper wallet, laminate it & send whatever you're willing to send to the address.

Keep it yourself in a safe place & give it to her for her 16th or 18th birthday or something. Hopefully the price has soared by then & you can help her financially with an unexpected monetary gift Smiley

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September 08, 2016, 09:42:18 AM
 #39

though still longing for my own baby...to have my baby someday..and think when he or grows up or lil older...will introduce and him or her into the the world of bitcoin, and also serve bitcoin as a gift to him or her...i think it will be a nice and a happy mood of btc to by baby...
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September 08, 2016, 10:45:59 AM
 #40

Serious question.  My baby niece will be 1 year old in a few weeks and she's going to get lots of lovely and expensive presents from all the family, but I'm her geeky aunt and I want to encourage her geeky side.  I'm considering making her a vanity address , printing it on a paper wallet and funding it with some bitcoin, in the hope that by the time she's old enough to appreciate it, the value might have appreciated also.  But I have some concerns...

Is a vanity address sufficiently secure if I generate it and the paper wallet offline and assume my computer has no malware?  (I have enough antivirus/anti-malware software in action and really, if I do have that level of malware, I'm screwed anyway)

And the impossible question... is bitcoin a reasonable risk for such a long term investment?  If she's 1 now, it could be 15 years before she accesses the funds in that wallet.  I won't be able to sell out if I see a crash coming like I can with my own.  I know nobody can really judge what Bitcoin is going to do over that period and I don't want this to turn into yet another one of those speculation threads where people post crap.  So I guess my real question here is has anybody else done this or put bitcoin in cold storage for a similarly long period?

And are there any other considerations I haven't thought of?

Wow.Bitcoin might disappear after 15 years.

I don`t think that a baby will understand or enjoy such a gift.

A toy is a better gift for a baby.
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