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Author Topic: Saving Bitcoins for your Children.  (Read 23531 times)
enterprevic
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October 17, 2017, 01:29:52 PM
 #1

Like every other investment such as real estate, stocks and other forms of investment we know that you can invest in that kind of things and then you get something like say a Certificate or a Binding Document as a proof that you are part of that investment, now that of bitcoin all you have is just your address, your password, key and seeds as proof of the ownership of the wallet.

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So now if one is considering buying bitcoins and saving for his/her children in the future is there any way to do that with bitcoins apart from having to write down your details somewhere. I'm asking because with that kind of stuff if no one knows your seeds or password no one can get the coins. Huh Huh Huh

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October 17, 2017, 01:35:57 PM
 #2

I made a paper wallet for my son and I deposit a smaller amount of Bitcoins there every month. I kept it in a secret place that only me and another person knows.
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October 17, 2017, 01:47:38 PM
 #3

that's a nice and smart move from you, props to you.
Saving something every months (fiat, btc) for our childrens it's the best way to give them something to start with, you never know what's the future holds and if now we are able to save something that's something that everyone should do, think about our childrens!

I would buy an hardware wallet in a security box in a bank (or hidden somewhere safe aka fireproof, waterproof, dustproof, etc.etc.) with the instructions and give all the details to another trusted person, that's it.

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October 17, 2017, 01:54:31 PM
 #4

You can write down the seed words to the wallet that holds the coins and send them to separate lawyers/deposit boxes or to some other supports you think are suitable.

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October 17, 2017, 01:56:03 PM
 #5

That's good for you and your child, that means you have to teach and introduce bitcoin to your child. But kids usually just want to have fun and a pedestal to learn. So you should not force them to know and do what you do in bitcoin. Let them do what they want. If you want to keep bitcoin for your child but they do not want to know, you can entrust the bitcoin you keep to your relatives and give it to him to give it to your son someday.


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October 17, 2017, 01:58:24 PM
 #6

Keeping other physical asset for your children is very easy but storing bitcoin for your children is very risky because the wallet may be hacked before your children grow to maturity so it needs a high level of security consciousness.

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October 17, 2017, 01:59:05 PM
 #7

Like every other investment such as real estate, stocks and other forms of investment we know that you can invest in that kind of things and then you get something like say a Certificate or a Binding Document as a proof that you are part of that investment, now that of bitcoin all you have is just your address, your password, key and seeds as proof of the ownership of the wallet.

BTC

So now if one is considering buying bitcoins and saving for his/her children in the future is there any way to do that with bitcoins apart from having to write down your details somewhere. I'm asking because with that kind of stuff if no one knows your seeds or password no one can get the coins. Huh Huh Huh

Buy 1 BTC now for your child and save it for him in the future, he will surely have a good financial status for his education by the help of those bitcoin


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enterprevic
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October 17, 2017, 02:08:15 PM
 #8

That's good for you and your child, that means you have to teach and introduce bitcoin to your child. But kids usually just want to have fun and a pedestal to learn. So you should not force them to know and do what you do in bitcoin. Let them do what they want. If you want to keep bitcoin for your child but they do not want to know, you can entrust the bitcoin you keep to your relatives and give it to him to give it to your son someday.

He wants to catch fun yes I know... But I'm planning his future for him though he might not know the use of the currency anytime soon.. But in the future he would come to realize that I was saving him from the hands of the cruel world we live in

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October 17, 2017, 02:12:12 PM
 #9

Keeping bitcoin for the next generation is a good idea we don't know where bitcoin will be in the coming years but if it stays on track with where it's going even fractions of a bitcoin will be worth a huge amount. Just remember to keep keys safe and have clear instructions on how to get it should anything happen to you unexpectedly.

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October 17, 2017, 02:17:46 PM
 #10

There is no other way around, unlike in Banks where if you die you have the option to give it to you benefactors and the banks will take care of it, in Bitcoin wallets in order for them to benefit what you have you really need to give your pins and passwords, but you can do so in a form of a last will in which your passwords and pin of your Bitcoin wallet will be protected by a law entity and will safely transfer it to your heirs.

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October 17, 2017, 02:22:38 PM
 #11

I think that this is the best thing to do if you have a family and you want to secure your family. If you want to have a great future then you should save bitcoin for your children and you should do a lot of work before you reach to the point that you can relax and feel safe with your savings because if you will become greedy in spending money from bitcoin then the savings will not happen because the problem is from you.

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October 17, 2017, 02:28:13 PM
 #12

What you could do is sign a message with the address you save your Bitcoins on, for example the location where you have the private key.
Signed messages can be used to verify the ownership over an address.
So you can print that out, put it an envelope and then give the envelope to them.

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October 17, 2017, 02:29:49 PM
 #13

Write the details on a notebook and keep it hidden... Write everything very well detailed somehow your children will understand it and if there are many people on your house that you don't want to see this, you will need to keep this notebook in a safe box or something like this, only telling the password to your children and telling them to keep in secret. If more people are aware about it they will want their "piece" too, bringing future issues for your children.

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October 17, 2017, 02:30:53 PM
 #14

Like every other investment such as real estate, stocks and other forms of investment we know that you can invest in that kind of things and then you get something like say a Certificate or a Binding Document as a proof that you are part of that investment, now that of bitcoin all you have is just your address, your password, key and seeds as proof of the ownership of the wallet.

BTC

So now if one is considering buying bitcoins and saving for his/her children in the future is there any way to do that with bitcoins apart from having to write down your details somewhere. I'm asking because with that kind of stuff if no one knows your seeds or password no one can get the coins. Huh Huh Huh
Its nice idea to store BTC for our future genertion but its highly risky to store amount in your wallet as one may loose his/her private key and password it turns your wallet unaccesible and you loose your amount but at the same time it it will make children aware about Bitcoin and then price of BTC will go to moon

Gotottack
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October 17, 2017, 02:31:09 PM
 #15

That's good for you and your child, that means you have to teach and introduce bitcoin to your child. But kids usually just want to have fun and a pedestal to learn. So you should not force them to know and do what you do in bitcoin. Let them do what they want. If you want to keep bitcoin for your child but they do not want to know, you can entrust the bitcoin you keep to your relatives and give it to him to give it to your son someday.

I am actually amazed by this subject but who knows right? You will never know what tomorrow will be. If you do save Bitcoins for your child's future, then that is entirely up to you. We all never know what the future has in store for us anyway. Just my two cents, why not let us all save and invest to grow whatever we have for the future generation right? I think that is our idea: to give our successors a better life as compared to ours!

Kudos to you for saving Bitcoins for your child!  

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October 17, 2017, 02:32:43 PM
 #16

This is really a good idea for all of us here in this community. We all know that bitcoin will boom in the nearest future we will take. So the thing we should do now is to save money for the next generations. And by the year it will boom, they will have many money.


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bitcoinorcash
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October 17, 2017, 02:33:02 PM
 #17

Yeah thats a good way for you to ensure the future of your children but I think you should really think first because we all know that bitcoin's value is not really stable or profitable so it would be wise to think first.
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October 17, 2017, 02:34:15 PM
 #18

Its too good to save some bitcoins for the children,but in my opinion as it transfer to wallet,we have ta recieve that money from wallet and then store in another bank account,because the bitcoin rate fluctuate day by day.

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October 17, 2017, 02:35:14 PM
 #19

Saving in a diversified portfolio for your kids is an amazing thing to do, and one that could make them incredibly wealthy one day, due to the power of compounding and time. BTC is part of that portfolio for me.

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October 17, 2017, 02:36:39 PM
 #20

Yeah thats a good way for you to ensure the future of your children but I think you should really think first because we all know that bitcoin's value is not really stable or profitable so it would be wise to think first.
Saving bitcoins for children is a good idea as bitcoins are more important than any other form of money so in case when there is some misfortune happen one can have at least a sum of bitcoin for their children which they can use for their everyday life
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