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Author Topic: Its Bitcoin a good way to save money for our kids?  (Read 2185 times)
timotron
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November 19, 2018, 01:09:49 PM
 #1


A friend of mine started to save money in BTC for his son.
Now he is in worry about the idea because of this last dropping months.

I told him to re-load some BTC up to lower the average.
If you have any suggestions about this please share

Its BTC a good way to save money for our kids?
Will this pay them a car? the university? a house? nothing at all?

There we go
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November 19, 2018, 01:34:00 PM
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I think yes. Because all we know that bitcoin is a good investment or we can say that bitcoin is good for a long term investment because it's value will make us compare tk gold's value. In our kids future I think this is practical because our kids need a better future and bitcoin is the key for a better future for them. Even it is risky we need to take a risk but I think it is mlre practical that while you are saving bitcoin,you will also save a real money as a security. Play safe because your kid's future is very important. And I think you need to save and teach a bitcoin knowledge and learnings also for your kids.

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November 19, 2018, 01:34:42 PM
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To be honest, Bitcoin is a part of the wild crypto market and no one can predict the accurate future and hence there is no right or wrong answer to this question. However, considering the potential of Bitcoin/crypto industry and the growth of it since inception, I believe that this thing is here to stay but again, that doesn't mean I should invest my entire capital in it. I would go with diversification method and invest various parts in multiple sectors/forms rather than keeping all the eggs in the single basket. Thus to conclude, I would say that Bitcoin is one of the good ways to save money but not the single method.
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November 19, 2018, 01:41:16 PM
 #4

for me yes because if we kids don't know bitcoin, the real money is us even though the ones who run out we still have bitcoin to make money and be saved
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November 19, 2018, 01:42:23 PM
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It's not for somebody else to decide. If one wants to save some Bitcoin for one's child, one has to decide it oneself.
I personally would do that in the future but I would not save all the money in the form of Bitcoin. I'd definitely save some of the savings on fiat too just in case something bad happens to my Bitcoin wallet.

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November 19, 2018, 01:50:00 PM
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Well, we should expect that not at all times the market trend is the same. Somehow drought will happen, rainy season will come, and summer and winter and harvest. Preparedness is one way to handle the long bearish trend. I hope your friend is still okay and wouldn't give up in crypto.

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November 19, 2018, 01:55:25 PM
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For the betterment of your security, it is advisable that you allocate your resources in multiple investment tools that are available now. Acquiring property, purchasing stocks and bank deposits, investing into gold or even saving money are one of the conventional ways of securing your money in the future.
When we talk about cryptocurrencies in general, its highly volatile price deter most investors into saving it for long-term. Some investors utilize cryptocurrencies for short-term investments while other use it in trading.
In the long run, no one really knows about the future of cryptocurrencies. However, the potential of the blockchain technology has not been uncovered yet. There are still developments that are soon to be published and discovered by experts and these have the tendency to change the future of our transactions. If bitcoin were to survive in the inevitable future of change, then expect its prices to skyrocket.

TLDR: if you have the sufficient resources, then might as well risk it for the biscuit! High-risks are the ones that have high-reward.


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November 19, 2018, 02:25:37 PM
 #8

I am a believer of cryptocurrency. I always believe that Bitcoin/Crryptocurrency have a bright future. and I believe that saving money in bitcoin for my kids is really good things to do. but sometimes we have to be realistic, I will not save all my money in Bitcoin because that is really risky. 
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November 19, 2018, 02:29:56 PM
Merited by o_e_l_e_o (2)
 #9


A friend of mine started to save money in BTC for his son.
Now he is in worry about the idea because of this last dropping months.
Sounds like your friend doesn't understand the basic concepts of this market. If you're friend can't handle the fact that bitcoin is highly volatile and anything can happen at any time (for instance, a massive dip), then the cryptocurrency market isn't a place for him/her. You need to know what your getting yourself into before getting involved in this market, tell your friend that.


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November 19, 2018, 02:35:19 PM
 #10

Seeing how volatile a crypto can be, I wouldn't take the risk to bet the money for my kid in something so "not sure". It's the type of money you need to place in a safe place (ie your saving account). At least any decent parent should think twice before taking their decision, especially in some countries like in The US where universities cost a fortune.

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November 19, 2018, 02:36:43 PM
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yes I think so because the previous kids did not know bitcoin only children know youtube and games I think if real money is spent by the child itself is not a problem but he does not know about bitcoin
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November 19, 2018, 02:45:46 PM
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A friend of mine started to save money in BTC for his son.
Now he is in worry about the idea because of this last dropping months.

I told him to re-load some BTC up to lower the average.
If you have any suggestions about this please share

Its BTC a good way to save money for our kids?
Will this pay them a car? the university? a house? nothing at all?


Bitcoin is very volatile and we certainly don't know whether it will be valuable when our children grow up. Savings in a stable currency will be better than in bitcoin. Do not risk our child's future on something uncertain.

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November 19, 2018, 03:16:14 PM
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Sounds like your friend doesn't understand the basic concepts of this market.

Exactly this. You haven't said how old his son is, but I assume he is looking at holding bitcoin for 10+ years to pay for his son's higher education fees or a deposit on a mortgage. In the last 10 years bitcoin has gone from fractions of a cent to several thousand dollars. There have been multiple all-time-highs, and multiple "crashes" of >80%. There have been bear markets of several years in length, and bitcoin has been "declared dead" by the media probably a thousand times.

If he is getting this stressed out about a small dump over the last few months, then the amount of stress he will experience in the next 10 years could give him a heart attack. He either needs to stop checking the price and come back in 10 years, or he needs to sell and choose more traditional investments.

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November 19, 2018, 03:22:36 PM
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I think that investing in cryptocurrency for 10 years is a very dangerous business.

If you have an extra thousand dollars, then you can make your children rich, But remember that you can lose everything  Embarrassed

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November 19, 2018, 03:41:38 PM
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To be honest, Bitcoin is a part of the wild crypto market and no one can predict the accurate future and hence there is no right or wrong answer to this question. However, considering the potential of Bitcoin/crypto industry and the growth of it since inception, I believe that this thing is here to stay but again, that doesn't mean I should invest my entire capital in it. I would go with diversification method and invest various parts in multiple sectors/forms rather than keeping all the eggs in the single basket. Thus to conclude, I would say that Bitcoin is one of the good ways to save money but not the single method.

Agreed. Saving money for OP's friend's son's future in bitcoin is a great idea, but because of its unpredictability, he can't put all of his money in bitcoin alone. Better to save some in the bank as well, and perhaps sign up an insurance for his son. Start early so he will have a bright future. Plus if he eventually inherited the bitcoins, he will have stable life financially for sure.
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November 19, 2018, 05:16:04 PM
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I think saving Bitcoins for kids is a good idea of your friend, one should not get panic of this market crash as such crash are normal in each financial market but investment should be safe means one should invest only the amount which he/she can afford to lose, higher the risk higher the reward, bitcoin investment may give a good return in future.

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November 19, 2018, 05:18:58 PM
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Now a lot of people don't trust Bitcoin, but I think that is main element of our future payment system and we should prepare our children to it.
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November 19, 2018, 05:39:12 PM
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Basically what everyone else has said. It's your choice, nobody knows where btc is going. As always, only risk what you can afford to lose.
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November 19, 2018, 06:10:08 PM
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It should be a 50\50 investment for both physical and digital currency for security reason,it will not be nice to put all your investment on one basket.
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November 19, 2018, 06:18:28 PM
 #20

Bitcoin at this point can not be considered to be a store of value as it is a speculative tool. And is prone to fluctuations
You can not save up Bitcoin for the coming generation. It should rather be called an investment that could grow or drop (speculation)
And you should of course start your kids up with basic cryotocurrency skills.

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