I bought my 10 year daughter a Ledger Nano S, not sure if it's the right move.

[bravesoldier]

I'm just writing as recently I purchased myself a Ledger Nano S & during the same checkout purchased my 10 y/o daughter a Ledger too.

There's been a mix up with the postage where I've only received one item and not two, even though the invoice on the parcel said there was 2 enclosed. Either way I've reached out to Ledger about it & i'm still waiting for appropriate correspondence.

Anyway, I needed to get myself a Nano and decided to buy two. I have this idea on how I can educate my daughter on Bitcoin, money, saving, technology etc all at once and I want her to have a good comprehensive understanding of it crypto/bitcoin, its quite complex and i imagine it will take some time but ideally, by the time shes 18 I want her to have that knowledge base of understanding, and one hell of a competitive advantage vs her peers as I believe that this crypto thing is just getting started and wont be going away.

Also her mother (we are separated) isn't the best saver and I think recently she's gotten into a bit of debt using credit cards, she was in debt when we got together but worked herself out of it, i'm not certain but i know her money and spending habits aren't the best.  I don't feel that's a great example for our daughter even though its an indirect thing by example.

Essentially i thought that if i buy her a ledger nano and we do the whole set up, (writing down passphrases, set up pins, install the crypto app, create the accounts and tags for accounts, get her to physically execute the transfer of her funds from my wallet to hers etc) she'll have a hands on experience with it all, it would help drive the concept home. Also at the end of the day she gets to take home a tangible item which reflects her BTC holdings.

Some family members think its a bit much but if tell my daughter she has BTC she doesn't have a sense of ownership over it and tends to forget till I remind her later. Where as if she has the nano every time she comes across it she'll remember she has BTC.

I've already spoken with my daughter about this idea and layed down some ground rules, mainly that she's not allowed to spent what I've accumilated for her till shes 40 and that when she gets a job in the future she'll have to contribute 20% of her income to her nano too.

However, is she old enough to start this? maybe should i wait a few more years? I can always create an account under my nano and tag it as her holdings till a later date and add to it as I would if she had the nano.

While writing this I received an email from Ledger and that they have lost the second item.
Do I want to get a refund for it or should I go ahead with the plan and get a new shipment out?

[1715416009]

1715416009

[WhyFhy]

I'm in a similar boat. Nano might be a bit much for a child starter, and you don't want to bore them either, I started mine off with things like novelty bitcoin stuff and worked up to satori/small paper wallets it's working so far. Its touchy because the first part they get lost they tend to think it's boring.
Make the impalable, palable. Intangible, tangible.
 It's difficult explaining btc to most adults, children I would approach slowly. Just my opinion mine is a couple years younger.

[bravesoldier]

I'm in a similar boat. Nano might be a bit much for a child starter, and you don't want to bore them either, I started mine off with things like novelty bitcoin stuff and worked up to satori/small paper wallets it's working so far. Its touchy because the first part they get lost they tend to think it's boring.
Make the impalable, palable. Intangible, tangible.
 It's difficult explaining btc to most adults, children I would approach slowly. Just my opinion mine is a couple years younger.

yes educating adults is tough, but i feel kids are slightly more intuitive with tech and electronics. Sure don't want to bore them either, i'm good at keeping things light and fun with my daughter even dense topics. 

[Artemis3]

Me, i would have focused in the education about making a cold wallet, and restoring it, but not using gadgets. The process of creating a wallet, writing down the seed words and securing them.

Whatever you spent in the device, would have been money spent in actual bitcoins, put in that wallet.

You see, a piece of paper with 12 words far outweighs the nano, even if you yourself don't get it.


The irony is with those gadgets, you should also be handling and protecting seed words anyway, in addition to the unneeded complexities of handling a hardware wallet, which is unsuitable for savings. Things like the Nano are meant to be a replacement for software wallets, but if your intention was savings (ie. 8 years) you should not even consider it.

One reason is you don't need/want extra passwords and mobile apps that might be useless a decade from now. The seed words in a written piece of paper will still work, long after whoever makes those nanos disappear from the market.

The only reason you should buy one of those, is because you intent on using bitcoin constantly NOW (not in the future). The whole idea is you use that instead of the computer.

Don't buy it to keep it stored, the piece of paper with the words does that job. In fact, you can cleverly hide the seed works, pick a book, and start marking words starting page n. Do that twice, in separate secure physical locations.

TL;DR: It was not the right move.

[boyptc]

IMO, although it looks early for you to teach your daughter about bitcoin/crypto stuff but teaching her at a young age will mold her as she grows older. Investing at the right time and as early as 10, I think will already teach her how to be disciplined when it comes to money and investment matters.

For your concern with ledger, go contact them on --> https://www.reddit.com/r/ledgerwallet/

Post your problem there.

[Penny_K9]

It's never too early to educate your child, I've been teaching my 15-year-old for over a year now and he is pretty taken by the topic. I did, however, start with the KeepKey as I found it more simplistic. Eventually, I'm gonna upgrade him to a Ledger too, but it doesn't seem to be a wise investment at the moment at least.

[sweetbet]

I also have a young daughter that I'd like to educate about crypto, wallets and possible crypto trading/investing, BUT I have decided against it for now because I don't want to make her or myself a target for criminals.

[Negotiation]

You bought your 10-year-old daughter a Laser Nano S but I think it would have been nice to buy some more time. Because he is younger now. Seto is not yet aware of crypto so you have to study and teach about crypto as he does not face any risk of change. Now, if you teach him a little by not buying, he will learn a lot as he gets older.

[akram143]

These things are not too hard to be understood by a 21st century kid but do you think she have enough money to keep them in a hardware wallet?

[mpufatzis]

I would buy her a piggy bank, in order to learn how to hodl.
Even if she is good in PCs, I believe she is too young for cryptos.

[zelikman]

It's up to you to trust hardware wallets or not. You should have explained everything to her first

[Oni Trading]

I would educate her on the risks of it all.

Its a great lesson in life and I would confidently buy my son one. Even if he lost it all (bitcoin being destroyed) its still a lesson in life - not everything goes the way you planned but you have to take risks sometimes.

This is what I would do.

1. Educate him/her on what it is and also about bitcoin (obvious)
2. Educate them in basic saving techniques
3. Talk about investing and discuss the potential of their portfolio growing, also it going down.

4. The setup a plan to invest but manage it. For example I would personally put 5% of my saving at the time into it, lets say Grandma gave $10 they could put a portion of it away and then keep the rest of the cash to save in a proper bank / piggy bank.

It's a great digital tool for saving and could potentially change their life. If you manage it right its not going to hurt them too hard if it all went to 0.

Imagine putting $1 away each week (scale it to $2 the next year, and so on) from being young. You will see overtime with interest and also bitcoin potentials.

[guigui371]

I've already spoken with my daughter about this idea and layed down some ground rules, mainly that she's not allowed to spent what I've accumilated for her till shes 40 and that when she gets a job in the future she'll have to contribute 20% of her income to her nano too.

WTF ?
Seriously ?

How old are you ? Let's imagine the BTC you are putting on it right now are worth $2 millions in 20 years (when she is 30 yo).
Because of inflation those $2 million represent 100 000 Big Mac (to give you an idea on how to link to economy).

Then at the age of 30, probably trying to have a familly of her own, still with a student loan, saving as much money as she can to purchase her fisrt home she has to :
1) spend 20% on crypto en top of the tax and student loan she has
2) wait an extra 10 years to finally have a big chunk of money and pay off her mortagage / student loan.

I understand that you don't want her to spend it all at the age of 20 on a car or holidays and stuff.
But in the same time 40 is too old.
who knows what the world will be in 30 years.

Well, if those are just "spoken" rules, then I guess you could change your mind and allow her to withdraw earlier.

But, don't make the mistake to "lock" the coins for 30 years with a timelock function.

[Mttewndew]

Personally, I think that you need to interest her first, and when your child herself wants all this, then you can give such gifts. Therefore, I believe that the most important task is to direct to something, and then you'll see what kind of reaction of crypto will be.

[Naida_BR]

I think that it is a little bit early to do this.
It is good that you want to educate your daughter and expose her to the crypto world, but you should never forget that cryptos are money as well. She might start spending money to not important things as she might think that this money is hers and she can do them everything she wants. As a teenager the problem will become bigger.

[Hannu]

aww, If I am BTC rich someday example bitcoin hashing. Private school is one of them and university on my own kids. "Look they get almost everything that they want!" -Im not a bad person.