Gifting Bitcoin to minor

[Coingifter]

Do I  have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it? I am concerned that he might try to buy more using my debit card credentials. Not saying he would, but just want to make sure.

Yes, a good idea to teach him about Bitcoin. He is very financially aware for a 12-year-old - indeed, I jokingly call him "breadhaed" sometimes. I hope he may have a career in the City of London one day if that is his inclination.    

If I am going to sell the idea to his parents, I know they will want reassurances that there is no danger of him getting himself or anyone else into financial trouble. I want peace of mind over it also. 

[1715398349]

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[BlackHatCoiner]

Do I  have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it?

There's no way to ensure he cannot tinker with it. You either give him hard cash or an IOU with the illusion he has bitcoins.

[LoyceV]

It'd be basically you giving him an “I owe you X bitcoins” piece of paper that he couldn't do anything other than wait until he's 18, to redeem it.

This reminds me of Using Locktime for inheritance planning, backups or gifts: Coingifter could create a time locked transaction that's only valid when the kid turns 18. This way, he can receive all the information he needs to redeem the coins already, but can't use it yet.
Pros: Coingifter can forget about it.
Cons: The kid still has to trust Coingifter doesn't take the money earlier. And it requires more understanding of what you're doing because it's more complicate to create/redeem.

Do I  have any other option, him being a minor? So how do I give him Bitcoin in a way that ensures he cannot tinker with it?

How about this: Give him half the Bitcoins now, and tell him you'll double it if he doesn't move it before he turns 18!

I am concerned that he might try to buy more using my debit card credentials. Not saying he would, but just want to make sure.

Bitcoin has nothing to do with your debit card. Owning Bitcoins doesn't give anyone access to whatever other payment methods you used to buy them. If you're concerned about this, it sounds like you should learn a bit more about Bitcoin by yourself. That's good for 2 reasons: first, you may benefit from it in the long term, and second, you can teach your nephew how it works.

If I am going to sell the idea to his parents, I know they will want reassurances that there is no danger of him getting himself or anyone else into financial trouble.

Unlike credit cards, you can't spend Bitcoins you don't have. That should reassure them he can't go negative.

[Coingifter]

OK, sounds like the worst that can happen is he messes around and blows it.

I am going to talk to his parents and if they give the OK, explain Bitcoin as best I can and offer him the options, including cash. In fact, I saw him last night at a  family get-together and gave him a bit of a tutorial on what I had learned so far and set some "homework" f watching copies of short videos on Bitcoin.   

Either way, I will soon be ready to dive in with a minimal purchase of my own just to get the hang of it. Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?     

[BlackHatCoiner]

In fact, I saw him last night at a  family get-together and gave him a bit of a tutorial on what I had learned so far and set some "homework" f watching copies of short videos on Bitcoin.

As long as you convince him that it's an interesting thing to get involved and don't just give him the money, you rock. Even if the amount isn't much to start with, you definitely push him in a financially intelligent direction.

Either way, I will soon be ready to dive in with a minimal purchase of my own just to get the hang of it. Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?

I don't know many, but since you don't seem me a techie-person, I know Binance is fine for these amounts. Otherwise, if you don't want to give KYC, try a decentralized exchange such as bisq.network.

[Coingifter]

Well, I do like to think am quite a techie person, I just like to fully undersetand things. I am a newbie who is learning.

 I am going to research in more detail yet.

Thanks for the recommendnation.

[LoyceV]

Binance is fine for these amounts.

Binance will try to trick him into withdrawing their own fake Bitcoin tokens, or they'll charge him about 22 GBP withdrawal fee. That's not very newbie friendly.

[BlackHatCoiner]

Binance will try to trick him into withdrawing their own fake Bitcoin tokens, or they'll charge him about 22 GBP withdrawal fee. That's not very newbie friendly.

If you have a better suggestion drop it. I don't know much from exchanges, but I've seen people being satisfied with few.

[SFR10]

Any recommendations for an exchange with a low minimum charge (under 50 UKP) and low commsiion?     

The following link might come in handy: BTCitcoin Withdrawal Fees on Cryptocurrency Exchanges + Minimum Withdrawal Amounts
^{Note: I'm not familiar with most of the exchanges from that list, hence why it's not a recommendation.}

Just to give you a couple more options:

• Currency exchange
  ^{Note: Only deal with veterans who have a good reputation since there are a lot of scammers on that board!}
• BTCitcoin ATMs
  ^{- Most of the ones I've seen so far, have an average fee of 10% - 15% but depending on where you are, you "might" be able to find one with a smaller fee.}

[Coingifter]

is Kraken any good? I have signed up and am good to go...aiming for small initial investment ($30) and low buying/seeling fees...

[LoyceV]

is Kraken any good? I have signed up and am good to go...aiming for small initial investment ($30) and low buying/seeling fees...

I'm a satisfied customer.
Buying/selling fees are usually low (0.26%), withdrawal fees is what gets you on most exchanges for small transactions.
It's actually quote low nowadays at Kraken:

Code:

Minimum withdrawal 0.00050 BTC
Withdrawal fee 0.00002 BTC

In dollars: just under $1 fee (Binance charges 25 times more, and tries to trick you into accepting fake tokens).

[Coingifter]

Sounds good to me, thankyou.

[yhiaali3]

I do not think that gifting bitcoins to a minor is a legal crime in any way, but the question is what is the purpose of gifting bitcoins to a minor? Is it just a gift without other goals? Or is it for education, for example? Or for other purposes? I think the only case that can be punished by law is if it is a temptation to a minor, unless there is bad intentions I don't think there will be any legal accountability.

[LoyceV]

what is the purpose of gifting bitcoins

It's quite normal for an uncle to give his nephew a gift for certain occasions.

[Gozie51]

I do not think that gifting bitcoins to a minor is a legal crime in any way, but the question is what is the purpose of gifting bitcoins to a minor? Is it just a gift without other goals? Or is it for education, for example? Or for other purposes? I think the only case that can be punished by law is if it is a temptation to a minor, unless there is bad intentions I don't think there will be any legal accountability.

Gifting bitcoin is as like gifting of fiat and people give cash to there family members etc except if bitcoin is regarded as a crime in that country then it can be illegal too to do bitcoin gifting. It will look as if it is being used to induce the minor or make him hodl it illegally . The basis is if the bitcoin is regarded as a crime in the country but if not it should freely be given as gift.

[Obito]

I would like to gift Bitcoin to a minor - how would I do this please?

Teach them about how the world works, what fiat is and how to be financially wise and then you get to the good stuff which is telling the minor what cryptocurrency is, remember that a minor doesn't have a lot of experience so you're going to have to be thorough when it comes to things that you want to introduce.

[syedakhlaque]

I would like to gift Bitcoin to a minor - how would I do this, please?

If you want to give bitcoin to minor for future use or future insurance and safety.Maybe your own child or someone's friends, relatives or some dear to you. Then it is right. In the future, when he will come of age and be young. It is possible that there will be a huge increase in bitcoin price and bitcoin amount may double or more. So, in this regard, it is not bad to give bitcoin to a minor.

[DoublerHunter]

I would like to gift Bitcoin to a minor - how would I do this please?

^ Gifting it to someone is a great thoughtful gesture on your part, but you must consider his or her age. Does that minor already have the necessary understanding and has studied the entire notion of BTC ownership? You should also consider whether the child is responsible enough to care for what you have given to him/her so that it does not go to waste. After that, consider the steps you probably learn on how to give BTC as a gift with this link https://bitcointalk.org/index.php?topic=5190702

[LoyceV]

with this link https://bitcointalk.org/index.php?topic=5190702

Warning: That link promotes a site that steals your Bitcoin! It used to be legit, but got sold and turned into a scam. Do not use it!

[Quintom]

I think it's not a bad idea gifting kids with Bitcoin, but you have to gift them with some restrictions though, to make sure they don't misuse it.
It's not bad gifting minors, it will help you gain bonuses even. As time goes on you'll explain to them how they can use it wisely.




https://shift.infinite.red/gifting-cryptocurrency-to-kids-c9c5a4644f31