Childrens Wallets

[fara_buduk]

I understand you want to introduce the digital world by way of educational storage by saving money using a wallet that may be specifically for your child, but in my opinion that is not a good thing and very risky because this makes your child will try to open it because he wants to know so that it can be misused to access it and you should be the one who deserves to keep it

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[ChiBitCTy]

If I were you I would simply buy a hardware wallet ( in my opinion either Trezor or CoinKite ), fund it, and then hold it for them for the long term.  Exchanges should be used as little as possible.  Buy your coins off of an exchange or sell your coins and then be done with it until you have to do a similar procedure.  Try and stay away from leaving any funds on an exchange.

[dkbit98]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

You don't need to create any accounts on DEX or CEX exchanges, all you need to give your children is seed words or private keys that are holding Bitcoin you sent on their addresses.
Using hardware wallet would be interesting in case you have multiple kids, everyone could share same seed words but each of them will have separate strong passphrase only they know.
If one of them lose seed words but still have his passphrase, he/she can always regain access to his coins again with help of sibling sharing seed words.
Most important thing for this to work is to write clear and simple instructions for them.

[Welsh]

If I were you I would simply buy a hardware wallet ( in my opinion either Trezor or CoinKite ), fund it, and then hold it for them for the long term.  Exchanges should be used as little as possible.  Buy your coins off of an exchange or sell your coins and then be done with it until you have to do a similar procedure.  Try and stay away from leaving any funds on an exchange.

My question would be though; is it worth investing in a hardware wallet, when you could just make a offline wallet. Since, hardware wallets really start to shine when you want to frequently access the Bitcoin, while still remaining pretty safe. However, since this is a inheritance plan, that isn't really required. Might be better putting that 30-50 quid that it would cost for a hardware wallet, and put it towards more Bitcoin for his kids.

[passwordnow]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

[Mahanton]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Tell them about the basics first from what is bitcoin or crypto and then tell about the security or on how wallet works because if you dont explain about the basic fundamentals then you would really be seeing this as a main problem because it could really lead to mistakes which is really a common thing thats why you should really need on explaining on everything so that everything would really be in order and would work as it should be.

[TelolettOm]

If you are wiling to give your children about Bitcoin, Ethereum, and also other top coins, why don't use any hardware wallet which is safer than DEX?

I still do not understand what OP meant as DEX, decentralized exchange or what? In my opinion, there is nothing bad to use a hardware wallet, but this type of idea is not that safe for children if not above certain age to understand what wallet, seed phrase and passphrase are. But, yet, hardware wallet will be one of the safest option in this regard.

I mean exactly hardware wallet will be safer. And yes of course, the crypto itself is better to give for children wisely, when they are exactly ready enough. It is not only to enable them to operate the wallet itself but also to manage the assets and control themselves in crypto industry. As we know that crypto industry needs wiser, more careful, and also smarter decision and activities that may be difficult to children. So, I mean that it is for our children when they are really enough for this.

[romero121]

The decision is really appreciable, because such thinking take bitcoin and other cryptocurrencies to the future. When we start accumulating cryptocurrencies for the future generation automatically the usage will continue rather than getting disturbed at some time period. As most users suggested it is good to educate your kids how-to use the ledger or trezor wallet. So that now itself they'll start accumulating same as saving in a piggy bank.

[Ryker1]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

[Saint-loup]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

With cryptocurrencies you don't need to care about that, because nobody needs an ID card or any KYC paper to own cryptos and to set up a wallet. You just need to own a private key for that. Then unlike a bank account you can create and use a wallet for you and later transmit it to your children without any formality.

[lumierre]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

You can just buy ledgers for them or any other cold wallet and buy crypto for them. You had better store seed phrases on a sheet of paper in your safe and inform your children on how to use ledger and tell them about crypto. It will be a good heritage for them if you buy some Bitcoin and some other mainstream currencies and store them in cold wallets that they will be able to use in the future.

[xSkylarx]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

You can just buy ledgers for them or any other cold wallet and buy crypto for them. You had better store seed phrases on a sheet of paper in your safe and inform your children on how to use ledger and tell them about crypto. It will be a good heritage for them if you buy some Bitcoin and some other mainstream currencies and store them in cold wallets that they will be able to use in the future.

Agree this is the best option because it is safe and reliable which you can keep it your self also because if you are creating wallet online it is really prone now a days and i know you will be holding it in a long period of time which we dont know what will happen soon and also not just i don't trust them but i think anytime you will be having problem in converting your money into fiat but if in your ledger it is sure 100% safe and you could get your money

[michellee]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

The best thing you can do is just buy a hardware wallet for each of your kids and start saving accordingly and prepare their future so when they grow up and you have already taught them about how to use crypto properly, they will know what they can do with that funds. You do not have to create a new account for each of your kids instead just create one new account and send the funds for each wallet so that will save your time watching the price when you want to buy the coin. Besides that, you can only use one exchange (CEX or DEX) to buy and send the coins and I suggest you use CEX instead of DEX and Binance will be my recommendation.

[Obito]

Best thing to do would be for you to teach them when they're on the appropriate age about handling their own crypto wallet. You may keep it for now if they're still young and carefree, I mean you can teach them financial stuff right now but you can't trust them yet with the applications of it yet. I think that it's a good thing that you're thinking about introducing your children to cryptospace, wish that more parents are just like you.

[RILWAN]

It depends on the age of your children if they are already in teachable age then you have to teach them what io s necessary to operate a wallet such as a wallet seed and security phrases, you don't necessarily have to register the wallets in your name and most none custodial wallet doesn't require any information to set it up.

[leea-1334]

I would not do this as well as others adviced.

Think about how you would do something with regular money. You would simply keep the savings in a wallet or bank account under your name. Which you control.

Then when it is time to give it to your kids you simply transfer it to them. With accounts on their name, teaching them how to use it, sign it, withdraw it,,, all the rich kids do it like this

[davis196]

Children are not mature they download and made wallets and they don't know what is seed phrase and keys. They don't save any keys and they forgot their password and lost there wallets. My opinion is to give mobile to child with parent control.

OP doesn't mean to create wallets and seed phrases and give them to his kids right away.
He wants to save a bunch of crypto in some wallets and give the wallets to his kids when they become mature enough(18+ years old).
Like other forum members said,the best idea is to have hardware wallets,rather than relying on some centralized online wallet.
OP should also be aware that the idea of long term saving of cryptocurrencies can be risky.
Nobody knows what will happen with Bitcoin in 10 years.It might be 250K USD or it might be gone.
New technology gets obsolete pretty fast,nowadays.

[Leviathan.007]

I had the same situation just like you a few months ago and I could find a good solution for it, opening account any platform on any exchange or platform for your children can not be safe since you cannot be hundred percent sure about any platform besides that we all know the best and most safe asset for us to hold is bitcoin in long term and usually you will invest your children in long term, so you can store the bitcoins on a wallet and save seeds in a piece of paper and keep it somewhere safe with a little of kind words for your children.

[qwertyup23]

No, even DEX exchange we dont know when the site becomes shutdown, IMO, isn't a good idea to save your Bitcoin for a long time purpose there.
You can create a paper wallet or a Hardware wallet and here is a [BIG LIST] Hardware wallets (80+), either Ledger or Trezor which are very common to use.

In crypto, we have an important rule to follow in order for your coin to be safe for a long time (Not your key Not your coin), that key means your private key which is you are the only one who controls it and no one will access it.  Saving Bitcoin on exchange isn't a good idea at all.

I am somehow guilty with this especially on the last paragraph you pointed out.

As someone who started with the world of cryptocurrencies last 2017, I mainly deposit almost all of my earnings to our local exchange which is recognized here in the country. While I do acknowledge the convenience it provides (e.g. direct bank transfer, credits, exchanges, etc.), the best way to really secure my funds is by transferring them to a hardware wallet. I might actually check those out with the link that you provided- got me really curious as to how these hardware wallets function.

[famososMuertos]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Allow me to enter into context with these two basic points, I think they are necessary because if you understood them, your question would not have arisen:

1.-The traditional scheme gives you an account address and a physical office. Deposits are in Fiat + KYC.

2.-with bitcoin you only need a public address, but you do not need the infrastructure of a bank, deposits in bitcoin, not KyC.

It doesn't matter what he meant by Dex, or whatever adjective he adds to Wallet, as in his case "Childrens," a bitcoin wallet provides several advantages in terms of control, e.g. giving succession to his children their bitcoin just by giving them access to the private key of a public address.

That is what you have to interpret, now what type of wallet and how will you give access to the private keys, some posts above have already made suggestions but it is if you want a very creative and simple or technological part if you wish, by the way there is also the legal one.