Deciding to save money in Bitcoins for the future of the child

[shivansps]

Just so you know, not all children are going to be the same, I would rather teach my kids how to make money or get Bitcoin instead of storing a high amount of money for them, sometimes, we help our kids by not been too helpful to them, I know this sounds harsh but it's the beet way for many children.

Like I've said before, some children won't turn against your plan and you will feel like the most blessed parent in the world, but majority of children that grows up near me end up wasting everything their parents worked for, that's because they don't understand how hard it is for their parents to gathered some money or properties for them.  

There are things to can pass unto your children that are far better than money and gold, you aren't harsh, you are teaching them to be prepared for their future.

I absolutely agree with you but we have another question. The question was how to save money.

What you are talking about is very important. Children grow up and wasting everything their parents worked for not because their parents were rich, but because parents didn't pay attention to them, didn't teach them financial literacy, didn't teach them to make decisions on their own, make mistakes, gain experience, but did everything for them, not giving them the opportunity to develop. In such conditions, a child can grow up ungrateful, not ready for life and not knowing the value of money.
There are many rich people whose parents were also rich.

[demonica]

I'm not familiar with the economic situation of your country, which is Bangladesh so what I can advice is, since it's your country, you'd probably know better than others how's your economy is doing and if it seems that the situation continues to worsen, then I think it's good to put it in Bitcoin to store for a long term. Also, try to look at how the bank where you put your money, if it's doing well or not. To prevent losing your funds if there's a higher chance of them getting bankrupt in the future.
If you choose to put your savings in Bitcoin for a long run (idk how old your kids are and how long it'll take before they can make use of your savings), better teach them little by little about Bitcoin so when the time comes that they'll be needing it, they know how and what to do with their Bitcoin.

[Minecache]

Good choice, though you'll still need a bank account if you're going to transfer your fiat to Bitcoin and vice versa, unless there are other options for you to do that. I, personally don't use banks when storing my money, I only invest it in Bitcoin for long term purpose, that way, profit is way more better and I control my own money. The only disadvantage of cryptocurrency is its volatility I guess, since it's not always bullish so you will need a lot of patient waiting for the right moment to sell.

It would be a good choice if OP had a few more investments, saving it with other assets like gold or real estate. Putting money in bitcoin instead of saving it in a bank is not too strange for us, but besides its volatility, bitcoin also has many potential risks when the future is unpredictable and uncertain. So it's really not a good idea if we put all our money in bitcoin and think it will definitely bring huge profits to our children. One more thing, like it or not, banking will still be a part of our lives, so it wouldn't be a good idea to eliminate it.

[tjtonmoy]

Banks and Bitcoin, they both have risks. But in terms of advantage, Bitcoin will win, no doubt there. So let's talk about advantage and disadvantage.

Advantage:

Banks: You can keep your money here, and it will be safe. It has to be backed by Government. The amount will increase slowly, but will not decrease (based on your interest percentage). In emergency situations, you can withdraw and use your money as needed. If the money is lost or robbed from the bank, it's their fault, and they will most likely pay you back what is yours. So you are kind of safe from losing money if it's kept in the banks.

Bitcoin: Easily assessable from anywhere in the world. All you need is a device and an internet connection. You will have full control over your assets. If you use it for payment method, then you can do it by sitting in your room. No hassle. Bitcoin is immune to inflation. Because it has a limited amount of supply. And as the market is volatile, price could move up too in the long run, thus giving you more as return in profits than banks.

Disadvantage:

Banks: We will face inflation every now and then. It will make the value of your money worth less in the long run. The interest amount is so low that it can not compete with the inflation. You will have to go through a full process in order to withdraw your OWN money from banks. And also, as you mentioned, banks can go bankrupt.

Bitcoin: Market is volatile, so you need to keep that risk in your mind. In emergency situations, you may have to withdraw at a low price, thus taking a loss. The transactions irreversible, so once sent mistakenly, you can not get that back. You have to keep them in personal wallets. So any risk of losing the key is on you.

As said, Bitcoin will take the win when it comes to advantages. But you need to keep it safe if you want to use Bitcoin as an investment for the future. Keep multiple backups, never share that with anyone except for loved ones. In case anything happens to you, they should be able to access that. Never make a backup online. Keep them safe and create a beautiful future for your kid.

[Woodie]

Some unfortunate situation happening there in Bangladesh with the  reliance on the dollar, and in the midst  of all this ,good  to see you have still gone ahead to secure your children's future using the bank as those were your only options at the time...But with the coming of cryprocurrencies,  you can go one better by saving some of that money in Bitcoin and some stablecoins to have some stable source of finances in the future should it be needed.

Protect your hard earned money by going the crypto way as you are privileged to know of alternatives, good luck!

[irhact]

I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

You made a mistake trusting your investment to banks, they don't care about you but only want to make the profits so they can share with in their self. Investing in Bitcoin is better than investing through banks. As you have bought Bitcoin, you have made a good choice as you'll have the control of your investment and nobody can detect when you sell your Bitcoin. As you keep adding more bitcoin to your savings, you'll keep getting more profits.

Bitcoin is decentralized and can't be affected by inflation because Bitcoin keeps growing in approximately every four years therefore you'll keep getting profits whenever the the price of the market increases. Now all you have to do is to teach your children about Bitcoin.

[landheer]

Good choice, though you'll still need a bank account if you're going to transfer your fiat to Bitcoin and vice versa, unless there are other options for you to do that. I, personally don't use banks when storing my money, I only invest it in Bitcoin for long term purpose, that way, profit is way more better and I control my own money. The only disadvantage of cryptocurrency is its volatility I guess, since it's not always bullish so you will need a lot of patient waiting for the right moment to sell.

I agree with your opinion, and indeed investing in btc is always risky because there is always a bear market and a bull market,

so in my opinion the op can invest in btc for his child's expenses as long as the op has to be prepared for the risk.
but if the op is hesitant to invest in btc I think op can invest in gold because usually gold is not subject to inflation, but you won't get as many benefits as investing in btc. because if invest in btc op can potentially get a lot of profit but the risk is also high. So the choice is in op hands.

[LittleBitFunny]

I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

You made a mistake trusting your investment to banks, they don't care about you but only want to make the profits so they can share with in their self. Investing in Bitcoin is better than investing through banks. As you have bought Bitcoin, you have made a good choice as you'll have the control of your investment and nobody can detect when you sell your Bitcoin. As you keep adding more bitcoin to your savings, you'll keep getting more profits.

Bitcoin is decentralized and can't be affected by inflation because Bitcoin keeps growing in approximately every four years therefore you'll keep getting profits whenever the the price of the market increases. Now all you have to do is to teach your children about Bitcoin.

I don't object to him using his savings to invest in bitcoin for his children's future. But from what you said about bitcoin, I don't see you mentioning any risk of investing in bitcoin that he would face. However, such advice is not entirely true, as no asset offers high returns without risk. Putting your trust in the bank is wrong, but putting all your money in a volatile asset like bitcoin is even worse. Why should we not allocate and diversify? Diversity is always encouraged because it is the best way to protect our assets, nothing is completely safe.

[LogitechMouse]

Well, if you believe that Bitcoin's price will be more than what it is today then I guess you made the right choice.
I mean there's nothing wrong in investing your money instead of just sitting it there in the banks, and wait for it's value to be eaten out because of inflation.

Now the question is, do you have emergency funds? I don't know if there's doing it here aside from me, but the only use of my bank account right now is for emergency funds. We put our emergency funds there. If you convert it all there, then I guess it would be better to have emergency funds just in case somebody goes wrong. Investing in Bitcoin is good, but investing ALL, and not having emergency funds is a different story.

Like you, I'm doing the same as well, but I also save money for different things like when I need to buy something expensive, or for emergency funds. I hope that you can keep that Bitcoins safe for the next 5 years to a decade or even more. Good luck in storing it.

[Blitzboy]

Here's the thing - the financial jitters you're experiencing are definitely real, and your idea to use Bitcoin as a cash reserve echoes a predicament faced by a global crowd. But remember, you gotta tread lightly; Bitcoin, for all its worth as an inflation shield, comes packaged with its very own risks

Yes, it's out there in the wild, decentralized, and free from governmental puppet strings. But this digital bucking bronco is known for its epic mood swings. The value can rocket sky-high only to plunge into the abyss just as swiftly. Add to this, the ground rules and warm reception to Bitcoin varies widely from one country to another, and that includes Bangladesh.

Maybe try looking at a buffet of investments. How about dipping your toes in the stock market, trading commodities, or becoming a property tycoon? Or even stocking up on foreign currencies that are more on the stable side? Each investment has its own game of roulette, but scattering your bets can help soften the blow if one goes belly up. How does this game plan sound to you?

[naira]

Always remember don't put it in one basket, the point is even if you decide to transfer your money to Bitcoin, it doesn't mean you don't have spare money in your wallet. At least having cash for survival must still be done even in the midst of inflation. No wonder there is panic everywhere when savings accounts are frozen, everyone simultaneously becomes poor together. Therefore it is not recommended to keep all funds in the bank. For example, I always have an emergency fund, and some of it is invested. There is indeed a balance in the account, but it doesn't reach 10% of the cash and assets that I have. You could say that the country's economic condition is stable, inflation is not too bad, and banks are still open everywhere that doesn't make me careless.

[Obari]

I am a Bangladeshi citizen currently my country is suffering from severe dollar crisis. Such incidents have happened in our country before. Due to the dollar crisis, several banks went bankrupt at that time and those who had deposited money in those banks lost it completely. Currently, the top media of our country is once again broadcasting various news about the dollar crisis. And they think inflation like inflation may happen in Bangladesh very soon. If things like inflation happen then there is a possibility that many banks of our country will go bankrupt again. I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

Great choice you made and if it was possible  to buy them one bitcoin each, then that would have been one of the best decisions so far as that gives more guaranty of profits over losses, as long as bitcoin doesn't fall to zero then they  should  still be in trade.
Hope you know that nothing is guaranteed in bitcoin  and anything can happen because just as you're expecting the money to be safe, and yield some possible profits, hope you also know that, there are possibilities that you can make losses while hodling as a result of the volatile nature of bitcoin which actually makes it more interesting as people profit from others losses.
You make a good decision  for your children  bjt also do well to take out time to study more about it because you're expected to pass the knowledge  across to them when they're of age.

[Mpamaegbu]

I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

Whether you're saving in cash or Bitcoin for your children's "future" you should just remember that life is full of uncertainties. There's no guarantee that things will fit in as perfect as you're projecting them. Always leave room to brace up for things going wrong. Again, what even makes you think your children will like the idea of an already planned future or saved up financial protection from their Dad? Independently minded people wouldn't like such a plan. They want to sweat it out by themselves rather than being spoon fed. Anyway, a better gambling option between the two – Fiat and Bitcoin, for the future of you asked me would be to save up in Bitcoin; not fiat.

[Botnake]

I have also thought of this, as I do have an upcoming child, but I am not as lucky as you to have spare money. Your idea is really good to save it for the future of the child, but always think about the risk. It is also best to put it in the bank, but again, banks are failing in your country. I think that is really the best way right now. Your situation is very difficult because there are no banks if you want to put it there. How about those businessmen or rich people? How do they store their money?

Yes, saving for the future of your child is always a good idea, but if you withdraw all your funds and focus on bitcoin investment, I guess that would be too risky to take. You could be so much profitable in the future, or yet  you could lose them all when bitcoin’s value end up zero( of course that won’t happen hopefully). However, if you have ultimately lost your trust in the banks, then you can invest and diversify them. Do not put your egg in just one basket, learn to invest in other profitable investments too such as real estate, stocks, or even gold that is showing consistent price increase.

[ZAINmalik75]

Whether you're saving in cash or Bitcoin for your children's "future" you should just remember that life is full of uncertainties. There's no guarantee that things will fit in as perfect as you're projecting them. Always leave room to brace up for things going wrong. Again, what even makes you think your children will like the idea of an already planned future or saved up financial protection from their Dad? Independently minded people wouldn't like such a plan. They want to sweat it out by themselves rather than being spoon fed. Anyway, a better gambling option between the two – Fiat and Bitcoin, for the future of you asked me would be to save up in Bitcoin; not fiat.

       
I completely agreed with you about this all because in current world nothing is safe and secure we have to do few things which are surely needs something which not need extraordinary locks because I remember I read on a site one person keep his bitcoin in wallet but sadly after few years he lost his password and keys as well, so now he is regretting about his decision with this all are gone with no chance for the return so if op wants to secure his kids future then surely he needs to have few alternatives as well which helps him or his kids in case of any emergency or uncertainty because what's going to happen in next moment no one aware about this all so just keep things going in better way for all is surely more important.

[Distinctin]

When it comes to hyperinflation, you can't trust banks with your money, not because they might go bankrupt, but mainly because the value of your money will significantly drop due to the crisis. As a crypto investor, I agree with your decision to convert your money to Bitcoin and save it for your future. Bitcoin has shown positive growth when looking at the big picture. I know some experts would argue that putting your money in Bitcoin is too risky, but isn't hyperinflation even riskier as it affects everyone?

Even without hyperinflation, we know that trusting banks are not ideal since they are the ones benefiting the most of our money rather than giving to us what we deserved. That is why trusting our funds into the banks are also risky especially if most banks have shown to be nearly in closure due to bankruptcy. And here comes bitcoin, which is free from hyperinflation, and has high potentials to be highly profitable in the future. So if you are into financial success and stability, especially for your children’s future, I think bitcoin investment is certainly the best option for now.

[serjent05]

I am a Bangladeshi citizen currently my country is suffering from severe dollar crisis. Such incidents have happened in our country before. Due to the dollar crisis, several banks went bankrupt at that time and those who had deposited money in those banks lost it completely. Currently, the top media of our country is once again broadcasting various news about the dollar crisis. And they think inflation like inflation may happen in Bangladesh very soon. If things like inflation happen then there is a possibility that many banks of our country will go bankrupt again. I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future. I can't give  So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

You should also accept the risk of investing money in Bitcoin.  Bitcoin's future even though it is in an uptrend price chart history is still uncertain.  There is still a possibility of the Bitcoin market collapse making the Bitcoin price crash if not become worthless. So aside from Bitcoin investment just to make a backup strategy you should also invest in another investment not in the form of cryptocurrency but in the form of other possible business venture.  there is a saying that we should not put all our eggs in one basket because we never know what will happen in the future.

[goinmerry]

I have created a savings account for my children's future and I have already deposited some amount in it but I am in doubt about my money because if my money is lost due to bank failure then I can financially support my children in future.

I'm sure you have chosen a bank that has a good credit quality standing. By failure, do you mean the bank you are referring to might go bankrupt in the future? All banks are insured and it's not that a specific bank won't go bankrupt overnight especially if your chosen bank does have a good reputation in their entire operation.

So I have planned to withdraw the amount of money deposited in the bank and convert it to bitcoin and store it through bitcoin. I hope that as a parent of the child, I have made a good decision for them by thinking about their future.

Your own money, your rules, your own decision.

I just hope that you know and understand very well the associated risk you will deal with. Remember that what you will do here, is to long-term holding. Just make sure that you will store your Bitcoin in a secured storage, non-custodial wallet, and knows very well the ways to keep it safe.

If you lose access to any of your private keys holding your stored bitcoin, that is done for good. There is no insured-related stuff there.

[Fivestar4everMVP]

As a father, it is completely your responsibility to cater for your child and ensure they have a great future, their future is sure in their hands, but as long as they are not yet adults, their future is in the hands of the parents, making financial preparation for the future of our kids is pretty very much important, and considering all the shit happening with fiat and banks lately, I can't help but agree that saving in bitcoin for the future of our kids is definitely the best decision any body can make right now, yeah, bitcoin does have its own risks attached, but as long as the saving is for the long term, rest assured there wil be good profit at the end of the day.

[dothebeats]

If ever I were to have a child, I would have a separate bank account for him/her and have another one for bitcoin and crypto. That way, I'm not putting the future of my child at risk just because I believe in something that works now that could possibly not work in the future. As time goes by, it becomes increasingly hard to choose which investments to go for, especially if you have a limited income. But still, it's best to not put all your eggs in one basket just to prevent unexpected things from causing too much damage.