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

[synchronym]

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.

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[Findingnemo]

So basically you're depositing your money in a bank account and think it will grow in the next 10 or 15 years?

You should never keep more money in the Fiat form that you require for next 6 months incase if you lose your source of income completely and need to survive. And anything apart should go into investment which can be gold/stock/bitcoin/real estate or whatever that has potential to grow in the future.

[pawanjain]

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.

There are two things I would like to day.

1. Even if banks go bankrupt it doesn't necessarily mean all banks will go bankrupt and the economy will collapse.
So to be on the safer side, do not put your money in private banks and put it in government banks instead.
The reason being government banks if gone bankrupt are backed by the government and hence the money is comparatively safer there.

2. If you want to put your money in bitcoin for your child's future then do consider the fact that you have to store the coins in a safe place and keep the keys safe.
So you have to be extracautious since you will be holding the coins for a long term. Consider buying a hardware wallet from the official site.

[Renampun]

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.

if you don't mind that the value of your savings has decreased drastically, you can choose Bitcoin as an asset for your savings. because even though it is very safe to save money on Bitcoin but we don't know for sure how the price of Bitcoin will go in the future, it could decrease drastically or it could increase, no one can predict. the point is that you have to be prepared for uncertain market conditions.

my advice is that you should be able to diversify your assets. don't put it in one place. because it's too risky to put your savings on bitcoin only. moreover this money is for your child's future. you still need a stable asset whose value is not as volatile as bitcoin.

[BD Crypto]

In my point of view It's really a great decision to hold in Bitcoin rather than holding it in a bank account. Because the demand of Bitcoin and the popularity is growing day by day. So there is a huge chance that the price of Bitcoin will pump hard in near future. I am also deciding to make some deposit in Bitcoin for the future. Anyway best wishes for your upcoming future.

[sokani]

<snip>

I'm from a developing country and presently the central bank has set in place measures to ensure that customers can still get their funds whenever a bank goes bankrupt, but sometimes I do ask myself questions like what would be the fate of my savings in the bank when there's a civil unrest or war, since this is not inevitable. In the past I've heard unpleasant stories of how some customers lost their money as a result the crashing of some commercial banks, but saving funds in bitcoin either for your children future or for personal purpose is a wise choice and can help to checkmate this.

[umbara ardian]

I don't think it's a good idea to put savings in a private bank during a financial crisis. Instead, you should choose a government bank because if they go bankrupt, you will still be supported by the state. But if you want to invest in Bitcoin, ensuring proper storage and security is important. Using a hardware wallet from a reputable website is indeed a recommended method for long-term storage of cryptocurrencies. Remember to keep multiple backups of your wallet's recovery phrase or seed and store them in separate secure locations.

[Zaguru12]

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.

Not a bad idea to save your funds on assets that have store of value like bitcoin. But I would likely advise you that you should split them and probably invest some in other assets too because bitcoin is a volatile asset. Although every bitcoin has the potential not to remain at this price or go lower than this in a year to come but due to its volatility mainly caused by economic factors it cannot be certain there won’t be a bear period when you might need it. Bitcoin as at of last year this time around was close to $30k but it is below that now. So imagine someone that bought that price and is trying to sell off now will loss. But once you save in another asset you can turn to them when bitcoin is facing a bearish period and that will save you from panic sell.

Also since this is a long time saying I would suggest you think and make a good choice of wallet. An electrum wallet will be advice but if the funds is huge I would advise you to just go for hardware wallet instead. Then be cautious of where to store it or them

[ZAINmalik75]

/Snip

It's a honest decision for the bright future of your children as currently every fiat (dollar, euro, Pound etc) suffering inflation,  so it's a best strategy to adopt Bitcoin as for holding your wealth but currently due to irregulation of Bitcoin in  Bangladesh will give you hard time as mostly FBI take action against them and mostly seized Thier assests by creating drama of money laundering, so before adoption you should keep such point in mind.
It's true that later due to high devaluation of paper money each government will regret Thier mistake for not regulating Bitcoin but currently banking mafia totally changes Thier mindset..

[The Cryptovator]

I understand your situation, and it seems like you've made some sound decisions thus far. Storing money in banks may not be as secure as it once was. One of the primary concerns is that banks and governments have control over your funds, and there is a risk of them declaring bankruptcy, which can leave citizens cheated. Therefore, it has become increasingly difficult to trust any bank, especially during times of inflation.

Alternatively, investing in Bitcoin can offer potentially significant returns, and it allows you to have full control over your funds, effectively becoming your own bank. To ensure the utmost security, it is advisable to use a non-custodial wallet or consider purchasing a hardware wallet. These measures can provide added protection for your Bitcoin holdings.

[acener]

For me OP's decision is the right thing to do specially from what he/she had mention that Banks in their country are failing.
It is better to keep the child's money in crypto to secure it and also it could gain profit by doing it.

[BenCodie]

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 have made the right decision, in fact, I believe there may come a point in time where parents who did not do such thing may find themselves behind or potentially in hardship if they did not make a similar decision. Banks are ancient businesses, their models are obsolete and their grip on societies around the globe will only weaken as economics weaken their primary currency for business and as people lose faith and confidence in their pull over economies. It will be a painful change for those who do not find a hedge like Bitcoin, but hopefully it will be smoother for those who do use the hedge. Good job and good luck during this process synchronym, you've done the right thing so far!

[hannahB4]

I don't know if it's related to your country but for like three years ago, there is a financial policy that helps the customers of any individual bank to have access to their funds after folding up. I will like to also know what you plan to do with the money in the bank even before the dollar rises, do you plan to invest in stock or bonds? Investing the money in Bitcoin is a good decision you made for the betterment of your child

[electronicash]

dads gotta provide for his family thats one responsibility you got. you are absolutely right in seeing Bitcoin as your savior when it comes to finance problem. we're all banking to BTC as well to beat the inflation.

all currencies today are affected by global economic crisis. if you left your money in fiat, it will lose value especially when your local currency is not USD.

[kaseygriffin]

Today the financial landscape is changing and cryptocurrencies like Bitcoin have the potential to bring about significant changes in the traditional financial system. Hence the fact that many people view Bitcoin as a hedge against economic uncertainties or a potential alternative to traditional banking systems. When it comes to financial decisions regarding long-term savings and your children's future, you must consider carefully and take a diverse approach tailored to your individual circumstances and risk tolerance. Anyway at this point stability is still better than trade-off.

[Bananington]

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.

Being an over-thinker is paying again. You think a lot for you to actually settle down and think into the future and what can possibly happen to the money that you have kept in store for your child. Making the decision to make the withdrawal and convert the money to bitcoin is a better option considering that it will be safer from any economic challenge that the banks will face. Now that you have made the choice of keeping it in bitcoins, you have only solved one challenge. You also need to be aware and ensure that you know how to keep the bitcoins safe because it can also be lost to theft and through other means.

[Issa56]

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 purchasing bitcoin for your children is a nice idea, but you should make sure you properly secure your bitcoin since you are holding it for long term, and you should make sure you store your bitcoin private key in a place where your children can easily access maybe incase if anything happens to you. It won't really make sense if your children can't access the bitcoin you bought for them after your death.

So basically you're depositing your money in a bank account and think it will grow in the next 10 or 15 years?

You should never keep more money in the Fiat form that you require for next 6 months incase if you lose your source of income completely and need to survive. And anything apart should go into investment which can be gold/stock/bitcoin/real estate or whatever that has potential to grow in the future.

If you keep money in your bank, your money won't be increasing, I can't even remember the last time Ieft money in my bank account for long time, the only money I keep in my bank account is the amount I will be needing in the next few hours or days, my money is always in bitcoin and Whenever am in need of money, I will sell the bitcoin and convert the money to fiat currency, then use it for any necessary thing I need it for at that moment.

[Oasisman]

I guess that's fair enough if you're in a country that's facing severe financial crisis anything can happen in a blink of an eye. One of the safest option is to put your money where nobody is controlling it except you, plus you get to enjoy the profit in the future.
I personally witnessed when one of the main stream education insurance in my country went bankrupt and not everything was refunded. Not sure what happened back then since I was too young to understand things regarding the financial aspect, but It was most likely caused by some corrupt officers.
Just make it sure that you're teaching your children how to access their money as early as they have in the right mind to understand things, other wise it will all go to waste when an unfortunate incident happens to you.
That's the only major problem I'm looking at in such situation other than the risk of your children withdrawing it prematurely and spend it to useless things, of course that will not happen if you keep the keys away from their reach.

[Z-tight]

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.

BTC is a censorship resistant and decentralized currency, so buying BTC removes your money from any central control, neither can your bank going bankrupt affect you anymore, but take note that you are going to control your money yourself and you have to be careful not to make any mistakes. I don't feel buying BTC and saving your money in it is the problem, but setting everything up and keeping it in a safe enviroment, people lose their funds often because they choose the wrong wallet and have bad operational security, so if you are sure you are ready and you have enough knowledge about BTC, you can go on with your plan.

[panganib999]

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.

There are two things I would like to day.

1. Even if banks go bankrupt it doesn't necessarily mean all banks will go bankrupt and the economy will collapse.
So to be on the safer side, do not put your money in private banks and put it in government banks instead.
The reason being government banks if gone bankrupt are backed by the government and hence the money is comparatively safer there.

2. If you want to put your money in bitcoin for your child's future then do consider the fact that you have to store the coins in a safe place and keep the keys safe.
So you have to be extracautious since you will be holding the coins for a long term. Consider buying a hardware wallet from the official site.

Exactly. Government banks are still aplenty, and most of them even give out bonuses just for banking with them, presumably as a means to catchup with private banks. He could also look into investing on a form of 401k or a Roth IRA for his son, a trust fund per se. That would really set the kid for the future, and does not carry with it a lot of risks that investing in bitcoin or cryptocurrencies will bring. I would highly suggest you diversify your savings as well, one for emergency, one for your kid, and one for travel and leisure, being the basics. This will help you make sure you don't drain out your savings all at once, and keeps you set at a goal that you want to achieve.

Lastly, you might wanna look into other forms of investing, like real-estate and other forms of commodities like gold and silver, diversifying your portfolio gives you the best chance at making sure you turn a profit when push comes to shove. Do this and not only will you secure a bright future for your kid, you'd also be ensuring a nice and dandy retirement for you and your wife.