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

[mirakal]

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?

[DanWalker]

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.

If you do, it's really too harsh. Saving money or leaving an inheritance to our children doesn't mean you have to give all your assets to them and direct them to a life based on what we leave behind without having to work. Saving a small portion for them just as a gift when they grow up, they can more easily start their dreams. It's also a way to teach them that, besides working hard for a good life, it's also important to save for the future.
Our children are spoiled or will grow up wise, it all depends on how we raise them. Many families still leave inheritances, and their children can create even more wealth for future generations.

[kryptqnick]

I read a bit about the dollar crisis, and the articles I saw were on struggles to pay for fuel because the dollar reserves are shrinking. I didn't know (and, to be honest, don't understand) that it was connected to bankruptcies, but I know that bankruptcies can hurt people a lot, especially when they just keep happening. I think that putting savings into Bitcoin, while risky, might be safer than relying on a bank in a country where there's a high risk of bankruptcy and having an account in a fiat currency that might suffer from heavy inflation. After all, Bitcoin keep recovering eventually, and even if it doesn't all go great with Bitcoijn, there's always an option to sell it for fiat.

[Yatsan]

Would be a wise move if we have the assurance that nothing bad will happen in this industry, in the future. This technology runs in blockchain and there are even restrictions regarding its usage to some countries which should already impose a risk from storing huge value with a futuristic purpose. If it is security you are looking for, then engage with bank savings or properties. Still has risks buy for sure lower. Bitcoin indeed is a profitable investment, we all know that but if it is for the future of your child, would you be too confident of it?

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?

Both has risks. It is a good thing to invest in Bitcoin for long term but to put everything into it won't be advisable. Always manage the risk right?

[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.

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.

This isn't right too because everytime when you need money you can get by selling it may cause little inconvenience along with delays, I expect you to have the money required for that month in your bank account so you can save time from selling everytime and fees due to moving from wallet to exchange then exchange to bank account.

[terencio]

You are a brave and caring parent. I think you are doing the right thing by protecting your savings from inflation and bank failure. Bitcoin is a decentralized and scarce asset that can preserve your wealth and give you more freedom and control over your money. I wish you and your children all the best.

[Issa56]

This isn't right too because everytime when you need money you can get by selling it may cause little inconvenience along with delays, I expect you to have the money required for that month in your bank account so you can save time from selling everytime and fees due to moving from wallet to exchange then exchange to bank account.

I don't always find it difficult to withdraw money  to my bank account, and I don't always find my money safe in the bank. If i leave money in my bank account, you will be charged for things like ATM card maintenance fees even if you do not use the ATM card, and there are other charges you will be charged at the end of the month, which I see as cheating, because if I can leave money in my account, banks are using my money for business and profiting from it, so why will they charge me again? They are still deducting money from my account after they used it for business. I don't care about fees which I will be spending, I prefer withdrawing to my account whenever I want to make use of my money.

[ElmedoRator]

The purchasing power of fiat currency can decrease over time due to inflation, so many people look to and consider alternative stores of value like Bitcoin. The potential risks associated with bank failures may also make some people hesitant to just keep their savings in traditional banking institutions. When comparing growth potential and passive income, you must weigh the risks and benefits of different options. While saving at a traditional bank can yield some interest, it is often very small and may not keep up with inflation. On the other hand, platforms that offer staking or other methods of earning passive income from holding Bitcoin may come with their own risks, but higher returns are acceptable. Investing in Bitcoin should therefore be done with a long-term view, understanding the potential risks and rewards associated with cryptocurrencies.

[Faisal2202]

Dear Synchronym, you have left no other option other than storing your assets at your home where they will only lose their value over time as you said inflation is high and the dollar is at heights, so the second option is, you could invest in any asset to which you will have full control and ownership + the value of your money in assets (BTC) will not decrease over time.

But keep in mind that BTC is also very volatile and its price is influenced by many factors such as news which creates FUD and FOMO among investors and holders. Like the recent one by SEC suing Binance and Coinbase. Due to which market was 5% down. So, you should be mentally prepared for such situations too, like a traditional person who recently shift to BTC to store the value of their money, always played by market sentiments and sometimes by their emotions and loss too. So you have to keep this in mind and be prepared for such a situation and should remain calm. Plus, if you are new to the crypto space then you should also read some articles about how to keep your assets safe and i suggest you should use a hardware wallet or an open-source wallet. The most preferred wallets i have seen by others on this platform are Bitcoin and Electrum. You should make a mindset that for how long you are planning to hold BTC as if that is for 5 to 10 years then you should not be worried about news and thus you cannot be played by them.

[taufik123]

I don't always find it difficult to withdraw money  to my bank account, and I don't always find my money safe in the bank. If i leave money in my bank account, you will be charged for things like ATM card maintenance fees even if you do not use the ATM card, and there are other charges you will be charged at the end of the month, which I see as cheating, because if I can leave money in my account, banks are using my money for business and profiting from it, so why will they charge me again? They are still deducting money from my account after they used it for business. I don't care about fees which I will be spending, I prefer withdrawing to my account whenever I want to make use of my money.

The dependency on using Bank Accounts and using Crypto as asset storage both have their own importance.
I adhere to both of these storage systems because Crypto and Fiat cannot be separated at this time. Both are needed although there are some risks that will occur in both. Exchanging crypto assets and putting them into a bank account is very easy and there are no difficulties, except for some obstacles from the overcrowded Bitcoin network.

But that's another discussion, let's go back to the context in the OP's language about saving in Bitcoin for his child's future.
Storage like this will be done for the long term. It would be an investment that would be given to his son.
It would be a perfect investment, with no third-party interference and no monthly fees required. But the security for Seed Phrase really needs to be thought about.

[suzanne5223]

There's no way the government will continue to print more fiat currency and the economy won't be struck by inflation. Therefore, to avoid the fund you save for the future of your crashing into the tiny air I will advise you to convert it into BTC and Gold if you want to practice risk management since your plan is long-term holding and it is not wise to put all eggs in one basket.
I like you as a parent who has a plan for the future of his/her child.

[freedomgo]

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.

Your decision is not bad at all, but never think that all banks will go into bankrupt. You can still save in a reputable bank but only put a small amount so that if ever the bank goes bankrupt, your funds will still have the chance to be refunded. Or if not, at least you can easily manage to lose those amount. And just learn to diversify your investments by not putting all your money in a single basket. Maximize your investment with bitcoin and the rest can also go into other investments like gold, assets or stocks. That way, when one investment fails, other investments will still have the chances to succeed and be profitable.

[albon]

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.

It is the best decision you will make in your life because Bitcoin is the undisputed safe currency in the market, so be completely reassured that this currency will secure your money and secure the future of your children, but do not forget that the crypto market is volatile, so if you want to put your money in Bitcoin, you have to ignore the FUD and you have to be patient enough, because patience is your effective method in this market, and you have to gain enough experience. These central banks in your country are not a good place to save your money because, as you mentioned, they may go bankrupt one day. Bitcoin also has risks, but in my opinion, it is better than central banks and safer because any central authorities do not control it. If you invest part of your money in it and hold it in the long term, you are undoubtedly, In the end, will get your money back and make good profits that are sufficient for your living life.

[loopes]

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.

While you store your money in the bank, inflation will be your risk and then potentially lost your money if the bank bankrupt. But if you withdraw your money then start investing to the bitcoin you will face another risk.  The bubble effect of bitcoin price will haunt you every time. The price of bitcoin would go high but it will go dip any time then if you do not cut your loss you  may loss a lot.

[romero121]

One of my friend have started to collect little by little keeping the future in mind. His plans were long term, and he still holds a good sum of holdings in the exchange. He finds it easier. I've suggested him to move his funds, He never go through whst is happening around the market. Whenever he have got excess money, he'll just invest into different cryptocurrencies. Afterall he started doing it after my suggestion. Myself trying to accumulate something, but the money need doesn't let me follow it.

Considering the ongoing inflation and the return from different investments it is the best choice to save in terms of bitcoin.

[mirakal]

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?

Both has risks. It is a good thing to invest in Bitcoin for long term but to put everything into it won't be advisable. Always manage the risk right?

Yes, we manage the risk. However, given the circumstances presented by OP, we were only left with two options: putting our money in a bank that will be affected by hyperinflation or converting it into Bitcoin. Which one would you choose? The answer is quite obvious; it's a matter of choosing between right and wrong. You would choose the right option every time, which is investing in Bitcoin.

[Bazzu]

as parents, of course we will think about the future of our children so that in the future our children will become successful people in all things.

if your country is in a crisis as you tell me and has the potential to be affected by inflation
of course you have to make a good strategy, and if your choice is to invest in btc I think it is the right decision because investing in btc for the long term will certainly have the potential to benefit.
but you also have to be prepared for the risk of investing in btc.

[Z390]

During any financial crisis,  banks are always one of the most affected, you don't need ti be told that keeping your money out of any private banks is the best way to go, like I keep telling people living around me, banks are not safe either, some people believe so much in banks, like nothing will ever happen to banks, that's not always true.

The reason why I still use banks today is because of Fiat currency, assuming we can buy everything with Bitcoin I have no reason to still use Fiat, but since Fiat is the only currency they recognize here I have no choice.

[AicecreaME]

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.

[shivansps]

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 some banks have already closed and everything is going to close others, then taking money from the bank is a good idea.
Investing in bitcoin is a riskб but bitcoin is better than an unreliable bank. But you should to consider that bitcoin can increase in growth at times and a decline in price.
I don't know how much we are talking about, but you should also pay attention to gold and real estate. Don't keep all your savings in one place.

My best wishes to you and your children