Parental Guild on Bitcoin

[RioBlemz]

Parental Guild on Bitcoin

I have observe that there is no parental guide to buying and selling of Bitcoin. However, some central exchangers do put age restriction if you want to buy/sell digital currencies and some do not see the need to do so. Specifically, I would like this discussion to focus on Bitcoin or you can make reference to other cryptocurrency to drive in your point if you choose.  I do encourage parents to buy BTC in smaller amounts for their kids that's depends on how they can afford. One of the most likely challenge is how a parent can communicate to the child on the usage, what BTC entails and how to secure there funds.

I have put in written form some ways I can communicate this;

BTC is real and it is money in digital format. You can access it anywhere in the world and convert it to local currency to be use for purchase. Bitcoin is own and control by individuals who uses the internet for access and can do it using Laptop, Phones, tablet etc. Bitcoin is stored in Wallet which has its own unique key or addresses. Buying and selling of Bitcoin is legitimate but there are restriction in some countries and there is also risk involve. You can actually trade bitcoin too but I will not want you to because you need the right knowledge to do so if not you will lose all of it. Bitcoin has lot of benefit but should not be use as a game and get rich quick. You should also no share you password or personal key to anyone as it you funds can be withdrawn without your notice.

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?

Should authorities or agencies place age restriction on owning Bitcoin?

I will appreciate you immerse contribution to this discussion.

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[jrrsparkles]

AFAIK, every centralized exchange enforced mandatory KYC and also the account holders required to be 18 or above which sums that only an adult can legally open an exchange account so that they can buy and sell cryptocurrencies.

Also, exchanges have risk policies along with FAQs that should explain what is crypto trading to the user.

[Churchillvv]

Parental Guild on Bitcoin

I have observe that there is no parental guide to buying and selling of Bitcoin. However, some central exchangers do put age restriction if you want to buy/sell digital currencies and some do not see the need to do so. <.........> I do encourage parents to buy BTC in smaller amounts for their kids that's depends on how they can afford. One of the most likely challenge is how a parent can communicate to the child on the usage, what BTC entails and how to secure there funds.

In as much as there is no parental control in buying and selling of Bitcoin it's still limited to some extent, the classification ladder we have two major societal class the Adults and the minor hence it all depends on where you live, in some countries one is allowed to carry out whatsoever he or she wishes to do at the age of 18 and above while some are 16 or less. with this age differentiation some exchanges uses the KYC which also requires age before you can have some certain qualifications that will be used for verification hence through this age limitation has been brought in consciously or subconsciously/ with or without their notice.

Buying Bitcoin for a kid is quite confusing because the age which you are talking about should be specific, a child of 1-10 or 11 - 16 or above or less is what any parents should considered, of what necessity is buying Bitcoin for a child for? except it's an investment in their future just as parents do save money for their kids. If you where talking about saving money for children in Bitcoin that's quite convincing but trying to communicate what bitcoin entails and it's usage is not really relevant because I do say this alot that teaching children about bitcoin is not healthy for me, I do say that let children be children let us not border children with the knowledge of Bitcoin.

I have put in written form some ways I can communicate this;

BTC is real and it is money in digital format. You can access it anywhere in the world and convert it to local currency to be use for purchase. Bitcoin is own and control by individuals who uses the internet for access and can do it using Laptop, Phones, tablet etc. Bitcoin is stored in Wallet which has its own unique key or addresses. Buying and selling of Bitcoin is legitimate but there are restriction in some countries and there is also risk involve. You can actually trade bitcoin too but I will not want you to because you need the right knowledge to do so if not you will lose all of it. Bitcoin has lot of benefit but should not be use as a game and get rich quick. You should also no share you password or personal key to anyone as it you funds can be withdrawn without your notice.

In as much as no knowledge is a waste teaching children about bitcoin is not healthy enough in my opinion, why not teach them about the whole concept of money and not Bitcoin that is way beyond their understanding, because if they don't know how to handle their finances, then knowing Bitcoin is useless already. it's better not to even border children with Bitcoin knowledge than teach them what they can use a the moment and thereby leaving them with incomplete knowledge.

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

Buying Bitcoin can be good idea if its sort as investment in there future as I have said above.

How do you teach a kid to secure Bitcoin incase you are not there?

I wouldn't teach a child how to secure bitcoin but an adult that would be capable of making good decision or at least a teenager.

Should authorities or agencies place age restriction on owning Bitcoin?

Since there are no restrictions in age for owning money why would there be restrictions on owning Bitcoin? whereas Bitcoin is a decentralized currency that can't be controlled by any authority which is the goal of Satoshi Nakamoto in creating bitcoin. Not even government can make decisions for Bitcoin so no agency can make any restrictions on what one should do concerning Bitcoin ownership.

[Wiwo]

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?



I will appreciate you immerse contribution to this discussion.

You mentioned kids so i will respond you in a straight forward manner and i will say NO, let kids be jids and allow them the pressure of trying to comprehend a complex topic such that involve finances and investment.

I will personally not teach my kids at an early age about Bitcoin,  but I will hold a certain amount of Bitcoin for them and when they grow up to the age at which they can understand the concept and be able to bear some risk, then I will give them possession of the bitcoin and at that point, we already had some good discussion on security and safety in using bitcoin and what the risk level in it.

Should authorities or agencies place an age restriction on owning Bitcoin?

If there may be some strong regulations where and when citizens' Bitcoin are owned 100% in a centralized exchange,  which is not possible,  only then will you say that Bitcoin owners can be age-restricted.

But since Bitcoin is a decentralized currency, there is no limitation to who and when you own it as long as you can securely set up a wallet and own your private keys.

[Orpichukwu]

@jrrsparkles, and @Churchillvv, their is no age restriction for buying bitcoin. AFAIK, if you have the money to buy bitcoin, you can buy it no matter the age that you are. All you need is just to know how, and for centralized exchange is not the only means to buy bitcoin, infact it's not even a safe means to acquire a privacy coin. There are Dex, F2F trade and other forms of acquiring bitcoin which will not require you to pass KYC. 
 
21st century has us with lot of technology, so the young are taking so much advantage of it and it's also speeding up the learning process. So parents just have little job to do in the aspect of training their kids about Bitcoin. In this period, before you even raise concern about it, your young kid will tell you detail information about the coin. All that's just needed is for the kid to be smart and the parent can just guide them on the risks involved and allow them to choose their part. 
 
Parent investing in crypto for child is also a good initiative. It's a future investment and it's part of the best thing, which can serve as insurance for children from their parents, why they grow up. 

[Bitstar_coin]

This is overthinking btc which is not necessary imo. However, Just like some parents have a bank account for saving money for their children's future upkeep, a parent can also buy btc for their kids and maintain guardianship till that child is of age to handle such assets.
Kyc already serves the purpose of age restriction so if you are not 18 and above i doubt you can be able to register in any centralized exchange because you need a governement approved identity verification document to verify the account.

As a parent, it is mandatory to always communicate with your children regarding your assets regardless of whether it is btc or not, this will prepare them for any future emergency that may arise.
It is very easy for a parent to teach their children the basic knowledge of btc, securing the p/key, and buying/selling which is the whole idea behind investing and hodling btc.

[Crypto Library]

In order to adapt to the competitive environment in the future, it is very necessary to educate children about this cryptocurrency i.e. Bitcoin. I think we should normally introduce children to Bitcoin the same way we teach the basics of money management. But one extra thing will be added here is that it is a peer-to-peer based system which is fully decentralized and if you know how to use it properly, you don't need to use a centralized exchanger to buy and sell here.

You should also no share you password or personal key to anyone as it you funds can be withdrawn without your notice.

Add one more thing here, Phishing. Teach them what is Phishing and why people are losing their funds after falling into Phishing traps without sharing passwords or private keys with others.

Is buying Bitcoin or cryptocurrency good for Kids?

Of course 'Bitcoin' rather than the shitcoins. Keep in mind that Bitcoin will be better than anyone else but that must be for the long term.
Moreover, if you want, you can buy bitcoins as a gift for them using this method- Using Locktime for inheritance planning, backups or gifts

Should authorities or agencies place age restriction on owning Bitcoin?

There will be no benefit in keeping the age restriction, because it is not a bank or a centralized exchange that anyone needs to verify with the NID card to make a purchase or transaction. But ethically speaking, children are naturally more immature than an adult so there needs to be an age restriction to protect the fund from risk. 

[BIT-BENDER]

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?

Should authorities or agencies place age restriction on owning Bitcoin?

I will appreciate you immerse contribution to this discussion.

1: if you have the capital buying Bitcoin for anyone is quite a good decision especially when they are kids, you can structure when the get to have it (may be at 18yrs) this would give the Bitcoin you purchase for them adequate time to increase.

2. Firstly I don't think it's wise to hand over Bitcoin wallet to a kid, just like you would not hand your banking application to a kid, I think we should let kids be kid and handling finances is complicated for kids so it's best to hand it to them when they are matured.

3. Well I think the government should stay away from Bitcoin and Crypto-currency it defeats the decentralization aims so the restrictions should be made by the adult purchasing the Bitcoin for kids.

[sokani]

Is buying Bitcoin or cryptocurrency good for Kids?

Yes I think it's a great idea, just as you can open a savings account for your kids, you can do same with Bitcoin by creating a dedicated wallet for your kids, buy and store Bitcoin. When they grow of age, you can hand it over to them or use it to sponsor them through school.

How do you teach a kid to secure Bitcoin incase you are not there?

They may be too young to understand wallet security and could mess things up. Instead, use this approach by LoyceV: Using Locktime for inheritance planning, backups or gifts to leave something for them.

Should authorities or agencies place age restriction on owning Bitcoin?

Since Bitcoin is not centralized, it's not under the control of government or any agency and it's not limited by age.

[Onyeeze]

The only thing that I will know as a parental guide concerning bitcoin is something that I know quite well that people currently have being emphasising on teaching people bitcoin is something that have being going on for the forum,it's better for we to teach our children bitcoin, if we are into bitcoin, because the guidelines of teaching your children about bitcoin is something that will make you to understand that parental guidelines is important for every cryptocurrency enthusiasm to know that you are supposed transfer the knowledge of bitcoin to your kids.

[Z-tight]

Should authorities or agencies place age restriction on owning Bitcoin?

What authorities? BTC is a decentralized and permissionless network, there is no central authority in control of the network and anyone can buy BTC without anybody's permission.

Is buying Bitcoin or cryptocurrency good for Kids?

Kids of what age? First of all, if their parents are bitcoiners, they would try to introduce the network to their children when they get to the age were they could understand it, they can also simply buy BTC's using dca for their children, and find a way to hand it over to them when they get older.

[The Cryptovator]

First of all, anyone can't put age restrictions on anything that is decentralised. Since Bitcoin is decentralized, age restrictions are impossible for that. Whoever knows how to use Bitcoin might simply accumulate it. Parents should help their kids learn Bitcoin, of course. But they should not create pressure on them. Making kids familiar with Bitcoin is enough at the beginning stage. You can store Bitcoin for their future, but don't force them to handle it. When they mature, they will understand the value of Bitcoin because they were familiar with it at the beginning.

[taufik123]

Should authorities or agencies place age restriction on owning Bitcoin?

Since Bitcoin is not centralized, it's not under the control of government or any agency and it's not limited by age.

Regarding the age limit for Bitcoin use, there has never been a restriction.
As you said, governments or anyone else cannot control Bitcoin completely,
but they can provide regulation for the use of Bitcoin through CEX which is controlled by the government.

A baby or anyone can have Bitcoin in their personal wallet, but does that make them adopt Bitcoin entirely?
It's just a possession they haven't used yet and don't know how it functions yet.

Related to the role of parents, of course they will have complete control and will teach their children to be able to use Bitcoin.
But this is only an initial use, just as a sense of how Bitcoin works.

[mirakal]

Buying bitcoin for our kids is a smart decision that will provide a brighter future for them. Since they are not capable yet to buy on their own, then parents should have the responsibility to provide it for them as long as they have enough funds that they can afford to lose if ever.

By teaching them on how to save and invest starting in our local currency, once they will absorb it, then it will be easier for them to understand when they will also do the same with bitcoin. Bitcoin is an asset so they should be aware on how to invest and secure their coins as well with the guide of parents.

Obviously, unless they don't reach the age of 18, these kids are not allowed to purchase bitcoin. And for me, setting some age restrictions is a good and safe idea that's why they should be mature enough before they decide to dwell with bitcoin.

[Baofeng]

As far as I know, we have similar threads already discussing this topic,

• Crypto (Bitcoin) and children personal Finance Education
• Kids and Bitcoin
• Teaching children Bitcoin is not in vain
• Bitcoin story
• Are Your Kids Aware Of Bitcoin? Teach Them.
• The effect of Bitcoin on children

[Learn Bitcoin]

As far as I know, we have similar threads already discussing this topic,

• Crypto (Bitcoin) and children personal Finance Education
• Kids and Bitcoin
• Teaching children Bitcoin is not in vain
• Bitcoin story
• Are Your Kids Aware Of Bitcoin? Teach Them.
• The effect of Bitcoin on children

Thanks for the list. I guess there are more threads about children and Bitcoin where I used to get daily mentions because of my username. I have said this in another thread, and I will say this again: Why do moderators not delete duplicate threads from this board? I have created a cricket discussion thread in the Gambling section before the world cup starts without knowing there is another thread. But the thread got deleted within an hour. But I can see some double standard here. Or it's possible that maybe someone reported my thread but no one reported those multiple threads. I don't know.

[arwin100]

Parental Guild on Bitcoin

I have observe that there is no parental guide to buying and selling of Bitcoin. However, some central exchangers do put age restriction if you want to buy/sell digital currencies and some do not see the need to do so. Specifically, I would like this discussion to focus on Bitcoin or you can make reference to other cryptocurrency to drive in your point if you choose.  I do encourage parents to buy BTC in smaller amounts for their kids that's depends on how they can afford. One of the most likely challenge is how a parent can communicate to the child on the usage, what BTC entails and how to secure there funds.

I have put in written form some ways I can communicate this;

BTC is real and it is money in digital format. You can access it anywhere in the world and convert it to local currency to be use for purchase. Bitcoin is own and control by individuals who uses the internet for access and can do it using Laptop, Phones, tablet etc. Bitcoin is stored in Wallet which has its own unique key or addresses. Buying and selling of Bitcoin is legitimate but there are restriction in some countries and there is also risk involve. You can actually trade bitcoin too but I will not want you to because you need the right knowledge to do so if not you will lose all of it. Bitcoin has lot of benefit but should not be use as a game and get rich quick. You should also no share you password or personal key to anyone as it you funds can be withdrawn without your notice.

Don't get surprised with that since not all parents in the world know about bitcoin so its no surprising at all if you see that there are less parental guidance regarding on buying bitcoin. Then also not all young adults or even fully grown up man is open to talk about their investment that's why their parents don't know on what they are doing.

Few Questions I will like to get you own input on
Is buying Bitcoin or cryptocurrency good for Kids?

Yes and No.

Yes its good for them since at early age they are expose on investment, they would provably grow in future as smart investor since they already encounter on how to invest their money.

Also No because for sure they don't know about what they do and the risk is so high so as said they need proper guidance so they will be safe on other risk especially for losing a lot of money and being exposed on other danger.

How do you teach a kid to secure Bitcoin incase you are not there?

By teaching them the basic of investment and expose them on scams. But basically I don't teach young kids especially if they are not showing interest about bitcoin.

Should authorities or agencies place age restriction on owning Bitcoin?

Well yes since this is high risk investment and I think they already done that since major crypto platform is now performing KYC so with that I think minors can't participate on any activity on their platform if they are minor.

[lizarder]

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

Of course it's good, but having to wait for him to grow up so he knows how to run it and saving bitcoins as a preparatory step for him is much better. Because when he can be responsible for himself then bitcoin can be used to achieve the goal of financial improvement for himself.

How do you teach a kid to secure Bitcoin incase you are not there?

It's complicated because when you are not in bitcoin then there is no way to advise them and it is also quite difficult to teach children about bitcoin if we are not directly involved in it.

Should authorities or agencies place age restriction on owning Bitcoin?

Every exchange requires KYC, which means that the children involved must be of sufficient age, unless you store bitcoin in a wallet that does not require KYC. Basically there is no age limit for people to get involved in Bitcoin, but it is impossible for young children to get involved in it

[LesterD]

Few Questions I will like to get you own input on

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?

Should authorities or agencies place age restriction on owning Bitcoin?

I will appreciate you immerse contribution to this discussion.

- kids buying Bitcoin is good, though we will not be so sure if they know what investment means, but investing at an early age is good to start securing their future.

- securing Bitcoin in terms of taking care of their wallet? By giving them tips or giving them options as to where they can hide the information of their wallet.

- exchange platforms will be the ones to handle this. Most exchanges require KYC, they would need to submit a valid ID and this means you have to be at legal age to have one. That's when the age restriction keeps them out of this investment.

[Jawhead999]

Is buying Bitcoin or cryptocurrency good for Kids?

How do you teach a kid to secure Bitcoin incase you are not there?

Should authorities or agencies place age restriction on owning Bitcoin?

You buy Bitcoin behalf of your kids or you invest Bitcoin to inherit to your kids? both are different. If you buy behalf of your kids, what's the point by force something that your kids not understand? while inherit to your kids it's still loooooong to go, you should focus when you still alive not when you gone.

Why the kids to secure your wallet, hide it somewhere and also back up your seed phrase.

No.