Parents on childs savings bank accounts are waste of time if not saving on BTC

[michellee]

Once people knows Bitcoin, they should starts using Bitcoin as an investment for their children and for the long term while preparing for their children's future. But it also depends on the readiness of the parents to chooses Bitcoin as a long-term investment for their children. Parents use Bitcoin and expect their children can use Bitcoin when they grow up.

Parents needs to teach their children to uses Bitcoin so that their children don't experiences difficulties later. Once their children grow up, they can continues what their parents started. This will helps their children prepares for their future and also be able to use Bitcoin properly and correctly.

Parents can also keep their money in the bank for their children's needs. This will provide greater opportunities for their children because they can organizes their lives in the future. They can use their money and investments simultaneously when they grow up.

[BABY SHOES]

Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.

That's a safe way for parents to save assets for their children even if they ignore the rising inflation.

Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.

Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.

Parents always have the desire to educate their children to manage money because it is important for their children's future.
Usually parents will not give a savings account to their children when they are 18 years old, it is still the parents who must hold it, the parents' job is to pay for education until it is completed after the child enters the workforce then the burden of the parents has been released, they are now only preparing for their own retirement funds.

Even though there are cases where banks go bankrupt and customers cannot withdraw their money, it will become public unrest, but banks are still trusted by many people to keep their money there, because many financial advisors to save in banks rather than in bitcoin.

[Maus0728]

As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.

[jrrsparkles]

As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.

Good point and this is how the actual middle-class parents stuck but due to their ignorance they save money as fiat which is completely wrong, they can choose the best possible options like gold if they are not willing to take risk with volatile assets such as crypto or even stocks because gold is proven to be the best that holds it's value and they can set a target of having this much amount of gold and then they can set another asset which can be different than just storage of value.

[GideonGono]

I agree to this after witnessing how crypto and inflation grow, I don't want to keep my savings or any excess money in Fiat, I would exchange or trade them to crypto if I am sure that I wouldn't spend that money for anything in the future.
i just think that saving Fiat or holding it for a long time would just lessen it's value so why not put it in something that would give me profit or at least increase its worth.

[Zoomic]

I still don't believe there are still people who still believe saving money in fixed deposits with banks is the right way of securing the future of their children considering how FIAT is losing its value rapidly as a result of inflation. Holding FIAT longer with the traditional banks is more like not saving at all. Well, if there are, I do not blame them for their ignorance and I just hope they realise on time that they have been working so hard in vain.

bitcoin price is highly volatile and I totally understand the fears of these parents. If I am to be in a financial advisor position to these parents who are scared of putting their entire savings in bitcoin,  I would advice that they work hard to build a long lasting family business, legacy or goodwill the children can inherit or benefit from when they come of age, while also investing in bitcoin using the DCA method where they don't really get to feel the impact of the risks so much and still earn from Bitcoin if profit arises.

Investing in bitcoin is good and building your net worth through different projects is good to. As a parent wishing to prepare my children for the future, I will work hard now to build the family's name and lay down something they will likely inherit along with some bitcoins. Not all children can use money handed over to them wisely.

[justdimin]

Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.

I would say that if you hold it until 18, rest is not really that crazy because while 18 is not enough to make super smart choices I would say that it is not going to be too young neither. Depending on the reason why they want to divest, it could be fine. Remember, we do invest for our future, but if you always keep on investing for the future, you will never have time to divest, I do not want to die without repaying the benefits of my investment.

If a kid says he is going to buy a lmabo at 18 with all that money, yeah do not let him, but if he says he got accepted at Harvard and needs to cash the investment in order to pay for their education? Well I can't think of any better reason, that would be lovely. So, it all depends on what the kid wants to use it for.

[Russlenat]

Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.

That's a safe way for parents to save assets for their children even if they ignore the rising inflation.

Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.

No matter how we see it, traditional parents will only prefer saving money in the bank as the most safety and reliable investment. And for me, that won’t be considered a useless thing since saving money in the bank has already proven its positive effects throughout those early years.

However, with this digital era, a lot of changes have taken place and part of it is crypto investment, particularly bitcoin. Investing in bitcoin has been highlighted more due to its high profitability and high sustainability in the long run, regardless of those parents who still chose the traditional way of saving their money in the bank which is never a bad thing also.

[Sandra_hakeem]

It's all about having a good technical exposure... If you never had an experience on how valuable it is to save up in bitcoin, you'd be in doubt too.. Or better still, such an idea won't even come on your mind.

"It's really hard to believe what you don't know" ; Just like we had some set of parents that HODLed Bitcoin and even staked some for their children before now because they were insightful, and some didn't, we'd definitely have those "dummy head" in our today society
Edit:

I still don't believe there are still people who still believe saving money in fixed deposits with banks is the right way of securing the future of their children considering how FIAT is losing its value rapidly as a result of inflation.

What would be the case for an average earner then? That makes alot of sense to say that - if you wanna invest, you gotta have enough and to spare already... ^{And Yes, I love thinking outside the box}

[kryptqnick]

It's good when parents care and can afford to save up money for their children this way. To many families, it's just out of question because they don't have extra money to save up for kids long-term. So I wouldn't say that savings are a waste of time, even if they're done via bank accounts. Banks often have interest rates that can match if not overcome inflation. Bitcoin investment can be a part of it,  but putting everything on Bitcoin long-term isn't something I would do. After all, Bitcoin hasn't been around for long, so I think it's better to diversify.

[Xampeuu]

Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.

That's a safe way for parents to save assets for their children even if they ignore the rising inflation.

Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.

No matter how we see it, traditional parents will only prefer saving money in the bank as the most safety and reliable investment. And for me, that won’t be considered a useless thing since saving money in the bank has already proven its positive effects throughout those early years.

However, with this digital era, a lot of changes have taken place and part of it is crypto investment, particularly bitcoin. Investing in bitcoin has been highlighted more due to its high profitability and high sustainability in the long run, regardless of those parents who still chose the traditional way of saving their money in the bank which is never a bad thing also.

Basically we save money so that we don't lose to the rate of inflation, moreover we have bigger profits. In ancient times, the movement to save in banks was an action that needed to be spread, but in the past the situation and conditions were different from today, especially for young people who know Bitcoin, they will not save in banks, because investing in Bitcoin makes our money will increase, so that with these profits the banks will be increasingly abandoned

[mirakal]

For me, it is not a waste of time because they know what they are doing. They prefer to put in the banks and let their kids decide when the time has come whether to invest in bitcoin or not rather than forcing them to invest. I could even say they are good parents because they don't bother to touch the money that is for their kids. Investments are another thing than saving and I think there is another reason for doing this.

Investors who had been in the Bitcoin industry for couple of years can attest the profitable rewards of holding and accumulating such assets on $100 monthly bases for 13 years or above depending on the kids age before getting things planned.

Of course, they know but they never spend all their money here ( in crypto) due to the high risk. Maybe I'm wrong but a wise person never spends all their money on investment, they also save some.

They are doing both, investing and saving --that should actually be the best thing to do.

[EluguHcman]

Actually, most parents do invest their money instead of save it in banks.

But, they choose the safe investment that the gain can't hedge against school and medical inflation, usually a country has 4% inflation rate, but the school and medical inflation rate are around 10%-15%.

These parents choose to invest their money in time deposit (5% APY), ETFs (7% APY), gold (8%) or stock (depend on the stock). The thing is, most stock didn't bring a good amount return for long term, moreover these parents mostly choose investment that can't hedge against inflation, that's why the poor stay poor.

That's what I was thinking, if the parents have a minimum of financial knowledge they will invest the money in one way or another. In countries like the US there are types of accounts for that, like 529 plans. Although I prefer to have the money myself, increase my net worth and if necessary I will be able to help them. But I think it is more important to teach them how to fish than to give them the fish. Spoiling them may end up with them spending their money on drugs and the like.

If am not being on the wrong track, having financial knowledges involves financial disciplines, utilizations and initiatives on diversifications of incomes.
So, good financial acknowledged parents like that would always norture their kids to grow encompassing on good finical knowledge like that.

For parent to teach their kids how to fish and not just giving them the fish is about taking them around the source of their incomes so that they can always emulate from them.
So we can just imagine if parents having a childs savings bank accounts for the kids as the thread details and then the kids grows up with the initiated ideal of Investing on bitcoin. Guess it would be a prominent channel of finance knowledge.

[Dailyscript]

Having a savings for your children is never a waste of time , you can be saving little by little and in some number of years the money have compounded to a good sum of money which will be used to take care of the children. However, if we choose to save let us be aware that the money will not yield any interest over time and that is the reason why OP has said its strictly a waste of time. But meanwhile that money can be used to start a business or get into an investment which i wont agree putting the money on investment. The reason is because there shouldn't be no chance of losing that money in risk in which investment will put the money at risk

[Marvell1]

Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.

That's a safe way for parents to save assets for their children even if they ignore the rising inflation.

Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.

Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.

To be fair, banks could fail and our savings could become worthless if inflation gets too high in the future. But bitcoin is not safer because there is also no guarantee that bitcoin can exist by then and people will still need it. It can be said that everything has risks and anything can happen whether it is banking or bitcoin.

I am married with children and am also thinking of using bitcoin as an alternative to banks to save for my children. But I realize everything has risk so I think diversification is the best thing instead of just using bitcoin or banks. No one forbids us to diversify our assets, why do we stubbornly choose just one of them?

[tranthidung]

That's what I was thinking, if the parents have a minimum of financial knowledge they will invest the money in one way or another. In countries like the US there are types of accounts for that, like 529 plans. Although I prefer to have the money myself, increase my net worth and if necessary I will be able to help them. But I think it is more important to teach them how to fish than to give them the fish. Spoiling them may end up with them spending their money on drugs and the like.

There are pension funds in the USA and Canada add Bitcoin to their portfolio and packages provide to the elderly.

• A Pension, a Cowboy, Hedge Funds: Here’s Who Is Buying Bitcoin ETFs
• Wisconsin Pension Plan Likely to Invest Much More in Bitcoin ETF

They can try to give Bitcoin small proportion of each package but if after trials, they see good demands from the elderly who want to make savings in these products, and they see success from Bitcoin growth, they will consider to add higher proportion for Bitcoin.

Bitcoin Spot ETFs in the USA, then other countries, the party just kicked off in January 2024.

[naira]

Assuming the parents applies this practice in Bitcoin investment, the parents would not only safe store the funds for the kid (s) to start up their desired life but has engaged the child in an investment whereas he/she will grows up, harvest the profits overtime and still keep accumulating and holding firmly the asset as a lucrative hope for his/her future.

Having the money stored in the bank would have it loose values considering the current economy situation and the possibilities that the future holds worsen economy threats.
Therein, the fiats are quite fast loosing values and inflation is distancing the stocks from gaining valuabilities.

If only the parents would understand the safety and productivity potentials in storing values in the digital assets as Bitcoin, then it would be better if they grow their kids minds of financial management and productiveness by redirecting them to Bitcoin instead of the banks.

Investors who had been in the Bitcoin industry for couple of years can attest the profitable rewards of holding and accumulating such assets on $100 monthly bases for 13 years or above depending on the kids age before getting things planned.

Should everyone be forced to buy Bitcoin? I support Bitcoin, but when it comes to determining other people finances so that their children finances must be put into Bitcoin, it is clearly very unethical. Is it mandatory for every parent to allocate funds to their child? I know you and all of us that the benefits of Bitcoin etc. but there's no real reason to force it if they don't like Bitcoin at all and don't care much about it. Because parents always have their own plans to ensure their children future. Again, investing money in Bitcoin is a matter of taste, if you give them the choice feel free to educate them about Bitcoin investment, but when it comes to judging they are wasting their time, and that is very unwise.

[rodskee]

It is a reality fact that most middle class or rich parents as it may be classified, who has future plans for their underage kids usually creates bank accounts for them with designated periods of depositing funds in the account on a specific amount and also period of time.
So when the kid (s) grows up he/she can utilize the fund as desired but aimed on productive utilizations.

We are so lucky being  Bitcoin believers and users so we all has the opportunity to take the advantage
of the volatility of bitcoin , but parents knows best for their children meaning if they do believe in banks then
that is what they do  believe will better for them .

we must respect their decision because they know nothing about bitcoin or even if they do? what
they understand is this is a scam and never to be trusted.

[EluguHcman]

Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.

That's a safe way for parents to save assets for their children even if they ignore the rising inflation.

Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.

Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.

To be fair, banks could fail and our savings could become worthless if inflation gets too high in the future. But bitcoin is not safer because there is also no guarantee that bitcoin can exist by then and people will still need it. It can be said that everything has risks and anything can happen whether it is banking or bitcoin.

I am married with children and am also thinking of using bitcoin as an alternative to banks to save for my children. But I realize everything has risk so I think diversification is the best thing instead of just using bitcoin or banks. No one forbids us to diversify our assets, why do we stubbornly choose just one of them?

Well said and I am so thrilled that you are at the virtue of storing saving for the future of your kids in Bitcoin and I hope you would always find it appreciable in as much Bitcoin still exists while you hold on for their savings on a long term goal until they grows and decides what to do with the fund on further planning for their future by themselves.

Actually it could be risky having just one source for savings or storage of values but if we can digress on this, we are most interested on the resource reputations and their potentials so, having saving funds for your kids in the bank could lead to devaluation via economy inflation even without that, it can not multiply for increments while Bitcoin fo have its down of volatility which the funds value is reciprocating to but considering the profitability potentials of Bitcoin, there is no possibilities to count lost as long you engaged on a long term savings for your kids as that.

Hence, it does not just seem a savings for your kids but has become an investment because it could provide profits.

[Fara Chan]

Basically we save money so that we don't lose to the rate of inflation, moreover we have bigger profits. In ancient times, the movement to save in banks was an action that needed to be spread, but in the past the situation and conditions were different from today, especially for young people who know Bitcoin, they will not save in banks, because investing in Bitcoin makes our money will increase, so that with these profits the banks will be increasingly abandoned

In the past there were many people who did not understand investment matters and also the correct direction of saving money, so we found many people who saved money in the bank. Because they don't realize that saving money in the bank is an attempt to give our money to the bank to be managed through rules made by the bank and the customer does not get any benefit in any form. And now for the millennial generation who are already familiar with the best assets including Bitcoin, of course they no longer want to save money in the bank even though they still use bank services when they want to send only a certain amount of money.

Apart from that, the disadvantage of saving large amounts of money in the bank is when inflation conditions continue to occur and increase in size in the country we live in today. So the value of money always tends to fall, causing all bank customers to slowly become poor and this is still not realized by some people whose knowledge is still very limited regarding how to save money correctly. So some of those who are like that still continue to trust the bank to manage their money in the long term, even though the bank itself is also investing in a clearer direction by relying on money from their own customers.