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

[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.

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.

That's not nice to say that they're ignorant just because they're keeping their investments in fiat, you have to understand that there's more investment avenues out there in which you can make some money for yourself with the stock market being the most popular albeit not that accessible to normal households, there's also the insurance that you put your money little by little that can reap you good benefits in your retirement age. Also, you can't be this disconnected to the reality of things right? Gold as typical household investment option? That's probably not a good idea because gold attracts unwanted bad attention and I don't think that any people is going to like any of that with their hard earned money.

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.

The financial capabilities of each parent are not evenly distributed, maybe you can save bitcoin regularly for your children but are other parents able to do that, even to eat they have to work hard, so I think it is the government's job to educate its citizens about the benefits of investing for the future and also what are the best ways to profit from investing

If governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future

That's the optimal way to do things but if the money that you get every month when put into a budget is only enough to sustain you for that then it's a possibility that you might not be able to do it because the key in doing what you're saying is consistency, you can't invest now and then do it 3 months later, you're wasting your time investing in something that's not entirely in a consistent schedule not to mention that you're also going to be putting in small amounts in bitcoin, that's going to be difficult.

[Silberman]

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.

The financial capabilities of each parent are not evenly distributed, maybe you can save bitcoin regularly for your children but are other parents able to do that, even to eat they have to work hard, so I think it is the government's job to educate its citizens about the benefits of investing for the future and also what are the best ways to profit from investing

If governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future

It will never happen, when people were literally working until the day of their deaths, governments instead of educating their population decided to create national retirement funds in order to manage all of that money and benefit from it, besides consumer spending is critical for the economy and every dollar you save is a dollar you are not spending, slowing down the economy on their eyes, so until there is a change on the way the economy itself is understood, there is no hope at all for governments to teach their citizens about how to invest.

[SickDayIn]

Another issue as well that parents fail to recognise is that opening a bank account for a child, any interest earnt on that savings accounts will actually be taxed at the highest rate. In most countries children under the legal working age of 14 are taxed at the highest tax bracket (think 45% or more). The reason for this is to present adults using their children as tax havens. It's way better to put your money in crypto, you might not receive passive income from holding BTC through the form of an interest payment, but the capital appreciation will be significant.

[passwordnow]

I think the matter here is that because we're Bitcoin enthusiasts and real investors of it and that's why we can easily say these scenarios of DCAing for our kids future through Bitcoin than saving it on a bank. While for those that are not hear but they're able to save for their kids future, they might choose other investments or just plainly save it on the bank but you're right, their enemy is the inflation that will surely suck up the value of their fiat upon depositing there.

Wise parents will want the best for their kids. So whichever method is going to work for them, we go and support them at all cost. Whilst us, our investments with Bitcoin can be for many purposes. Retirement, child college fund and other future matters that we're hoping that it's going to be solved by Bitcoin. That's not hard at all but we need to be savvy in how we spend our money and salaries and keep it in the form of Bitcoin for future's sake. And those that are not yet in Bitcoin won't understand what we talk about but if they are real curious, they need to start checking and learning so.

For me, setting up both is going to be fine. A bitcoin wallet for the future of our kids and have some cash in the bank and depending on how much the amount that I can afford to deposit every time that I've got some profit in trading or elsewhere or if I've got spare.

[ajiz138]

Another issue as well that parents fail to recognise is that opening a bank account for a child, any interest earnt on that savings accounts will actually be taxed at the highest rate. In most countries children under the legal working age of 14 are taxed at the highest tax bracket (think 45% or more). The reason for this is to present adults using their children as tax havens. It's way better to put your money in crypto, you might not receive passive income from holding BTC through the form of an interest payment, but the capital appreciation will be significant.

Can you tell me which country has a tax rate of 45%?

Wouldn't the tax rate be imposed after they get income to their savings? While parents who save in the bank there is no tax, even if there is, it will not be too high.

That not everyone knows how safe it is to save bitcoin, and moreover don't put all the money in bitcoin, it's better to invest bitcoin and keep a little money in the bank for your monthly needs.

[EluguHcman]

I think the matter here is that because we're Bitcoin enthusiasts and real investors of it and that's why we can easily say these scenarios of DCAing for our kids future through Bitcoin than saving it on a bank. While for those that are not hear but they're able to save for their kids future, they might choose other investments or just plainly save it on the bank but you're right, their enemy is the inflation that will surely suck up the value of their fiat upon depositing there.

Wise parents will want the best for their kids. So whichever method is going to work for them, we go and support them at all cost. Whilst us, our investments with Bitcoin can be for many purposes. Retirement, child college fund and other future matters that we're hoping that it's going to be solved by Bitcoin. That's not hard at all but we need to be savvy in how we spend our money and salaries and keep it in the form of Bitcoin for future's sake. And those that are not yet in Bitcoin won't understand what we talk about but if they are real curious, they need to start checking and learning so.

For me, setting up both is going to be fine. A bitcoin wallet for the future of our kids and have some cash in the bank and depending on how much the amount that I can afford to deposit every time that I've got some profit in trading or elsewhere or if I've got spare.

The interest of everyone including investors ways of savings in either at the banks on in the Bitcoin wallets is based on individual awareness of where fit best for them based of their knowledges.

We are actually comfortable storing our values in the Bitcoin all because we understand the peripherals of how the technology works and then, we are just good on bearing the risks involved while those who chooses the bank are far behind unknown and does not trust the technology.

Agreeably, it is not their fault but the reality fact remains that the threat of economy and inflations remains a big blow for saving money in the bank for a long term holding as storing financial values for the kids against their future utilizations. If it is just a short while use, I submit to it that banks is the best because Bitcoin is best invested on specifically for long term holding and not for the short terms.

Perhaps as being said, there are variety utilities by which we could have our funds there in Bitcoin just as being mentioned of retirements, storing of values against inflations, investment purposes and long term goals etc.

[tabas]

Another issue as well that parents fail to recognise is that opening a bank account for a child, any interest earnt on that savings accounts will actually be taxed at the highest rate. In most countries children under the legal working age of 14 are taxed at the highest tax bracket (think 45% or more). The reason for this is to present adults using their children as tax havens. It's way better to put your money in crypto, you might not receive passive income from holding BTC through the form of an interest payment, but the capital appreciation will be significant.

That's the thing with Bitcoin. If you're going to hold it for so long, the capital appreciation is there and the value of the Bitcoin that you're holding right now will increase in due time. It's designed to increase in value due to its limited supply and with its halving, etf and demand. While we can't break people's confidence through saving in the banks and that's what they think is the right thing to do. There's nothing wrong with that but they shouldn't expect a lot with the appreciation that they'll get from it when the time comes and their holding matures.

[uswa56]

The interest of everyone including investors ways of savings in either at the banks on in the Bitcoin wallets is based on individual awareness of where fit best for them based of their knowledges.

We are actually comfortable storing our values in the Bitcoin all because we understand the peripherals of how the technology works and then, we are just good on bearing the risks involved while those who chooses the bank are far behind unknown and does not trust the technology.

Agreeably, it is not their fault but the reality fact remains that the threat of economy and inflations remains a big blow for saving money in the bank for a long term holding as storing financial values for the kids against their future utilizations. If it is just a short while use, I submit to it that banks is the best because Bitcoin is best invested on specifically for long term holding and not for the short terms.

Perhaps as being said, there are variety utilities by which we could have our funds there in Bitcoin just as being mentioned of retirements, storing of values against inflations, investment purposes and long term goals etc.

When someone has a good understanding of how Bitcoin investment will run very well in the long term, of course they will try to be able to have that investment for their future and as you said is very true when someone has a good understanding of the risks and can manage them well. To be able to minimize losses, of course they will invest in Bitcoin and for some people who choose to save at the bank, it could be because they don't understand Bitcoin very well, which is very good for future investment, or they don't understand well the banking system, which is only the bank benefits more than those who save at the bank.

Having some funds saved in the bank is indeed necessary for the needs we need or as an emergency fund, but if we save large amounts of money, of course this will be very detrimental when inflation occurs, as you have said, if they save it for their children and when they taking it when inflation occurs, of course the money is still the same and the value of the money is very different from before we saved.

[Z-tight]

Op i get your logic and this situation is the same as a pension fund, before it is time to spend it in ~ 15-20 years, the money is already worth nothing due to inflation affecting fiat currencies. However, i can understand the parents, who might not want to take any risks in what they are saving for their kids' future, so they might not be ready to buy BTC, so i can recommend that they buy assets that have low risk, which surely would come with low rewards, but still better than keeping it in fiat and losing all of its value before it is time to spend it.

[HelliumZ]

If governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future

This is where we have all the problems because in my country the government has declared Bitcoin illegal and Bitcoin transactions in banks will be completely prohibited and considered as money laundering. So even if we want to, we can't store or store bitcoins, in this case, if the government comes to know about my bitcoins, they can bring me under the law. If the government of my country legalizes bitcoin in the future, then people will lose the importance of keeping money in the bank and keep all their savings in bitcoin so that the financial security of their children's lives can be created in the future.

[CryptoHeadlineNews]

For instance, imagine parents depositing the least $100 per month in the childs bank account assuming the child is 5years old, you will hold for more 13 years for the children to grow an adult before having access to the bank account.
That means the parents are funding the account on monthly basis for 13 years.

If we are to analyze this, it means that if a person was to invest $100 monthly for 13 years (i.e 156 months), it means the investment could have amount into $15,600 as the capital, of which im still sure when the bank would have deducted it's capital long term savings fees of probably 10% (i.e 1,560), the child is likely to have been left with just $14,040

Whereas, if that same $100 was to have been investment in Bitcoin 13 years ago when the value of Bitcoin was around $30 to $150 per BTC, by now it's value would have amount to approximately $50,000 to $65,000 today. Hence, why Bitcoin investment should always be prioritize whenever it comes to long term investment.

[BitcoinGirl.Club]

All this discussion can honestly just be boiled down to one solution: Diversification.

Good but in crypto only bitcoin should be the asset to be considered, not altcoins. When the forum members here become parents they would likely want to keep much of their child's savings in diverse assets, including bitcoin.

I at least know one such proud dad who have kept bitcoin for their daughter @BitcoinGirl.Club and then there is also @TheBeardedBaby

Bank deposits are important, we have to be logical here and not cultish. In that way diversification is a key word here.

Bank deposits should also be a must for each of us here, regardless of the age. But we should not only focus on fiat savings, but learn to invest as well so we can also earn from our investment profits including from bitcoin. And by making use some of our bank deposits to invest in bitcoin, that's quite risky but has always been a wise option. At the end of the day, we will not only maximize our fiat savings but even earn a good amount of bitcoin as well that will definitely help us to prepare a bright future for our kids and even for our own retirement soon.

It's true that I have some of my asset for my daughter in bitcoin form. In fact Bitcoin is an investment for me. I don't prefer cash. When you save fiat, you are basically losing the value each year but when you make investment [I also suggest to invest in real estate, properties, gold] then you are giving more benefit to your future.

[GiftedMAN]

If governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future

This is where we have all the problems because in my country the government has declared Bitcoin illegal and Bitcoin transactions in banks will be completely prohibited and considered as money laundering. So even if we want to, we can't store or store bitcoins, in this case, if the government comes to know about my bitcoins, they can bring me under the law. If the government of my country legalizes bitcoin in the future, then people will lose the importance of keeping money in the bank and keep all their savings in bitcoin so that the financial security of their children's lives can be created in the future.

Right from time the government and the banks has been working hand in hand to ensure that bitcoin doesn't become legalized in all the countries in the world because they are not in control of bitcoin, the transactions and the people making the transactions, moreover if bitcoin becomes generally acceptable it will help to checkmate their level of accountability to the people that's why they don't wanna allow you guys have access 5o Bitcoin and make transparent transactions.

The government understands that the existence of Bitcoin if generally accepted cannot totally eradicate Fiat completely because people will still need to make some transaction and bank will continue to make their profit from their daily charges they take from people's money but a lot of things are going to be exposed and some level of money laundering and some other hidden things won't be easily done by some government officials that's the more reason why they are doing everything possible to make sure that people keep seeing Bitcoin and Bitcoin lovers as evil. The government want to keep controlling people they don't want people to have total control of their funds so that they won't depend solely on government because if most people have total control of their own money they may decide to challenge the government some day. A typical example of my point is my country Nigeria, the youths are mostly bitcoin believers that's the more reason why the government is against it over there because they are corrupt and youth decided to speak up few years ago even though they didn't end up in a good way.

[Stalker22]

Look credit unions and traditional banks - theyre fine and all.  But frankly, sticking my measly paycheck into some stale savings account with a tiny interest rate feels like tossing cash into a black hole.  Im not saying saving money isnt important, but the old-school banking system doesnt feel built for someone like me.

Now Bitcoin, on the other hand - thats something I have been looking into more.  Risky? Heck yeah.  But the potential payouts seem way more exciting than watching the dust gather in my savings account.  Maybe it isnt for everyone, but Im willing to take a calculated risk if it means potentially building a better future for my family one day and  even setting a little extra aside for the kids. 

[dunfida]

All this discussion can honestly just be boiled down to one solution: Diversification.

Good but in crypto only bitcoin should be the asset to be considered, not altcoins. When the forum members here become parents they would likely want to keep much of their child's savings in diverse assets, including bitcoin.

I at least know one such proud dad who have kept bitcoin for their daughter @BitcoinGirl.Club and then there is also @TheBeardedBaby

Bank deposits are important, we have to be logical here and not cultish. In that way diversification is a key word here.

Bank deposits should also be a must for each of us here, regardless of the age. But we should not only focus on fiat savings, but learn to invest as well so we can also earn from our investment profits including from bitcoin. And by making use some of our bank deposits to invest in bitcoin, that's quite risky but has always been a wise option. At the end of the day, we will not only maximize our fiat savings but even earn a good amount of bitcoin as well that will definitely help us to prepare a bright future for our kids and even for our own retirement soon.

It's true that I have some of my asset for my daughter in bitcoin form. In fact Bitcoin is an investment for me. I don't prefer cash. When you save fiat, you are basically losing the value each year but when you make investment [I also suggest to invest in real estate, properties, gold] then you are giving more benefit to your future.

Yes, dont only focus on a single point on which this one would really be the key on which you could somewhat assure yourself that you could be having that multiple sources in the moment that you would really be needing those things. This is why it would really be that recommended that you should really know on what are the things that you should gonna do since we are talking about future of our kids then it would really be that wise that we should really be that putting up focus on which one would really be that worth. Yes, fiat would really be having that decreasing value as years passing by because of inflation but we do know that majority would really be that still trusting fiat among the rest. For those who do know about Bitcoin or crypto then they would really be having that another approach on which this is something considerable as well.

The thing on here is that you do know about the risk involved when dealing up with crypto. You should know that there would be no guarantees about having that kind of good value in the future.
Everything would really be still that speculative.

[avp2306]

If the parent know about bitcoin then provably the best approach for their parent is to save whatever amount they can on regular basis to have certain stake for future of their child we know bitcoin potential is unimaginable and there's a lot of room for its value to grow.

But the story goes in other way if they don't know about bitcoin. Since everything will be in bad position if they don't know what they are dealing with. Bitcoin is stressful asset due to its volatile feature so people who deal with it should learn about this first before they enter the scene. But there are lot of time for them to do a research since everything could be learn if people will just show some willingness to learn.

Bitcoin is the most coolest asset since if they save it in fiat then maybe they lose some value due to inflation.

[pawanjain]

Being confident on bitcoin is a good thing but being over confident about it is not a good thing.
Investing in bitcoin for your children is a good thing but keeping bitcoin as the only investment for future of your children is again a bad idea.
So you need to balance it out and diversify your investments.

[BitcoinGirl.Club]

Being confident on bitcoin is a good thing but being over confident about it is not a good thing.

When it is about Bitcoin, I do not think being confident or being over confident is a question. It's been over a decade, Bitcoin is now like Internet. You can not stop it. Question now is how much Bitcoin you can afford to stash?

[redsun114]

In the dumping situation that sometimes occurs in Bitcoin, it is much safer to keep bank money instead of Bitcoin. A few months ago, Bitcoin was above $70,000, but now it is back down to $50,000.  Those who invested time of 70 thousand dollars are currently losing the fuse amount.  If the money is kept in the bank, there will be no dumping of such huge amounts and thus there is no possibility of facing large losses.

Nothing is without downsides, everything that has benefits has some downsides and that's the case with the crypto market and BTC.

When the market goes up you get profit and when the market goes down you can also face losses but I still consider Bitcoin more reliable than altcoins. Money kept in banks does not give profit for years but money invested in Bitcoin gives you some main or double or triple profit in years, but Bitcoin is not something that you buy and forget.

If you have bought Bitcoin then you have to keep an eye on the market you should know when the market is up and you should sell, from here you can earn profit. Don't think of Bitcoin as a bank, but think of it as a trade. Once you sell, then you have to buy it again at a reasonable price.

However, do your research before doing anything.

[irhact]

If you have bought Bitcoin then you have to keep an eye on the market you should know when the market is up and you should sell, from here you can earn profit. Don't think of Bitcoin as a bank, but think of it as a trade. Once you sell, then you have to buy it again at a reasonable price.

Are you trying to say we should be trading Bitcoin and not hold it for future gains, I think that is a wrong advice you're giving out as when we try to trade Bitcoin regularly we risk losing at any moments. Using Bitcoin as a bank would be better as you don't have to worry about the volatility of the market but just keep accumulating Bitcoin to your highest capacity. Just as you would had considered a savings account for your children, you can do the same and keep the money in Bitcoin. Since your duration wouldn't be short term, you don't have to worry about losing. The more you hodl Bitcoin, the safer it gets to get better profits. Your kids would be glad you gave them a better future when they get to sell their Bitcoin and make big profits.