Bitcoin for your children & future wealth distribution

[Cryptmuster]

I currently have all my funds invested in bitcoin so before the market crash my bitcoin portfolio was $3200 but now my bitcoin is dumping at $2400. Not sure if I should sell the bitcoins and convert them to my home currency or hold them for 2026/27. But I invested in bitcoin and gold at the same time but unfortunately gold is in profit while bitcoin is in loss. But I think it would be best for my child to keep money in the bank and invest in gold. Investing in Bitcoin is uncertain and may result in profit or loss. But if you invest in gold, it is guaranteed that you will get profit over time. So I have decided that if I keep anything for my child's future, I will keep it in gold.

It is very important to use diversification in investing, you cannot keep all your capital in one asset, because there is a possibility of losing everything. In addition, if you decide to invest in a high-risk asset, you must understand that the probability of losing your money will be higher, and if we are talking about Bitcoin, then you need to take into account its cyclical nature and in order not to find yourself in a situation where your investments lose -30% or more, choose the right one time to buy and don’t delay selling, because greed can play the same cruel joke if you don’t sell Bitcoin on time.

[Solosanz]

It is very important to use diversification in investing, you cannot keep all your capital in one asset, because there is a possibility of losing everything. In addition, if you decide to invest in a high-risk asset, you must understand that the probability of losing your money will be higher, and if we are talking about Bitcoin, then you need to take into account its cyclical nature and in order not to find yourself in a situation where your investments lose -30% or more, choose the right one time to buy and don’t delay selling, because greed can play the same cruel joke if you don’t sell Bitcoin on time.

There's nothing should be scared if you invest in Bitcoin, just keep DCA-ing in anytime frames (weekly, bi-weekly, monthly etc) and after at least for four years, you will make a lot money. But, if they choose to invest in shitcoins aka altcoins, they should be worried because they could lose half of their money, most people who invest in memes are lose more than 70% right now.

Diversification is only for people who have a lot of money, say multi-millionaires or billionaires, lower than that people should go for one asset or few assets since they have nothing to lose.

[Blitzboy]

You're wise to consider Bitcoin for your kids' future. Yes, it has great promise. Good to hear you're considering cold storage versus a 529. We need forward-thinking like that. Diversification matters. Even with Bitcoin, dont put all your eggs in one basket. Mix it up. Buy gold and Bitcoin ETFs. Put some Bitcoin in cold storage too.

Many worry about passing on this riches, which is understandable. Dont worry too much. We'll find solutions shortly from the brightest minds. Although Bitcoin is revolutionary, they'll figure out way to obey your wishes. Start now. Your kids will get Bitcoin eventually. They'll be ahead when they do. The goal is to educate kids financial independence and give them a head start in a fast-changing world. Winners do that. They win by adapting and learning.

[tread93]

I will never talk about my wealth to my kids and I don't want them to expose my wealth to them.

I agree with this educational style and Warren Buffet did not let his children knew about his super wealth..

I will act like a broke person and being very stingy when they ask for money, the most important thing I will teach them is work hard and support what they interested/like to do, if they don't interested with Bitcoin, I will not explain it.

It's better for them to build their own wealth rather than knowing if they have money which they can spend it to anything they like.

If we give them great fortune, and let them know about this inheritance when they are very young, they will lack of motivation to learn, get an occupation, find job and work as a normal citizen in society.

Educate them, keep our wealth in secret and don't tell them about any level of inheritance in time they only need to focus on learning, shaping their own brain, knowledge and characteristic, discipline. When they are educative, matured enough, we are older enough, we can proceed things about inheritance.

Well said, education there is the most important thing. What I hate the most is seeing the entitled individuals that come from great wealth. Those folks never learned hard work and the joys of earning a living. Keeping it secret is something that is to be said. I don't like talking about money because it can lead to boasting and jealousy. Kids need to be kids, and not worry about money. But if you can raise them to have an entrepreneurial spirit so that they can grow and start their own business one day or pursue a great profession that generates an income this is the best way. Inheritance and passing down bitcoin well, you're right maybe it won't even come in the form of bitcoin maybe that bitcoin will be spent to acquire something else like real estate, which in my opinion is really the best thing to have, that and land.

[Rao420]

Bitcoin can be thought of as a digital asset that can be passed down to future generations, much like a family heirloom or inheritance. In that sense, one could consider Bitcoin as a form of "digital children" that can be nurtured and grown over time.

Of course , you can use Bitcoin for inheritance like you inherit jewels, land or states, as you said Bitcoin is a digital currency that you can add to your inheritance.  And you know its value goes up over time and I would say that if there is an inheritance  if it's one that doubles your inheritance as soon as you hold it keep going and inheriting Bitcoin can be such a decision.  And it can also be passed on to the next generations just like the legacy of your elders.

[Franctoshi]

All I owe my kids as regards to this is to pass down the information I have known about Bitcoin to them and leave them to decide what they will use the information and do, I'm not in a position to determined for my children where they will find their interest but rather will provide them with the necessary guidance they need to know regarding how they should go about their investment in digital asset "Bitcoin" and once I have achieved that I believe that other necessary things we follow suit.

[leonair]

Future generations will surely adopt Bitcoin today or tomorrow. But those who are able to exploit this advantage first will be ahead of the rest. I will definitely teach Bitcoin to the younger ones in the family who are old enough to learn. If they learn about Bitcoin from their families, they will be more interested in learning about it from outside as well. On the one hand, as the younger ones will be ahead in increasing their technological knowledge, they will also be comfortable in the financial aspect. Teaching them Bitcoin at a young age means building a hard foundation for it.

Yes it is true that in future generation everyone will adopt Bitcoin. From now on those who have adopted Bitcoin can introduce Bitcoin to their family members if they want. But I think those who are interested in Bitcoin should be introduced to Bitcoin. In future all things may be transacted through Bitcoin.Paper money may not exist in the future. All transactions will be done through bitcoin very soon we will have to wait for few years for that now people in almost all countries know about bitcoin slowly everyone will start using bitcoin.

[retreat]

I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me. But that's just my wish, because he's still small right now and it's not appropriate to introduce Bitcoin at his current age, maybe later when he's older and understands technology better I'll consider introducing Bitcoin to him. If he likes it maybe I'll teach him and consider investing Bitcoin specifically for his future investments.

[MainIbem]

I wish I had the opportunity to be introduced to Bitcoin as a teenager maybe I would've started making plans of saving in BTC earlier and would've probably have saved a lot. However I don't think it's a bad idea to save for the future of your kids, especially when it involves saving in Bitcoin which is probably the future of money. There's this method my parents used in saving for me and my kid bro, they opened a bank account for us and deposited 10-20% of their income to the account, and it helped me during my college days, I think I'll emulate such method and instead of saving in bank for my kids I'll open a cold wallet and save some percentage of my income in the wallet, then gradually teach them about Bitcoin and it's concepts then give them access to the wallet when they're of age (18+).

[Magic-Money]

I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come.

[Wakate]

I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me. But that's just my wish, because he's still small right now and it's not appropriate to introduce Bitcoin at his current age, maybe later when he's older and understands technology better I'll consider introducing Bitcoin to him. If he likes it maybe I'll teach him and consider investing Bitcoin specifically for his future investments.

Children can learn about Bitcoin gradually but it should not be something that need to be compulsory. Learning Bitcoin is all about interest because there are a lot of people that have been shown the way to learn about Bitcoin which the can utilize the knowledge to make money for themselves. There are lot of opportunities in the crypto market which can make us make lots of money without doing physical jobs. Cryptocurrency has been a great eye opener for many of us that are in crypto now and anyone that are serious can make money even without any investment.

[Smartvirus]

I also have the desire to introduce Bitcoin to my child and pass on to him my knowledge of it - that would probably be a very good thing when you see how the child you are raising knows Bitcoin and understands it, maybe he is even more knowledgeable than me.

It’s not a bad idea to actually introduce Bitcoin to your kids but to do that successfully, you have to ensure you break it down to a level they could understand, even having to use their level of institution level to teach this. Don’t forget, this is financial education and kids aren’t that matured about finances and so, if you become more practical about it, you’ll find your kids to follow but hey, don’t get disappointed at the outcome if they don’t.

[passwordnow]

I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come.

I advise you to do the traditional way of keeping up the private keys and nothing beats better than writing it off on a piece of paper, a cardboard. While the plan sounds good but if the long term is what you're planning for, although cardboards and papers might crumple over the period of time but it's much better than keeping it on a device.

You'll never know what might happen for the next years to come. But as you've said, this is a back up so please make sure that you've got strong back ups where you'd write your private keys because we have to anticipate the unexpected thing to come. And with that, there can be a lot of things that might come and someone might steal that device compared to a paper or card board, no one gets interested with that for stealing unless that thief knows what's written on it.

[Sonia_123]

Investing Bitcoin for your children is the best thing parents can do for them, while they are small, it is best you do that so as the children grows up, their investment also grows with them so that in future they will not have any financial issues or dependent on anyone, this is where your investment for Long term comes in using your cold storage wallet,and you put the child through when the time comes. Involving the child at these tender age might be risky to his/her growth and exposure to money, because there is time for everything,life is in stages,the best you could do is to keep saving for the child until he gets of age which he can handle issues and take care of himself/herself.

In terms of passing down the wealth is not an issue, the same measure you used in acquiring the wealth that will be introduced to them when you think is necessary,through your WILL or whatever means you wish to use, they should be informed .

[synchronym]

We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market.

[uswa56]

I have a plan for my children in time coming and I have to create a new wallet and back it up with a device where the phase code or private key will be saved for a long period of time, and buy few alt-coins, including Bitcoin and hold for them, especially alt-coins that has already established in the cryptocurrency market that we keep existing for next 15 to years to come.

We all certainly have good plans for children in the future so that they can use the assets that we have collected from now on and we must first give them an understanding of this investment so that they can make good use of the assets that we will give them, maintaining properly lock the wallet in which we store Bitcoin assets, of course this is very important so that we can still access them when we have collected these assets and if you choose some other type of altcoin, of course this will be very good if you have sufficient funds to be able to hold it for the long term. For a long time, of course this will give you benefits from holding assets that you believe in, especially Bitcoin.

[Mahanton]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

i don't make a special plan to introduce bitcoin to my child, maybe what i will do later is introduce it in the usual way and if he is interested in it then he can learn it and inherit the knowledge and assets that i have. because i am not the type of parent who forces their will on their child that they must like/inherit what i have, if from the beginning i see that my child does not like it, then i will not force him to learn more about bitcoin. but if he likes it and wants to learn, then he is free to ask what he wants to know about bitcoin and he might inherit the assets that i have.

and also if i see that he only wastes money, and does not care about financial management, then maybe i will not let him inherit my bitcoin and maybe i will make someone else who understands it better to handle it, because my assets are too valuable if they fall into the hands of ungrateful people.

There's the right time for everything and this is where you would really be seeing whether it's right time or not because it would be pointless on making explanation if they don't know on what they are listening or simply not that mature enough.As for speaking about my wife then I would definitely be explain everything but we do know that not all things would be absorbed easily and on the moment that they can't still be able to understand then it would be ideal that you do set instructions and go solo with your crypto holdings.

As for wealth distribution then it wouldnt really be just that focusing on crypto or one business but rather you would be focusing into tons as much as possible, although not all does have the capital then stick into things on which you do able to make money or profit and gradually making up progress if you do have plans on achieving such target.

[ChiBitCTy]

How do you plan to introduce your children to Bitcoin? More importantly what is your long term plan for passing down the wealth to the next gen?

Do you plan to make them their own cold storage wallets and start depositing coins onto this instead of say finding a college savings account etc? Or have a diverse mix in many of these baskets?

I keep thinking about setting them up for success but I am much too early right now my kids are very young and they wouldn’t begin to even understand Bitcoin for quite a while.

But I am curious because I know I should be doing so much more to prepare them for what is to come, hopefully a very well positioned future and inheritance that I can give them.

Sometimes I feel that I am doing them a disservice by contributing to a 529 savings plan as opposed to their own Bitcoin storage accounts.

Perhaps I should open their own Roth IRA accounts and just contribute to that account and direct the funding to a Bitcoin ETF so I can ensure that they will have had early exposure to Bitcoin and ensure that they all have their own accounts. Sure it’s not the same as pure Bitcoin it’s paper Bitcoin but at least the exposure is there.

I still think that passing down the wealth for your heirs with crypto will prove to be very problematic. It’s surely something that could be unevenly distributed & deviated from the wishes of the will since there are no real safeguards in place to ensure each child / beneficiary gets what has been set aside for them, right? I think this will be more of a long term solution that will come down the line, the real issue here is that having such safeguards in place could very well compromise the intent of Bitcoin in the first place. These answers I believe would be achieved through custodial methods, or how else could one achieve this goal??

Call me soon, lets chat about this brotha!  One thing that stands out here, I'm not sure opening an IRA for them makes any sense right now.  A 529 makes more sense as it's the cadillac of educational savings plans and it's not just for college savings anymore, but have opened up to HS level (about time).  There are some draw-backs, but I think it's imperative that if a child has the opportunity to go to college free of charge, they should do so in most all scenarios.  The whole "college is a waste of money" theme people like to talk about is utter bullshit.  But that's a different story for another day. 

As for safeguards and succession for passing along bitcoin to your heirs- I wrote a thread about this back in 2019.  Like anything establish a will at minimum and perhaps a trust - https://bitcointalk.org/index.php?topic=5134350.0

[maydna]

We future generation are very Small so no such plan. It should definitely be our plan to hand down bitcoins to children in the future. By investing by investing so people may have problems in the future so there should be a plan in advance and they will manage the next of course the children can do. From the beginning when you raise a child he will have enough experience with Bitcoin so he can easily catch up with Bitcoin instead of you so when your child reaches the appropriate age you should introduce him to Bitcoin so that he can manage yours well. But keeping in mind that Bitcoin is a risky era, we must make all our decisions when investing in Bitcoin, just as we invest in Bitcoin with a long-term plan and check the market.

When we becomes parents, we must make a plan for our future, especially for our children. We can not lets them without any preparation because they will not be ready with what they will do in the future. If we can starts to have investment from now and teach our children all things necessary, they will have a chance to survive in the future and even they can develops more than us. With starting to investing for our children future, we prepare their future better than us and we can also teach them to do what we did to their children. Bitcoin investment is a good thing for them but we must tells them that Bitcoin investment have its risks so we must teach them how to manages the risks. So that can helps them to use Bitcoin as something that can change their life better in the future.

[radjie]

You're wise to consider Bitcoin for your kids' future. Yes, it has great promise. Good to hear you're considering cold storage versus a 529. We need forward-thinking like that. Diversification matters. Even with Bitcoin, dont put all your eggs in one basket. Mix it up. Buy gold and Bitcoin ETFs. Put some Bitcoin in cold storage too.

Many worry about passing on this riches, which is understandable. Dont worry too much. We'll find solutions shortly from the brightest minds. Although Bitcoin is revolutionary, they'll figure out way to obey your wishes. Start now. Your kids will get Bitcoin eventually. They'll be ahead when they do. The goal is to educate kids financial independence and give them a head start in a fast-changing world. Winners do that. They win by adapting and learning.

I agree with that, it's best not to focus on putting all your eggs in one basket.  Planning Bitcoin for the long term is quite promising, especially if you have the desire to pass on the assets we own to our children.  However, we also have to think about the assets we store in crypto which are quite vulnerable and easily stolen by irresponsible individuals.  therefore applying Bitcoin and gold as long-term investment assets will be much better for planning the distribution of wealth that will be passed on to our children in the future