When your whole life is built around Bitcoin

[Outhue]

What will you do if your whole life is built around Bitcoin and crypto only? And assuming you are from a country where the system isn't that great and you managed to grow with the help of Bitcoin and after few years of trying to bring a child into the world your prayers is finally answered. What do you think you could pass unto your child? From Bitcoin side.

Congrats to me I now have a month and one week old baby, but this thought can't seem to leave my mind, That thought of what can I pass unto my child as a Bitcoin trader and investor?

Thinking about.....

I have free electricity via solar power with enough juice wasting everyday, maybe I should start mining some BTC in my sons name for his future.

Maybe I should just get a wallet in his name and start buying small piece on BTC for him every month.

Forget about me for a moment and put yourself in my shoe, I am sure there are family men and women on here, what will you plan to do if you are in my shoes right now?

[Orpichukwu]

Congratulations on your newborn. I was just reading through a thread on BTC POP ceiling yesterday, and I came across a comment where the member made mention of it getting to a time where people will name their children after Bitcoin. I was thinking this will be one of those threads.

Out of the options that you mention, check which one will be easier for you to do and carry on with it. What's most important is that you are able to accumulate something for your child before he grows up to a stage where you will hand it over to him.

[TheUltraElite]

Firstly congratulations!

Second you would want to make sure that the child has their own inheritance in whatever manner you can store it.

What I find more important is their child's well being and education rather than stuffing then full of bitcoin right at this time. By the time they become mature enough start introducing bitcoin to them. Only exception is if they are getting a wrong picture of bitcoin from somewhere else then you should intervene.

Do not ignore traditional assets however this will vary depending on where you live. They might be completely useless or somewhat useful for a cushioning effect in times of bitcoin down trend.

[Ruttoshi]

Wow... A big congratulations to you and your family.

Mining is very expensive and solo mining wouldn't give you any profit because it will be hard for only you to be able to mine a block due of the increase in difficulty target. If you are interested in mining, you should join a mining pool.

It will be good if you open a wallet for your child and deposit bitcoin in his wallet for him/her whenever you can or when he's been given funds as a gift, you can use it to buy him bitcoin. When your child is ten years, you will be surprised on how much bitcoin has been deposited into his wallet.

[AVE5]

What will you do if your whole life is built around Bitcoin and crypto only? And assuming you are from a country where the system isn't that great and you managed to grow with the help of Bitcoin and after few years of trying to bring a child into the world your prayers is finally answered. What do you think you could pass unto your child? From Bitcoin side.

Bitcoin has just been a newly introduced source of financing launched 2009 which means there had been means survival and economy system was contently flowing well.
So even at the greatest economy system with different opportunities, in this era of bitcoin, parents who're investing on bitcoin are also duly having budgets of future investments for their kids on bitcoin and expected that when the kid grows up to level of sail on their own, they can as well embrace to invest on bitcoin too.
Bitcoin solely is a divert to source of income and in the case where there isn't other means but only bitcoin, there'd be no choice not just for me but everyone to adapt to It and at the time of bearing kids, they'd grow and get nurtured to be suited to the situation acknowledging that it's the only source of survival.
Even without letting the child know of what bitcoin is about, as long bitcoin is the only means, a child with greeners dream for himself will still find it way to adapt to the economy situation as there maybe no choice to earn finances other than bitcoin.

[Ziskinberg]

I have free electricity via solar power with enough juice wasting everyday, maybe I should start mining some BTC in my sons name for his future.

You can try mining, but honestly? It's not really profitable for individual miners anymore. Even with free electricity, if you can't compete with the industrial-grade rigs big companies use, your earnings will still be small. My simple suggestion: The easiest path is to just earn or buy Bitcoin and hold it. Holding doesn't need special skills or deep knowledge - just trust in Bitcoin's future.

[Despairo]

Not sure, but I think it's dangerous to teach Bitcoin to child.

I'm not saying about error, mistake or anything that would make you lost your coins, but it's more than that.

Like, Bitcoin is primary about decentralization, while we live in centralization, if we taught them about decentralization, our son will have a conflict almost against anyone because they won't believe in government, privacy oriented etc.

Imagine the kindergarten teacher ask every children to define "Dollar", then our son will say "it's scam, it has no value, avoid to use fiat".

[serjent05]

Forget about me for a moment and put yourself in my shoe, I am sure there are family men and women on here, what will you plan to do if you are in my shoes right now?

Honestly I will diversify.  Since we are talking about established financial status through Bitcoin alone here, it would be best to add more investment besides Bitcoin.  

We cannot say what the future holds, Bitcoin might soar in an imaginable height or Bitcoin might become stagnant or worse get dumped.  It is always best to have a backup plan, or something that can support us when one of our sources of income fails to deliver.  Aside from that not all years is a golden year for Bitcoin, so during those times of hodling, we must make sure that we have the other means to support our daily needs.

It is not bad to be a Bitcoin fanatic, but it is is always better if we have alternative ways in bringing profit in our table.  This way, we can make sure that the future of our family especially our kids is well supported by our income.

[Zlantann]

Forget about me for a moment and put yourself in my shoe, I am sure there are family men and women on here, what will you plan to do if you are in my shoes right now?

I also have plans to keep some amount of Bitcoin for all my children because it is a very good investment. Electricity is expensive in my country so I won't consider mining. The amount you will spend to install solar that will suit a solo miner is too much that I cannot afford.  I don't also know how profitable it is to mine Bitcoin with low capacity winning machines.

My option will be to get a safe wallets and keep buying using DCA to buy Bitcoin for each of my children.  Maybe a twelve years DCA plan might be okay considering the age of my children. If Bitcoin keeps increasing, they might inherit some Bitcoin that can kept as assets or sold for profit.

Congratulations on your baby, welcome to fatherhood. 

[Cryptohygenic]

Firstly congratulations!

Second you would want to make sure that the child has their own inheritance in whatever manner you can store it.

Accept my extended congratulations too Op.
On that note, every good thinking parents could as well plans for their kids as same time planning for long time goal.
Op having the plans to begin accumulating bitcoin for his new born child is admirable which likely, could set the child up to also become a bitcoineer and enjoys the digital assets when he grows up after claiming his inheritance by his lovely dad.
But I will encourage that Op should have a hardware wallet to store the bitcoins as the case maybe that it is an offline storage device suitable to hold bitcoin in a long time to keep off from insecurity online threats to assure the childs assets safety.

[Free Market Capitalist]

Honestly I will diversify.  Since we are talking about established financial status through Bitcoin alone here, it would be best to add more investment besides Bitcoin.  

That's right, starting with an emergency fund of between 3 and 6 months of saved expenses in local currency, and apart from bitcoin some other investment. Focusing your whole life on bitcoin is fine if you are Michael Saylor and the like, but not for the average citizen.

Congratulations to the OP on his fatherhood, by the way.

[dothebeats]

The age of mining is dead for solo miners for almost a decade now. If you're looking for ways to amass bitcoin for your child, it's best to just buy it on a regular schedule. This applies the principle of DCA (dollar cost averaging), so even if you buy it high on 1 month but bought it very low on 2 months, it will find a nice average for your entry price.

Or instead of wanting to teach your child to trade at an early age, why not do it yourself, earn some money, and send your child to a good school then teach him/her the principles of trading when he's/she's knowledgeable enough. Most parents fail in teaching their kids because they are eager to have them learn something they're not intended to learn at a very early age, without considering what the child wants to learn at that point. Making them interested in bitcoin by seeing you do it first-hand is way better than forcing them to learn it just because it gave you the means to survive in this world.

And since you were able to get something out of bitcoin, why not let it grow further by looking for other investments that will boost your wealth even more? Bitcoin as an asset alone is already a rock-solid investment, but it's not always reliable as it's not appreciating 100% of the time (it's cyclical, at least that's what our data suggests).

Teaching them something about crypto is great, but let the kid enjoy his/her life as a kid first, and just inspire him/her by doing what you do best in front of him/her.

[hyudien]

Congratulations on the gift given by God.

Every parent must want to give the best for their child, especially if this is the first child (if true and I understand) including inheritance for them in the future, if Op wants to give BTC as an inheritance I think it's quite good because in the long term the value of this asset will be higher and rarer but I personally if I were in your position I would add other assets that can be inherited that have stability like gold.

[SFR10]

What will you do if your whole life is built around Bitcoin and crypto only?

As much as I love Bitcoin as a whole, I'd try to dip my toes into other markets as well ^{[e.g. Gold can be a safe route, especially if you belong to a country whose current system is failing]}.

What do you think you could pass unto your child? From Bitcoin side.

My knowledge, but I'd only take baby steps for the first decade of his life ^{[there are already plenty of bitcoin-related kids' books for different age brackets]}.

I have free electricity via solar power with enough juice wasting everyday, maybe I should start mining some BTC in my sons name for his future.

As a former miner, you don't want to deal with the increased noise levels anywhere near your house ^{[there are solutions for isolating it to a certain extent, but this is only one of the many issues (e.g. maintenance, faulty boards and etc) that you're going to face]}.

Maybe I should just get a wallet in his name and start buying small piece on BTC for him every month.

The DCA route is excellent, but only if you're storing it in a secure storage device ^{[e.g. HW, but it still depends on their models]}!

[fikrett]

Not sure, but I think it's dangerous to teach Bitcoin to child.

I'm not saying about error, mistake or anything that would make you lost your coins, but it's more than that.

Like, Bitcoin is primary about decentralization, while we live in centralization, if we taught them about decentralization, our son will have a conflict almost against anyone because they won't believe in government, privacy oriented etc.

Imagine the kindergarten teacher ask every children to define "Dollar", then our son will say "it's scam, it has no value, avoid to use fiat".

Only when the person is in the mature period do we need to teach him, imo.

Otherwise, there will truly be conflicts and so on

[lovesmayfamilis]

OP, you have already answered all your questions yourself. You have everything to build your child some capital. No one will give you better advice until you understand how important it is for you. But in addition to your words, I would try to build some business that would be your insurance for the future, let it be bonuses from the profit of Bitcoin growth over time. I always believe that any money should not lie without movement and work; it is always good to have several sources of income, passive income for your old age, and saving money for your future children and the born son.

[Baofeng]

Congrats, if I'm in your position, I won't make it complicated though, I mean just continue to invest, do DCA accumulate and be a long term holder. And it's good that you and others lives are really built around Bitcoin.

As we have seen that Bitcoin really have a good effect on us, and in the last couple of days, we have seen threads already on how everything changes for the better on some members here and so that is a good sign that most of us will be successful in the future. And as long as we keep everything simple, then in the long run, we will have the financial freedom that we wanted.

[Marvelockg]

congratulations on starting the journey of fatherhood!

the advantage of being exposed to technology is that you give the next generation coming behind you an edge such that they don't have to start from scratch. my father knows little or nothing about technology, and because he was just a schoolteacher, growing up, the interest I had was how to become a better teacher than my dad. now, over time, I have grown to know that the direction we are headed to is a technology-driven time, and so, as I continue to delve deep into the technological ecosystem, whatever I have learned will become a stepping stone that my children will start from.

as a Bitcoin enthusiast, it is going to be natural that from a tender age, my wards will learn about Bitcoin, and if they are so interested in it, I will assist them in the best of ability to ensure that they get started in a good way. I might not, as it stands, have so much holding to keep some reserve for them, but through what I stand to gain from my investment, it will stand to give them the best of life that will make them stand strong in making their decision whether to join me in this niche or not.

[Moreno233]

What will you do if your whole life is built around Bitcoin and crypto only? And assuming you are from a country where the system isn't that great and you managed to grow with the help of Bitcoin and after few years of trying to bring a child into the world your prayers is finally answered. What do you think you could pass unto your child? From Bitcoin side.

If Bitcoin is all you've got, then you have to work on ways that you will have steady inflow of it to cover your needs and also enable you to save some for the future. If you already invested earlier than now and have accumulated enough BTC, the you really have nothing to worry about other than enjoying the proceed of your investment. But if you don't have enough for now, you can develop some skills that will help you render services that pays in Bitcoin. There are many jobs out there that pays in Bitcoin, so focusing on getting some of them will not be a bad idea.

Congrats to me I now have a month and one week old baby, but this thought can't seem to leave my mind, That thought of what can I pass unto my child as a Bitcoin trader and investor?
....
Forget about me for a moment and put yourself in my shoe, I am sure there are family men and women on here, what will you plan to do if you are in my shoes right now?

Congratulations on the safe delivery of your baby. When your child is of age, the best thing you can do is to start transferring Bitcoin knowledge and ensuring that such knowledge is taken seriously. That could be the key to freedom of the child because with such knowledge the child can start even creating a Bitcoin portfolio at a very young age.

[CryptoHeadlineNews]

Forget about me for a moment and put yourself in my shoe, I am sure there are family men and women on here, what will you plan to do if you are in my shoes right now?

However, congratulations to you on the successful birth of your new born baby. Because it is indeed a pleasure to have upcoming Bitcoiner who will take over from us when we grow old. Because initially if I was to be in your shoe, I would have bought a "Solo Mining Device" to start mining Bitcoin, since you already started you have a stand-by electricity which is powered through the use of Solar system, while you buy a certain amount of Bitcoin (i.e 0.001 or 0.01) and hold on to for a period of 15yrs, when the child could have grown up to adolescent age, as a fund to carter for his/her university studies. Because the possibility of Bitcoin to skyrocket 10x in next 15yrs is very possible.