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I've been thinking for a while that I'd like to be able to give my siblings some Bitcoin but I'm struggling to figure out the best way to go about that conversation.
I'd like to be able to give some Bitcoin and let them keep it in self custody. I think this means asking them to download a wallet on their phone and explaining how the private keys work. Explaining that the private key must be kept secret and safe.
But to be honest that sounds like a difficult conversation to have with no coiners. I'm wondering if there's an easy way to get people started and leave the more difficult parts until later.
Thoughts?
Your solution is “OpenDime” from coincide,it's like cash gift but in bitcoin, you can't withdraw it only holder of that device can You can buy some of them and test it your self before gifting
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I told my sister “you’re getting bitcoin for your birthday, I’ll hold it till you’re ready”
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This is the way. If they can securely get you an address, then release the coins.
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I do that for my children. For my siblings though it's about showing them how it works.
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Holding onto the BTC until they are able to handle it themselves is the best approach. Who knows how much BTC has been lost due to irresponsible gift-giving.
But, depending on the person, it might be appropriate to not tell them that you bought BTC for them. Some people will be offended by "till you're ready". Moreover, most people don't understand the value of Bitcoin, so some might be offended that you gave them what is from their perspective a non-gift.
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35 sats \ 1 reply \ @clr 1 Jun 2023
If the conversation feels uphill, that probably means that deep down they don't value bitcoin and they see it as a joke/toy/fad.
But if you still want to give them bitcoin without the hassle, I suggest giving physical bitcoin (a paper wallet, Open Dime, Sats Card, physical "coin"...). That way you can make the gift, it will look nice, they can self-custody and you won't have to explain anything about self-custody.
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One of my sisters already owns some. She bought it on an exchange and I assume she left it there. I don't think it's a lot but I assume it's gone down in dollar value because she bought it near the top. I don't think she sold it. For her I think she at least gets that it's a long term investment.
The other two have heard of Bitcoin but I doubt they know much more than the general public.
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That's a great list of videos. I'll be sure to watch the one's I haven't seen.
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don't. If they're not interested in bitcoin, they're not going to keep track of it.
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I have used OpenDimes from CoinKite to gift Sats in the past.
They have the SatsCards now too which could be even better, I just haven't used them.
Seriously, check out CoinKite's store for what you are trying to accomplish: https://store.coinkite.com/store
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I do like CoinKite products.
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There are many ways to give sats.
I guess the easiest way is using https://lightsats.com
Other good way is on Telegram using the @lightningtipbot
These two options are on Lightning Network and are custodial.
If you want to have a noncustodial option, you can send some sats onchain to any wallet like Electrum, Samourai or Sparrow. Or Phoenix on the lightning network.
Some people would suggest you to explain all about Bitcoin and others will said that the way to explain btc is letting others experience wallets...
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You could put the bitcoin in a 1-of-2 multisig wallet, and give them one key. You keep the other key.
If they don't take possession of the bitcoin after some time or if they lose the key, you can take it back.
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That's an interesting idea. Of course it only works in trust environment. But if they take it seriously it would be easy enough to take full control of the Bitcoin and move it to another wallet.
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Probably not the best way........But I signed my nephew up to stacker news. He has a lightning address that I'll send sats to every once in a while. Next year I'll probably introduce him to strike, then nostr then nunchuk.
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I want to give a friend (non coiner) some Bitcoin as a wedding gift and this is how I thought I would do it (note, it won't be a massive amount, just something to spend on their honeymoon, but I think it might help you with your question)
Depending on whether they will be interested in holding the Bitcoin or spending it, I would do it as follows:
  • Spending (most non coiners):
I would use the lightning network and create a wallet for them, writing down the seed phrase on two pieces of paper. One that I'll give to them at the wedding and the other I will keep, for now (will explain)
I would then load the wallet with the amount of sats I want to give them and log out/remove my access to the wallet
At the wedding they will get one of the two seed phrases I wrote down and in the envelope there will also be a piece of paper explaining how they can quickly and esily restore the wallet that is loaded with sats unto one of their phones and that they must confirm with me when they have successfully restored the wallet
Once I receive said confirmation, I can destroy the backup copy of the seed phrase I have, leaving only them access to the wallet (the reason for keeping a copy is just so that they don't lose the sats if they maybe lose the envelope or something like that because people new to this often underestimate how important it is)
(I might be breaking some rules here by doing it this way, but since it's a gift that I want to give them, one can assume that I won't do anything that I shouldn't with my copy seeing as it would defeat the purpose of the gift and I thought that this would be the easiest and safest way to get the sats into their possession, seeing as I don't want them to go through trouble to actually get their present)
My guess is their interest might be tickled when they use their sats on things they want to buy and you can then help them move it to self custody on the layer one blockchain if they actually want to do that with the sats they have left
  • Holding:
To a certain extent, the same approach can be followed as mentioned above, using a self custody, layer one wallet instead of a lightning wallet, assuming you will 100% adhere to the last part of the process by destroying your seed phrase copy and access to the wallet forever. This would be the easiest way, but if they are interested in holding then I would rather do the second one below, as then they would be willing to "do the work" beforehand in all likelihood:
A better approach would be to either sit down and provide them with the basics they need to know about their gift or lay it out fully in a letter or by sending them a link to a detailed video or something
After that they should create their own wallet(s) and just send you their address once available and then you can send them the gift
All and all that's how I would go about it. I think it's important for you to find out if they would want to spend or hold the Bitcoin and then take the appropriate approach, but I wouldn't recommend forcing them, for example, to hold it if they would rather spend it. A gift can only be a gift it there are no strings attached. If there are strings, then that's more an agreement/arrangement than a gift and one of Bitcoin's core values is freedom, so I think it's important for them to decide what they want to do with it and Bitcoins/sats would already be an awesome gift so combining it with actual freedom of choice/use would be absolutely stupendous!
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Thanks that's a great way of thinking about it.
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Might not be a popular response but custodial lightning BTC is a good intro. Simply because it is fast, cheap & it works
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Send them a voucher.
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You should go further anyway. They will surprise you.
If you are still unsure, start with a smaller amount.
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I probably will explain it properly. I'm just trying to figure out what to tell them in terms of what wallet to download.
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Show them your favorite mobile wallet, it will do the trick, as long your relatives keep custody of the funds.
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Yeah it’s tricky, I’m having a lot of the same issues.
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