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0 sats \ 0 replies \ @TSW 12 Jun 2023 \ on: If you at a bitcoin Parent….. bitcoin
Two-week proud father since block 791798 here :). If life goes as planned, we hope two have two kids, so I started saving bitcoin for them simultaneously to ensure equal stacks.
How I do it as of now:
- Buy monthly on-chain
- Read-only wallet in BlueWallet/Blockstream Green for monitoring, I don't have a HW device per kid
- HW device: Blockstream Jade + SeedQR so that I can easily import the wallet with a QR scan (https://help.blockstream.com/hc/en-us/articles/10694829024537-How-do-I-use-SeedQR-)
- Consolidate in >1M sats UTXOs to avoid unspendable UTXOs in a high fee environment
- Backup: 2x single sig seed & passphrase. If you have trusted family members/friends then you can store a backup at their place in case your own backup is lost. To reduce the risk you can give one person the seed and another the passphrase. They don't have to know this about each other, as long as they know that they need to search for the person with the other part of the private key in case something bad happens to you
- Adulthood is at 18 here, so I might hand it over at that time, but that also depends on the child's maturity. I can foresee managing it a bit longer but helping them out.
When the price and/or fees increase, I will start buying on layer-2 before consolidating at the base layer. At some point, I will stop using layer-1 for adding sats as it will be too costly, then I will move to layer-2, such as Lightning.