I know that some parents open a bank account for their kids and occasionally deposit money into it. If the child receives cash as a gift for their birthday or Christmas, they’ll often put that money in the account as well.
For parents who are into Bitcoin, I’m curious: are you setting up a “savings account” with sats for your kids? How often do you buy sats for them? Are you using a KYC process for these purchases? And when do you plan to transfer custody of these funds to them?
My son has his own hardware wallet. I started by buying bitcoin with the stimulus money we got in his name several years ago, and have been adding since. It's my view that the world is getting less meritocratic in many regards. I'm not actually sure what the overall change of social mobility has been compared to when I was growing up, but I could basically get through a pretty decent college education with a combination scholarships, a summer job, and/or a very small loan. What are the odds of my son being able to do that a decade from now?
On the other hand, it is becoming easier to learn and certain entrepreneurial activities might be more accessible to him. I hope there's increasing opportunity for him in the future, but to hedge, I think it's wise to start him off with enough that he has options. Of course that also comes with an increased requirement of responsibility, and self control, but those are attributes I try to instill in him anyway.
Ideally he won't need these sats, can keep them safely stored, and reach financial independence a bit earlier than he otherwise would. Perhaps having a bit of savings that is already working for him will provide a bit of optimism for his future. At least it does for me.
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Be aware of the size of the utxos, if he is buying small amounts of BTC it will get expensive to move it in the future.
I heard that a good size UTXO is about 200.000 SATs.
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Good advice. This is about a once a year event for me personally, so I'm not too worried about it currently. Feerates are a bargain right now if anyone's looking to consolidate utxos.
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My daughter is stacking sats herself.
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Awesome. How old is she?
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1430 sats \ 2 replies \ @kristapsk 7 Nov
Now 17. But she is doing that for years.
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42 sats \ 1 reply \ @grayruby 7 Nov
Awesome. Good for her.
Send her 1k sats from me.
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Done.
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Good on her! Forward her some from me
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The children should learn themselves how to stack sats and stay humble.
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Yes I save sats for my kids and I also pay them in sats when they go above and beyond what is expected of them around the house.
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I have just started explaining bitcoin to them, but they are too young to manage it themselves. If l dont use all my sats in the future, l am more than willing to give it to them. Or else let them go to the ether, making each other sat even stronger and more valuable.
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I've been recently blessed with a baby. I and my wife have decided to buy for around §100 a month. We're not gonna use KYC process for it and we haven't talked in detail about transfer custody. Mat be after 20 years or so.
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Hello friend. You know that where I live we can barely survive on a daily basis. Inflation is such that saving is a challenge.
But for those who can do it, my recommendation would be to do it in Bitcoin. I imagine that the inhabitants of this burrow that is SN are people who have understood that fiat is crap and the devaluation is constant and in recent times with exponential behavior and is already universal, no fiat escapes.
So now we know what it means.
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12 sats \ 0 replies \ @flat24 7 Nov
Although if I am saving something for my two daughters, my main plan is to teach them to stack their own SATS and not to grow up thinking that everything is solved by the effort their parents already made. So I don't tell them that I am saving something for them, on the other hand I try to teach them so that they can understand the two systems, the traditional Fiat and the Bitcoin system.
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10 sats \ 0 replies \ @bief57 7 Nov
We have not yet opened a wallet exclusively for our daughter, it has actually been because I spend my time thinking about other things and I forget. If we open one it will be without KYC. How much should I deposit monthly or weekly? Well, it depends on how our income is that month. When should I give her the keys to custody of her wallet? I suppose when I see that she is mature enough to manage it alone.
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Just holding on to sats as I can. If I am not here, I suspect my kids will get them.
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if my tribe/nation (people i know and trust) has enough sats, knowledge, and moral strength, the kids will be able to get by with routine spending amounts, then earn or ask for additional capital if needed and desired.
it's unfair to expect a child to be great, that's up to them to decide whether they wish to do great things. they are already plugged into a network of powerful men & women, and get to have a healthy brain & body.
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i pay my eldest's pocket money in sats i make here to her wallet of satoshi then when my family sends birthday money for them i buy btc with that and manage it in cold storage until the time is right to handover, maybe when they're like 20 (don't worry , they still get toys on their birthdays too lol)
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I’m saving all my sats for my kids maybe when they are my age they can use it for a down payment on a house. I just plan to transfer to them once they finish college
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Basically I don't have child. Leave it You are doing well that's we shoold do to for our kids
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It's seen like the best saving plan.
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GREAT questions. The procedures of this confuse me.
  • do you multi-sig between the two parents?
  • what happens if you and your partner break up?
  • transferring small amounts all the time (racking up UTXOs) vs keeping balances on exchanges for a long time?
  • how to suitably give them the funds (when responsible enough, when a good idea etc)
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I don't have kids, but I'll do it this way:
  • Start buying on lightning every month, forget about multi sig for now.
  • Once the amount has reached a good value, you can move it for a hardware wallet or multi sig with your partner. So, you will receive one UTXO of a good size to use in the future. (But, multi sig is not for everyone!)
If the relationship does not work out, well, this funds is for the kid, not for the parents. If the relantionship disappear, you can offer 50% for each parent and then each one will do their best.
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