I've been holding Bitcoin for the last few years, to give to my daughter when she turns 18. It's from part of her allowance that she opted to be paid in Bitcoin.
Now that her 18th birthday is rapidly approaching, I'm wondering what's the best way for her to receive it.
She doesn't have a cell phone yet, but she does have her own laptop.
I was planning on buying her a Cold Card for her 18th birthday, and sending her Bitcoin to it.
What do you think is the best way to give my daughter her Bitcoin when she turns 18?
183 sats \ 1 reply \ @0xbitcoiner 4h
seedphrase on metal/paper/etc
reply
0 sats \ 0 replies \ @fm 4h
Seed on metal without a signer is just asking for a hot wallet.. better give her the signer that will surely pant an seed in her mind 😅
reply
32 sats \ 2 replies \ @fm 4h
Cold card seam a nice option to introduce her to cold storage and what that means.
Better than a hot wallet for sure
reply
11 sats \ 1 reply \ @DJGuy OP 4h
I figure once she gets a job, she can get a bank account and then get a Coinbase or Strike account so she can buy/sell Bitcoin.
reply
11 sats \ 0 replies \ @fm 4h
Sounds like a plan..
Im far to this as my kids are young, but ill get there.
reply
26 sats \ 3 replies \ @OT 4h
I think she will need to take a test first. She'll need to be able to answer basic questions about Bitcoin like the supply, difficulty adjustment.
I'd start by giving her a small amount and get her to to try out cold storage and some lightning too.
If it looks like she has a good understanding, give her the rest.
reply
0 sats \ 2 replies \ @DJGuy OP 4h
I've been in Bitcoin since 2017 and I still don't understand Lightning.
reply
11 sats \ 1 reply \ @OT 4h
I mean, you don't need to know the technical details. Without LN how are you going to spend your bitcoin? Or is it just to convert back to fiat after long periods of time?
reply
0 sats \ 0 replies \ @DJGuy OP 4h
So far I've just been sending it back to Coinbase when I need to sell some. Haven't bought anything directly with Bitcoin yet.
reply
88 sats \ 2 replies \ @zapsammy 4h
if u desire a standard hardware signing device, blockstream Jade is a simple and affordable device. it can be paired with blockstream green wallet app which has lightning channel capability. the hardware works over blutooth, partial-signing transaction via QR & camera, or USB connection.
there are plenty of other cold-storage solutions. time studying them, cost, features, security, are all trade-offs.
super basic and cheapest option here: https://darth-coin.github.io/wallets/tails-hodl-cold-wallet-en.html
blockstream green guide here:
https://darth-coin.github.io/wallets/getting-started-greenwallet-en.html
Tutorial for Jade:
https://youtu.be/XVKsaPCe260?feature=shared
u can tell ur daughter to go on https://darth-coin.github.io and start reading the beginner guides in the meantime. teenagers will pick this up quickly, and then summarize it for u. those guides are dense.
reply
0 sats \ 0 replies \ @DJGuy OP 3h
I've been using a Ledger device, and I find it very simple and easy to use.
However, I've heard that Ledger is now saying that if the government requests it, they will provide back door access to anyone's device.
I have looked into ColdCard, but it seems a little complicated to me.
I will check out your suggestions.
Thank you.
reply
0 sats \ 0 replies \ @bren 3h
Great references and suggestions, thanks.
reply
11 sats \ 0 replies \ @Turdinthepunchbowl 3h
Alby hub just introduced sub accounts. If she's not ready for self custody/self hosting, you can maybe set up something like that which allows her access until she expresses interest in learning self custody. At which point you can then just go through the set up process of a cold wallet and do an on chain transaction. This requires some knowledge of lightning, but it allows her access to the fund while allowing you to make sure its secure until she's ready.
I haven't tried a sub account as I don't have the need to, but I found it an interesting possibility.
https://blog.getalby.com/introducing-subaccounts-in-alby-hub/
reply
11 sats \ 1 reply \ @senf 4h
If you have a ColdCard you can use a BIP85 seed to start putting sats in now. Set hers up with it when you give her one, and tell her you have a backup (and of course to never enter it anywhere else). Encourage her to make her own when she's ready.
reply
0 sats \ 0 replies \ @DJGuy OP 4h
Thanks for the advice. I don't have a ColdCard yet, still using Ledger. But I plan on getting a ColdCard soon.
reply
11 sats \ 0 replies \ @Msd0457890 4h
I think it's great that you've included your daughter with Bitcoin, you'll certainly be giving her one of the best gifts in the world.
reply
0 sats \ 1 reply \ @Winitober 1h
18 year olds are prone to making poor choices. Place a 10 year time lock on the gift.
reply
0 sats \ 0 replies \ @DJGuy OP 1h
Thanks for the advice. It's her money that she's been saving already for the past 7 years. If she makes a poor choice she'll learn from it.
reply
0 sats \ 0 replies \ @cleaningup12 3h
I put some in trust wallet as a starter for my boy
reply