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Buy cryptocurrency for a child

  • 05-05-2021 11:52am
    #1
    Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    OK so I want to buy a few different currencies for my children for longterm holding. Is there a way to do this for a child? Children are aged under 10.
    Is my only option to create an account for me or my wife and then transfer it to them when they are old enough?
    Thanks for the help.


Comments

  • Registered Users Posts: 1,269 ✭✭✭ djan
    Registered User


    OK so I want to buy a few different currencies for my children for longterm holding. Is there a way to do this for a child? Children are aged under 10.
    Is my only option to create an account for me or my wife and then transfer it to them when they are old enough?
    Thanks for the help.

    Best way would be to create account on an exchange like Binance or Kraken (depending on coins you'd like to buy as Binance have a much bigger offering) and then send these coins to individual wallets you create for each child. Save the password phrase and address for each of those wallets in a secure place and then share this with the children at a given age.


  • Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    djan wrote:
    Best way would be to create account on an exchange like Binance or Kraken (depending on coins you'd like to buy as Binance have a much bigger offering) and then send these coins to individual wallets you create for each child. Save the password phrase and address for each of those wallets in a secure place and then share this with the children at a given age.


    Thanks, a little more advice please. I have used a good few exchanges for buying and selling but I have never used a stand alone wallet I normally just leave all in the exchange wallet. How do I setup a standalone wallet, is there provider's for this that anyone would recommend? I'm a bit green to this end of things.


  • Registered Users Posts: 1,269 ✭✭✭ djan
    Registered User


    Thanks, a little more advice please. I have used a good few exchanges for buying and selling but I have never used a stand alone wallet I normally just leave all in the exchange wallet. How do I setup a standalone wallet, is there provider's for this that anyone would recommend? I'm a bit green to this end of things.

    First of all a wallet isn't actually a wallet per se rather than in essence the password and an interface to manage your coins that are on a blockchain.

    You can use numerous ones depending on what coins they support such as Metamask, Coinbase wallet etc. Otherwise you can also purchase a physical one such as Ledger which acts as a usb key with the password phrase and wallet address encrypted on it.

    It's something that you will have to look into and research yourself as it's difficult to summarise in a post. I'd recommend mend the Binance academy as its a great resource to learn about theses things and uses simple language with excellent examples.


  • Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    djan wrote:
    It's something that you will have to look into and research yourself as it's difficult to summarise in a post. I'd recommend mend the Binance academy as its a great resource to learn about theses things and uses simple language with excellent examples.


    Thank you for the help. I'll take a look there.


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    djan wrote: »
    Best way would be to create account on an exchange like Binance or Kraken (depending on coins you'd like to buy as Binance have a much bigger offering) and then send these coins to individual wallets you create for each child. Save the password phrase and address for each of those wallets in a secure place and then share this with the children at a given age.
    That's actually a great idea. My 12 yr old wants me to get her some BTC as she's intrigued with my dabbling in crypto. I'm going to set her up with her own Trust Wallet so she can see how the market affects her (small!) holding.

    Make no mistake, she also knows this is pure speculation (aka gambling) right now.


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  • Registered Users Posts: 1 Jay1917
    Registered User


    Great idea Ive been thinking of doing something similar for my niece and nephew for college


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D
    Moderator


    I feel it should be said that you shouldn't buy any now at these crazy prices.


  • Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    Rob2D wrote:
    I feel it should be said that you shouldn't buy any now at these crazy prices.

    Thank you for the advice, I fell that the current high won't matter in 10/15/20 years. This would be a long term hodl. Plan is to not tell the kids but give it to them when the are looking for a house, I realise the younger will know its coming their way once the older receives it.


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D
    Moderator


    Thank you for the advice, I fell that the current high won't matter in 10/15/20 years. This would be a long term hodl. Plan is to not tell the kids but give it to them when the are looking for a house, I realise the younger will know its coming their way once the older receives it.

    Just wait for 2023 when things are 90% cheaper.

    Also, 20 years is a along gamble. Who knows what cryptos will still be around.


  • Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    Rob2D wrote:
    Just wait for 2023 when things are 90% cheaper.


    I don't see this happening, id rather take a punt at this with a few quid than most other investments to be honest. It's money I'm willing to lose but if there was an up tick it would be very beneficial to the kids is the way I'm looking at it.


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  • Registered Users Posts: 330 ✭✭ HGVRHKYY
    Registered User


    I don't see this happening, id rather take a punt at this with a few quid than most other investments to be honest. It's money I'm willing to lose but if there was an up tick it would be very beneficial to the kids is the way I'm looking at it.

    We all thought the same in 2017, and I'm sure the same was said in 2013/2014


  • Registered Users Posts: 819 ✭✭✭ studdlymurphy
    Registered User


    True, but if you had have bought back at those highs for most currencies you would be up today

    It's the long term investment I'm looking at here. Not bothered if it bottoms out along the way, just so long as it's up in 15 or 20 years


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    My daughter just got her first smartphone last month, so now she has a Trust Wallet with ~$50 worth of BTC in it.

    It's only to give her some skin in the game, a level of participation.
    It'll be a good lesson to watch it rise and fall so it can be recognised for what it ultimately it - a punt.

    Maybe she'll be part of the crypto generation where it moves into mainstream daily use.


  • Registered Users Posts: 330 ✭✭ HGVRHKYY
    Registered User


    Dades wrote: »
    My daughter just got her first smartphone last month, so now she has a Trust Wallet with ~$50 worth of BTC in it.

    It's only to give her some skin in the game, a level of participation.
    It'll be a good lesson to watch it rise and fall so it can be recognised for what it ultimately it - a punt.

    Maybe she'll be part of the crypto generation where it moves into mainstream daily use.

    I think we're definitely past the point of no return, kids now are growing up curious about this tech and it's still all really new and young so will continue seeing new updates and versions in the next few decades. Kids won't want to be handing over dirty physical cash when they've already been long accustomed to the convenience of paying for things digitally for years online, with games and DLC on their consoles for example


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    HGVRHKYY wrote: »
    I think we're definitely past the point of no return, kids now are growing up curious about this tech and it's still all really new and young so will continue seeing new updates and versions in the next few decades. Kids won't want to be handing over dirty physical cash when they've already been long accustomed to the convenience of paying for things digitally for years online, with games and DLC on their consoles for example
    Well she has a Revolut card as well, the tech of which is light years ahead of my generation. I can instantly use my phone to top her up with funds which she can digitally pay for whatever she wants, via phone or card.

    When you can do this is makes me wonder what advantage we're really expecting from blockchain that actually will make our lives easier. Easy, instant payments between people is already a reality.


  • Registered Users Posts: 3,772 ✭✭✭ s8n
    Registered User


    This is a great idea. Thanks for sharing


  • Registered Users Posts: 634 ✭✭✭ TheAsYLuMkeY
    Registered User


    OK so I want to buy a few different currencies for my children for longterm holding. Is there a way to do this for a child? Children are aged under 10.
    Is my only option to create an account for me or my wife and then transfer it to them when they are old enough?
    Thanks for the help.

    My advice, buy them HEX and stake it until whatever age you want them to have it.

    https://hex.com/

    When you stake, you choose a length of time you have to lock it up for, if you try to end it early you are penalized, if you allow it to run for its duration you are rewarded.

    The HEX that is locked up generates more HEX as interest as it is held on deposit.

    One other great feature is that when others finish their stakes earlier than they agreed, the penalty HEX that is taken from them is distributed to the holders that are loyal to their agreed time.

    All is run off smart contract on Ethereum network.

    Plus, there is an upcoming hard fork of Ethereum called Pulse, if you buy and stake your HEX in the next two or so months, all of your stakes will be replicated onto the Pulse chain for free, doubling your investment.

    The reason for this fork , the gas fees on Ethereum are killing everyone, the fees on Pulse will be what they used to be on Ethereum, cents to transact.

    If you are in a position where the fees on Ethereum are really high still in the future, you will be able to end stake on Pulse, and use some of that released liquidity to pay for end stake fee on Ethereum to access those funds also.

    Pulse will be POS and POW in operation, read up about it to see how that can keep fees lower.

    I have 500 HEX staked for my boys each long term.
    (over 10 years gives the highest return, usually about 37%)

    Shorter length stakes generate smaller interest.

    Example;

    I multiples stakes of various sizes running, have two of those stakes running currently that are both are 3500 HEX, one ends in 2.5 years and another in 15 years. The 2.5 years stake has been running for 3 months, the 15 year one i just put down 1 month ago, the interest on the 15 year stake has already surpassed the 2.5 year stake.

    HEX is ideal for your need, long term interest accumulating locked smart contract for kids.

    Look how HEX is performing today,


    553667.JPG


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