One of the most over-complicated topic in Bitcoin is
>> INHERITANCE <<
I know what you think: vaults, multiple keys, collaborative custody, multisigs, storage fees, new OP codes (🤢), yada yada...
But what ever happened to doing it the old way?
Wouldn't it be more skin-in-the-game way to just SELL your bitcoin to your kids? Don't spoil your progeny with unearned gifts of your low time preference. Sell them. At a discount if you want, but transact!
Watch them accumulate, see them lose, enjoy seeing them appreciating it, make them improve custody, sat by sat.
Simply put, just become a Dad Bank.
Thank you!
Kudos to @AlexW for becoming one and inspiring me.
All right, good night 🌙
#DadBankOrBust #Inheritance #Bitcoin #Friday
What about letting them earn it. It is also old school. If I want to teach my children the Walię of work I should pay them with the money that stores the value.
Yup, this is the way :)
They do get preferential treatment in terms of exchange rate (usually pay them slightly more sats than market price - rounding up) but I also try to teach them unit of account concept - for example - if I sell them some sats (like for euros they got for birthday) but my hot wallet is currently empty, I ask them to note down the amount in sats and come back in a week or something and remind me how many sats I supposed to send them. Works better in bull market, true, but the lesson learned is that 21k sats is still 21k sats.
And he did learned a hard lesson recently... I got him to setup mutiny wallet a while back and sent him 100k sats there. He supposed to create backup himself but it turned out he never wrote down the 12 words... Recently, I asked him if he moved everything out of it because it was shutting down? He tried, but there was no trace of the wallet in his browser - turned out he installed new operating system so all browser data was gone.
So another 100k sats disappeared from 21m supply cap... But hopefully the lesson will stick and he won't make a same mistake again
Thank you for the donation.
I almost got bit by Mutiny too.
It was not the first and probably not the last donation on my part, but hay, we all learn as we go - sometimes you have to be a bit #reckless ;)
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