So i will become a #Bitcoin dad soon … 🙌🤩 I am thinking about saving for my child in btc. Any tips how to approach this? Should i create a separate wallet? Is there a way to automate it with monthly purchases? #asknostr
First, congratulations 🥳 Next, just keep stacking. You can get seperate wallets if you want, but it is better as they get older to teach them along the way, but you’re always leading by example.
Thanks mate 🙏🫂 Great advice … teaching … that’s one thing i am thinking a lot about. Pocket money via lightning maybe ⚡️💪
Congratulations 🎉 Stack for them in a separate wallet and educate them on the way
Thank you 🙏☺️ I am struggling to decide wether to stack non-kyc or kyc sats for them. Any ideas on that? My concern is that it might be more difficult to use the non-kyc sats for something like a drivers license in the future
Maybe two addresses? one kyc and one non-kyc where the latter can pay for education, drivers license or can be even used as a collateral if ever needed.
this sounds like a good idea. but if you only wanna set up one, i would go with kyc only because it will make it a little easier further down the road
Probably but you can also turn non-kyc Bitcoin into KYC'ed Bitcoin at any time. Basically through doxing the address.
I've put a BIP-38 encrypted key on a pendant when my niece was born 6 years ago with 0.1 on it. Me and my sister have backups and I put €20 on there every month (manually). There is some platforms that allow for automated monthly buys but you still need to withdraw from them so you might as well do it yourself whenever you buy some corn.
20 bucks a month? What about fees?
I transfer when the mempool complies. Like today.
Just create a passphrase on your wallet and use that as your child’s wallet
Congratulations man! Hope baby mama feels good! We are using relay to do monthly purchases on a separate wallet for our son.
Thanks mate 🙏🫂 I also thought about relai. My concern here is only the utxo management… a lot of small utxos this way. 🤔 do you consolidate on a regular basis?
I have to before the next halving. Till now only did it once for my "oldest" wallet.
first time hearing relai, does it support LN withdrawls?
You buy on chain tho and need to swap to LN. „Relai charges a fee of 0.4% or a minimum of 2500 sats for setting up the necessary payment channels to receive“ They plan to implement buying lightning sats directly soon