Got to start them early right?
I set up a separate wallet on my Ledger Nano S specifically for my son (10) as an additional savings account. He has almost $1,000 in his main savings account, which is really good for his age.
I told him I will cover his first $100. It was $0.40 transaction fee and transferred in about 12 seconds. I wanted to do Bitcoin but it was $10 for the same transfer. I also think Bitcoin Cash may overtake Bitcoin in the near future as more and more people getting fed up with Bitcoin.
I also printed 16 paper wallets for Bitcoin Cash to give to everyone in the family and loaded them with $100 worth of Bitcoin Cash. They came out awesome, provided you don't run out of Cyan ink when starting to do the backs.
Example Wallet:
The above is a valid wallet, feel free to steal it. There is no money in it. It is a great way to share crypto with friends and family. I didn't go the tamper-proof stickers seen above, they are $35 for 24 wallets, and felt packing tape worked just as well.
If you want to create your own paper wallets, you can find it here:
https://bitcoinpaperwallet.com/
Just download it to your local machine and create a unique seed. It's very easy to print and put together. It's extremely secure to everything but physical access. Print two copies and keep a backup for your family members in case they lose it!
By the time I finished this post, he already made $0.71!
If you want to see how the wallet comes together and how to do it, you can watch the video:
My recent popular posts
- How curation rewards work and how to be a kick ass curator
- Markdown 101 - How to make kick ass posts on Steemit
- Work ON your business, not in your business! - How to succeed as a small business
- You are not entitled to an audience, you need to earn it!
- UFC Fight Pass and Steem Witness caught secretly mining cryptocurrency on their paid service
- Building a Portable Game Console
)
This is so awesome! Back in the day, I sent my younger brother $100 worth of Ethereum when ETH was valued at $14. He's now invested in multiple coins! Got to start them young and teach them about investing. Regardless if BCH skyrockets or not, it's an awesome gift and learning opportunity.
I saw a joke on Reddit the other day, someone bet someone $1 of Ethereum, and a when Ethereum peaked he sent a text with a picture of the transaction and said "Thanks for the $80".
It's actually really crazy how that can happen. haha. I heard a story about a guy that invested something like $100 in BTC way back in the day. Supposedly, that $100 was a nice number of BTC. Because BTC grew so much, he bought a Lamborghini using BTC and he went around telling people he bought a Lambo for $100. Not bad.
The first BTc purchase was 10000 btc for two pizzas. The value has changed exponentially.
This is one awesome way to teach your kids about economy and crypto. I love it.
Your son is gonna thank you when bitcoin fukin bursts in profit this year. Its going up like crazy trust me.
I just don’t see Bitcoin cash to overpass Bitcoin, but if I’m wrong I will definitely remember your post.
Probably not, but I think it is definitely a possibility. Bitcoin has serious issues, especially with the people behind it. It may survive as a store of value, but more and more people are switching to LTC/BCH for day to day use and at some point, you just end up moving completely.
I have thought about it myself. When I first got my hardware wallet, it was saying $177 to move each wallet to my hardware wallet, a few days later I was able to do it for $41 and $39. To send $100 to my son's wallet would have been 10% ($10) fee. Insanity.
I saw this meme referenced recently and shows how poorly Bitcoin aged.
Was that originally real? or just created as a meme? :P
Real. It was bitcoin propaganda back in the day
Incredible!!
I think they all have work on transfer time and pricing.
There's plenty of space for both, but more people will want to use BCH
Lightning network is working on the test net. Q1 2018 we'll see it on Bitcoin. And at that moment Bitcoin will shut many mouths without talking.
I’ll believe it when I see it. There is so much in fighting I’m losing faith.
You seem like a lovely father :) The gift of giving is amazing, it must have been awesome to see their reactions?
YES!!! I collected about 1000 xrb raiblocks when they were being distributed last summer, captcha after captcha for about 3 months..
These coins were worth about .07 USD each back then ($70)USD
Today I checked and they are now worth $13.96 EACH ($14.000)USD!!
GONNA SEND MY SON(12YRS OLD) SOME TO A NEW WALLET AND FORGET ABOUT THEM!!❤️❤️❤️❤️❤️😱😱😱😱😱😱
very cool, I really like your color printer! :D
jokes aside, it is an interesting way to get your family more involved in crypto and potentially curious enough to take the time to learn more.
What is he gonna do with 0.04 BCH other than sell it? He can't even donate them to The Pirate Bay.
It’s $100, it’s a start and see where it is in 6-10 years and by then he will likely put more in.
Start them early.Awesome idea @themarkymark :)
Das ist so großartig! ;-)
I'm your son too
Need to learn this...still bit blur here...need lots and lots of reading... Thanks.
Good to know about the paperwallets for gift giving. I have so much to learn. Feeling excited though and eager to absorb it all.
This is perfect for my kids, since they want to join here and start steeming. Thank you for sharing this @themarkymark ! :)
Need your help !!!@themarkymark hey mate, can we please have a little chat on discord?