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Pura Vida #coffeegram

Last summer I set my nieces & nephews up with an arrangement where I give them $2 in Bitcoin for every test they get a good mark on, and $1 every time they help their parents with something extra around the house that they weren’t asked to.

My 7 year old nephew has a page of 50 good deeds and school assignments already!

Does anyone know a great way to get kids some sats in this way where it’s not easy for them to lose it over the years.

(I originally gave them a SatCentives card, but it doesn’t work so I haven’t been sending them the sats, just had them keep a list.)

Nice and Kind Vic 2y ago

If you want them to have spending power, run LNDHub or LNBits and set them up with Blue wallet connected to it.

You still maintain custodial control.

If you want it on chain, then set them up with a wallet that is derived using BIP85. That way you have the seed words to restore and can help them move funds.

Or, consider a 2 of 3 multisig (You, Child, Parent)

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Discussion

Brad Mills 2y ago

Best UX for this?

Nice and Kind Vic 2y ago

LNBits is the better setup for administration. It's protocol is compatible with LNDHub.

Users of LNBits can use just the web interface if they desire, or use BlueWallet for a mobile app.

If you run a popular node package like MyNodeBTC or Umbrel they have support for both of these if you aren't as confident about the command line to setup on your own