We closed her little kids savings account at the bank a couple years ago and moved that cash to bitcoin. This will come at no surprise to any of you, but it’s yielded a bit better than the 0.5% interest it was previously earning. nostr:note1uykj4tu7x9m3yytvtj8ks8485dxgm9k48rqxhweu4e2gpuxny6wsalgy4h
Discussion
Great move!!!
What's the plan for spending some of it then? Doesn't sound very fun just saving forever does it? A savings account teaches them to save and spend, not just spend and not just saving until fiat dies, that may be a long time in coming. Need to have balance ☯️
Yeah. If she wants to spend it I basically just give her the cash and move the equivalent bitcoin to my wallet. If Bitcoin truly moons that could be more of an issue though. Lol
Actually this is an issue with Bitcoin in general, I think. If my Bitcoin doubles in value there’s no good way to access that wealth. At least that I’m aware of. It’s an extra long term type of savings. Aside from zaps, but that’s usually pennies.
This probably why you should consider the litecoin project
Forgive my ignorance, what is this? You mean the litecoin altcoin?
Yes thats what I mean if you are a real account
What advantage does litecoin have over Bitcoin in regards to accessing the wealth?
I won't save in anything but Bitcoin. Good move!
May I ask, what do you use for her wallet? I’ve been thinking about doing that as well but didn’t really know the best way to go about that without getting multiple hardware wallets or adding multiple software wallets to my computer… or do you just send all hers to a specific address?
I use BlueWallet for hers. It’s not a huge amount so I feel relatively secure keeping it in a hot wallet. If she gets a lot more or if Bitcoin moons then I will probably move it to cold storage and create a sub account using Sparrow wallet.
https://sparrowwallet.com/docs/coldcard-wallet.html#adding-an-account
A hot wallet is nice because I can easily show her what it’s worth. But I realize there’s a security trade off there.