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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.)

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Discussion

karo 2y ago

it might be better to send them a representation of the sats and hold onto the real sats yourself until they're older?

boston wine 2y ago

SatsCard might be a great option if you’re comfortable with receiving address re-use in this scenario

I loaded sats onto a few of those (for the close family members that aren’t ready for orange pills) and stashed them away for the next few years.

I hope to be able to say “this cost 30 USD back in 2023….” and give them a mind blowing, orange-pilling gift to start the conversation

Robertrobert 2y ago

Set up a a hot wallet that utilizes a back up words or similar and YOU keep the back up. They can view the wallet whenever on YOUR device. When they are old enough you can let them download a safe online wallet like blue wallet or similar and make sure both they and you keep a backup(they are kids after all) and you can transfer Sats to them.

Homer Hodl 2y ago

Try #coffeechain Brad 🤙. Perhaps a non-custodial Lightning wallet where you or their parents also hold keys in case they lose it in a boating accident?

rheedio 2y ago

If you're running a node with LNDHub installed and the kid has a phone with BlueWallet you can send them sats in a way they can see and interact with but are ultimately secured by you

Dan Gould 2y ago

The good ol’ Uncle Brad wallet does seem the most appropriate for this scenario

Brad Mills 2y ago

Oh … can you give me step by step on how to do this

rheedio 2y ago

This is a good guide. It's for Umbrel but easily could be adapted for any LND node: https://darthcoin.substack.com/p/umbrel-lndhub-bluewallet

B.O.P 2y ago

Hold the sats yourself until you can teach them about self custody

Tabs 2y ago

Something needs to be created so we can teach the youth. People always want to know what to get kids for bdays or ways to put money towards their college. Bitcoin would be so much better.

☠️ 𝕯𝖗𝖊𝖆𝖉 𝕻𝖎𝖗𝖆𝖙𝖊 ☠️ 2y ago

Just do Wallet of Satoshi. They might as well hold them and then learn about saving up to a point, then sending over to hard wallet. Write a song with the seed phrase or something... shit.

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)

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

Tim Bouma 2y ago

That might be a good use case for #[2]. You set up a wallet, give them the wallet key, but keep a record for yourself, in case they forget. Since #[3] supports zaps, you can zap their DM the amount as the reward, and have zap splits set up so that part of the funds could be automatically forwarded to another address of choice.

Brad Mills 2y ago

How can I try this … does it use fedimint?

Tim Bouma 2y ago

It uses Cashu as the clearing engine and Lightning for settlement. Anyone can create an account and automatically get a lightning address. Still very early alpha, but it works. https://asats.io

sperry 2y ago

Ballet wallet was what I went with. Offline storage with simple tools.

Brad Mills 2y ago

Not great for $1 and $2 txns, no backup.

I’d use satscard if anything

Captain Sarahtoshi Nakamoto 2y ago

This is a perfect situation for a Fedimint. https://fedimint.org

Brad Mills 2y ago

Is it ready yet?

Captain Sarahtoshi Nakamoto 2y ago

I’m not sure. You should talk to #[3] He’s much more knowledgeable in this area. I think it exists but it’s going to take a while for them to make user friendly apps.

btcschellingpt 2y ago

Great Uncle’ing!

Perhaps set them up with a watch-only wallet by creating the wallet together and then importing the xpub onto their phone - they can see their balance and add to it but can’t spend.

Give ‘‘em 🔑 for a 21st 🎁