I want to set up a Bitcoin account for my daughter to pay her pocket money and to put money she gets from friends and relatives for birthdays and Christmas. What I the best option for a 10 year time frame. Something that won't get rugged, that will still be around and that won't have unspendable UTXOs? Is a lightning channel a good option for long term planning? I would love a static address to send to, but don't have the knowledge to run a lightning node with ghost address.
Discussion
I think for birthdays and Christmas and for that time frame an onchain wallet is the best. I would create a wallet in Bluewallet offline keep the seed offline safe and use the wallet in read only mode to be able to receive funds.
You could send small amiunts $5 $10 to WoS until it reaches $100 or more, then send it all to non-custodial wallet like electrum.
I think this will help with utxo.
Might seem crazy but you could get creative with your cold wallet and creating a paper ledger of who owns what sats in that cold wallet. Sounds like regression but for a 10 year time horizon, it would save a lot of headaches
Yeah, I think the ultimate solution will be ecash fedmints run by families on a shared lightning node that can splice on chain to keep enough liquidity but not too much. Until that is built out a paper ledger may be a good option
For storing Bitcoin long term lighting is not an option I would even consider. What you want to do I am doing for my kids from day they were born. Setup a cold wallet - even better use Tails to boot up some old laptop without connection to internet, use tools to create seed for a wallet and generate addresses to which you will send bitcoin. Backup that seed and keep it safe. Easy peasy.
Yeah, but I worry that if in the future onchain fees are very high there, will be lots of unspendable UTXOs
If #bitcoin continues to go up in price, fees might go up in fiat prices, but down in sats
It’s inevitable but as fees go up in fiat prices so does your stack.
Not really. Because a higher price means more users and more demand. The block size is limited so more this demand will increase fees.
The ordinals spam might be less because it would cost more, but potentially Bitcoin will be more prominent and people might be willing to pay more to put their crap on it.
This sounds like a Liquid use case. Have you seen BTC sessions video on saving on fees? You can get around high fees and store L-BTC on a Jade signing device and peg back out to the main chain when you have a significant stack. Just a thought. Some people don't like Liquid, but they seem like they will be around for at least 10 more years. 😅