Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.
That's a safe way for parents to save assets for their children even if they ignore the rising inflation.
Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.
Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "
passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.
To be fair, banks could fail and our savings could become worthless if inflation gets too high in the future. But bitcoin is not safer because there is also no guarantee that bitcoin can exist by then and people will still need it. It can be said that everything has risks and anything can happen whether it is banking or bitcoin.
I am married with children and
am also thinking of using bitcoin as an alternative to banks to save for my children. But I realize everything has risk so I think diversification is the best thing instead of just using bitcoin or banks. No one forbids us to diversify our assets,
why do we stubbornly choose just one of them?Well said and I am so thrilled that you are at the virtue of storing saving for the future of your kids in Bitcoin and I hope you would always find it appreciable in as much Bitcoin still exists while you hold on for their savings on a long term goal until they grows and decides what to do with the fund on further planning for their future by themselves.
Actually it could be risky having just one source for savings or storage of values but if we can digress on this, we are most interested on the resource reputations and their potentials so, having saving funds for your kids in the bank could lead to devaluation via economy inflation even without that, it can not multiply for increments while Bitcoin fo have its down of volatility which the funds value is reciprocating to but considering the profitability potentials of Bitcoin, there is no possibilities to count lost as long you engaged on a long term savings for your kids as that.
Hence, it does not just seem a savings for your kids but has become an investment because it could provide profits.
It's not just me, I believe anyone who invests in bitcoin and has children has thought about this, but because current life may not allow everyone to do that. Maybe in the future when the economy is more stable and people's lives are more comfortable, they will think about using bitcoin to save for their children's future instead of banks. As investors, I believe we all cannot ignore the potential and benefits that bitcoin brings. But like I said, I won't just focus on bitcoin, I will diversify into different assets to secure my children's future.
Frankly, bitcoin's volatility makes it suitable as an investment and not as a place to save money, I've never considered bitcoin as a place to save money, it's an investment. That means I'm investing for my children, not just saving money for them.