Bitcoin as a savings account.

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(Edited)

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When I joined Steem Hive some 3 years ago I was completely out of my waters. Not only because the whole crypto thing was entirely new for me but also because witnessing post payouts in the 4 digit realm was completely unreal.

I am not gonna lie to you. I thought that this was my golden opportunity for quick riches. That's exactly the problem with those who enter crypto and Hive in particular when a bull run is in full play. Because it's one thing to buy some random coin at its peak, even BTC which hasn't let anyone down till now and another to join Hive. Because the price of the token is bound to the upvote value each and everyone can cast depending of course with the amount of Hive tokens they have powered up.

Therefore the illusion of "I'll get rich fast as long as I can produce something decent" becomes a mission, a new reality. Of course we all know that this is never gonna happen...What I didn't know back then is that it was the end of the 4 year cycle and prices would collapse shortly after. And whether you believe me or not I am glad it happened so soon because it gave me the opportunity to educate myself and learn a thing or two.

Three years later and I am still learning...we all do. And if there's one I've learnt is that nobody ever regretted holding BTC. Not only because it was the first of its kind but also because 12 years later and despite the fud spread by those who hate it and don't want it to be around it is still here, stronger than ever before...reaching new ATHs when the time is right. You can love it or hate it but BTC ain't going anywhere...

That's exactly the reason why I called my brother a few hours ago and told him that I want to talk to him about something important. My brother is what we call a "fighter". A hark working man that does everything in his power to raise his family. He was married young and he is father of two amazing little boys. And since I have no kids those two little creatures are the most important of my life too.

So here's the thing, I opened a savings account for each of them and on the first of each month I deposit 50 Euro to each account. The only one who knows about it is my brother and he hasn't even talked to his wife about it just because I asked him not to. The only way for them to have access to that money is when they turn 18. That's 16.5 and 14.5 years down the road respectively.

But I had a moment of clarity...15 years or so down the road and with the pace governments print money out of thin air those money will probably worth shit...

So instead of letting that bank use the money for 15 years I decided to tell my brother about my plan. Which is really simple actually.

So instead of 2x 50 Euro deposits to these 2 accounts every month, I decided to withdraw all the money and buy BTC for them.

Note that my brother knows nothing about BTC or crypto in general and had some arguments but after a long talk he decided to trust me. A few examples of how Euro / dollar lose value over the last 50 years and at the same time how BTC performed since its inception were enough to persuade him.

Long story short on February 1st I'll wire transfer those money to a CEX and convert it to BTC. And I'll keep doing that every month regardless of BTC's price at that moment.

15 years from now BTC will probably worth millions...so I guess it worth the risk.

I don't know about you but I'd love to see their reactions when they turn 18 and realize that this is probably the best gift their uncle could make them.

I know how it feels to start your life having nothing and I won't let them go through the same shit I did...

Thoughts?

Have a good one guys.
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Cheers!

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63 comments
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I came to the same conclusion but have abandoned bitcoin since 2017. Any solid crypto will render similar results - I had dumped all banks for bitcoin, then all bitcoin for fast and cheap crypto-currencies. As long as you are prepared to spend large amounts for transferring your bitcoin from here to there, holding it will make money, or at least hedge inflation. Good post.

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Time shall tell I guess. But judging from the past 12 years I think it's safe to safe that things look bright.

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You're dodging a bullet with this decision-- or maybe it's more appropriate to say you're pushing your nephews out of the bullet's path... but I would suggest one adjustment: offline and non-custodial. Who knows what kind of regulatory conditions centralized exchanges will be enduring in a decade or more... if they don't get seized and destroyed betwixt a cup and a lip. Use Bitcoin as it was intended, without an intermediary to verify and control you (or your nephews).

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Offline of course. But you got to buy it from somewhere first :P

!5 years from now 50 Euros will buy you a cup of coffee if things keep playing out the way they do now...So BTC it is.

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There are P2P exchanges that don't require KYC. HodlHodl is one of them for non-US residents... they've implemented the Lightning Network for buying Bitcoin too. Bitfinex is another without KYC, I think.

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Well I use Binance...they don't require either :)

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They don't? I didn't know that! If you did some staking from your cold wallet on top of that, you could really maximize this inheritance of theirs. This is going to be one EPIC nest egg. :)

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I think this is the best decision you have made, these children will thank you when they reach their established age. I plan on doing something similar to this soon for my daughter who is 2, I won't be able to do it on $50 a month but I hope to start soon.

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The more I think of it the more I think it is a good decision. Their friends at that age will probably have money to buy some piece of junk car but if things play out the way I hope it will...buying a car won't be a problem for those two :P

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It is a good decision, it is better to save in assets, I think any stable crypto is better and generates more profit than having the money in the bank.

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It was only my first few months at hive, or uh “you know the thing” where I thought of crypto as being disposable income. I mean if there is any other way to live, why spend something that could be 10x in a few years and can be worth much more than that with some patient and careful trades.

With that in mind, students would be smart to get in hive.

You are gonna be the most popular person in your family for generations! Just don’t make it too easy on them or they’ll become spoiled brats 😂

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Just don’t make it too easy on them or they’ll become spoiled brats 😂

I agree with this. There's a wise lesson in "The Richest Man of Babylon" about whether someone is worthy to actually receive an inheritance or not. I highly recommend to give this book a read / listen.

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You listen to your books!?! The future!!!!

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Hahaha! I like to both listen to and read books. Now I think of it, before I could read, I listened to fairy tales on cassette tapes. There was this series of about 20 books with loads of illustrations. My sisters and I looked at the pictures and listened to the story. Whenever we heard the sound of a bell, it was time to flip the page. I now read these stories to my niece and nephew, over 30 years later.

Audio books are cool, especially when I'm tired.

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I thought that this was my golden opportunity for quick riches.

:D when i joined and saw those numbers i thought, if this is getting 200-300$ i am going to earn shit ton :D

there is a good chance that you will be the best uncle ever.

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Yes, this is a great idea. I've just recently made the same move myself... I had a little savings in the bank which is now transferred over to Crypto. My children are all over 18 however, my youngest is starting to understand what I'm up to and has started asking questions about BTC. Now that I have a handle on how things work, I've also considered opening an account for each of them. For me, Hive has been a great way to enter the market and start learning. Hopefully it will all pay off one day :)

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Hive is the best possible university if you ask me...If you look at the right places you can educate yourself for free. Learning and earning at the same time. Who would tell...

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It’s a game of accumulation with Bitcoin I’m happy to stack slow and make sure that every day I have more BTC than I had the day before! I also see it as a savings technology the fiat in my country is losing purchasing power very fast so I don’t have much of a choice

I think the whale obsession with people rather wanting to have millions of another token than 0.1 BTC is what burns a lot of people! They want to be a big fish but don’t realize I can sell 0.1, 1, 10 BTC without slippage try to sell 100k or a million of your alt coin it’s not going to be that easy

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Very good choice! They will be thankful for that in a couple of years.

I did the same for my son, at his birth we created a new BTC address and transferred some decent amount to it. I hope that he will be happy with his address when he will be 18. :)

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Wish I could find a similar wallet from my parents...Oh well...they had no clue so.

I am sure that he'll be grateful Alex

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My didn't either, they still don't understand the use and benefit of it and they are afraid that I will lose all after speaking to them, where seeing this I hope that I'm going be wiser and will try to understand my son and the tech when he will be my age.

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These two kids will probably be millionaires by the age of 18, if there will still be a dollar around to pair it with BTC. Great initiative you've put up. This is my first bull market on the blockchain and I hope to see those numbers you were talking about on my posts as well.

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I was around when the previous bull market as in full effect. I just couldn't benefit from it as I was only a newcomer who had no idea what they were doing back then. This time is different tho...

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I'm doing the same with my nephew,

I gifted him 0,01 BTC back in summer 2018, and I'm now considering to start accumulating 25-50€ every month for him exactly for that same reason, because in 12 years (and he being 18), he will have without noticing it a net worth of 20-40K€ (assuming BTC in the millions).

Good luck with your plan!

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here is the next step in that equation...

put the BTC in a celsius (or similar) account and let it earn interest.

6% compounding interest over 18 years make a lot of difference in dollars, so imagine the difference in BTC

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I am about to give this a try. Did so months ago but with hardly any BTC. Now I wonder why I just keep my btc on a hardware wallet? It might seem safer, it's also easier to sell ( based on emotion ). I want to go towards long term, profitable plans and Celsius sure seems like a path to take ( That is, for part of my BTC holdings ). Cheers!

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I wish I had an uncle like you. But the only thing I got when I turned 18 was beer 🤣🤣.

This is an excellent investment for the future as even they may be interested in the crypto world and can

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I love these personal stories.

You're an amazing uncle and brother!

This reminds me of my twin sister. She has had a tough life for about a decade, with an addicted partner and two young kids ( my niece and nephew ). My brother in law is clean since a year or three and they're a happy little family now.

I live close to them ( in Portugal ) and love all four of them. I'm like a second father to my now 4 year old niece and 7 year old nephew.

A little over 3 years ago, I opened a crypto wallet and started building a portfolio for my twin sister and her family. Although I didn't add much to it ( most of it is their own investment ), I took care of it and helped them with money when they needed it and it's nice to finally see it grow a lot.

I also gifted my nephew his first satoshis on his bday ( January the 1 st ) and plan to do the same for my niece on her 5th ( March the 10th ). My idea was to hold it for them till they're 18 but let's see how things develop over time. At least they're all aware of it and happy with my help.

Keep up the good work and spreading the abundance. Meanwhile I'll try my best to do the same :<)

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Now that's a story. One that had a happy ending too. Taking care of your sister's family and treat it as if it was yours only indicates that your are the perfect brother for her.

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Oh, hi brother! Just to remind you of your 2 nephews and a niece here. LOL. Anyway, this seems to be a sound plan. I am excited for your nephews.

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I loved your post, I am basically doing the same with my son but I have been saving them in a cold wallet for 5 years, when he is 18 years old he will have a good base to face the hard life that will be waiting for him outside home. I don't want him to go through the same financial problems as his mother and grandparents, but I will also teach him to use his BTCs wisely and intelligently. Greetings, I don't know you but I wish the best for you and your nephews.

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Thank you so much. As time goes by life becomes much harder. And BTC will def help them a lot. As long as he has principles which I am pretty sure he has everything will be fine...spoiling our kids just a little bit isn't a crime.

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I know how it feels to start your life having nothing and I won't let them go through the same shit I did...

I'm currently working at different jobs to give my daughter a future and to meet the needs of my family and at the moment I can not invest but I share your choice and if I had some money to invest I would put it all in crypto in particular in BTC.
Reading your post that I really enjoyed I can only say that your nephews are lucky to have an uncle like you!
!BEER

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Thanks you! As long as you stick around you'll witness your Hive account grow exponentially. You can use your HBD from time to time and buy other coins. That's the great thing about Hive. You can have your pie and eat it too ;)

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Great story!

I recently joined Hive and now I'm planning on doing the same thing you did for your nephews, but for myself, since I don't have kids of my own or not even nephews yet.

I wish I had started earlier but better late than never I guess. I have very little knowledge of crypto but BTC seems like a safe bet all around so it will be my first step in the crypto world!

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Funny to read this story: I also have a wonderful nephew, and although I've suceeded in getting my sister to join in on the crypto world, she only got to the point of holding airdropped coins (that I swapped to BTC) in the Celsius app. I was thinking of doing the exact same thing you did! Will love to see his face in a few years. ;)

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The most profound piece I've read yet on this platform, the world needs more uncles like you ! I'd love to bet that your nephews would be millionaires in their teens ,I hope you keep up religiously with this scheme. Looks like something I'd love to do before I have kids (if I'm ever blessed in such a manner) ...Bless you !

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Thanks for the kind words my friend. I'll definitely keep up with this. It feels as if I've found a new purpose in life. I don't have kids but I treat them as if they were mine

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You now have kids, you are a father figure.
You just may have found more than purpose ..
Don't stop being that amazing father..
Cheers.

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WOW, if only someone thought of this for me in 2009 LOL life would be a lot different. Great idea and good luck!

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Dollar cost averaging is a great way to invest. Cryptos a little crazy with it's swings but trying to time it is impossible and well often leave many broke. Another reason why dollar cost averaging is important.

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Those of us in the US who are old enough remember the gift from very long ago of US Savings Bonds... you got them in your school years, and they took thirty years to mature.

I don't say that so much because they were/are a "valuable" investment, but because their very long maturities were some of my early exposure to investing, and a stark contrast to the instant riches approach people now like to call "investing."

I view both my Hive and Leo efforts not as income but as a long term DRIP savings account, where "DRIP" borrows from the term "Dividend Re-Investment Plan." I'm quite content to just enjoy blogging, engaging and curating and let the pennies slowly build up... and hopefully some day it will all amount to something!

=^..^=

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That’s a wonderful gift and it is possible that you will make them financially secure for life.

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