Crypto Currency - A wise investment for children?
Hey Steemians
I am just jumping in on the Crypto Currency market! Whoop whoop I hear you say!
My three children have a standard bank savings account, however my eldest two are also keen to learn about Cyrpto Currency.....so keen....in fact they want to transfer their savings into a crypto currency.
A cute gesture or a wise move?
I believe that investing in Crypto currency is a very wise move for ANYBODY with savings. However, I myself still have slot to learn.
But which should they invest in, and how much of their £££ savings should I allow them to invest?
I was just considering some long-term investment for my child as well, but I have not made a decision yet. I think when we are looking at 15+ years, that BitCoin might not be the best choice. And who knows where any of the altcoins are in 15 years? I'm afraid its a really risky investment when looking at such large time-frames. However, I'm not really skilled with investing, so these are just my opinions, not investing advice ;) However, I hope you get some more feedback from more knowledgeable people, and maybe I will take their advice as well!
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Thanks, I'm following you as well :) I'm a pretty new parent myself, so your content is pretty interesting for me! Let me know if you end up doing some investing in crypto for your children!
Thank you
Yes I will do. It will only be a small amount and I'm edging towards Reddit
Thank you for replying
Until more is know, I do not think cryptocurriencies are a wise investment for children or for any long-term endeavor.
Oh really? Why not even a small amount?
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Don't go all in, maybe start with a little, make sure your security is maxed out and I think Siacoin is a good one, still very underrated, stratis will become bigger because developers can use their C# skills and don't forget Steem & Bitcoin.
Thank you
I value your reply
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I'm going to be a grandmother again! I've been thinking about this quite a bit lately. I don't think I'd do it as a serious long term investment even if I had the money to do it. I was thinking more along the lines of investing $20 (per coin) in various initial offerings and new coins that have potential over the next few years.
I put around $20 I think in Waves and forgot about it. The other day I looked and it was valued at around $700. What could that be in 20 years?
Wow that's amazing!
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A valuable lesson for your kids is to ask them how much of their money they would be willing to lose? Its great that you and they are looking at crypto but realise this is the wild west and there is a decent chance of losing some or all of your/their money. You are effectively advocating for them to become gamblers, think about that for a moment...
Two years ago I put around £600 into crypto, the other week I took £800 back out of crypto, and I have a crazy pile of money left that I wouldnt have ever saved over those 2 years. The lesson is you dont need to 'go in big' with this market right now, put a bit in and see it grow when you hit maybe ten times you original investment, take out your original stake and play with whats left.
I think for your kids, seriously put like £10 in, there is no reason that cant get a great return, but have them focus on their losses too, some day, this boom will end, and for some it will end in tears. Personally, Id say stay away from the ICOs, Etherium isnt fully finished/tested and these new tokens are all ready to blow up at any second.
I choose coins that I feel are valuable beyond pure currency;
Gridcoin is a distributed supercomputer, you can mine coins by doing AIDS/Ebola/Cancer research on your home PC, is that cool or what? A great class science project in there for your kids perhaps.
Also SolarCoin is an incentive for people to install solar panels to migrate the world to a clean energy future, another altruistic and positive message for your kids, it makes this about more than pure gambling.
Obviously Steemit is a great way to blog, get Steem Dollars and use them to trade for other crypto at just opportunity cost, I do that too.
Caveat; I believe in those projects 100%, but it doesnt mean they will succeed, this is at your risk.
P.S. You dont only have to buy crypto, look up bitcoin faucet, many coins have faucets that drip small amounts of starter coins, or go the coin Reddit sub and explain you are trying to get your kids in and see if anyone will give you some starter coins.
Thank you for sharing this valuable information! I'll read more about Gridcoin and Solarcoin! thanks!
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Thank you
Yes i agree to just invest a small amount - they can watch that grow! (Max £50)
Still looking at various options - including steem, Reddit etc
The risk of altcoin is too high.. I think you can buy some and after the decades when you are about to die, told your grandchildren that you own altcoin. So this will make your grandchildren become billionaire :)
👍🏻
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With the huge risk involved with crypto, you need to be very, very cautious while making decisions on them.