Home CryptoCurrency News The Father’s Day Gift Guide For Bitcoiners
CryptoCurrency News - June 19, 2022

The Father’s Day Gift Guide For Bitcoiners

Aside from relaxing on the couch with a cold beer, surrounded by family, dads don’t really need much. We already have our families. I say this as a father of three, with my wife of eight years recently giving birth to our third child.

If you think about it, most things will end up in the trash eventually. I like to refer to many of the toys we get our kids as presents as “future trash.” It’s an unfortunate by-product of the fiat society we live in. What’s a surefire way to keep earnings growing year over year? By making products that don’t last.

I’m not saying that this is even intentional; it’s just the current state of things. Cut costs at all cost. After years of iteration in this system, we’ve fundamentally changed from a production to a consumption society where products simply don’t last.

So instead of spending $100 or so on a thoughtful gift that is inevitably bound for the trash, why not think on a longer time frame? A low time preference gift, if you will. Go ahead and have the kids draw some pictures and paint some rocks, things I proudly display in my office, and save a few bucks for something that will last for a while.

Below are some Bitcoin-related gifts for different types of dads.

For The Low Time Preference Or Bitcoin-Curious Dad

The first thought that came to mind was basically just buying some bitcoin. A rough 33-times multiplier would take bitcoin to a million bucks, meaning a $100 bitcoin buy would become about $3,300. Assuming we’ve avoided a hyperinflationary catastrophe, that’s probably still a pretty solid vacation for you and the family.

Better yet, why not start an automatic bitcoin purchase with a solid bitcoin company like Swan or River. As little as $25 a week or month will do wonders for your purchasing power over time. As Michael Saylor likes to say, get yourself a slice of that prime digital real estate when it’s still affordable for normal people. At 21 million bitcoin to go around, there’s not even enough for all the millionaires in the world to own a whole coin. Start stacking for your favorite dad today.

If your dad hasn’t actually interacted with bitcoin yet, I would recommend a small gift of bitcoin from the local Bitcoin ATM. In order to claim the bitcoin gift, he’ll be forced to set up a wallet and potentially complete a transaction to cash out, letting him see how the network actually runs.

Even if your dad ends up selling, he’ll get some familiarity with the network, have experience with a wallet, and have to create an account at an exchange like River that he can go back to when he realizes that he made a terrible mistake.

But for the dad who wants to treasure his new gift of bitcoin, I recommend starting with a wallet. For wallets, I really enjoy BlueWallet. You can even help him set up a multisig solution using only a combination of cell phones.

I also recently encountered a cool idea to help the less technically inclined to save in bitcoin and manage their private keys. The idea came from one of my Bitcoin buddies, who published an article about gifting his parents bitcoin using a Ballet physical wallet. The basic idea being the bitcoin wallet existing as a single solution physical card. This method requires a relatively high degree of trust in the manufacturer, so I wouldn’t necessarily recommend storing your life savings with it, but it could serve as a nice way to get someone into Bitcoin.

For The Sovereign Individual Dad

If your dad is already a Bitcoiner, it might help to get them a hardware wallet and some key backup hardware to help secure their sovereign stack. Even if they already have one, there are always new developments in technology leading to greater usability and security. The Coldcard is a classic choice with tons of functionality. Coinkite actually just came out with an updated version, the Mk4, which can give your favorite dad a chance to experiment with different security protocols to throw off would-be attackers.

Conveniently, Coldcard is one of the hardware devices which is supported by managed multisig providers like Casa and Unchained Capital. Security doesn’t have to be intimidating anymore. Unchained will even help your dad set up a self-directed IRA to convert his retirement account into unconfiscatable, tax-advantaged capital to help him in his transition to a better tomorrow. Unchained also supports bitcoin-collateralized lending so he doesn’t even have to sell!

Both institutions also support more user-friendly devices like Trezor and Ledger. I personally like the ease of QR-enabled devices like the Passport and Keystone Pro. Don’t let dad forget to back up his private keys in steel. I prefer Black Seed Ink. Just make sure he remembers where he accidentally loses them on the next boating excursion.

Another cool idea would be to get your dad his own Bitcoin full node to verify his own transactions and enforce the blockchain rules. There are out of the box solutions like The Sovereign Machine, nodl and the Ronin Dojo. They all have their own benefits and trade-offs, but luckily Bitcoin Magazine has already published a ton of research, so I don’t have to spell it out here. Just know there are also many DIY solutions that cost a lot less.

For The Bitcoin-Skeptical Dad

Socks. They don’t deserve bitcoin.

Just kidding.

If dad is on the more intellectual side, I would recommend a well thought-out and beautifully written book like “Bitcoin Is Venice.” It’s a pretty dense read but incredibly thought-provoking and logical. If he’s on the fence, this may help your dad hop onto the lifeboat.

If dad is the financial type, I could recommend some of my personal favorites: “Layered Money,” “The Bitcoin Standard” and “The Bullish Case For Bitcoin.” Legend has it that “The Bullish Case For Bitcoin” was the piece that orange-pilled the legendary chad himself: Michael Saylor.

Another route would be a subscription to the Bitcoin Magazine print edition. Surprisingly, financially literate people largely view bitcoin as a scam or pyramid scheme. The stories in the magazine can help your dad view bitcoin as a fundamentally world-changing technological development. It’s so much more than “price go up” technology. It is fundamental to the preservation of your freedom.

Bitcoin Is The Gift That Keeps On Giving

Bitcoin is a hedge against inflation; it’s a hedge against tyranny. It’s an open and permissionless monetary network, all wrapped into one. As gas and food prices continue to hit all-time highs, it might just be the best time ever to try and get your dad to jump onto the life raft.

This is a guest post by Mickey Koss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

Bitnews

Leave a Reply

Your email address will not be published.

Check Also

Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge

The collapse of the algorithmic stablecoin Terra and its ecosystem in May 2022 created a m…