Aside from relaxing on the couch with a cold beer, surrounded by the family, dads don’t 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 give our children as gifts as “future junk”. It is an unfortunate by-product of the trust society we live in. What’s a surefire way to keep earnings growing year after year? Making products that don’t last.
I’m not saying this is intentional; it’s just the current state of affairs. Cut costs at all costs. After years of iterating on this system, we’ve fundamentally shifted from a society of production to a society of consumption, where products just don’t last.
So instead of spending $100 or more on a thoughtful gift that inevitably goes to waste, why not think about the longer term? A preferably low-time 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 parents.
For the low time preference or curious parent about Bitcoin
The first thought that came to mind was to basically buy some bitcoin. An approximate multiplier of 33 times would take bitcoin to a million dollars, which means that a $100 purchase of bitcoin would become about $3,300. Assuming we’ve avoided a hyperinflationary catastrophe, it’s probably still a pretty solid vacation for you and your family.
Better yet, why not initiate 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 a slice of this premium digital real estate while it’s still accessible to ordinary people. With 21 million bitcoins, there isn’t even enough for every millionaire in the world to own an entire coin. Start stacking for your favorite dad today.
If your dad hasn’t interacted with bitcoin yet, I would recommend a small bitcoin gift from your local Bitcoin ATM. To claim the bitcoin gift, he will be forced to set up a wallet and potentially complete a transaction to withdraw, allowing him to see how the network actually works.
Even if his father ends up selling, he will have some familiarity with the network, will have experience with a wallet, and will have to create an account with an exchange like River, which he can return to when he realizes he has made a terrible mistake. .
But for the parent who wants to treasure their new bitcoin gift, I recommend starting with a wallet. For wallets, I really like BlueWallet. You can even help him set up a multisig solution using just a combination of cell phones.
I also recently found a cool idea to help the less technically inclined to save on bitcoin and manage their private keys. The idea came from one of my Bitcoin friends, who published an article about gifting his parents with bitcoin using a physical Ballet wallet. The basic idea is the existing bitcoin wallet 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 good way to get someone into Bitcoin.
To the Sovereign Single Father
If your parent is already a Bitcoiner, it might help to get a hardware wallet and some key backup hardware to help protect your sovereign stack. Even if you already have one, there are always new developments in technology that lead to greater usability and security. Coldcard is a classic choice with many features. Coinkite has just released an updated version, Mk4, which can give your favorite parent a chance to experiment with different security protocols to ward off potential intruders.
Conveniently, Coldcard is one of the hardware devices supported by managed multisig providers like Casa and Unchained Capital. Security no longer has to be intimidating. Unchained will even help your dad set up a self-directed IRA to convert his retirement account into unmistakable, tax-advantaged capital to help him transition to a better tomorrow. Unchained also supports bitcoin collateralized loans so he doesn’t even have to sell!
Both institutions also support more user-friendly devices such as Trezor and Ledger. Personally, I like the ease of QR-enabled devices like the Passport and Keystone Pro. Don’t let daddy forget to back up his steel private keys. I prefer black seed ink. Just make sure he remembers where he accidentally lost them on the next boat tour.
Another cool idea would be to give your dad his own Bitcoin full node to verify his own transactions and enforce blockchain rules. There are ready-to-use solutions like The Sovereign Machine, nodl and Ronin Dojo. They all have their own benefits and tradeoffs, but luckily Bitcoin Magazine already published a ton of research, so I don’t have to spell it out here. Just know that there are also many DIY solutions that cost a lot less.
For the Bitcoin skeptical parent
Socks. They don’t deserve bitcoin.
I’m just kidding.
If the father is on the more intellectual side, I would recommend a well thought out and beautifully written book like “Bitcoin Is Venice”. It’s quite a dense read, but incredibly thought-provoking and logical. If he’s on the fence, it might help his dad get on the lifeboat.
If the parent is the financial type, I can 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 filled the legendary chad: Michael Saylor with orange.
Another route would be a subscription to the Bitcoin Magazine print edition. Surprisingly, financially literate people see bitcoin as a scam or pyramid scheme. The magazine’s stories can help your father see bitcoin as a technological development that fundamentally changes the world. It’s much more than “price increase” technology. It is essential for the preservation of your freedom.
Bitcoin is the gift that keeps on giving
Bitcoin is a hedge against inflation; it is a protection against tyranny. It’s an open, permissionless currency network all wrapped up in one. As gas and food prices continue to hit all-time highs, it might be the best time to try to get your dad to jump in the lifeboat.
This is a guest post by Mickey Koss. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or from Bitcoin Magazine.