The Father’s Day Gift Guide for Bitcoiners
Other than 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, my wife of eight years having recently given birth to our third child.
If you think about it, most things will eventually end up in the trash. I like to refer to many toys we give our children as “future waste”. It is an unfortunate byproduct of the trust society in which we live. What’s a sure-fire way to maintain year-over-year revenue growth? By making products that don’t last.
I’m not saying it’s even intentional; it’s just the current state of things. Cut costs at all costs. After years of iterating through this system, we’ve basically moved from a production society to a consumer society where products just don’t last.
So instead of spending around $100 on a thoughtful gift that inevitably ends up in the trash, why not think longer term? A low time preference gift, if you will. Go ahead and have the kids draw pictures and paint rocks, things I proudly display in my office, and save a few bucks for something that will last a while.
Below are some bitcoin-related gifts for different types of dads.
For the Low Time Preference or Curious Bitcoin Dad
The first thought that came to my mind was to simply buy bitcoin. An approximate multiplier of 33 times would take bitcoin to $1 million, meaning a $100 bitcoin purchase would become approximately $3,300. Assuming we’ve averted a hyperinflationary catastrophe, it’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 Where River. As little as $25 per week or per month will do wonders for your buying power over time. As Michael Saylor likes to say, get a slice of this prime digital real estate when it’s still affordable to normal people. With 21 million bitcoins for everyone, 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 gift of bitcoin at the local bitcoin ATM. In order to claim the bitcoin gift, he will be required to create a wallet and possibly complete a transaction to cash out, allowing him to see how the network actually works.
Even if your dad ends up selling, he’ll become familiar with the network, have experience with a wallet, and need to set up an account in an exchange like River that he can pull up when he realizes he’s made a terrible mistake.
But for the dad who wants to treasure his new bitcoin gift, I recommend starting with a wallet. For wallets, I really appreciate blue wallet. You can even help him set up a multisignature solution using only a combination of cell phones.
I also recently came across a cool idea to help the less technically inclined save bitcoin and manage their private keys. The idea came from one of my Bitcoin buddies, who posted a article about gifting bitcoins to his parents using a Ballet physical wallet. The basic idea being the existing bitcoin wallet as a single solution physical card. This method requires a relatively high degree of trust in the maker, so I wouldn’t necessarily recommend storing your savings with it, but it could be a good way to get someone into bitcoin.
For the sovereign individual dad
If your dad is already a Bitcoiner, getting him a hardware wallet and key backup hardware can help secure his sovereign stack. Even if they already have one, there are always new technological developments leading to greater usability and security. The Coldcard is a classic choice with tons of features. Coinkite just released an updated version, the Mk4which can give your favorite dad a chance to experiment with different security protocols to fend off potential attackers.
Conveniently, Coldcard is one of the hardware devices supported by managed multisig providers such as House and Unleashed 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 non-forfeitable, tax-efficient capital to help him transition into a better future. Unchained also supports bitcoin-backed loans so it doesn’t even have to sell!
Both institutions also support more user-friendly devices like Trezor and register. Personally, I like the ease of QR-enabled devices like the Passport and Keystone Pro. Don’t let dad forget to back up his private steel keys. I prefer black seed ink. Just make sure he remembers where he accidentally lost them on the next boat trip.
Another great idea would be to give your dad his own full Bitcoin node to verify his own transactions and enforce blockchain rules. There are out-of-the-box solutions like The sovereign machine, nodl and the Ronin Dojo. They all have their own advantages and disadvantages, but fortunately Bitcoin Magazine has already published a ton of research, so I don’t have to elaborate on that here. Just be aware that there are also plenty of DIY solutions that cost a lot less.
For the Bitcoin-skeptic dad
Socks. They don’t deserve bitcoin.
If Dad is more of an intellectual, I would recommend a well-thought-out, beautifully-written book like “Bitcoin Is Venice.” It’s quite a dense but incredibly stimulating and logical read. If he’s on the fence, it can help your dad jump on the lifeboat.
If Dad is the financial type, I might 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 coin that looted the orange from the legendary chad himself: Michael Saylor.
Another route would be a subscription to Bitcoin Magazine printed edition. Surprisingly, people with financial knowledge widely view bitcoin as a scam or pyramid scheme. The magazine’s stories can help your dad see bitcoin as a technological development that is fundamentally changing the world. It is so much more than a “price-raising” technology. This is fundamental to the preservation of your freedom.
Bitcoin is the gift that keeps on giving
Bitcoin is an inflation hedge; it is a hedge against tyranny. It is an open and permissionless monetary network, all in one. As gas and food prices continue to hit all-time highs, now might be the best time to try and get your dad jumping on the life raft.
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 Bitcoin Magazine.