I have a Bitcoin investment that’s in cold storage on a hardware wallet, but I don’t really know anything about exchanges. A friend asked me for assistance, she wants to buy a small amount, to hold long-term for her kids’ futures ($100 each, for two kids) just on the hope that it may appreciate into a nice nest-egg after a couple decades.
It’s such a small amount that it’s not worth purchasing a hardware wallet, so where does she hold it? Is there a trustworthy exchange to use?
Also, the kids are minors, so is it possible to make each of them accounts, or should it be in her name until such time that she decides to transfer it to them one day?
If there is a level of trust between the two of you, you could just make a contract. I did this with two friends back in 2018, I had some alt coins that they wanted to gamble on so I juat wrote up a sinple agreement between us. They gave me cash, and in return they "owned" x amount of whatever coin they were interested in.
In 2020 they were both in hard times and asked about the value, it had gone down slightly from their buy in, but I just refunded them and took the loss on my books.
This is obviously not the safest option, but it is an option.
No. Dont insert self between IRS and friends.