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Author Topic: Would bitcoin help teach kids about saving?  (Read 12812 times)
Crapz23
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July 08, 2017, 07:27:48 PM
 #1

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
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July 08, 2017, 08:28:50 PM
 #2

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
Well I think bitcoin would be a good way to teach them how to save,
And also tell them about how it works and  how they could earn if they save it .

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Yakamoto
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July 08, 2017, 08:41:09 PM
 #3

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
>mining
>making a lot of Bitcoin
oh boy son

If anything, in order to encourage better spending habits, they should have been required to save some money for toys they wanted to buy as a kid instead of buying everything for them. I don't know if this is something that was tried on them but it worked on me growing up. Bitcoin is just another means of wealth and it doesn't really encourage saving that much for most people who maintain their own finances, in whatever way that may be.














 

 

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HabBear
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July 08, 2017, 08:51:32 PM
 #4

I don't think bitcoin would be the best way to teach kids about saving, because there's not a lot of opportunity for a kid to spend the bitcoin they've acquired...when you can't spend it you must save it!

It would be better teaching on how to save to use fiat currency because part of the teaching is learning to not succumb to the temptation to spend the saved money at every toy store, movie, iOS app store, etc.

You could use bitcoin to teach them about saving for retirement, long term savings and how investments can appreciate in value over time. Just my two satoshi!

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July 08, 2017, 10:12:03 PM
 #5

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?

I believe it is a good thing in general to use as savings, but I don't know if it will necessarily teach kids about it.

Here is the thing - Bitcoin isn't easy to cash out yet. Sure, there are ways to do so within 24 hours, but not for children.

With that said, kids can give their parents money they want to save, or better yet parents can save 1 Bitcoin for their kids. Eventually, it will appreciate into a lot of money which can pay for their schooling, and help them start a family by the time they reach that age.
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July 08, 2017, 11:20:27 PM
 #6

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?

I think it can be a good example for them when you will be telling them about saving especially when they will be using digital currency to save. But if you will be giving off bitcoin as an example, you must give them an explanation about how the price change and how volatile their price is.

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July 08, 2017, 11:48:25 PM
 #7

If there is an exchange there in your country that allows to convert your bitcoin to fiat in less than an hour. its probably not a good idea if one of them is a huge spender or worse

if he has a habit of spending his savings even though he's only halfway done lol. if we're talking about the other one, then its better to save in bitcoin as the price increases.

the main problem is where will they get the bitcoin? and no, mining is not the only way to earn bitcoin. mining is a complicated process you'll need a lot of things and it costs a

lot, much better for you to search it on the web. You can also search for the ways of earning/saving btc that are suited for your cousins but my suggestion is to either work for it

or buy it bit by bit

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July 09, 2017, 12:00:48 AM
 #8

Well I think Bitcoin won't be a big help for a kid to learn to save money. Bitcoin is not a factor. A factor to kid's saving money is his control to the money. He should be wise enough on how to use the money properly. Use it for good purposes not on luxuries or desires.
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July 09, 2017, 01:15:03 AM
 #9

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
I really don't see how Bitcoin would help teach kids about Bitcoin. To be honest, I think it would have the opposite affect. Kids these days are playing games on their computers and on their phones, you don't see them going out too often. Some of them buy games from a store but a lot buy games online (Or in-game items). I think Bitcoin would just make them buy more games if they started to earn it.

To be honest, I think that the only way to teach a kid about saving is just by changing their mindset on money. A lot of them just think that they can buy whatever they want because their parents have money, but that really isn't the case.

Well I think bitcoin would be a good way to teach them how to save,
And also tell them about how it works and  how they could earn if they save it .
How so? You didn't really explain much. Saying that it will is one thing, proving it is another.

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July 09, 2017, 01:18:55 AM
 #10

yes it would be big help for kids , in my opinion if we teaches them in way that they could understand easily to save bitcoin it will be good , and they can benifit  in that ,, its for them in the future , while they are young they must know how important is saving money/bitcoin.

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July 09, 2017, 01:31:09 AM
 #11

Bitcoin is hard to understand for the first time and bitcoin is not user friendly it is too complicated for kids so for me that is not advisable since the bitcoin is just like that and kids can lose their money by just one wrong step with bitcoin. So for me bitcoin is not for kids.

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July 09, 2017, 01:37:43 AM
 #12

Bitcoin is hard to understand for the first time and bitcoin is not user friendly it is too complicated for kids so for me that is not advisable since the bitcoin is just like that and kids can lose their money by just one wrong step with bitcoin. So for me bitcoin is not for kids.

Good point here. Bitcoin is too complicated for them, plus the technical knowledge to transact it is boring  for them and finally will lose their interest. Unlike in coinbank that they can see their coins and savings literally.

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July 09, 2017, 01:40:09 AM
 #13

I think it's a good way to teach children to save because Bitcoin can't be spend anywhere, you can only spend Bitcoin in certain place and to convert it to fiat need verification, but to explained Bitcoin to children is a bit difficult, we don't want the kids to lost interest and think that we are using Bitcoin to hide their money

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July 09, 2017, 02:01:55 AM
 #14

I dont think bitcoin will teach your 2 cousins on how to save money since they'll gain access to new products that can be bought online and they'll be tempted to buy them. I think the most valuable lesson that you can get out of bitcoin is patience especially when your new to it. Its hard to earn bitcoin and it depends on your ranking, its a slow process.

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July 09, 2017, 03:35:28 AM
 #15

You could teach them how save money is good by showing the money can grow by itself if invested. They can spend all their money now with something useless or they can make it grow by putting the money into a good site which generates income for them.

Teach them how to multiply the money and they may start thinking twice (specially the first one who you say spends a lot) before spending money.

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July 09, 2017, 04:28:17 AM
 #16

It is possible that they will learn about the importance of saving when you introduce them to Bitcoin. They may be fascinated about the growth of Bitcoin by just keeping then in their wallet. And maybe, they will start to explore about bitcoin and find some ways in earning more. Well this is just an educated guess, we cannot really know what will be the impact to them. But hopefully, all goes to what you hoped for.

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July 09, 2017, 04:48:34 AM
 #17

So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
Not bad idea, I used to tell my father about Bitcoin (technology, how to use, private key to keep safe the funds, the risk when saving in Bitcoin ...) and potential of cryptocurrency in future can saving better than Gold or Bank in present. He understand my introduction about crypto and he know at now, saving crypto can helps the life my family in future rich more than.

Do it now, you will not regret about that Wink

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July 09, 2017, 05:23:29 AM
 #18

It's very likely if you introduce your kids early into it and have them save some bitcoins in their personal wallets whiles they grow in confident they might learn a thing or two from savings and that might help shape their thinking growing up.



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July 09, 2017, 05:30:59 AM
 #19

Bitcoin can teach children to save. I was wondering if it was not too early to introduce bitcoin to a child. But I feel bitcoin can train patience for children because following bitcoin is a long process. And the results will be very satisfying when we focus on bitcoin

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July 09, 2017, 05:47:06 AM
 #20

Bitcoin is hard to understand for the first time and bitcoin is not user friendly it is too complicated for kids so for me that is not advisable since the bitcoin is just like that and kids can lose their money by just one wrong step with bitcoin. So for me bitcoin is not for kids.
Bitcoin can be a way of saving but not intended for kids. Maybe if they already reach the right age it can be explained to them but not now that they are not capable to hold or manage money especially bitcoin as a form of digital money.

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