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Author Topic: Would bitcoin help teach kids about saving?  (Read 12739 times)
kpcian
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July 18, 2017, 04:56:59 PM
 #101

teaching about saving is a good idea, saving is very important for the crucial time. so we have to teach our kids about saving, but Bitcoin is an advanced level saving, so kids should not be involved in this platform until they willing to be engaged. I think, at the age of under 18 they should enjoy their life without facing this type of challenge.

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July 30, 2017, 04:49:29 AM
 #102

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?
Yes, bitcoin will help them a lot on saving money. Bitcoin will teach them how to value money how hard or easy the money to earn. Because it will help you know how to be patient and how to be thrifty.
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July 30, 2017, 05:51:07 AM
 #103

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 you can teach them save for talking to them and teach them how a proper way to earn and how to spend money.
Bitcoin is good way but not all the time they rely on it i think they should know and learn about saving money in that way they will spend their money in the right way.

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July 30, 2017, 05:56:42 AM
 #104

If one is a huge spender this aint kids anymore.  Grin Their parents should be the one holding their money.
But in my own humble opinion I think it will help as I have already done it. Made my wallet like a piggy bank instead of using the literal piggy bank or a storage for cash money.
If you can introduce it in a right way then they may think of it as a huge possibility not just for earning but to also make their money grow without even doing anything.

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July 30, 2017, 06:09:36 AM
 #105

you have to teach both of them about future circumstance, you have to explain that why we should save for the future, also you may suggest that about the facilities if they have a saving or investment. I think these three ways would be fruitful for teaching them about savings. but one thing you must keep in your head that, are they feasible to realize these type of circumstances...? if they don't then keep them free...

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July 30, 2017, 06:17:28 AM
 #106

You don't need bitcoin to teach anyone about saving, it isn't much different from saving in fiat using other forms of investments like shares in a company or bonds. The only difference is that bitcoin is much more volatile.
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July 30, 2017, 06:31:46 AM
 #107

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?
Bitcoin will help you to save money but for kids bitcoin will not because at their young age they should be teach and guide by their parents. Bitcoin involves technology that many children become addicted with different gadgets which is lead them to become lazy. Parents would be responsible in teaching children how to save and how to value everything and I think bitcoin is not the suitable way to teach kids about saving

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July 30, 2017, 10:38:37 AM
 #108

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!
That's technically what i would say , just adding few things , bitcoin sometimes gives the false hope of becoming rich very quickly and effortlessly , that is completely untrue and unwise to teach to kids !
They should know that fortune doesn't come without hard work and dedication and they should give up any dreams or ideas of becoming rich just by buying a currency that may has it's value increased , it's like telling them money grows on trees .

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July 30, 2017, 10:53:30 AM
 #109

You don't need bitcoin to teach anyone about saving, it isn't much different from saving in fiat using other forms of investments like shares in a company or bonds. The only difference is that bitcoin is much more volatile.

You are right we do not need to make bitcoin as an example to teach kid to save because bitcoin is so complicated to understand. Teaching them save the allowance they receive from their parents will practice them and prepare them to be practical when it comes to spending their money when they grow up.
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July 30, 2017, 11:09:59 AM
 #110

No, I do not believe so. This is due to the fact that BTC isnt so widely available to be spent, there aren't many things you can spend it on for now. So the best way to teach them spending, I believe is by fiat currency. Giving them BTC for saving won't make them give any effort to it as not a lot of scope is there currently to spend it, and if you can't spend it, you just keep it as it is.

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July 30, 2017, 12:00:05 PM
 #111

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.
I totally agree with you. Bitcoin is not sufficient to teach them how to save money. It is actually too late to teach them about saving unless they manage to know saving's value. And to be honest, it was the parents' mistake because they spoiled them and gave them what they wanted. So, when he grows, he will buy whatever he wants because he has money.

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July 30, 2017, 12:09:49 PM
 #112

I think it's not a good way to teach kids how to save money. First kids are not yet matured enough to understand this kind of things cryptocurrency world is so complicated. Me i'm an adult but some of things in here i still don't understand what more kids right? so you're teaching kids to mine? What are you referring? Cloud mining? Cloud mining requires payment before mining is that what your referring right? I think kids will not going to have interest about mining since it will take year to recover what you've invested in cloud mining.
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July 30, 2017, 01:36:05 PM
 #113

I agree with you, it may be inappropriate if the age of the children should learn about the crypto world, except for only a basic knowledge of bitcoin.
Although at the age they certainly still have a better memory when compared with adult age but it seems there are many other science better for them to learn other than crypto.

   
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July 30, 2017, 01:41:49 PM
 #114

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 thats a good way for you to teach them about the right stuffs on saving money since bitcoin or alts is money after all. Show them and tell them about bitcoin or alts its already you technique on how you would introduce it to them. Its better to let them learn on earlier age so that later on they would able to realize that money isnt something that can easily be earned but does really need hard work in able to earn that.

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July 30, 2017, 03:05:40 PM
 #115

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?
Since bitcoin has already been popular and a massive number of users has already been using it, I think it will be easy to teach bitcoin on kids because bitcoin learning is not that complicated to teach on them. It will be a great move to teach them on using bitcoin in terms of saving right now because it will be their tough foundation in the future. Saving right now with bitcoin while they are still young will be beneficial to them when they get a little bit young because on that time bitcoin will surely have reached its price peak. You may also teach them how to spend some of their earnings on investments to add up some to their current money.

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July 30, 2017, 06:05:51 PM
 #116

I agree with you, it may be inappropriate if the age of the children should learn about the crypto world, except for only a basic knowledge of bitcoin.
Although at the age they certainly still have a better memory when compared with adult age but it seems there are many other science better for them to learn other than crypto.

Really? Then what are they? Physics doesn't really matter to a kid because what goes up will go down. Understanding how gravity works, how force and inertia works, those don't really matter to a kid and it surely do not matter to a lot of people. Chemistry, the covalent bonds and all the other types of bonds can't even be seen by the naked eye. Earth science? Kids can Google all these things.

So what are those sciences that are a lot better than crypto. Understanding cryptocurrencies even just the basics will help your kid understand even just a little about the economy. And understanding the economy is a huge thing. You will notice that there are people that go to college, and then once they graduated, they have no knowledge on what to do next. It's because they have zero knowledge about the economy. They don't know where to apply. They don't know the different levels of society, the different levels of a workplace, etc. Those are basic stuffs that you could have learned if you studied about crypto and then carried on on studying the economy.

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July 30, 2017, 06:17:08 PM
 #117

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 that's not bad to try. good way to teach them about saving. but i maybe you will face some obstacles while explain bitcoin to them. you must give simple words which kids can understand what do you mean.

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August 04, 2017, 02:48:38 PM
 #118

Yes it can help kids save money. When a person gets a job, he knows how difficult it is to earn money and he won't spend it on useless things. Same as kids, they will not spend it too much if they know how hard to get that money. At their age you should teach them what bitcoin is and the different altcoins emerging.

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August 09, 2017, 04:12:57 AM
 #119

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.

I agree, Bitcoin could be a good example for them. What's good is that BTC is a digital currency, so they won't be able to spend or use it without some help. Ever since I used Bitcoin, I became conscious of my finances and expenses. It has taught me to become more mindful of my savings and expenses. This could do the same for kids, although I think that Bitcoin may be too technical and advanced for them. Mining might be too much for them to grasp, but it might be good to show them how to save and to start as early as now. Or you could open up a bank account for them to make them save up themselves.

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August 09, 2017, 04:38:37 AM
 #120

I guess maybe, yet it still depends on a kid. But maybe bitcoin will teach them about saving a little bit.

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