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Author Topic: Would bitcoin help teach kids about saving?  (Read 12819 times)
YellowRiver
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October 09, 2017, 11:22:33 PM
 #241

It can be good for anyone, as long as they can understand the ideology of it. And maybe for kids, it would be quite difficult to know all the things, or to keep patience as much as needed for bitcoin. Because bitcoin does not always make you happy, but sometimes it can make you worry as well when the price starts dropping. A new person to it, specially a kid might start panicking immediately after seeing something like this. So if a kid can take all these things, then why not?
A person is worried and get panic about bitcoin only if he will not have good knowledge about bitcoin and will not know about the future of bitcoin as if someone will get the full knowledge about bitcoin then he will know that the future of bitcoin is very bright he will also know all the economic features of bitcoin and in this way if in any matter the price of bitcoin will fall then he will not be worried or panic as he will know that it is only a small period fall and again it will rise.

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October 09, 2017, 11:48:45 PM
 #242

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?

First, don't think that mining bitcoin is the "only" way to make a lot of bitcoin. You should change that mindset because right now, there's a lot of way to make bitcoin and if you want to have a better and stable way learn it with trading.

But the idea of teaching them and giving them lesson about proper saving is a good thing. And with bitcoin, you are teaching two things at the same time.

It's like two birds at one stone, teaching and investing. Pursue that thing because one day, those kids will be our future.
Saving is a habit and I realize that those people who teach their children to save money and do not use if there is no need are the happiest people of the world because this kind of people never face any financial problems in life, because if there is any emergency and they need money they would have their savings. So they can easily overcome their problem. Bitcoin is not only savings but also a sound business.

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October 10, 2017, 04:17:28 AM
 #243

I would say that bitcoin isn't good for teaching children about saving money, but you can teach them how to invest money by bitcoin.
As by telling them that in the start bitcoin was in penny's and now it's more precious than gold.
Yes I think it would be better if we teach saving with real, e.g. set aside their money to put in the bank or in their own private money box then that way they will learn to save money and saving. If the bitcoin can also teach us how to get the investment money and true your words that bitcoin can not be taught to save money because of the price and the number we get is uncertain. and we also have to take care of her because of how valuable just as gold.
 

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October 10, 2017, 04:25:35 AM
 #244

Those two have no connection at all, mining & saving. I would suggest that the only thing you must do is make them a bitcoin wallet let them earn cryptocurrency by every tasked they accomplished that you given them. Let the mining stuff to be just handled by you. It won’t be good as they might left school for thinking that education is not needed when they earned by sitting down and doing nothing.

It is more morally right to let them understand the importance of money in giving effort to it than earning it while the mining rig do the work.
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October 10, 2017, 05:14:36 AM
 #245

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 .

I don not think so. Bitcoin is kinda complicated to learn especially to kids. Also, the terms will be new to them and technical stuffs will be encountered. The idea of teaching them Bitcoin early as now is good for them to realize on investing in early age. But this is for around teenagers because this is the time that they may absorb the Bitcoin technicalities and not for kids.

The basic piggy bank concept can still work for kids. Saving a small amount from their allowances and saving it in their piggy bank really works and serves as a practice in the future.

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October 10, 2017, 01:05:54 PM
 #246

It will help them to know about saving but for me, you don't have to give an example such as bitcoin. Saving is being taught in schools or if not it all depends to their teachers or tutors. As an adult to those kids, you should be the to teach them even with bitcoin or not but the idea of it is good because you are trying to do your best to let them understand about the importance of saving and that's a good thing.

How can bitcoin will help kids on their saving? I do not think that you need to teach them bitcoin by saving. Most of them do not even know anything about bitcoin, hoe to operate them and everything. For kids, bitcoin is much more complicated that it looks. There is so many things to learn before they are in to bitcoin

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October 10, 2017, 02:59:05 PM
 #247

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 in a way yes, because they would not be able to spend money if it is still in bitcoin and not encashed yet. WOTH Bitcokn children might be able to just learn to invest and put and wait for it to grow until they grow up and it could function as a trust fund in a sense.

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October 10, 2017, 03:42:55 PM
 #248

Those two have no connection at all, mining & saving. I would suggest that the only thing you must do is make them a bitcoin wallet let them earn cryptocurrency by every tasked they accomplished that you given them. Let the mining stuff to be just handled by you. It won’t be good as they might left school for thinking that education is not needed when they earned by sitting down and doing nothing.

It is more morally right to let them understand the importance of money in giving effort to it than earning it while the mining rig do the work.

I think that when you teach them about mining, you have to make them aware that those mining equipment require money and you have to be well-informed about how mining works, cryptocurrencies, and especially you need money to do mining. It's your responsibility as their parent to teach them to be responsible. And by the time that they started earning money, education should be a choice to them. Most people nowadays choose school just because it's the tradition. If they want to drop from high school, then look at their skills and see for yourself if their skill is enough for them to go through life without education at all. After all, we originally go to school to learn and not to get a diploma. He will not be needing diploma if he is competent enough. I know that in real world, the competition is really tight and there's a discrimination going on with the people that have a degree and those that don't. But it's the modern day now, people work online and no diploma is needed. Only good skill to build a killer portfolio.

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October 10, 2017, 10:00:07 PM
 #249

I think it is a very smart idea, i also would like to take some lessons in their age so for sure you should try.
The best way to learn is  by the examples, bitcoin is a perfect example in real world. I'm also still learing because of bitcoin market behaviour.
Good luck!

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October 10, 2017, 10:31:50 PM
 #250

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.


Maybe it is one way of encouraging kids to save. But I don't think it will really teach them to save because if their parents didn't show them the right way of saving, it's useless because they cannot see the advantage of saving since their parents are not doing or practicing it. So, it's really up to the kids if they will realize how important it is to do savings.

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October 10, 2017, 10:34:53 PM
 #251

I would say that bitcoin isn't good for teaching children about saving money, but you can teach them how to invest money by bitcoin.
As by telling them that in the start bitcoin was in penny's and now it's more precious than gold.
Yes I think it would be better if we teach saving with real, e.g. set aside their money to put in the bank or in their own private money box then that way they will learn to save money and saving. If the bitcoin can also teach us how to get the investment money and true your words that bitcoin can not be taught to save money because of the price and the number we get is uncertain. and we also have to take care of her because of how valuable just as gold.
 
Yes it is possible but I guess it should start from their parents to teach their kids saving money. Afterwards,parents will introduce bitcoin and its differences with the real money they have,physically. Saving is very important because your savings will be landed on your future. This will help childrean to use their money effectively and efficiently for their future. On the other hand,the money that they'll save is bitcoin and digitized one. Kids should know the do's and dont's of bitcoin so that they will be more familiarized.

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October 10, 2017, 10:47:08 PM
 #252

I would say that bitcoin isn't good for teaching children about saving money, but you can teach them how to invest money by bitcoin.
As by telling them that in the start bitcoin was in penny's and now it's more precious than gold.
Yes I think it would be better if we teach saving with real, e.g. set aside their money to put in the bank or in their own private money box then that way they will learn to save money and saving. If the bitcoin can also teach us how to get the investment money and true your words that bitcoin can not be taught to save money because of the price and the number we get is uncertain. and we also have to take care of her because of how valuable just as gold.
 
Yes it is possible but I guess it should start from their parents to teach their kids saving money. Afterwards,parents will introduce bitcoin and its differences with the real money they have,physically. Saving is very important because your savings will be landed on your future. This will help childrean to use their money effectively and efficiently for their future. On the other hand,the money that they'll save is bitcoin and digitized one. Kids should know the do's and dont's of bitcoin so that they will be more familiarized.
Of course it would be taught first with their parents.I think it would be better too if at an early age,they will know already how to value money and how to earn and save it.But before anything else,they should be aware first about cryptocurrency,it's difference from our fiat money.Later if they will understand it fully,parents will start teaching them about bitcoin step by step so they won't be confused with it.Bitcoin would be a much help when taught at an innocent minds.

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October 10, 2017, 11:05:22 PM
 #253

This is a bit impossible.  Bitcoin is a still u known for major population of the world.  Teaching it to an adult without any having idea what is bitcoin is hard to explain thoroughly.  You need a cast knowledge and experience to teach it to someone who are "interested". A kid is still a kid,  they just love to play and learn simple things.  Let is teach children in saving in a simplier way.

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October 10, 2017, 11:08:48 PM
 #254

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?

Maybe u must teach he about bitcoin , then they will trying to save their money.
But its a good idea , i will try to my friend because my friend is a money spender.
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October 11, 2017, 01:14:41 AM
 #255

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?
Personally I would not use bitcoin to teach them that, bitcoin is too complex for a child to understand, what I will do is to teach them how interest rates work and how they can become wealthy by it, I will give 10 dollars to each one, and I will tell them that for every month they hold those 10 dollars I’m going to give them and additional 10 dollar bill for a whole year, that will teach them the value of waiting and it will give to them an understanding of interest rates, of course that is going to cost you some money, but you love them right? So that is money well spent.

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ItBeginInAfrica
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October 11, 2017, 01:16:22 AM
 #256

Kids should first learn about saving and later on bitcoins.

setupbounds
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October 11, 2017, 06:51:07 AM
 #257

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, we should be the one who will teach our families and relatives about bitcoin. Bitcoin should not be teach by school because it has a different genre or idea of teaching. If we want our families and relatives to know how to save and have an idea about bitcoin, we can be their teachers.
I think teaching the kids about bitcoin in the schools by their teachers is actually not a bad thing. Teachers are no doubt far more qualified than most of the parents and they will be able to teach our kids very well. As far as saving is concerned, I think till the time kids will not get into this business of bitcoin, it is not possible for bitcoin to teach about saving.



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bebejhen
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October 11, 2017, 08:39:20 AM
 #258

Kids should first learn about saving and later on bitcoins.

I agree with you. For now they will not understand what really bit coin is. It is easier to teach kids about saving. It started from our house. Our parents teach us how to save. Parents knows best for their child. Before other teach us, our parents already taught us that thing.
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October 11, 2017, 08:40:17 AM
 #259

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, we should be the one who will teach our families and relatives about bitcoin. Bitcoin should not be teach by school because it has a different genre or idea of teaching. If we want our families and relatives to know how to save and have an idea about bitcoin, we can be their teachers.
I think teaching the kids about bitcoin in the schools by their teachers is actually not a bad thing. Teachers are no doubt far more qualified than most of the parents and they will be able to teach our kids very well. As far as saving is concerned, I think till the time kids will not get into this business of bitcoin, it is not possible for bitcoin to teach about saving.
But kids will not even have the slightest idea what you are telling them. We have not even done speaking with all adults and some grown youths, some people are already thinking of explaining how bitcoin or what bitcoin is to kids. That would be like pouring water in a basket.

How do you even want to start and not sound stupid ? Kids that do not even have the slightest idea how a traditional banking system works?

PizzaBTC
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October 11, 2017, 09:40:17 AM
 #260

It can be good for anyone, as long as they can understand the ideology of it. And maybe for kids, it would be quite difficult to know all the things, or to keep patience as much as needed for bitcoin. Because bitcoin does not always make you happy, but sometimes it can make you worry as well when the price starts dropping. A new person to it, specially a kid might start panicking immediately after seeing something like this. So if a kid can take all these things, then why not?
That’s a great idea but consequences are here kids are not aware of the market flow don’t know maturely about planning and strategy is not so good, this is possible that one can teach his kids about crypto sp that in future they might get into bitcoin and this will give them huge blows of profit and crypto is vast field schools can start it as course to kids.

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