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Author Topic: Would bitcoin help teach kids about saving?  (Read 12812 times)
AlexandrInt
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November 10, 2017, 11:52:31 AM
 #441

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 in some aspect, yes. When we have bitcoin most of us choose to keep it because we believe that in time it's value will be high. That's what it teaches kids. To keep their money until they have something important to do with it.

If we tell our children that to keep money in bitcoin is even more profitable, this will help increase incomes. We should tell the children about the crypto currency, because this is the currency of our future
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November 10, 2017, 12:00:37 PM
 #442

It is not about saving , learning about blockchain technology itself is great thing ,as we know it is future as we should encourage kids to learn it.second is that kids can earn money through cryptocurrency by earning it through forum or from  doing freelancer.it is always good to enlighten them with bitcoin and altcoin so that they can aware what is going to come in future and they dont regret it not knowing at childhood.

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AMHURSICKUS
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November 10, 2017, 12:08:38 PM
 #443

For me it is a good idea the younger they learn how bitcoin woks the more profit they can get. But always remember there are only kids and its hard for them to underatand it quickly so we have to educate them slowlt or step by step.

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November 10, 2017, 01:26:22 PM
 #444

Bitcoin would absolutely teach kids about saving because that is what bitcoin is currently in, a store of value phase. Kids definitely need to understand why BTC is sound money and what makes it such a good place to store value and wealth for long periods of time. You never learned this with gold and FIAT because those were centralized and they kept people quiet about what was really going on, but the net changed that.
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November 10, 2017, 02:22:31 PM
 #445

For me it is a good idea the younger they learn how bitcoin woks the more profit they can get. But always remember there are only kids and its hard for them to underatand it quickly so we have to educate them slowlt or step by step.
It is better to let them learn the traditional education like in the teachings in the schools rather than teaching them how bitcoin works because it will help them to focus in their studies first and since they are kids they are not prepared for this kind of technology and they need to expand their basic knowledge first and after they entered high school then that is the time for my opinion to teach them how to bitcoin works.

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November 10, 2017, 03:57:35 PM
 #446

For me using bitcoin to teach your cousin about saving is not an option. From the look of things your cousin are quite young, you can find simpler means to encourage them to save. As a kid we let about buying a small box with just a little opening at the top and when you drop money inside it cannot be remove unless you dismantle the box.

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November 11, 2017, 06:00:56 PM
 #447

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?
It is a good idea to teach bitcoin to kids but it depends to the kid what he/she will do with his/her knowledge about bitcoin. Maybe some of them will learn how to save and invest and some of them will just ignore and forget what they know about bitcoin. Remember, they are still kids and all they think and know is to play and be happy with their lives.
I think it is a good idea to teach kids about the benefits of saving but I think it is a bad idea to teach them about bitcoin, bitcoin gives and enormous amount of freedom but too much freedom too soon can be damaging so it is better to give to your kids a strict discipline but do teach them about saving, so they can have an easier life, just a few life lessons about money can go a long way to change the life of someone.

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November 11, 2017, 06:17:06 PM
 #448

Practically saying kids are not able to handle bitcoin it is difficult to understand of using it in online. What we can teach them is there is a future currency in for format of cryptocurrency which is called Bitcoin it is going to used instead of paper currency. About teaching saving in the piggy bank only advisable to kids. Bitcoins savings techniques too early for kids to understand.

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November 11, 2017, 06:24:04 PM
 #449

It is not about saving , learning about blockchain technology itself is great thing ,as we know it is future as we should encourage kids to learn it.second is that kids can earn money through cryptocurrency by earning it through forum or from  doing freelancer.it is always good to enlighten them with bitcoin and altcoin so that they can aware what is going to come in future and they dont regret it not knowing at childhood.
I think kids aren't capable of comprehending what blockchain technology is. But I guess if you explain it using words that aren't hard for kids to understand, I think they will get the general idea at least.

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November 11, 2017, 10:00:08 PM
 #450

That is not a bad idea.Its extremely possible in today's scenario to double our bitcoins simply by storing in cold storage in wallet.Currently,we saw that bitcoin cost has almost tripled inside final 6 months.This concept will be the one with much less risks when compared to purchasing altcoins and buying and selling.
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November 11, 2017, 10:06:27 PM
 #451

It is not about saving , learning about blockchain technology itself is great thing ,as we know it is future as we should encourage kids to learn it.second is that kids can earn money through cryptocurrency by earning it through forum or from  doing freelancer.it is always good to enlighten them with bitcoin and altcoin so that they can aware what is going to come in future and they dont regret it not knowing at childhood.
I think kids aren't capable of comprehending what blockchain technology is. But I guess if you explain it using words that aren't hard for kids to understand, I think they will get the general idea at least.

They don't have to understand blockchain technology, if they can understand the importance of saving money, this will be followed by understanding of blockchain and its technology. Trust your kids, they're pretty smart than you think.

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November 11, 2017, 10:59:14 PM
 #452

It better to teach kids on how to save . it very important. But kids usually like to enjoy their childhood . since they are kids let them know by their own good . bitcoin would be a good help to them too

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November 11, 2017, 11:07:14 PM
 #453

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
Sure, it will. I will teach my kids how to use BTC and they will know how to save and spend BTC or any other coins.

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November 11, 2017, 11:11:58 PM
 #454

I think teaching kids to invest in bitcoin is a very brilliant idea.
I will teach my child when they can read later.
so that his life in the future better.

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November 11, 2017, 11:22:01 PM
 #455

That's a good idea, you can explain and for your cousins ​​know that to earn bitcoin as well as paper money is not simple, so that thay have to save money  Grin
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November 12, 2017, 12:19:41 AM
 #456

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 yes if they already understand how bitcoin works, it will help them to be more responsible money saver.

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November 12, 2017, 12:53:03 AM
 #457

I dont think it can help teach kids about saving, you can not put your hands on bitcoin, it is hard for kids to understand how to use bitcoin, kids enjoy their childhood by playing, but its a good thing to teach them how to save but not by bitcoin

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November 12, 2017, 02:12:19 AM
 #458

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?

children are the next generation and bitcoin is a better digital currency of the future, by introducing bitcoin to our children will definitely make them more efficient because it will certainly save them for their future needs

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November 12, 2017, 12:50:29 PM
 #459

of course bitcoin will teach kids how to save and HODL for long term benefits and it will definitely teach them patience which is a very good thing when it come to bitcoins. It grow with time in value which will benefit the kid with whatever needs he desire to fulfill.

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November 12, 2017, 12:50:47 PM
 #460

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 would teach bitcoin about the importance of money. However, the problem is that, bitcoin is very complicated for kids to understand. It took me sometime to completely understand the concept of bitcoin. I am still learning about bitcoin so I guess bitcoin is really complicated to understand.

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