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Author Topic: Would bitcoin help teach kids about saving?  (Read 12637 times)
Hazaki
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November 17, 2017, 11:27:08 PM
 #521

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?
Cryptocurrencies aren't really the best example to teach kids the benefits of saving with since there are 2 possible scenarios :
- The 1st scenario consisting of if that currency crashes and the one who is a huge spender would have profited of his coins when they had value and thus made them worth something before they felt off , while the second guy who saved didn't benefit of anything , invested so much time in it while depriving him self from buying what he wants . And this is the scenario that we don't want to happen .
- The second scenario is when the coins value increases almost constantly ( such as bitcoins ) , and the guy who saves beats the guy who spends and who is loosing the potential value that his coins could reach , and this is the best case scenario .
We know that cryptocurrencies go through lots of fluctuations and both scenarios are probable to happen , sometimes to the same coin so we'll have those poor kids confused about the whole idea and we'll fall far from the point we tried to make which is saving !
So the best thing to do will be to explain the saving ideology with fiat , in practical life scenarios which will show how a moderated spending span will be the best or when will saving be the best , irresponsible spending is always bad anyway .

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November 18, 2017, 08:52:38 AM
 #522

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.
This will lead to the more success if btc as it will be started as school teaching to kids, and most of the parents will wish that their child must learn this module and this will make a clear mindset of children that they will adapt this field in future because in bitcoin profit is very big and no other field can give them so much ease to become rich in few days and schools must take an initiative to start it as proper subject.

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November 18, 2017, 01:35:02 PM
 #523

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.
Kids are not the right choice when it comes to the financial matters. Because they must be provide an equal amount of time to enjoy their lives and be free of any sort of responsibly growing through the stages of life steadily until they reach the age of maturity.

In this way, the result of teaching them the importance of Btcs would be more beneficial as they would be able to grab the concepts clearly .Bitcoins could help to teach savings to others but at the appropriate time of life
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November 18, 2017, 02:39:32 PM
 #524

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?

yeah maybe we can give understanding to the children about the benefits and advantages of saving with bitcoin as an example

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November 18, 2017, 05:28:28 PM
 #525

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!

yes it could use to important things and teach them how to save and value

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November 18, 2017, 05:31:02 PM
 #526

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?

yeah maybe we can give understanding to the children about the benefits and advantages of saving with bitcoin as an example

But it's still complicated for them to learn how to use internet + money.
They should learn from how to use fiat wisely and then step by step , they will figure it out how to use bitcoin in proper way
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November 18, 2017, 05:47:32 PM
 #527

Definetely but you do not need a wallet to explain it. Simply show them the price chart for the past 5 years and they will see that if they would have saved a part of their money in bitcoin they would have today hundreds times more value. And you can also pick some very successful altcoins that value has increased for over thousand % this year. That way they can learn that saving money in crypto currencies will not only help to have money to spend later, but they will also have a lot more than today.
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November 18, 2017, 05:57:11 PM
 #528

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's a good idea to teach your 2 cousins about saving using bitcoin so they could buy the things that they wanted. They could also earn more money with it and they could help each other when they used bitcoin for their daily lives.
Kids are the future generation of each and every nation and bitcoin is the future of the world so it an appreciable and commendable idea to kids about bitcoin because these kids will become able to compete the upcoming challenges of the new world and definitely they will play a key role in stabilizing the financial status of their nation.
Kids are the future but at the same time you cannot rush their development if we were talking about teenagers then I think it could be a good idea to teach them about bitcoin since they are going to be introduced to bitcoin one way or another when bitcoin reaches mass adoption in the next decade, but kids do not have any need to know about bitcoin yet.

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November 19, 2017, 08:15:41 AM
 #529

It will not help children save money because children do not care about money i think it will help teenagers save money because it can make them earn a lot and they can make a lot out of it.

Bitcoin can help children to learn how to save. Kids don't have much opportunity to spend there bitcoin. When they see there's nothing to spend they'll surly save there bitcoins .But first we have to introduce the power of bitcoin to our children which is hard part for us. Bitcoin is for teenagers and for adults. How a kid can learn about it .
We need to develop interest for the kids so that they can really indulge in bitcoins. A good option will be to start making games which give bitcoins in case of winning rewards.

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November 19, 2017, 04:23:00 PM
 #530

Yes bitcoin might help children in order to save their money because they cannot use it so better to conserve. But not only in bitcoin ,in real money we can educate our kids to save cash.
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November 19, 2017, 06:16:22 PM
 #531

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?

yeah maybe we can give understanding to the children about the benefits and advantages of saving with bitcoin as an example
Bitcoin could be demonstrated valuable for the children to spare their cash for their great future in light of the fact that Bitcoin could be the best sparing wallet for the youngsters' to spare their cash for the brilliant future and when they need to their cash back till then they would have earned much benefit on the grounds that the costs of Bitcoin is expanding quickly.


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rosepetals
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November 19, 2017, 07:25:52 PM
 #532

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?
For me it is good to teach them how bitcoin works,just by holding it for a matter of time they will profit..but as a kid it really needs proper explanation but somehow almost every kid seems so extravagant most especially when they saw toys,and im pretty sure they'll get tempted on what they saw.All you need is to guide them through so that they will be able to understand what you are up to..to teach them how to save.

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November 20, 2017, 12:30:28 AM
 #533

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?

Saving should be learned at home and not some of like value like bitcoins or cash. So teaching it to kids... well we should teach them to be responsible in spending...

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November 20, 2017, 12:47:36 AM
 #534

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?

Saving should be learned at home and not some of like value like bitcoins or cash. So teaching it to kids... well we should teach them to be responsible in spending...

Why shouldn't saving be done with Bitcoins or cash. And how is Bitcoin not cash? I mean I guess what I am saying is are you trying to say fiat is cash and Bitcoin isn't? Because people are now saying BTC is a store of value, but in my opinion even still it is moreso like cash than fiat is. And also why can't Bitcoins be stored at home? Most BTC is spent on computers/ laptops etc from people's own homes so... yeah I don't think your logic makes much sense. Wink


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November 20, 2017, 02:25:24 AM
 #535

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 not only in saving they can learn to on how to do trading,  yes I believe that through bitcoin they can learn how to earn and save money but it's up to them if they want to know or learn to save..  Bit for me they should learn to save money

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November 20, 2017, 02:27:15 AM
 #536

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, it can, but at the same time, it can not. If a person has self-control, he can do what he wants. In saving, self-control is important. Controlling yourself not to spend your money is a thing. Even if you have already put your money in bitcoin wallet, there is still a tendency that you're going to withdraw it and spend it. The worse part of teaching save through bitcoin is that they might learn how to use their money in online gambling, especially that bitcoin is widely accepted in online gambling sites.

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November 20, 2017, 02:56:01 AM
 #537

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 not only in saving they can learn to on how to do trading,  yes I believe that through bitcoin they can learn how to earn and save money but it's up to them if they want to know or learn to save..  Bit for me they should learn to save money
For kids to understand the working of bitcoin or any other cryptocurrency is difficult, so first we need to teach the basics of economics like what is investment, saving, profit and all to the kids once they understand that based on that we can teach savings by using bitcoin.

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November 20, 2017, 03:28:29 AM
 #538

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 not only in saving they can learn to on how to do trading,  yes I believe that through bitcoin they can learn how to earn and save money but it's up to them if they want to know or learn to save..  Bit for me they should learn to save money
For kids to understand the working of bitcoin or any other cryptocurrency is difficult, so first we need to teach the basics of economics like what is investment, saving, profit and all to the kids once they understand that based on that we can teach savings by using bitcoin.
I agree! We should teach kids first the basic of investing and saving using paper money before investing in bitcoin because bitcoin different kind of invest and form of money. It may confuse them so its better if we teach them one step at a time.

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November 20, 2017, 04:09:19 AM
 #539

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 not only in saving they can learn to on how to do trading,  yes I believe that through bitcoin they can learn how to earn and save money but it's up to them if they want to know or learn to save..  Bit for me they should learn to save money
For kids to understand the working of bitcoin or any other cryptocurrency is difficult, so first we need to teach the basics of economics like what is investment, saving, profit and all to the kids once they understand that based on that we can teach savings by using bitcoin.
I agree! We should teach kids first the basic of investing and saving using paper money before investing in bitcoin because bitcoin different kind of invest and form of money. It may confuse them so its better if we teach them one step at a time.

That is true, like what I want to teach my kids is something like letting them have allowances and if they have excess they can give it to me and I would tell them that it can earn interest if they place the money with me. So they know that investing is a good thing and that learning it early on will prove to be something that can benefit them in the long run. Parenting is indeed hard, but as parents it's something as our duty.

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November 20, 2017, 04:44:49 AM
 #540

Bitcoin is a good way to teach them how to save but it is also a way to teach them how to spend because they would know how to earn.
Teach them how to save by training them to save some money for the toys they want instead of buying all for them.

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