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Author Topic: Would bitcoin help teach kids about saving?  (Read 13907 times)
rayneh
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November 19, 2017, 06:16:22 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?

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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November 19, 2017, 07:25:52 PM
 #522

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
 #523

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
 #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?

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
 #525

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
 #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?
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
 #527

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
 #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 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
 #529

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
 #530

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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November 20, 2017, 04:47:08 AM
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Yes, if you'll just teach them how bitcoin works and how bitcoin will be earn.

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November 20, 2017, 05:18:48 AM
 #532

Yes bitcoin could help kids about not just in saving but also learning how to earn as well because here all your cash are safe and here at bitcoin you could earn through jobs and gambles here.

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November 20, 2017, 10:02:56 AM
 #533

I dont think it could help the kids to save, but it could teach the kids to earn, but the kids wont too interested, since he cant spend the bitcoin, bitcoin is not suitable for kids, but it is good to introduce to them, so they know updated technology and different shape of money
Saving depends upon the person if he/she is truly a spender it will be hard to change that. But if she experience something about earning, like it is so hard to earn now a days I think if bitcoin will be the tool for earning it would be easy for them thus will only lead them to spending more.
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November 20, 2017, 11:29:04 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?

It somehow teaches kids about savings. First, bitcoin is worth it when it is held for quite some time. The thinking here is while waiting for it's value to become higher, why not keep on increasing the amount of you want to trade, thereby increasing the chance of getting a higher trade. So, when we teach kids that, they will like saving.

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November 20, 2017, 11:36:32 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 it's a good idea because it's a good lesson, they can know what the benefits of saving and what's the disadvantage of not saving money

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November 20, 2017, 11:42:04 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?

That would be a great idea.  To support your move or action, I just learned to save my bitcoin when its price is high.  The time that I learned about bitcoin was the time that I was just looking for additional income.  I am just wanted to buy things I needed which I cannot anymore buy from my salary.  The only time I learned to save is when its price goes up and makes it value really high.  I realized that if I save my bitcoin then I will become rich someday when I just save them.  So I think that would be a good thing, to teach children to save by introducing bitcoin to them.

 
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November 20, 2017, 11:45:35 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?

teach them safe and profitable savings by introducing bitcoins, teaching them how to store little by little so they can understand and be aware of market conditions.
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November 20, 2017, 12:07:12 PM
 #538

 I don't recommend bitcoin to teach children. Firstly it is very difficult. Most of the members of the bitcoin community do not understand the bitcoin economy.if they are really interested in it, will create an opportunity to become rich in the future. Now many children themselves learn about bitcoin thanks to the Internet.
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November 20, 2017, 12:15:11 PM
 #539

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.
If we talk about savings and bitcoin, then bitcoin can for sure teach most of us about saving. In case of kids, I don’t think so that this will work. It is because of the reason that it is not at all possible for the kids to learn well about bitcoin ad that to in such an early ages of their life. You can tell then about saving of money in some other ways but you can’t rely on bitcoin only.
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November 20, 2017, 12:34:15 PM
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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.
If we talk about savings and bitcoin, then bitcoin can for sure teach most of us about saving. In case of kids, I don’t think so that this will work. It is because of the reason that it is not at all possible for the kids to learn well about bitcoin ad that to in such an early ages of their life. You can tell then about saving of money in some other ways but you can’t rely on bitcoin only.
It is not about the money or type of currency that will be used in order to make savings because if the person really wants to save money then he will do it. Bitcoin is a good way to save money also because of its fast growth in price but i think that this is not the time for the kids to learn this because they are too young and innocent to deal with this cryptocurrency.
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