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Author Topic: Think of the children!  (Read 1014 times)
cbeast
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October 15, 2011, 01:23:33 PM
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I've been wondering how secure bitcoin can be for the safety of children. Cash itself can endanger children and debit cards are too inconvenient. Could we develop a form of bitcoin card that can be used like cash by children and yet be easily monitored by their parents? A child can call their parent and a balance can be quickly loaded as needed.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 02:05:31 PM
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I've been wondering how secure bitcoin can be for the safety of children. Cash itself can endanger children and debit cards are too inconvenient. Could we develop a form of bitcoin card that can be used like cash by children and yet be easily monitored by their parents? A child can call their parent and a balance can be quickly loaded as needed.

What is the age group of the children you have in mind with this idea?
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October 15, 2011, 02:27:40 PM
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I think BitBills Payee card would be something that would work for that if you want to run it just on Bitcoin network, although taking into account that Bitcoin transactions can take 10 minutes to show up and about an hour before you would normally be able to spend your coins, the kids would loose their patience. So one would require some dedicated service that would hold your bitcoins and allow people to transfer them between accounts without waiting for a couple blocks to be created.

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cbeast
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October 15, 2011, 02:34:04 PM
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What is the age group of the children you have in mind with this idea?


Heh, I've know some very immature 16 (17, 18, 19 even) y/o kids that can't be trusted with any real amount of cash. At least if they have to call you before giving them money you would have a better idea what they are planning to spend the money on.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 02:44:30 PM
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I think BitBills Payee card would be something that would work for that if you want to run it just on Bitcoin network, although taking into account that Bitcoin transactions can take 10 minutes to show up and about an hour before you would normally be able to spend your coins, the kids would loose their patience. So one would require some dedicated service that would hold your bitcoins and allow people to transfer them between accounts without waiting for a couple blocks to be created.

There is no reason you couldn't keep a normal stipend balance on the card. If the child needs to wait an hour before spending extra money, then thinking an hour ahead would teach some responsibility and reduce impulse buying.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 02:55:55 PM
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I've been wondering how secure bitcoin can be for the safety of children. Cash itself can endanger children and debit cards are too inconvenient. Could we develop a form of bitcoin card that can be used like cash by children and yet be easily monitored by their parents? A child can call their parent and a balance can be quickly loaded as needed.

I actually believe that Bitcoin will become the currency of choice among teenagers. 

1) They're tech-savvy, and won't have any issue trying to understand Bitcoin.

2) Having Bitcoins is like collecting things - and kids like to collect things, be the one with "the most," etc.

3) It seems like they ALL have the latest phones.

4) It'll be the new text message.  Instead of sending your friend a message on your phone, you can send him/her 50 cents, a dollar, whatever - make small bets, dares, pay someone back for buying them a Coke because they didn't have any change., etc.

The convenience and the "fun" aspect of using a digital currency vs. traditional cash/change is going to win over kids and teenagers everywhere, and it's a great way for parents to manage their kids' budgets.

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October 15, 2011, 03:09:02 PM
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I've been wondering how secure bitcoin can be for the safety of children. Cash itself can endanger children and debit cards are too inconvenient. Could we develop a form of bitcoin card that can be used like cash by children and yet be easily monitored by their parents? A child can call their parent and a balance can be quickly loaded as needed.

I actually believe that Bitcoin will become the currency of choice among teenagers. 

I agree, the youngins tend to embrace new technologies, although American children took a long time to catch onto sms messaging and VCDs never caught on. I blame corporate greed for that. Don't wait for a big corporation to setup something like this for bitcoin. It will be a startup or open source team that develops it.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 16, 2011, 01:47:16 AM
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I made a blog entry related to this post, today.

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