How To Teach Your Kids About Cryptocurrency?

in Hive Learners2 months ago


A friend in my society approached me to solve a unique problem for him. He wanted me to teach his 12-year-old son about cryptocurrency. The little fella was interested to buy an NFT after seeing some random ass videos from a random ass Instagram influencer. 😂 I tried to explain everything to him in simple language and hopefully he's on the right path now.

If you have children, then you are probably already aware of the fact that they can be a little annoying at times and irresponsible too. xD More often than most adults. That's why it's important to teach them how to use cryptocurrency responsibly and maturely before they go deep into the rabbit hole.

In this blog, I will tell you how to teach your kids about cryptocurrency so that they don't end up doing something stupid with their money online.

Tell Them How the Blockchain Works

Obviously, you have to start with the basics. This is a great place to start. Explain that a blockchain is a digital ledger that records transactions across many computers at the same time. This allows everyone in the blockchain to see every transaction and make sure it’s valid.

It’s important for children to understand what cryptocurrencies and blockchains are before they start learning more about them since they will be able to recognize all the terms and concepts later on in their education.

Explain What Cryptocurrency Is

It's no secret that cryptocurrency is one of the most volatile markets in existence today. At any given moment, a coin may be valued at $100 or $100 million. 😯

This presents an exciting opportunity to teach your children about the power of investing while they're young and impressionable. And it's also imperative if you want them to learn from your mistakes. Here are some tips to get started:

  • Explain what cryptocurrency is and how it works. The basic idea behind cryptocurrencies like Bitcoin or Ethereum is that they're digital coins that can be traded for goods and services just like cash but without any intervention or oversight from the government or banks (at least, not yet). Cryptocurrencies run on blockchain technology, which creates an open ledger system where every transaction made with a coin must be verified before being added onto the blockchain itself; this prevents fraud by ensuring that each user has access only to their own funds while simultaneously allowing people across borders more freedom when sending/receiving funds between each other. Tell them about peer to peer concept.
  • Explain the difference between fiat currency and cryptocurrency. Fiat currency (or "fiat money") refers specifically to any form of legal tender used in everyday transactions such as dollars, pounds, etc. The recent technological breakthroughs have allowed us access to alternative currencies like bitcoin which exist only in digital form! Just like the music file they listen to or photos they click. Fiat currencies rely on governments printing physical bills out first before releasing them into circulation whereas cryptocurrencies rely solely on math equations & code.

Use Examples to Help Them Understand

Using examples that are relevant to your child's age and interests will help them understand the topic better. Try to speak in their language!

For example, if the topic of cryptocurrency is introduced in a way that's relevant to your 12-year-old child’s life, they'll be more likely to retain the information and remember it in the future. Perhaps you're having dinner with some friends who are talking about how well their cryptocurrency investment is doing, or maybe you've told them about how much money you made on Bitcoin recently. If these conversations were happening regularly at home when they were younger, then this type of discussion won't be too shocking when they hear it later on.

Teach Them About Wallets, Keys, Security & Digital Privacy

Your children are now aware that cryptocurrency exists, and they've gotten a taste of what it feels like to be part of the crypto community. Now it's time for them to get their own wallets. Cryptocurrency wallets are a lot like regular bank accounts, but instead of having your money in the bank's safekeeping, you're in charge of storing your own funds safely. That's a huge responsibility! While this may sound daunting at first, setting up a wallet is actually pretty easy and there are many benefits! In fact, once you set up your child's first cryptocurrency wallet (or explain how one works), they'll be able to go out into the world and buy something with their newfound wealth in no time at all! 😉

But first, you need to tell them how to safeguard their funds. If someone steals their keys or they get lost, then there's no way your poor kids are getting their funds back. They are gone forever! That's why security and taking care of your digital privacy are of prime importance when dealing with crypto. Teach your kids on how to use VPN and ways to avoid scams & hacks.

Show Them How They Can Do Their Own Research

“If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.”

Teach them how to distinguish between shitcoins and mutlibaggers. Encourage your children to do their own research before dealing with anything new in their lives. The same is true with crypto space. This way your kids can avoid getting rekt by putting their money into worthless opportunities due to FOMO.

Show Them How They Can Earn Cryptocurrency

Explain to them that cryptocurrencies are not just for investing but can be earned too.

In fact, you should teach your kids about the many ways they can earn bitcoin and other cryptocurrencies online. Tell them about decentralized social media websites Peakd, Ecency, 3Speak, LeoFinance & Liketu where they can earn crypto for publishing content.

They may have a hard time believing it at first, but if you show them some of the ways that people have earned on their own (without having to spend any money), then they might start to see things differently.

Make Them Learn More By Being A Good Role Model

You can't expect your child to follow in your footsteps if they don't know where those footsteps are leading. It's important for them to understand the true value of cryptocurrency and how it can be used responsibly. Once they do, they'll be more likely to make good decisions about money on their own.

Make sure that they see you using cryptocurrency in a positive way, not to fund politicians, propaganda, and war. xD It is not just about the technical stuff. You need to teach them the philosophy behind its creation and existence.

Conclusion

Cryptocurrency & Blockchain technology are still new, and many people have a hard time understanding them. However, your kids can be an exception to that rule and grow up to become leaders of the future by leveraging these technologies. It all depends on how much effort you put into explaining the ins and outs of crypto to them, which will help them understand the concept better than most adults who are trying too hard or not trying enough at all.

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The rewards earned on this comment will go directly to the people( @finguru, @alokkumar121 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

Oh thank you so much for this post @finguru. You intend this advise to parents how to teach their children but me as a mother is learning on this. I don't have a mother who knows about this and teach me about this so I have to learn it by myself and with the help of people around here.

Haha. That's awesome Jen. Since it's a new technology, a lot of people don't understand or even know that it exists. Glad that you are learning. It's a huge win in itself!

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I don't have any kids yet but this can be use to teach other kids out there

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And also their parents. xD Kids get this better than oldies.

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I think something that might be illuminating for him would be to give him his weekly allowance (they still do that, right?) half in fiat and half in crypto.

Seeing his crypto allowance grow over time will be the best lesson he could ever learn.

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Genius mate!

Footballers can have it so why not kids? xD

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Very nice post :)
!LUV

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Thanks a lot Kat.

!PIZZA

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Yay! 🤗
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Intuitively I have taught my daughters the use of cryptocurrencies, the eldest even has her portfolio. The steps and criteria I have followed are essentially the ones you have described in this excellent post. Thank you.

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That's great to hear @tuxtify. You have done a great service to mankind and to your children. :)) They will thank you a few years later.

Thanks for stopping by, cheers!!

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Well well, seems like u saved the kid from either being a millionaire or loose funds completely lol. But it can definitely become quite difficult to digest all these information at one go. Hopefully he gets to understand all along.

While talking about making other people understand about HIVE or blockchain a post on Twitter caught my eye 👁️ and I am still laughing at that lol. Acidyo shared it btw.

1566862281245220865?t=W6Sl4e-TnciPgjgnN0V5TQ&s=19 twitter metadata:b0FjaWRvfHxodHRwczovL3R3aXR0ZXIuY29tL29BY2lkby9zdGF0dXMvMTU2Njg2MjI4MTI0NTIyMDg2NT90PVc2U2w0ZS1UbmNpUGdqZ25OMFY1VFEmcz0xOXw= ~~~

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LMAO. xD It's very difficult, I know but we have to keep trying. I hope I didn't stop the kid from becoming a millionaire. 😉

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I hope I didn't stop the kid from becoming a millionaire

LOL 🤣

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These are nice method of teach and additionally they should be around you when you work online so that they can understand the technique better.
Thanks for sharing these with us

You are doing it rightly, well outline, truly any child that is taught this would have most of the lessons stored on his memory, thanks for sharing.

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Thanks for these tips.
I just wonder if all of this information can be taught in just a day.

!1UP


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This is another beautiful thumbnail brother 🥺🥺🥺. Come take me in as a student.

I know one thing for sure, my children has to know about blockchain. I would teach them when I believe they are at the right age.

It is also a template brother! xD Just search for cryptocurrency and scroll down. Feel free to reach out to me in case you need any kind of help or info regarding Canva.

Thanks brother! I would be a doorstep away!!!

Btw, your children are going to be so lucky to have a dad like you xD They will have their own wallets even before they are born. 🥹🫡

I just so much hope so brother!

Nothing beats fina

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Nothing beats financial literacy being taught at an early age let alone crypto coming into the picture. Which I had this opportunity while growing up , but it’s better late than never .

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Kids are flexible they easily learn thus videos they see online from influencer give them a peek of the whole picture and it is upto adults to give them the whole picture.

I'm not a kid, but I really needed this insight. Thanks for sharing and breaking everything to simple terms