Crypto for Kids: A Playful Guide to Understanding Digital Money
The United Nations estimates that approximately 385,000 babies are born each day – now imagine if a handful of these newborns were educated and raised to become the next Bitcoin billionaire? There is no age restriction for mining and learning therefore there is nothing stopping parents from educating their kids about crypto from a very early stage.
Having children is an extremely expensive business. But if parents could justify having children with the potential return on investment things could work out. Despite the slump it is still possible to get rich from Bitcoin, seeing significant gains over the long run. It is important to be aware that in the U.S., you must be at least 18 years old to invest in cryptocurrencies.
According to T. Rowe Price’s 14th annual Parents, Kids & Money Survey, which sampled more than 2,000 parents and their 8- to 14-year-old kids, the report revealed interesting insights about parents’ and kids’ knowledge and interest in cryptocurrency. Many kids believe that cryptocurrency is the future of investing: 40% of kids agree with the statement “cryptocurrency is the future of investing.”
“Findings showed that cryptocurrency is generating money conversations with kids: 42% of parents who are familiar with cryptocurrency agree with the statement, “My kids and I have regular conversations about finances because of cryptocurrency.” And 48% of parents familiar with cryptocurrency say they are excited to talk to their kids about cryptocurrency/ digital assets.” – T. Rowe Price’s 14th annual Parents, Kids & Money Survey.
What is Cryptocurrency?
Let’s start with the basics. When teaching toddlers the alphabet — integrate crypto terminology into their everyday speech. So for example: A is for Altcoins, B is for Bitcoin, C is for Crypto and D is for Diamond Hands and so forth. Teaching children at an early age phrases such as “FOMO’ and “HODL” is a win-win.
During bedtime – stories play an important part in a child’s upbringing – so why not get the kiddy-winks dreaming about digital money. So instead of fairy tales about Prince Charmin saving Cinderella from her evil stepmother and Jack and the Beanstalk – it’s time to tell children the tale of “Jake and the Bitcoin” – a tale about a little boy who is offered a USB drive instead of money or magic beans. Teach them financial independence.
Read the full take here by The TalesWorld Team.
Gift your Child a Digital Piggy Bank?
Make learning about crypto more relatable – explain to children that cryptocurrency is like a treasure chest stored in a computer. Instead of holding physical coins you can touch, magic internet money is stored virtually. Picture a digital piggy bank where you keep your digital coins. Just like your piggy bank at home, it’s a safe place to keep your special money.
One idea is to gift your child crypto by purchasing a cold wallet which allows for crypto to be sent to a specific address. Hold onto this until they reach adulthood. When purchasing crypto on behalf of your child there is no bank involved. So, if it’s lost or stolen it wil be gone forever. Hold onto that address and password. If you forget the wallet’s password or lose access to your private keys – you will typically lose access to the funds stored on that wallet.
Explaining the mining process of Bitcoin and other cryptocurrencies can be simplified – think of it like a computer system which is being used to generate new coins. This process involves lots of power from decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions.
Another idea is to reward a child with treats when Bitcoin goes up – Imagine your computer is a secret clubhouse. Only you and your friends who know the secret codes can go inside. Cryptocurrency works the same way, keeping your special digital coins safe and happy.
Inform children about the importance of security and get them reciting seed phrases before bed. In the digital world, there are smart computer helpers called “miners.” They work together to make sure everyone’s digital coins are safe and sound.
Funny Crypto Meme Names such as Dogecoin
There is no doubt crypto is a fun digital asset class which has been designed for the online gaming industry. There are a number of fun and entertaining cryptocurrencies such as the Dogecoin, Shiba Inu, Pepe Coin, Floki and BoneShiba Swap – this makes crypto way more entertaining than hard money. Dogecoin also known as the first “dog coin” or “meme coin” is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time.
Cryptocurrencies an be spent to purchase real-world goods and services in various ways although their acceptance is still not as widespread as hard cash. Currently there aren’t any age limitations for playing with bitcoin, although opening an account would require the guardian handling this side of busines as most big exchanges meet Know Your Customer (KYC) regulations to ensure that customers are at least 18 years old. Therefore KYC regulations require customers to confirm their identity when opening an account.
Play-to-Earn, Gaming and Earning Crypto
Play-to-earning gaming is a new trend which is popular in emerging markets and developing countries like Brazil and the Philippines. – Play-to-Earn gaming is where player are able to earn cryptocurrency through gaming by completing online activities. The trend is also known as P2E games, giving players cruptocurrecy or non-fungible tokens rewards even allowing gamers to buy virtual land. Games will engage children to learn about cryptocurrencies and blockchain technology.
Those looking to buy a present for their teenagers – Popular games include Axie Infinity, Decentraland, Illuvium, Splinterlands, The Sandbox, and Gods Unchained. How does gaming and earning crypto work? For example Axie Infinity involves skills and can be competitive which means finding an “Axie” pet which is able to destroy its opponents virtually. So the more opponents defeated the more a players wallet grows. Please beaware that most games such as Axie Infinitywill be rated 18+, however, there is no age-verification process
Anotehr important warning around play-to-earn games in the past have raised concerns with some parents parents and health experts as they do introduce children to digital assets – it is important to monitor children’s activity and in like with everything in life moderation is key. This is a brilliant way to intrdocuce investing but age restriction do apply with most games.
Let’s Explore Together!
Remember that cryptocurrency is like a digital adventure – it’s considered a special kind of money that lives in your computer and makes the digital world a fun and exciting place to explore!
