Would bitcoin help teach kids about saving? - page 37.

Betwrong

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Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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 Bitcoin may help in this regard, but it is not necessary to involve mining in the process. You can buy 0.1 BTC for each of your cousins and then check what they have one year later. IMO Bitcoin is the best example on how important to save rather than spend on unnecessary things. I was doing this mistake many times in the past, I mean spending BTC by exchanging it for fiat. And now I say to myself: "Look, that bottle of wine you bought for $10 2 years ago after exchanging 0.04 BTC for fiat, actually costed you much more. You'd have $180 now if you didn't do that.

amaral1977

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Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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 now BTC is a highly speculative asset based on a great and disruptive technology. It has lot and lot more to teach than only saving. However the promisse of huge profit is always a good motivator towards saving, so you might try it:)

saenko

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Quote from: Basmic on September 02, 2017, 12:03:30 PM

Bitcoin completely changes the modern economy. 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. By the time children grow up may clear up the situation with the use of bitcoins themselves and then they'll learn.

Children need to learn bitcoin when they are at the age of 10-12 years. This will help them in the future to properly manage their finances. It is better to study crypto currency at an early age.

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Quote from: Yakamoto on July 08, 2017, 04:41:09 PM

Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

>mining
>making a lot of Bitcoin
oh boy son

If anything, in order to encourage better spending habits, they should have been required to save some money for toys they wanted to buy as a kid instead of buying everything for them. I don't know if this is something that was tried on them but it worked on me growing up. Bitcoin is just another means of wealth and it doesn't really encourage saving that much for most people who maintain their own finances, in whatever way that may be.

I also believe that it is better to teach kids at early age the habit of spending than just bombard the kids with idea of bitcoin = savings. There are a lot ways to explain the benefits of saving in simpler methods. Don't overthink too much.

terrific

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Really a kid that spends only once a year? How come that kid isn't spending his money and just keeping it for himself. Bitcoin is a good way for saving their fiat and saving it with inflation and while they are just keeping it somewhere or in the bank that fiat money will be lessening it's value. But if you'll teach them how to save bitcoin and how to buy bitcoin, you are teaching them with 2 purpose, to save and to invest.

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Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

Financial education is very important to us. Our economy today is in trouble. We have a risk of having hyperinflation and our economy may suffer recession. So in order to save the next generation, we must teach our kids or those young minds on how to manage properly their own finances. Maybe you should try to start teach them about handling fiat before you introduce the cryptocurrencies.

dewi91

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I don't think so.. I think bitcoin is not easy to learn for Kids.. to teach the Kids how to saving their money, you should to teach how to manage their money.. they must know about priorities and they must have self control when they using the money..

Bonakid

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Quote from: Yakamoto on July 08, 2017, 04:41:09 PM

Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

>mining
>making a lot of Bitcoin
oh boy son

If anything, in order to encourage better spending habits, they should have been required to save some money for toys they wanted to buy as a kid instead of buying everything for them. I don't know if this is something that was tried on them but it worked on me growing up. Bitcoin is just another means of wealth and it doesn't really encourage saving that much for most people who maintain their own finances, in whatever way that may be.

If you want them to have a good future you should teach them to save like for example investing a small amount in bitcoin but thats impossible to do them. training them for savings must be the good idea for the sake of their future.

Jembut Ireng

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the presence of bitcoin makes everything easy, including to train kids saving, I say not just saving but training them for investment, because when they are large bitcoin is stored in course of bitcoin value increases.

Collinslevi

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One of the key rallying cries for Bitcoin is “Be your own bank!” While this sounds attractive to some – especially those in the libertarian camp – it is terrifying to many people, for it calls for greater personal responsibility. If you are your own bank, then you’re also responsible for safeguarding your funds. If you lose your online password to your bank account, it’s relatively easy to restore access to your money. If you lose your Bitcoin private key…you are not so fortunate. But this is a good lesson for kids in personal responsibility. Instead of depending on others to bail you out when you make a mistake, they learn to be more careful and responsible in their actions. And they learn about the advantages of a system that relies on personal responsibility; if you are your own bank, you’re not dependent on the capricious goodwill of officials to keep their hands off your money, nor dependent on the arbitrary rules of the banking world which keep you from full access to it.

bebejhen

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I don't think can understand bicoin right now. Yes we can teach them how to save money but not how to save bitcoin. Bitcoin is easy to do but to learn it from the beginning is a little bit hard. They know first their major subjects.

Chyton

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Yes bitcoin will teach kids about saving. Believe me, I was one of those spoiled kids that will spend money on useless things and get bored of them in months. When i saw bitcoin post from my friend in facebook I researched about it and since I love maths and computer I got interested to Bitcoin instantly. First I started to faucet my day for 5 hours + for a months. Got in HYIP programme and magically made some profit from bitcoin dusts. Invested some of my money to bitcoin when it was $200, I started with $5 Grin

then after months of fauceting and tired of it I realized that money is hard to get, since then I spend less and save more. And here I'm a better person.

sandrun

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right .. you teach them in the right way. there are some similarities if we save bitcoin and save money .. all the same in saving money .. just bitcoin faster ride. if you are hooking bitcoin in a long time then you will get profit. different from those who spend bitcoin will not benefit only regret that will be in the future. maybe indeed we teach our children to always save karen by saving .. there will be benefits in the future.

Kava

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I think that teaching children to bitcoin, 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.

man1996

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No i dont think so that bitcoin will help teach kids about saving as the kids don't know the value of savings.Moreover bitcoin allows you to earn more money in a less time so the kids will want to spend money on their needs and enjoy.It will only be possible if the parents teach the kids the value of saving.

Haladay

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Quote from: Andre# on September 02, 2017, 02:43:03 PM

Quote from: hovrah on September 02, 2017, 11:56:37 AM

Quote from: gabmen on September 02, 2017, 10:57:36 AM

Quote from: joromz1226 on September 01, 2017, 11:00:41 AM

Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

Your intention for the kids was quite good actually, But my question is from what age do you think we need to teach a kid about savings?
this is very important we are talking about the future using bitcoin.

Probably best to use other methods in teaching them how to save. Probably something that would interest them more and are more connected to fun and games. Btc would be too complicated i think

To date, I generally did not seek to bind Bitcoin and children. Really, this system is very complex and for children it is not subject to control. Of course there is a Burger King who has been working with a computer since very young years and maybe they understand What's at stake, But most children need to have a childhood, And work with a crypto currency.

Teach kids know Bitcoin is ruining their childhood!
Do you want your son know Bitcoin and everyday them work in Bitcoin and give up study?
Therefore, please do not teach kids know Bitcoin early, in someday, they will know it nature.

If they learn the system and logic of bitcoin in their childhood, they will have the creators of the future for new projects as well. This is not only the financial teaching. Schools may also start to help kids understand bitcoin and other crptocurrencies.

Andre#

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Quote from: hovrah on September 02, 2017, 11:56:37 AM

Quote from: gabmen on September 02, 2017, 10:57:36 AM

Quote from: joromz1226 on September 01, 2017, 11:00:41 AM

Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

Your intention for the kids was quite good actually, But my question is from what age do you think we need to teach a kid about savings?
this is very important we are talking about the future using bitcoin.

Probably best to use other methods in teaching them how to save. Probably something that would interest them more and are more connected to fun and games. Btc would be too complicated i think

To date, I generally did not seek to bind Bitcoin and children. Really, this system is very complex and for children it is not subject to control. Of course there is a Burger King who has been working with a computer since very young years and maybe they understand What's at stake, But most children need to have a childhood, And work with a crypto currency.

Teach kids know Bitcoin is ruining their childhood!
Do you want your son know Bitcoin and everyday them work in Bitcoin and give up study?
Therefore, please do not teach kids know Bitcoin early, in someday, they will know it nature.

raven7886

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Quote from: Carmen01 on September 01, 2017, 10:51:50 AM

Yes but savings in bitcoin is like an gambling because the price here is volatile atleast teach them in a situation that they have to risk here if you save bitcoin not like in bank,you can also say if they do save bitcoin they have also a chance to have profit

Yes, teach them they will make money by saving bitcoin and let them forget about their studies and focus only bitcoin, because bitcoin is more important than their education. I don’t know why some of you say things without reasoning.

Do you think you should be teaching a kid anything about bitcoin ?you’re better off helping with school assignments than teaching them something give them distraction. By the way, they won’t succeed with bitcoin, it’s only through education.

Basmic

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Bitcoin completely changes the modern economy. 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. By the time children grow up may clear up the situation with the use of bitcoins themselves and then they'll learn.

hovrah

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Quote from: gabmen on September 02, 2017, 10:57:36 AM

Quote from: joromz1226 on September 01, 2017, 11:00:41 AM

Quote from: Crapz23 on July 08, 2017, 03:27:48 PM

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?

Your intention for the kids was quite good actually, But my question is from what age do you think we need to teach a kid about savings?
this is very important we are talking about the future using bitcoin.

Probably best to use other methods in teaching them how to save. Probably something that would interest them more and are more connected to fun and games. Btc would be too complicated i think

To date, I generally did not seek to bind Bitcoin and children. Really, this system is very complex and for children it is not subject to control. Of course there is a Burger King who has been working with a computer since very young years and maybe they understand What's at stake, But most children need to have a childhood, And work with a crypto currency.

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