Would bitcoin help teach kids about saving? - page 38.

gabmen

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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

joromz1226

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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?

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.

Carmen01

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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

Ilegendph

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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?

Your idea is great!!! You can teach how to save and invest at the same time. Parents nowadays teach their child how to save but not to invest. This is a problem for more than a decade in our country's culture. The main dialogue of our parents is " Study hard so you can get a high paying job",and this kind of mindset leaves our country to poverty because most of us are workers, need to be competitive in terms of skills. In the introduction of bitcoin it helps students like me to learn investing at a young age so that we can gain knowledge and experience that is needed to minimize the risk and be a successful investor.

arpon11

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You should spend more time with them by tell them or teach them how bitcoin has increased in price since the beginning of 2008 till now. We have and read testimonies of people who buy bitcoin less than $100 and now are millions in dollars because they save and refuse to spend their bitcoin at the early stages.

Oggy Pogi

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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?

The plan of using bitcoin to teach young individuals to save their money is somewhat a good way to do especially on our era wherein young minds are already capable of adapting into the fast growing modern technology. They will surely appreciate the essence of saving if they will truly know what the benefits of saving can be. Especially on the case of bitcoin cryptocurrency usage wherein saving was the simplest way it can be to earn and gain a profit by our initial bitcoin earning. When they truly know bitcoin's benefits, they will surely tend to save for their own sake.

Carlsen

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Saving is saving and bitcoin is bitcoin.
To me bitcoin is a form of investment. And I am not so sure if I should bother kids with investment hypotheses.
Teaching them the positive effects of saving money, I think they can learn that with conventional money. Or apples.
Talking about bitcoin, I suppose that converstion requires at least a teenager.

djkyno

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It would help teaching kids about saving, if they learn before how Bitcoin works and how holding Bitcoin can be profitable in the long run, which is not easy mission to teach young kids about this technical details

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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 don't think btc will help them about saving especially to your cousin who spends a lot because as btc will give you earnings then it your cousin will have a huge money and I think it will only tempt her/him to spend more unless you will teach them how to actually save money.

nasipadang

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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?

It does not help much and the example is not the same as if we use fiat, I think it's more to teach how to start a business because the initial goal is profit.

nightxglow

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I think bitcoin is too complicated to teach for a kid, even me, have hard time understanding it.
I think if you want to teach them about saving, just buy them a piggy bank and ask them to put their money there.
And like, tell them you'll give them reward if their piggy bank are full, or make them bank accounts and take over their money.
My parents do that to me when i'm a kid and i had many money back then, although the one who use the money is my parents -_-

AMHURSICKUS

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For me its depend upon the personality of the kids. There are some kids that are innate in spending too much. And its so hard to teach them how to save money. For me the only way to teach them how to save money is to show them and make them realize how money is important and how hard to earn money.

Mame

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Quote from: CrewKitten on July 08, 2017, 06:12:03 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?

I believe it is a good thing in general to use as savings, but I don't know if it will necessarily teach kids about it.

Here is the thing - Bitcoin isn't easy to cash out yet. Sure, there are ways to do so within 24 hours, but not for children.

With that said, kids can give their parents money they want to save, or better yet parents can save 1 Bitcoin for their kids. Eventually, it will appreciate into a lot of money which can pay for their schooling, and help them start a family by the time they reach that age.

Its a good idea to teach kids now a days about bitcoin it can help them the value of money, and will learn about stocks exchange at a very early age. And it is just a matter of mind set.

mackenzied

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Quote from: drachman on August 20, 2017, 03:58:18 PM

Quote from: hurain on August 12, 2017, 07:25:59 PM

Quote from: drachman on August 12, 2017, 05:20:47 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?

When it comes to teaching kids it is better to keep things simple so if you need to try to explain them about decentralization, the blockchain, inflation, market cap, and things with that they are going to get confused, it is better to use some bills and teach them about saving that way.

i think there is nothing wrong to teach to kids about bitcoin only for the sake of learning bitcoin currency we can use bitcoin online trading and investment and therefore i do not think that there is any reason to teach to kids about bitcoin too much. i think they should concentrate toward their study only.

This is not about being wrong, this is about simplicity, many adults have problems understanding bitcoin and even some members of this forum do not have a full understanding about bitcoin so it is better to keep things simple if you are going to teach kids about bitcoin.

That's right, talking about bitcoin, we have a vast wealth of knowledge, however, so many people do not know it. They look to bitcoins as food seekers. They do not consider bitcoin the essence, for them, bitcoin is a means of doing business. Fortunately for them, bitcoin does not go down for a long time.

Isaacck

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It depends on how you explained it to them. I think it's not on saving, it's on how they spend. Maybe the one who wants to spend too much, have a behavior that who likes to spends so much. It terms on bitcoin, you can explain them on how to earn bitcoin, how hard to earn bitcoin like the fiats that they received and spend. Just explain them the importance of fiat in industry, and tell to not to spend too much, for in case that you're having an emergency and you don't have money to spend.

Dudeperfect

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I think I am linking this old video again on this board because I believe that it exactly points the issue and gives some kind of solution to the concerned question.

* When money isn’t real: the $10,000 experiment | Adam Carroll | TEDx London Business School.

Considering the solution given in this talk, I don't see that any digital currency would help to inculcate the habit of saving. The simple logic behind it is, you don't spend actual money, you just spend amount from your digital accounts. Thus, I think Bitcoin won't help kids or anyone to learn saving but yes it will give help them to grab global opportunities and expand their skills, knowledge and experience in that sense.

eleah24

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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 it would not be a good way for people to teach little kids on saving through Bitcoin since it is the online world where talking about, they would not know the do's and dont's that is being regulated here. Manual saving is still the best way to teach our kids on how to save money and giving them advices and suggestions.

Isaacck1

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If we're talking about 2 teenagers, I think bitcoin is the best choice. But kids? In my opinion, they still can't handle the complexity of bitcoin. You can make them handle a wallet and show them that it would increase in a matter of time, but because it's volatility, it has a chance of getting lower. It would confuse them, and you'll have a hard time explaining why it happened. Kids need constant good outcomes and something not beyond their comprehension. Just stick with the piggy bank, it's best for them.

Osarman

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Quote from: Sled on August 15, 2017, 05:39:09 AM

Quote from: Rizky Aditya on August 15, 2017, 05:09:38 AM

Quote from: Lecam on August 13, 2017, 12:20:54 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?

I think it would, but it's easier to teach kids to save if you will use simpler ways because kids have a small span of focus time. And, kids might not even be interested in bitcoin since bitcoin is to complex. It would be great if they will learn it through games or simply by giving them a piggy bank. It's good to teach kids to save while they are young because it would help them in the future.

Though kids have sharper minds but it would be unfair to introduce them to bitcoins too early. They should be given the basic idea but not the whole story should be told to them. The piggy bank idea works well for them since it is a simplest way of teaching them about savings.

I agree that their piggy banks is a good way to teach them about savings but if they will save in bitcoin then they can let their money grow in bitcoin rather than stocking it on an idle piggy bank. Bitcoin is like the newer version of piggy bank and if we want to teach our kids about investment and savings then we can let them know and use bitcoin.

Piggy banks are at least not idle yet. Yep the bitcoins can be declared as new versions of piggy banks but for elder people not for kids. We can teach kids about saving by simply letting them play bitcoin games. Kids can’t handle their wallets themselves. Telling them about the bitcoins advantages is enough for them.

drachman

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Quote from: hurain on August 12, 2017, 07:25:59 PM

Quote from: drachman on August 12, 2017, 05:20:47 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?

When it comes to teaching kids it is better to keep things simple so if you need to try to explain them about decentralization, the blockchain, inflation, market cap, and things with that they are going to get confused, it is better to use some bills and teach them about saving that way.

i think there is nothing wrong to teach to kids about bitcoin only for the sake of learning bitcoin currency we can use bitcoin online trading and investment and therefore i do not think that there is any reason to teach to kids about bitcoin too much. i think they should concentrate toward their study only.

This is not about being wrong, this is about simplicity, many adults have problems understanding bitcoin and even some members of this forum do not have a full understanding about bitcoin so it is better to keep things simple if you are going to teach kids about bitcoin.

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