Would bitcoin help teach kids about saving? - page 46.

jualidbitmixer

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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?

Nah, i think it's not good to teach kids about bitcoin, it's to hard for them to learn a new thing imo. It's better to save from the real money though. Saving in bitcoin is not good, especially for kids that saving until they grown up. The amount of their saving can be decrease or increase depend on the price of bitcoin.

Yudai

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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 is not only the way to earn bitcoin. I think it's complicated for kids to adopt how bitcoin works. When I was a child, I was taught how to save in banks and I think that's also better for them during their their age if we are in terms of saving or money management.

Pettuh4

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Quote from: NavySeals on July 09, 2017, 07:00:58 PM

Quote from: malikusama on July 09, 2017, 06:00:46 PM

Definitely it would be the best way to teach kids about the saving today for better future, there are variety of success stories of bitcoins users as we are hearing nowadays, we should teach them these stories this will attract the kids and they will know the importance of saving.

We already started to our little cousins to learn about bitcoin and we creted secure bitcoin wallets for them all so that they can start saving bitcoin. We'll pay them small amounts each week.

Great, that's in the right direction and you should likewise show them what they can buy with those bitcoins so that they might be tested to use the bitcoins in as much as they learn to save them. That will really teach them about savings if they are able to resist the temptation of spending.

DOGE12321

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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?

What made you say that mining is the only way to make a lot of Bitcoin. It barely gives you any profit. There are so many other ways to obtain a lot of Bitcoin. Trading altcoins gives much larger profits that mining. Investing in trustworthy sites and newly born altcoins that show signs of growth is a good way to obtain Bitcoin. My opinion of mining is similar to faucets. But mining of course is necessary for Bitcoin to work.

Plus I don't think that this would work unless you dump all of their money that they already have saved and will make in the future, into Bitcoin. And that is a big task. They probably would not agree, because they would not even be able to spend money on the day to day life. So I really don't think that this would work. I would just leave it and let them find out the hard way.

NavySeals

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Quote from: malikusama on July 09, 2017, 06:00:46 PM

Definitely it would be the best way to teach kids about the saving today for better future, there are variety of success stories of bitcoins users as we are hearing nowadays, we should teach them these stories this will attract the kids and they will know the importance of saving.

We already started to our little cousins to learn about bitcoin and we creted secure bitcoin wallets for them all so that they can start saving bitcoin. We'll pay them small amounts each week.

malikusama

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Definitely it would be the best way to teach kids about the saving today for better future, there are variety of success stories of bitcoins users as we are hearing nowadays, we should teach them these stories this will attract the kids and they will know the importance of saving.

aakashsangwan

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I would say that bitcoin isn't good for teaching children about saving money, but you can teach them how to invest money by bitcoin.
As by telling them that in the start bitcoin was in penny's and now it's more precious than gold.

Vikingr

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If the kids will understand the phenomena that f they will keep their bitcoins for longer then these bitcoins will increase in value and will increase their money and if these kids will love more money then they will hold their bitcoins for longer and will see everyday that how much their money increased so it is sure that bitcoin will teach our kids about saving money.

Langhbou4

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Wouldn't even consider Bitcoin to teach young people, they need to learn the basic rules with paper money.

Svyaznoy

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I have 2 children. They were raised in contemporary Russia. After the Soviet Union broke and eventually we became "free" our parenting style became free-like. And it brought problems: children became unaware of responsibilities and money making/saving. They thought that money grows on trees.

In this situation, such children will face bitcoin as a joke. Because they couldn't feel it's "weight" (both on theirs life & pocket). Because, first we need to teach them that there's a virtual world with it's rules & impact on our lives (not just CS:GO or Dota2). And this is pure mental thing - like famous Magritte painting about a pipe.

Hydrogen

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Saving is a patience based delayed gratification system of managing finance. Its a long term view.

The mentality most young people are raised to have could be accurately described as earning-something-for-nothing / instant gratification. That mentality focuses more on the short term.

The mentality most young people have is the opposite of a saving mentality.

I doubt bitcoin would change or influence that. Most youth probably view bitcoin merely as a way to get rich or make money quick scheme. They lack the perspective of early adopters who have experienced the potential for long term buy and hold.

digaran

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If your cousin only spends once a year then how is he still alive? anyways it was not long ago that I heard Satoshi the great man himself was teaching young community members how to properly penetrate a female or male for that matter, really I have never seen such a great man contributing to the community this much. now a lol is needed. unfortunately he was arrested by Vatican police and is in custody, we may need to protest for his immediate release.

You might need going to ethereum.org and launch an educational token and name it HTS(How To Save) then be my guest and teach any body all you want.

crazycatwoman03

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Quote from: zekeshawn on July 09, 2017, 12:53:35 AM

That would be a good idea to teach both of your cousin about bitcoin and the benefit of saving it. But it is not an assurance that they will learn how to save money, for me the best way to teach kids to save money is telling them real scenario about life of someone who doesn't have money and if they keep on spending then it is possible for them to be in that situation and I don't they want that to happen to their to them.

I agree with that, it would be so kind to teach his younger cousins how to saved money. But I also think that using bitcoin in teaching them will be too much. Bitcoin is too complicated for them to understand, saving bitcoin means understanding how valuable and how important saving it is. Normally, kids at that age would always want something or will want anything that catches their eyes but not all of them.

I believe that in order for the kids to learn how to saved money they must not just experience a real life scenario but they must witness how to saved money and see for themselves how saving money is very useful. In other words, a kid can learn saving money from his home, I think this is where it should start, one must see from his parents or family members how they saved money.

BCTalkaccountforsale

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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 will be very difficult to help children save money because bitcoin is hard to use to buy something when you can not consume it then you have to keep it that is not the best way to save. Let your child use the fiat currency to know his or her savings before the temptation.

Bionicgalaxy

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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?

In my own opinion it is very hard to teach kids about bitcoin so maybe you can't teach them to save using bitcoin because bitcoin is very complicated that some grown ups can't understand about bitcoin. If you really want to teach your cousins to save, you should make them there own bank accounts.

stephanirain

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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?

In my own opinion maybe bitcoin is an another way to make your two cousins learn how to save because if they learn bitcoin they will learn economics too. So it's a good way to teach them to take care there money in a wise decision. Bitcoin is really a good thing to teach people how to save.

nemagia

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It would be nice for the children to learn how to preserve the crypto currency so that in the future they could be financially secured. They need to show successful conservation stories which for them will be a good example.

Darknight31

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Quote from: CARrency on July 08, 2017, 06:20:27 PM

Quote from: Crapz23 on July 08, 2017, 02:27:48 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 can be a good example for them when you will be telling them about saving especially when they will be using digital currency to save. But if you will be giving off bitcoin as an example, you must give them an explanation about how the price change and how volatile their price is.

Bitcoin is a great help in teaching one how to save but for the children i think it's not convenient for them now because they still have no idea about how to manage money.

santieevanz

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Quote from: Crapz23 on July 08, 2017, 02:27:48 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's good to know that you are willing to teach your cousins about bitcoins.Well, if you want to teach them how to save money, you should definitely choose the huge spender but still you can consider the one of he/she is willing to learn. But i was thinking that if they are still young don't teach them about bitcoins yet, since they need to enjoy the childhood. And aside from that, bitcoin is a long process to be learned with

zekeshawn

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That would be a good idea to teach both of your cousin about bitcoin and the benefit of saving it. But it is not an assurance that they will learn how to save money, for me the best way to teach kids to save money is telling them real scenario about life of someone who doesn't have money and if they keep on spending then it is possible for them to be in that situation and I don't they want that to happen to their to them.

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