5 Tips for Teaching Your Kids About Cryptocurrency & Blockchain

Your children are interested in learning about crypto? Well, it is a good thing then. Although learning about mining and crypto trading is not easy for everyone but this is not the case with children. They are fearless and can do things that we cannot. With growing age, our fears increase and our risk-taking ability diminishes.

In addition to this, elders tend to learn things slower than children. Therefore, if your children are taking interest in this field, you should help them out. Looking at the progress in the crypto world, it is expected that we will shift towards digital currency in the near future.

This is why you should teach your children about crypto too. Just like any other business trading in crypto and mining different coins is a job too. Looking towards the shift in the employment sector, this is surely an important thing to learn.

And when it comes to children, the world is making things that are easier to understand. For example, there are applications that make you learn crypto trading without any investment. Once you are done learning it there, you can start the same at trading apps.

Just go to bitcoineranew.com/de and you can create our account and start trading. The crucial thing is the security that you need with your money and here you will get that. They let you do trading and handle the work for you.

And if you are not sure where to start, follow our steps;

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1 – Tell them about cryptocurrency first

Source: news.bitcoin.com

The first thing that you should do is to tell them what cryptocurrency is. They are already aware of the real-world money that we use. SO it will be easier for them to understand that its works the same way. You can do shopping with crypto and buy anything that you like, as long as the other party accepts it. There are various brands that are accepting some cryptocurrencies.

For example, you can buy luxury brands and art pieces by paying through BTC or Ethereum. Therefore, you do not have to exchange it for your real-world money. Just use it the way you use your other money.

2 – Different cryptocurrencies

Afterward, you should tell your children about the different cryptocurrencies out there. We follow patterns and we tend to move in the way of others. Therefore, at first, there was only BTC but not anymore. Now there are many more cryptocurrencies and some of them are fake too.

It is not possible to differentiate between a real and fake cryptocurrency. Therefore, it is always a risk to invest in a newly emerging cryptocurrency.

Recently, there was a case when someone introduced a new cryptocurrency with a name inspired by “Squid Game”. Because the drama was super hit, the currency also got some fame. And just after a few days, the creators wiped off all the invested money from the market.

Although a new currency would be cheaper, that does not make it good too. There are several risks included in such currencies. For example, the fraud and the risk of a currency crash. It is also possible that investors do not take interest in that currency and it never rises.

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Therefore, even if crypto trading is a good thing, you should make your investment in known currencies. Especially when it comes to children, they must be aware of the risks. If you do not tell them the risk factors, they might make mistakes.

3 – Tell them about mining

Source: usnews.com

Trading with cryptocurrency is one thing and mining is another. Every child is different and so are his skills. Therefore, some people are good at trading while others are not.

Just like that, it might not be easy for your children to learn to trade. Therefore, you should tell them about mining too. Let them choose what they can do and decide to do. Your job is to tell them how things work.

There are special software applications to mine crypto coins. Teaching them about mining will also make them learn the value of cryptocurrencies. Ordinary people think about why these currencies are so expensive and how they gain value. Little do they know about the whole process for the extraction of a single coin. Therefore, it is also a great way of teaching your children about how things work.

4 – The value of cryptocurrencies

Although they will learn about the value while learning about trading and mining. But still, you should play your role in teaching them. It is possible that they do not pay attention to this factor and think of trading while making a huge loss.

The value of a cryptocurrency changes with its demand in the market.

There are a limited number of BTC available. Moreover, the number is also fixed for their mining. You cannot mine more than that number. Therefore, once BTC reaches that number, there won’t be any way ahead. There are still some coins left to mine. That is why the worth of BTC is the highest among all cryptocurrencies.

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Just like that, the current market demand and supply also play an important role in determining the price. For example, more people want to buy BTC but there are fewer sellers. This will eventually raise the price. Just like that, if there are more sellers and fewer buyers, they will tend to lower the price.

5 – Different risks

Source: t3n.de

Apart from fraud cases and the trading market, there are other risks too. One of them is the security that you get in your app. If you want to do crypto trading, you will need an authentic application to do so. These apps are wallets where we store our coins and also do trading.

There are several such applications but not all of them are secure and safe to use. So if the security is not good, you might lose your coins. Therefore, you should also tell them to find a secure app.