The finance industry could be compared to sea waves — continuous ups and downs, but never stagnant. It has been in existence since the barter system. Since then, transactions went from coins, cash, assets to stocks, and quite recently to cryptocurrency. Many children and parents have taken an interest in finance and block chain due to the popularity of bitcoins. Irrespective of what critics say about the reliability and potential of cryptocurrency and block chain, the truth is that financial institutions like banks, wealth management firms, investment consultancy firms, governments, investors, and corporations are investing huge amounts of money, time and labor into understanding and developing these technologies.
We need to prepare our children for a future governed by cryptocurrency and block chain. To put it simply, a block chain consists of a ledger that stores information in units called blocks. Transactions on these blocks are transparent and are facilitated by smart contracts. It helps individuals and companies to purchase bitcoin and ownership by allowing every involved party, to process payments, verify transactions, and to enforce the terms of the agreement. Block chain transactions are supposed to be faster and more secure than any other current storage solution.
So, how can we connect our kids to this block chain technology, to give them a competitive edge in the future? Let us find out!
1) Talk about block chain and the cryptocurrency
The hype and fever of cryptocurrency and block chain technology were given rise due to the popularity of Bitcoin, the world’s first digital currency. If you have kids that are fascinated by the world of banking and finance, give them a lesson on Bitcoin’s history through articles and books. The story of how a rebel currency turned into a major movement, is sure to fascinate children. To make them aware of the negatives of this movement, talk to them about how Bitcoin was used to facilitate money laundering during the 2016 election. These illustrations will help kids understand the importance of rules and regulations for the safe use of money.
2) Get them a wallet.
Many successful traders started off with a small portfolio of low-risk stocks to learn the basics of how the market works. This way they learned valuable lessons without diving into huge risks. In the very same way, you can help kids to start off with a small wallet of tokens, with the help of which both you and your kids can learn about how the block chain field works. Cryptocurrency wallets are basically software programs that allow users to interact with block chain networks, to purchase or sell digital assets with the help of stored keys. A cryptocurrency wallet allows you to easily access various sorts of crypto markets; both low risk and high risk. It gives users experience with digital transactions and coins, with comparatively low costs and low risks. If you are a teacher, integrating such technology in education can give your students firsthand experience with digital contracts and interlinked ledger systems, which will give them a head start to realizing the power and value of block chain technology.
3) Teach kids programming
Many people are building their own block chain network. How can your kids grow up to do this? Learning coding and programming will help your kids to build their own networks and make millions in the future. There are plenty of online courses and books that teach coding to kids. Many amateur computer scientists with a basic knowledge of programming languages like Python have been able to build their own ledger and contract process to store information and for digital transactions.
When you kids approach block chain technology from coding, they are starting from scratch, which will help them gain a much more thorough understanding of how the technology works. There is a huge demand for block chain engineers and very scarce supply. If your kids learn this technology through programming, it will give them an edge over other traders in the future, and also open up a lot of career avenues.
4) Games for kids
The most common misunderstanding people have about block chain is that it involves only digital currency. This is far from the truth. There exists a lot of uses of block chain that are not popular or common knowledge. One such example is that there are a lot of games that were built on Ethereum. One of the productive things to do when kids are bored at home is introducing them to games based on the block chain they can play, is definitely a good way to get younger children interested in learning about block chain and its applications.
5) Reward kids with cryptocurrency tokens
Why don’t you shake up your old traditions of rewarding your kids’ for completing chores? Or if you are a teacher, and have a current point system for kids based on their merits and demerits, you can reward them with cryptocurrency tokens. Make up your own cryptocurrency in class or at home, have a process in place so that kids understand the block chain and technology. Or you can use your own tokens to reward kids that excel at studies so that they can use these tokens to buy cheap treats.
You can visit Blockchain classes for kids here.