Teaching your kids about crypto pocket money!
Hello guys and girls!
This is my first ever post on Steemit.
I will start this post off by saying I am very new to the world of cryptocurrency and learning more every day!.
The majority if my experience and learning comes from watching Crypt0 at https://steemit.com/@crypt0
(Thank you Omar for everything you do for this community!)
So after spending the last few months navigating my way through the brand new world of cryptocurrency I have decided that I may have the opportunity to jump into a technology that is still quite young and has a lot more to offer in the coming years.
Tonight while waiting eagerly for the GUP tokens to be listed on Bittrex I had a very interesting moment.
My 10 year old daughter was sitting with me and while she had absolutely no idea what was going on, she knew one thing... "Money was going up and down"
She saw it as making pocket money and losing pocket money. Simple
Due to this excitement, I decided to offer her the option of receiving regular pocket money rom now on, or if she would like me to create her an Ethereum wallet which I would deposit $10 per week for the next year at least.
Initially she said "NO WAY, its not real money and I can't spend it" I then explained the benifits and negatives of owning crypto currency.
At first she still did not care, like not at all. so I handed her my phone with my Jaxx wallet app loaded and asked her to watch it for the next hour.
Within the first hour, my Ethereum had risen about 0.40 cents per coin... She was hooked.
My daughter could not believe that money could actually change value while we were not actually doing anything.. she was hooked!
Most children now have mobile phones, so I downloaded the Jaxx wallet and sent her $10 worth of Ether. She had her $10 sitting on her phone in her own wallet in less than 10 minutes.
I have honestly never seen somebody so excited and interested in watching something change 0.02 up or down in the space of an hour. Even when she went to bed, she asked me "Dad, If I go to sleep, what happens to my coins?" I explained that they either go up or down in price and that one day, the tech will speak for itself. tomorrow you could lose everything, or your $10 could be $13.
Her eyes lit up, she was so blown away that she could actually have more (or less) money when she woke up in the morning. (I am almost certain that she was thinking about "More" not "Less"
My daughter actually gave up real money that you can hold in your hand for the chance to have money that would be worth more tomorrow.
I have since showed her how to keep a wallet, back it up, deposit to it and research to see how that coin is doing (ETH)
After this, I thought, what an amazing idea for children so I also created an account for my 2 year old daughter, I placed the backup key with my parents (her grandparents) and am now depositing $1 AUD per week into her personal Ether account.
While there is a chance that all of this money turns bad and is not worth anything, there is a bigger chance that development will continue and my children will understand this world before any other children their age. thats exciting!
While pocket money is a great reward for chores and small jobs to get done by your children, crypto is a new way for children to understand money, where its going, where its not going and how to look toward a new future! My older child at least, is a very smart young girl and can see the value in her future and experience with this new currency.
My girls are going to be crypto girls. they may not know it right now, but the risk is worth the reward. and it is so much healthier than giving $4 to your child so she can buy an ice cream and a block of chocolate!
Show your children what we are learning so hard about..it is going to be the future, no matter what coin. one of them will pay off!.
Thank you for reading my blog!
Ryan
Any donations are always welcome!
ETH = please deposit to " 0xECA7281C2db3cC397192b0aD9e59093a20B39A12 "
BTC = " 1NcAxWrPMAoGNqgrQE5ip6oXH1zTAgeUV6"
Steamit coins are also welcome. (although I have no idea how that works!)
Ryan