As the world moves towards more financial inclusion, more people are looking for ways to purchase goods and services with cryptocurrencies. Today, nearly 1 out of 20 people hold some amount of cryptocurrency and this number is expected to grow as institutions start accepting Bitcoin for everyday transactions. This makes it important for the next generation to have a practical understanding of cryptocurrencies, including their benefits and pitfalls. The rise in the popularity of cryptocurrencies has piqued interests among children who want to know more about this new technology. Moreover, parents are now talking about these new forms of money with their kids and educating them on how it works.
Activity 1: Coin Comparison :
Coin comparison is a good introduction to cryptocurrencies because it highlights the main differences between different cryptocurrencies and highlights their differences in cryptocurrency market cap. There are thousands of cryptocurrencies in the crypto sphere and the sheer number can be overwhelming. One way to simplify this is to create a chart comparing different cryptocurrencies with each other based on their features like market cap, block time and circulating supply. Today, we use the term crypto when referring to cryptocurrencies because it is easier to shorten and it includes both Bitcoin and Altcoins.
Activity 2: Blockchain Technology :
Blockchain technology is a growing area of interest among children. Blockchain is the underlying technology that enables cryptocurrencies like Bitcoin, poocoin, Ethereum and Dash and it has incredible applications. Blockchain technology can be used for tracking data like property titles, student records and votes cast in elections. These records are stored in an immutable ledger called a blockchain which cannot be altered after it is written down. This contrasts with the current centralized database systems we use today which could easily be altered by the company who holds our data or by a third party who intercepts the data.
Activity 3: Online Cryptocurrency Trading :
Online cryptocurrency trading platforms are a good introduction to the crypto world because they allow kids to learn about trading cryptocurrencies. Trading platforms offer a virtual environment where children can get a feel for how the market works, what different trading terms mean and why investing in cryptocurrencies is important. This is also a great way for parents to teach their kids about asset allocation, investments and the principle of buying low and selling high.
Activity 4: Crypto Mining :
Cryptocurrency mining is the digital process of adding transaction records to the blockchain digital ledger. It helps keep track of digital money and records transactions, like property purchases or an exchange of goods and services, in a sequence of digital blocks. Miners are rewarded for crypto mining with new coins generated through the transaction fees associated with each cryptocurrency exchange. Children can learn about crypto mining by setting up a computer to mine different cryptocurrencies. They will be able to see how many coins such as $loomi they have produced after their computers have mined a certain number of coins.
Binocs is a Crypto Portfolio Management Software which is built to easily track your cryptocurrency investments. It has software that can be used to track your investments in multiple forms of currency. It also has a built in cryptocurrency exchange where you can purchase coins from across the world.