Considered one of our GOAT listeners referred to as in with a query about cryptocurrency, and Ryan is psyched. Crypto is in every single place proper now, however it may be kinda arduous for teenagers (and grown-ups!) to know the way it all works. We’ll head to the far reaches of the web to be taught in regards to the promise and peril of crypto, and why any type of cash solely works in the event you consider it is going to … whoa.
Your child won’t be able to put their allowance in bitcoin, however they’re possible already seeing tons of adverts, on-line movies and information tales about crypto. Listed below are some questions you may ask to verify their understanding.
- How is cryptocurrency completely different from a greenback invoice in your pocket?
- Why do some individuals like the thought of utilizing cryptocurrency?
- Why would different individuals not need to use cryptocurrency?
A giant takeaway from this episode is how a lot the entire thought of “cash” depends upon a bunch of individuals agreeing that one thing has worth and selecting to make use of it amongst themselves. Our very first episode talked about this, highlighting historic individuals who traded bones and shells. You may attempt to residence in in your child’s pursuits right here: Do they swap meals with their buddies at lunch? Accumulate Pokémon playing cards? Purchase Fortnite V-Bucks? Who decides what these items are price?
This video from the International Monetary Fund is a pleasant refresher on this episode’s key factors — with fewer goofy sound results. In case your child is getting the fundamentals, check out this great Investopedia article for subsequent steps to maintain the dialogue going.
For grown-ups eager about studying extra about crypto, our podcast “Make Me Smart” has a great episode on the winners and losers as bitcoin goes more mainstream. Should you’re inquisitive about bitcoin mining, here’s a story explaining the process in plain English.
We’d love to listen to your children’ cash jokes, cash poems and finest cash ideas so we will characteristic them on the podcast! Ship them to us utilizing this online form.
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