Everybody’s talking about bitcoin and cryptocurrency again after having left it for dead three years ago. Now that it is approaching $40,000 in value, people are interested again and buzzing about it.
There is one group being left out of the discussion however. Children. Yes, children should be learning more about bitcoin, how it works, and what it does. They are the ones, after all, who will be living in the post cash age if bitcoin does finally achieve mass adoption. Plus, there are so many benefits to the blockchain that go beyond bitcoin.
In this article, we will discuss just why kids should be learning about bitcoin so they won’t get left behind when they are older.
1. It is immutable
This word itself may be difficult to explain to a child, but the concept will become clear if you use the right terminology. What they need to understand is that these coins represent data, much like a dollar bill used to represent gold.
And the way the blockchain works is that the data can never be altered, unlike with some other online data. That’s because the blockchain resides in millions of computers, so a hacker would have to make their way into all of those computers for it to succeed.
They will clearly understand how impossible that is. Then, they aren’t far off from understanding how useful that is because it makes that money very safe and secure without needing a bank.
Buying Bitcoin instantly puts the coins in a hash in the blockchain, and nobody can remove it or change the address.
2. No central bank
Blockchain technology has disrupted the banking industry in a big way. It basically removed any need to have a central bank that issues money or a government that can print it at will. This means that the future that our children will inherit will look much different than right now in regard to banking and finance.
The earlier they understand how a bank system works in which fiat currency can be manipulated through financial instruments, the more ready they will be for that type of scenario in the future.
3. It could be an actual currency one day
Although people are now using bitcoin and other cryptocurrencies to make purchases for goods and services, it still hasn’t gained enough attraction to rival fiat currency as a preferred payment method. However, this could change as it is being adopted faster than ever.
It is entirely possible that our kids will just as easily pay for their coffee using bitcoin or satoshi as they would using dollars and cents. If they learn how to buy and use bitcoin now, then this will become second nature by the time it becomes a widespread mainstream currency.
4. It will provide jobs
The blockchain is still in its infancy and will continue to evolve into bigger and better things. And that will create unique opportunities for our children to take advantage of. There will be a lot of jobs working on the blockchain itself and as a result of the growth of the blockchain.