One in all our GOAT listeners known as in with a query about cryptocurrency, and Ryan is psyched. Crypto is all over the place proper now, however it may be kinda exhausting for youths (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 imagine it should … whoa.
Your child may not be able to put their allowance in bitcoin, however they’re doubtless already seeing tons of advertisements, on-line movies and information tales about crypto. Listed below are some questions you’ll be able to ask to verify their understanding.
- How is cryptocurrency totally different from a greenback invoice in your pocket?
- Why do some folks like the concept of utilizing cryptocurrency?
- Why would different folks not need to use cryptocurrency?
An enormous takeaway from this episode is how a lot the entire concept of “cash” will depend on 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 historical individuals who traded bones and shells. You would possibly attempt to house in in your child’s pursuits right here: Do they swap meals with their mates at lunch? Acquire Pokémon playing cards? Purchase Fortnite V-Bucks? Who decides what these items are value?
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 fascinated with 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 suggestions so we are able to characteristic them on the podcast! Ship them to us utilizing this online form.
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