Why Teens Are In Love With Crypto

Cryptocurrencies are all the rage these days, and it's no wonder why. They're exciting, they're innovative, and they hold the potential to change the world as we know it. There are some obvious benefits of teaching young people about Crypto and Web3.

What is cryptocurrency?

Cryptocurrency is a digital or virtual currency - a type of money that is completely virtual, which means that it is an online version of cash.

Cryptocurrencies are stored on computers, phones, or crypto wallets. You can send and receive cryptos to other people without a need for a middleman like how traditional banking works. This is because every transaction is recorded on a technology called blockchain.

The blockchain is public and is run by many computers (called nodes) around the world. Every single computer has to validate each crypto transaction, which makes it possible for people to trace every transaction that has been made. This, in turn, makes it very difficult for people to use cryptos that they do not own or reverse transactions.

What makes cryptocurrencies so exciting is that they are not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

For example, Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous person or group known as Satoshi Nakamoto. As explained above, Bitcoin is run entirely by a global community of “miners” who validate all transactions on the blockchain, rather than a central authority validating them.

Many believe crypto has a bright future due to its popularity with younger generations. This is because of its inclusive nature: you do not need to set up a bank account to have access to cryptos. For example, crypto assets like Bitcoin have been popular among teens and young adults interested in investing but may not have the traditional financial resources to do so. This inclusive nature makes it more accessible for those with smaller savings.

In addition, use cases for cryptocurrencies are evolving at a rapid pace, allowing teens to discover and engage with cryptos in a fun and engaging way. For example, Coca-Cola recently dropped an NFT collection on International Friendship day to mark its first anniversary of being in the Metaverse! This shows that many brands are starting to see the potential of this new technology and are actively trying to get involved. Overall, these factors suggest that crypto assets may play an increasingly important role in the global economy in the years to come.

Cryptocurrencies are a big deal, and they're only getting bigger. As such, parents need to explain crypto to their kids. However, explaining Bitcoin to kids is challenging; there are over 5000 different cryptocurrencies in circulation, after all! In addition, different crypto projects have different use cases.

So if you're thinking about investing with your kids, be sure to do your research first and then let them ride the wave of this incredible new asset class. 😊

What are the differences between cryptocurrencies compared to fiat and gold?

The most significant difference between cryptocurrency and fiat currency is that cryptos are decentralized, meaning that cryptos are validated by nodes around the world. Meanwhile, banks are centralized, meaning that one central authority validates all transactions, and money usually is stored in a specific location.

Take a look at this table below by Fidelity which compares the difference between bitcoin, fiat and gold.

Here are some advantages of cryptocurrencies:

• Decentralized: Participation in the crypto network is possible for anyone, anytime and anywhere, without central intermediaries of transactions.
• Trust: Users can trust cryptocurrency because they don't have to rely on banks, companies, financial service providers, or payment partners.
• Secure: The blockchain ensures the security of the procedure and prevents attacks against a cryptocurrency.
• Transparent: As a cash book, the blockchain documents all transactions and makes the process transparent for everyone.
• Added value: Transactions and processes can be simplified and automated.

So why are teens so excited about crypto?

It's no secret that young adults these days are tech-savvy. They grow up with smartphones and tablets and know how to use them better than most adults. So, it should be no surprise that crypto is also a hit with young adults. Thanks to its association with cutting-edge technology, crypto has an air of excitement and mystery that makes it appealing to young people. And, with more and more businesses accepting crypto as payment, it's not just a fad – it's here to stay.

Moreover, a recent survey was carried out in the UK and USA to determine teens’ attitudes toward crypto. Interestingly, 27% of participants agreed that cryptos are an exciting opportunity to make money! As such, crypto education is so important. If we teach young adults about financial literacy early on, they'll be better equipped to make intelligent decisions with their money when they're older. And while crypto may seem complicated at first, it's surprisingly easy to understand. With a little bit of knowledge, kids can start using crypto to their advantage – whether it's for making purchases online or investing for the future.

Young adults are becoming more and more interested in cryptocurrency for a variety of reasons.

• Cryptocurrencies are the talk of the town; the fear of missing out is real.
• The idea of getting to the bright side is fascinating for kids.
• Young adults are very tech-savvy and want to stay updated about every new technology and innovation.

So, don't write off crypto as too complex or tedious. The right approach can be a fun and exciting way to teach young adults about financial literacy. Who knows? They might even end up ahead of the curve in crypto investing!

What can you do as parents?

As parents, we want our kids to have the freedom to explore and find their path in life. But when it comes to money, we also have a responsibility to guide them and teach them about making wise financial decisions.

Here’s what you can do:

Talk to them about the technology

If you want to teach your kid all about cryptocurrencies, you should start with the technology behind it - blockchain.

Blockchain is the public ledger that records all cryptocurrency transactions. It is also what makes cryptocurrency so secure.

Every transaction is verified by multiple computers on the network, making it virtually impossible to forge or tamper with.

Additionally, each transaction is recorded permanently on the blockchain, creating a complete history that can be traced back to the first transaction.

Given the importance of technology in our lives, we must regularly discuss its scope and evolution with our kids. By teaching them about blockchain, we can help them understand how this revolutionary technology works and why it will likely play an increasingly important role in their lives.

Help them learn

There are a few ways you can do this. First, introduce them to the topic in an exciting way. Explain how cryptocurrencies are changing the financial world and how they could potentially shape the future. You can even encourage them to learn more about the topic by reading books or articles or by watching videos.

Secondly, you can encourage them to learn how to code and program their cryptocurrency application using blockchain technology. This will help them understand the topic better and give them valuable skills they can use in the future.

Finally, you can instil in them a sense of optimism about the future of cryptocurrencies and blockchain technology. With your support, they will be able to develop a keen interest in this revolutionary field.

Teach them how to buy crypto

Erik Finman may only be 22 years old, but he's already a self-made millionaire thanks to his early investment in Bitcoin. So, if you're looking to help your child get a head start on their finances, why not encourage them to purchase their first cryptocurrency?

When your child is curious about crypto, help them purchase their first cryptocurrency online from a crypto exchange. It’s exciting, fun, and optimistic. They can use it to buy things they want or need, and they can hold onto it for potential future use. They may even be able to trade it for other cryptocurrencies or cash in on its high value down the road.

Plus, they can learn a lot about personal finance and invest by doing this. So, not only will they have a good time, but they could also make some money. What’s not to love?

Teach them how to save and invest

It's never too early to start saving! With the power of compound interest, people who invest early on in their lives have a significant advantage over those who don’t.

And what better way to get your child excited about saving than by allowing them to invest in cryptocurrencies and track their assets?

By encouraging young adults to save a portion of their allowance or earnings and invest in Bitcoin, Ethereum, or other digital assets, you can help them develop good financial habits that will last a lifetime.

Not only will they learn the critical lesson of delayed gratification, but they'll also gain experience investing and keeping track of their finances.

Teach them how to manage digital assets

With the rise of NFTs and cryptocurrencies, teaching young adults about managing digital assets has never been more important. NFTs are unique digital tokens that can be used to represent anything from a piece of art to a blog post. Cryptocurrencies are digital currencies that use encryption to secure transactions. NFTs and cryptocurrencies are stored on the blockchain, a decentralized, tamper-proof ledger.

Teaching young adults about managing digital assets is essential because it will help them understand the value of these assets and how to protect them. It's also great to get them interested in finance and investing. With some knowledge, young adults can become savvy investors and future leaders in digital asset management.

doshi’s Learning Academy is a new project that seeks to teach kids about digital assets and help them manage their own doshi NFTs.

The project is still in its early stages, but the team behind it is excited about the potential to use doshi NFTs to reward kids for learning and exploring web3.

The hypothesis is that by giving young adults a way to earn doshi NFTs, they will be more engaged in digital assets and better equipped to manage their digital assets in the future.

As the project develops, the team plans to add more features and rewards to encourage kids to continue learning about and using web3 technologies. Ultimately, the goal is to create a fun and educational experience to help kids become more informed and responsible digital citizens.

The bottom line

Cryptocurrencies are important new technologies with the potential to revolutionize the way we interact with the digital world. We must teach the next generation about them so they can be informed and responsible digital citizens.

Do you have any questions or suggestions? Reach out to us on social media - we're always happy to chat!

Doshi is a crypto wallet that allows teens to learn about and explore crypto with supervision from their parents and without the fear of being scammed. You can find out more about our digital crypto wallet suitable for teens here.

The information contained in this article is not financial advice and is for general informational purposes only. Please consult your financial, legal, or tax advisor before making any decisions.