A lot of young people are becoming interested in cryptocurrency and is getting younger. Generation Y sees cryptocurrency as a legitimate payment method.
Why are children attracted by the topic of cryptocurrency?
The new reality teens are spending their time on Youtube, Instagram, TikTok and Youtube. They then discuss their experiences with their peers. Most schoolchildren don't show any interest in learning but the world of investment and crypto currencies captivates their attention.
Teenagers consider crypto trading a full-time side job, or at a minimum, a hobby. It's trendy, modern is trending, and social platforms broadcast a constant feed of cryptocurrency news the feed.
Digital currency, by its very nature, is radical. It is opposed to the centralised, pro-government system. This is in keeping with teenagers' desire to make their mark in the global society. In addition, teenagers are attracted by the potential to earn quick and easy money. The cost of Bitcoin was $730 in 2017 and $67,530 in November 2021. This data should be enough for an teen to choose to invest.
What does Russian laws say?
Russian laws do not bar minors from mining and acquiring cryptocurrency. Teenagers between 14 and 18 years old can make any transaction only with the written consent of their parents. They are also able to manage their own income - earnings, scholarships, etc. Consent of parents or guardians is not required.
While many platforms restrict minors from trading in cryptocurrencies on their platforms, it's easy to register for these platforms. Schoolchildren convince parents or other adults, many of whom do not understand financial issues themselves opening accounts for them.
How can students get involved in the world of crypto trading?
There are many stories about children's successes in cryptocurrency transactions. Lev Chizhov is an eighth grader from Russia . He studies cryptocurrency and programs neural networks. He was an official finalist in the Generation Z Digital Revolution contest. When he was in seventh grade, he learned about bitcoins and started to research data through the Internet. Six months later, he had become the youngest expert in Russian cryptocurrency.
The cryptocurrency is a form of currency which does not depend on anyone. Everyone is entitled to equal rights and obligations there and it doesn't have any central authority" Lev says- "Information about all money transactions since the very beginning of the system's existence is recorded by each user. And blockchain is a distributed , decentralized database. Blockchain is the foundation of all cryptocurrencies.
Many success stories involving schoolchildren are known around the globe.
Eric Finman, a schoolboy from the USA He invested his money in bitcoin when he was 12 and over the next six years, his fortune grew to four million dollars. He had accumulated the initial capital on breakfast money. In 2013, he started his own Botangle teacher search engine, https://en.wikipedia.org/wiki/?search=crypto and then a few years later, he sold it to bitcoins.
Eddie Zillan registered on a cryptocurrency exchange at 15 years old and bought $100 worth of Ethereum. In the initial hours of his account, he made a profit of $ 10 before he began to add more money to his account. He invested all the money he had at the time: what the money he saved for himself as well as the money his family provided him for the holidays. There were no books, mentors or blogs in the time and there was no way for a young person to to learn from his mistakes. He is now 21 old and holds a portfolio of more than one million dollars.
It's fascinating to hear the stories of young people who just started out. John is a fifteen-year-old Londoner, accidentally discovered Brian Jung, a millionaire blogger on YouTube. Jung dropped out college but made $ 100,000 with the help of the blockchain. https://cryptonewsru.com/top-crypto-exchanges-in-russia/ John became intrigued and convinced his mother to set up an account on behalf of John "I explained to her what cryptocurrency is and also advised her to invest the money she had."
John and his mom invested 50 pounds in Dogecoin and 180 pounds in Bitcoin and 50 pounds in Cardano. He now checks the cryptocurrency exchange rate daily for 15 minutes, and then spends the time to study it. In just a few months the entrepreneur has learned about diversification as well as market volatility and the cost of transactions. Due to the risk of high that comes with it, he isn't looking to put money into large sums. As a young man, he knows much more than many adults who have higher education.
How can we regulate cryptocurrency trading in schools?
Ten years ago, life was easier. Teenagers were able to make their own decisions and also earn their first wage. There is now a lot of noise on social networks and young people require guidance to know where the facts are and what the fake news is. Scammers are constantly finding new ways to extort money from other people, both online as well as tangible. The importance of financial literacy is paramount however, there are advancements.
It is crucial to impart to children the idea that trading in the market for cryptocurrency isn't as easy and profitable as one might expect from individual success stories. Although cryptocurrency can be considered an investment that is speculative, it cannot be considered a fiat currency. In addition, the crypto market is unsteady, and the volatility is not controlled there and sometimes, trading is conducted with the help of unjust rules. There are many fraudulent schemes on the market that can be hard to understand for anyone, even adults even students.
The standards of the federal government have been updated to require children to be financially informed by September 2022. The Bank of Russia actively participated in this project, which clarifies the need to instill in children the knowledge of safe financial transactions on the Internet starting in the first grade. Students in high school will learn how to assess the risk and make a personalized financial plan.
Perhaps it's time for the educational system to make rapid changes in order to keep up with the ever-changing world, of which the world of electronic currency is a part.