Today, more and more youngsters are becoming interested in cryptocurrency and their age is growing. The millennial generation believes that cryptocurrency is an effective method of payment.
What makes the subject of cryptocurrency so attractive to children in schools?
This is the current reality teens are spending their time online on Youtube, Instagram, TikTok and Youtube. They also share their knowledge with their peers. Most schoolchildren don't show an interest in academics, but the world of investments and cryptocurrencies entices the youngsters.
Many teens see cryptocurrency trading as a part-time job or a hobby. It's trendy, trendy, and trending. Social networks also broadcast an ever-increasing stream of cryptocurrency news to their feeds.
A digital currency, by its nature is rebellious. It is against an uncentralized and pro-government system. This is in keeping with the desire of teenagers to establish their own place in the larger world. Additionally, they are attracted by the potential to make quick and easy cash. The price of Bitcoin ranged from $730 in 2017 to $67 530 in November 2021. This ought to be enough for teens to make a decision to invest.
What is the Russian law?
Russian legislation does not prohibit minors from mining and buying cryptocurrency. Teenagers between the ages of 14-18 can conduct transactions without their parents' written consent. They also have the ability to manage their own finances such as scholarships, earnings as well as scholarships. The consent of their parents is not necessary.
While most platforms do not allow minors trading in cryptocurrencies on their platforms, it is easy to sign-up for these platforms. Parents or other adults who don't comprehend financial issues could persuade youngsters to open accounts.
What are the steps students can take to participate with crypto trading?
There are numerous stories of students' success with cryptocurrency transactions. For instance, Lev Chizhov, a finalist of the Generation Z: Digital Revolution contest-- is a Russian eighth-grade student who develops neural networks and studies cryptocurrency. When he was in seventh grade, he was introduced to about bitcoins and began to study data through the Internet. Six months later, he was the youngest Russian cryptocurrency expert.
"Cryptocurrency is a digital currency that does not depend on any one particular group of people. Everyone has the same rights and obligations It does not have any central authority" Lev says- "Information about all money transactions since the time of its first existence is kept by every user. Blockchain is a distributed, decentralized database. Cryptocurrencies are based on blockchain."
Many success stories involving schoolchildren are widely known across the world.
Eric Finman, a US student, began investing in bitcoin when he was twelve years old. In the following six years, his wealth reached $ 4,000,000. He already had the first capital for breakfast money. Botangle was founded ada криптовалюта as a teacher search platform in the year 2013. A few years later the platform was sold to bitcoins.
Eddie Zillan registered on a couple of cryptocurrency exchanges at 15 and purchased $100 worth of Ethereum. In the initial hours when he was earning $ 10, he after which he started to increase the amount in his account. He began investing all the money he could in the moment: what the money he saved for himself as well as what his family gave to him during the holiday season. In the beginning, there were no bloggers, there were no books, and no instructors from whom it would be feasible to learn from the past to ensure that the young person was able to achieve success by himself. He is now 21 old and his investment portfolio is worth more than one million dollars.
Apart from success stories, it's also interesting to hear the tales of those who are just starting out. 15-year-old John from London accidentally found a millionaire blogger Brian Jung on YouTube, who dropped out of university however earned $70,000 on the blockchain. John was fascinated by cryptocurrency and convinced his mom to sign up for an account.
John and his mom invested 50 pounds each in Dogecoin and 180 pounds in Bitcoin and 50 pounds each in Cardano. He now checks the exchange rate for each cryptocurrency daily, spending 15 minutes on it. He's learned lots about market volatility, diversification and transaction costs in only a few months. He does not want to make huge investments because of the high risk. At his age, he has much more than the majority of adults who have higher education.
How can schools manage crypto trading?
Literally 10 years ago, the world was simpler. When they received their first salary, teenagers could make their own choices. Now there is a lot of information in social media, and youngsters require guidance to know where the truth lies and where the embellished truth is. Scammers find new ways to swindle money from other people that are both physical and virtual. Despite the fact that financial literacy has always been important, changes are needed.
It is essential to communicate to youngsters that trading on the cryptocurrency market can be difficult and isn't as profitable as they think. It is a speculative investment that is not as a fiat currency. Additionally, the cryptocurrency market is volatile and is not regulated there often trading occurs with the help of unjust rules. There are a lot of scams in the market which are hard to understand for everyone, not just students.
The standards of the federal government have been revised in order to make it obligatory for youngsters to become financially informed beginning in September 2022. This initiative was backed by the Bank of Russia, which emphasizes the importance to teach children safe online transactions. Students in high school will learn how to evaluate the risk and make a personalized financial plan.
Perhaps it's the right the right time for the educational system to make rapid changes in order to keep pace with the rapidly changing world of which the world of electronic money is a component.