Young people today are becoming interested in cryptocurrency and is getting younger. Generation Y considers cryptocurrency to be an actual payment method.
Why is the topic of cryptocurrency so appealing to schoolchildren?
The current reality is like this: teenagers spend their free time using TikTok, Instagram and Youtube, watching, sometimes, suspicious bloggers, only to discuss with their friends what they've learned. A lot of schoolchildren lack the desire to learn but are intrigued by cryptocurrency and investing.
A lot of teenagers see crypto trading as a part-time occupation or hobby. It's trendy, modern is trending, and social websites broadcast an endless stream of news about cryptocurrency in the feed.
In addition, the very idea of the concept of a digital currency is rebellious: to oppose itself to a centralized and pro-government system. This is in keeping with teenagers' desire to be a part of the global society. Teenagers also love the possibility of earning quick and simple money. The cost of Bitcoin varied from $730 in 2017 up to $67,530 in November 2021, and for the young mind of a teenager, this information is enough to want to invest.
What is Russian laws say?
Russian law does not restrict minors from mining and buying cryptocurrency. Teenagers from 14 to 18 years old can make any transaction with the written approval of their parents. They can also manage their own finances such as scholarships, earnings and scholarships, but the approval of their parents is not required.
Despite the fact that most platforms prohibit minors from trading cryptocurrencies, it is simple to sign-up on these platforms. Schoolchildren convince parents or other adults, who often do not know about financial issues themselves opening accounts for their children.
How can students get involved in crypto trading?
The network tells more than one story about the overwhelming successes of students in cryptocurrency transactions. For instance, Lev Chizhov, a finalist of the Generation Z: Digital Revolution contest, is a Russian eighth grader who program neural networks and studies cryptocurrency. In the seventh grade, he began to learn about bitcoins, and then began studying details on the Internet. Six months later, he was the youngest Russian cryptocurrency expert.
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 beginning of the system's existence are stored by every user. Blockchain is a distributed, decentralized database. Blockchain is the basis of cryptocurrency.
A number of success stories involving schoolchildren have been reported all over the world.
Eric Finman, a US schoolboy, made a bet on bitcoin at the age of twelve years old. Over the next six years, his wealth reached $ 4,000,000. He saved his initial capital from breakfast money. In 2013, he started his own Botangle teacher search engine, and then a few years later he sold it for bitcoins.
Eddie Zillan registered on a couple of cryptocurrency exchanges at the age of 15 and paid $100 for Ethereum. In the initial hours of his account, he made a profit of $ 10 but then began to add more money to his account. He began investing all the money he had at the time: the money has been saved by him and what his family gave him for the holidays. There were no books, mentors or blogs at that time as well as no way for teenagers to to learn from his mistakes. Today he is 21 years old, and his financial portfolio is more than one million dollars.
It's exciting to listen to the stories of newcomers to the field. A 15-year-old John from London accidently came across millionaire blogger Brian Jung on YouTube, who quit college, but earned $ 100,000 through the blockchain. John was interested in crypto and persuaded his mother to open an account.
John and his mother invested 50 pounds each in Dogecoin and 180 pounds in Bitcoin as well as 50 pounds each in Cardano. He is now spending 15 minutes each day examining the exchange rate of cryptocurrency. In just a few months he's already started to understand diversification, market volatility and transaction costs. He does not want to make large investments because of the risk. As a young man, he can know more than most adults who have higher education.
What can schools do to regulate cryptocurrency trading?
10 years ago, things were simpler. Teenagers could decide for themselves and receive their first salary. Today, there's a ton of information in social media, and teenagers require help to discern where the truth lies and what the fake news is. Scammers are constantly finding new ways to steal the funds of other people, both online and tangible. Financial literacy is essential however, there are advancements.
It is essential to explain to youngsters that trading on the market of cryptocurrency is often difficult and may not be as lucrative as they think. Cryptocurrency is a risky asset and is not a fiat currency. The cryptocurrency market is unstable, there is no regulation, and trading may be performed in accordance with unfair regulations. There are numerous fraudulent schemes in the market that are difficult to understand for anyone, not just schoolchildren.
The standards of the federal government are being updated to require youngsters to become financially proficient beginning in September 2022. The Bank of Russia actively participated in this project, which illustrates how crucial it is to instill in youngsters the basics of secure financial transactions on the Internet beginning in the first year of school. In high school, students will learn how to assess risks in business ventures, look at family income and expenses, and develop a financial plan.
It's probably the right кардано криптовалюта time for the educational system to be more agile in its approach to keep pace with the constantly changing world of electronic money.