A lot of young people are enthralled by cryptocurrency and is growing. Many millennials believe that cryptocurrency can be an authentic method of payment.
What makes the subject of cryptocurrency so attractive to children in schools?
The reality of the moment is the following: teenagers spend their free time surfing TikTok, Instagram and Youtube, watching, sometimes, fake bloggers, then share with their peers what they've learned. The majority of students don't have the motivation to study but are intrigued by investing and cryptocurrency.
Teenagers consider crypto trading a full-time side job, or at least a hobby. It's fashionable, technologically advanced and on the rise. Social networks also broadcast an incessant stream cryptocurrency news to their feeds.
A digital currency, due to its very nature, is radical. It is against government-controlled centralisation and favors the state. This is totally in line with the mindset of teenagers seeking their place within the global community. In addition, teenagers are attracted by the possibility to make easy and quick money. The cost of Bitcoin was курс кардано $730 in 2017 and $67,530 in November 2021, and for the undeveloped teenage mind the information provided is sufficient to make them want to invest.
What does Russian law say?
Russian law does not ban minors from mining or acquiring cryptocurrency. Teenagers between 14 and 18 years old can carry out any transaction only with the written consent of their parents. They can also manage their own money such as scholarships, earnings and scholarships, but the approval of their parents is not required.
Despite the fact that most platforms ban minors from trading cryptocurrencies, it is easy to sign up on these platforms. Parents or other adults who don't understand financial issues may convince students to sign up for accounts.
How can students get involved in trading crypto currencies?
There are numerous stories of students' success with cryptocurrency transactions. Lev Chizhov is an eighth grader from Russia who studies cryptocurrency and creates neural networks. He was an official finalist in the Generation Z Digital Revolution contest. When he was in the seventh grade, he began to learn about bitcoins and began studying details through the Internet. Six months later, he had become the youngest cryptocurrency expert from Russia.
"Cryptocurrency is an electronic currency that is not dependent on any one particular group of people. Everybody has equal rights there There is no central bank." Lev states- "Information regarding all money transactions since the inception of the system is kept by each user. Blockchain is a decentralized, distributed database. Blockchain is the basis of cryptocurrencies.
Numerous success stories associated with children in schools have been reprinted around the world.
Eric Finman, a schoolboy from the USA, invested money in bitcoin at the age of 12 and in the following 6 years, his fortune grew to $4 million. He had saved up the initial capital from breakfast money. Botangle launched its teacher search service in 2013. A few years later the company was sold to bitcoins.
Eddie Zillan, aged 15 was a cryptocurrency trader who registered with two exchanges and purchased $100 worth Ethereum. In the beginning the exchange was a success, earning him $ 10 but then began to add more money to his account. He invested all the money he could at that time: what has been saved by him and the amount his family gifted him for the holidays. There were no mentors, books or blogs in the time as well as no way for a teen to to learn from his mistakes. He's now 21 old and has a portfolio worth more than a million dollars.
In addition to success stories, it is interesting to hear the tales of those just starting out. John is a fifteen-year-old Londoner, accidentally discovered Brian Jung, a millionaire blogger on YouTube. Jung dropped out of college but made $ 100,000 with the help of the blockchain. John began to be interested and convinced his mother to open a bank account for him "I explained to her about cryptocurrency and she also deposited in a portion of her funds."
John and his mother put 50 pounds each in Dogecoin and 180 pounds in Bitcoin as well as 50 pounds each in Cardano. He spends about 15 minutes per day checking the rate of exchange for cryptocurrency. In the past few months, he's already started to understand diversification as well as market volatility and transaction costs. He is not looking to make huge investments because of the risk. He is older than most adults who have greater education levels and is aware of more about the world than anybody else.
How can schools manage the trading of crypto?
10 years ago, things were simpler. Teenagers could take their own decisions and also earn their first wage. Today, there's a ton of noise on social media and teens require guidance to know the real facts and what the fake news is. Scammers find new ways to swindle money from other people that are both physical and virtual. Despite the fact that financial knowledge has always been essential but it is time to make changes.
It is essential to communicate to children that trading on market of cryptocurrency is often difficult and may not yield the returns they imagine. Cryptocurrency is a speculative asset that is not fiat currency. The cryptocurrency market is unpredictable, there isn't regulation, and trading may sometimes be done according to unfair guidelines. There are numerous scams in the market which are difficult to comprehend by everyone, not just students.
The federal standards are being updated to make it mandatory for youngsters to become financially educated beginning in September 2022. The Bank of Russia actively participated in the initiative. This clarifies the need to teach youngsters the ability to make safe financial transactions over the Internet starting in the first grade. High school students will learn how to analyze risks and formulate a personal financial plan.
It may be an appropriate time for the education system to accelerate its transformation to keep pace with the evolving digital world of electronic money.