Many young people today are becoming interested in cryptocurrency, and their age is increasing. The millennial generation believes that cryptocurrency is a real means of payment.
What draws schoolchildren to the topic of cryptocurrencies?
It's the new norm teens spend their time surfing Youtube, Instagram, TikTok and Youtube. They then share their knowledge with their friends. The majority of students don't have the passion to study, but they are fascinated by cryptocurrency and investing.
Many teens see cryptocurrency trading as a part-time job or hobby. It's trendy, smart and a hot topic. Social networks also provide an endless stream of news about cryptocurrency on their feeds.
A digital currency, by its very nature, is radical. It opposes an uncentralized and pro-government system. This is in line with the desire of teenagers to make their mark in the world of today. But in addition, teenagers are drawn by the chance to make easy and quick cash. Bitcoin's price ranged from $730 in 2017 and $67,530 November 2021. The information provided ought to be enough for the teen to make the decision to invest.
What is Russian laws say?
Russian law doesn't prohibit minors from mining and buying cryptocurrency. Teenagers between the ages of 14-18 can participate in any transaction with their parents' consent in writing. They can also manage their own money and earnings, as well as scholarships as well as scholarships. The consent of their parents is not necessary.
Despite the fact that the majority of platforms do not allow minors to trade cryptocurrency, it's not difficult to sign up for these platforms. Schoolchildren convince parents or other adults, many of whom do not know about financial issues themselves opening accounts for them.
What can students do to get involved in the world of crypto trading?
There are numerous stories of students' success with cryptocurrency transactions. For instance, Lev Chizhov, a finalist in the Generation Z: Digital Revolution contest -- is a Russian eighth-grade student who programs neural networks as well as studies cryptocurrency. He learned about bitcoins at the end of the seventh grade, began studying data through the Internet and in six months time, he was the most advanced cryptocurrency expert in Russia.
"Cryptocurrency is an electronic currency that doesn't rely on any one particular group of people. Everyone is entitled to the same rights and it does not have a central bank." Lev states- "Information regarding all money transfers from the beginning of the system is stored by every user. Blockchain is a decentralized, distributed database. Blockchain is the backbone of cryptocurrencies.
Numerous success stories of schoolchildren are widely known across the world.
Eric Finman, a schoolboy from the USA made a bet in bitcoin at 12 and over the course of 6 years, he amassed four million dollars. He'd already saved the first capital for breakfast money. Botangle was founded as a teacher search platform in the year 2013. After a few years He sold it to bitcoins.
Eddie Zillan registered on a cryptocurrency exchange at 15 and paid $100 for Ethereum. He made $10 in the first hour, and then kept growing his account. He also began investing the rest of the money he earned, which was the money he saved and the money his family gifted him for holidays. In the beginning, there were no bloggers, no books, no mentors from whom it would be possible to learn from experience in order that the teenager could succeed by himself. Now, he's 21 years old and his investment portfolio is worth more than one million dollars.
It's fascinating to hear the stories of those who are just beginning their careers. A 15-year-old John from London was able to stumble across millionaire blogger Brian Jung on YouTube, who dropped out of university and made $ 100,000 on the blockchain. John was intrigued and convinced his mother to create an account for him "I told her the concept of cryptocurrency and also advised her to invest the money she had."
John and his mother invested 50 pounds into Dogecoin as well as 180 pounds in Bitcoin and 50 pounds in Cardano. He spends about 15 minutes each day examining the cryptocurrency exchange rate. Within a couple of months, the entrepreneur has learned about diversification as well as market volatility and the cost of transactions. Due to the risk of high that is involved, he has no desire to invest large sums. He's older than many adults with greater education levels and is aware of more about the world than anyone.
How can we regulate cryptocurrency trading in schools?
A decade ago, the world was simpler: getting their first income, teenagers could make independent decisions. Social media is awash with information and young people require guidance to separate the fact from the fiction. Scammers come up with new methods to steal money from others in both virtual and tangible ways. Financial literacy is essential yet there are advancements.
It is crucial to convey to youngsters that trading on market for cryptocurrency can be challenging and isn't as profitable as they think. Although cryptocurrency is an investment in speculative markets, it can't be considered fiat currency. The cryptocurrency market is unpredictable, there isn't regulation, and trading can often be conducted in accordance with unfair rules. There are numerous frauds and scams available on the market that can be hard to understand cardano криптовалюта even for adults, not just students.
New federal standards will fix the introduction of the mandatory "elements of financial literacy" from September 2022. The Bank of Russia actively participated in this program, which illustrates how crucial it is to teach youngsters the ability to make secure financial transactions on the Internet from the first grade. High school students will be told how to determine the risk of entrepreneurial ventures, evaluate family income and expenses, and develop a financial plan.
It's perhaps time for the system of education to speed up its changes to keep up with the evolving world of electronic currency.