Many young people today are interested in cryptocurrency, and their age is getting younger. Millennials see cryptocurrency as a legitimate payment method.
What is it that makes cryptocurrency so attractive to children in schools?
The new reality looks like that: teens spend their time online using TikTok, Instagram and Youtube, watching, sometimes, fake bloggers, then share with their peers the knowledge they've gathered. Most schoolchildren show any interest in studying however the world of investment and cryptocurrencies entices them.
Many teenagers view crypto trading as a side-job or hobby. It's trendy, smart, and trending. Social media also stream an ever-increasing stream of cryptocurrency news on their feeds.
A digital currency, due to its very nature, is radical. It is against an uncentralized and pro-government system. This is in keeping with teens' desire to find their place in the global society. In addition, teenagers are drawn by the https://cryptonewsru.com/kak-sohranit-rubli-v-crypto/ chance to make quick and easy money. The price of Bitcoin ranged from $730 in 2017 up to $67,530 in November 2021, and for the teenagers who aren't mature enough, this information is enough to make them want to invest.
What does Russian laws say?
Russian law does not restrict minors from mining or acquiring cryptocurrency. Teenagers aged 14-18 years are able to make transactions with the written permission of their parents. They can also manage their own earnings, including earnings, scholarships as well as scholarships. The consent of their parents isn't required.
Despite the fact that the majority of platforms prohibit minors from trading cryptocurrencies, it is not difficult to sign up for these platforms. Adults or parents who do not grasp financial concepts may be https://www.washingtonpost.com/newssearch/?query=crypto able to convince youngsters to open accounts.
What can students do to get involved in crypto trading?
There are many stories about children's successes in cryptocurrency transactions. For instance, Lev Chizhov, a finalist of the Generation Z: Digital Revolution contest -- is a Russian eighth grader who programs neural networks and is studying cryptocurrencies. In the seventh grade, he learned about bitcoins and began to study data through the Internet. Six months later, he became the youngest Russian cryptocurrency expert.
"Cryptocurrency is a digital currency that does not depend on any specific people. Everyone has equal rights and obligations there It does not have any central authority" Lev says- "Information about all money transfers from the very beginning of the system's existence are stored by every user. And blockchain is a distributed , decentralized database. Blockchain is the base of all cryptocurrencies.
Many successful stories about schoolchildren are known around the world.
Eric Finman, a US schoolboy, made a bet on bitcoin when he was twelve years old. Over the next six years, his wealth reached $ 4,000,000. He had saved the initial capital from breakfast money. He launched Botangle's teacher search service in 2013. In the following year, he sold it to bitcoins.
Eddie Zillan, aged 15 was a cryptocurrency trader who registered with two exchanges and bought $100 worth of Ethereum. In the beginning the exchange was a success, earning him $ 10 after which he started to build up the balance in his account. He invested all the money he could at that time: what he had saved himself and the gifts his family members gave to him during the holiday season. In the beginning, there were no bloggers, no books, and no mentors from whom it would be feasible to learn from the past in order that the teenager could succeed on his own. He's now 21 old and has a portfolio worth more than one million dollars.
In addition to success stories, it's fascinating to know the stories of people who are only beginning their journey. A 15-year-old John from London discovered a millionaire blogger Brian Jung on YouTube, who dropped out of university however earned $70,000 on the blockchain. John was intrigued by crypto and persuaded his mother to open a cryptocurrency account.
John and his mother put 50 pounds in Dogecoin as well as 180 pounds in Bitcoin and 50 pounds in Cardano. He now spends 15 minutes every day looking up the cryptocurrency exchange rate. He has learned a lot about diversification, market volatility and transaction costs in only several months. He doesn't want to invest large sums due to the risk. He's older than many adults with higher levels of education and is more knowledgeable about the world than anyone.
What can schools do to regulate the use of cryptocurrency in trading?
Literally, 10 years ago, life was easier. Teenagers could take their own decisions and receive their first salary. Now there is a lot of information being thrown around in social media, and youngsters need support to understand what the truth is and where the embellished truth is. Scammers find new ways to extort money from others, both virtual and real. Financial literacy is essential although there are advancements.
It is crucial to convey to youngsters that trading on the market of cryptocurrency is often difficult and may not be as lucrative as they think. Although cryptocurrency is an investment in speculative markets, it can't be considered an official currency. In addition, the cryptocurrency market is volatile and is not controlled there as it is sometimes regulated according to unfair rules. There are many fraudulent schemes in the market which are difficult to comprehend by anyone, not just schoolchildren.
New federal standards address the requirement of "elements of financial literacy" beginning in September 2022. This initiative was backed by the Bank of Russia, which makes it clear how important it is to teach children how to use safe online financial transactions. In high school, students will learn how to identify risks associated with entrepreneurial ventures, evaluate family income and expenditures, and formulate a personal financial plan.
It might be time for the education system to take a leap forward in order to keep pace with the evolving world, of which the world of electronic money is a component.