How would you introduce crypto to your kids? What do you think of the idea of buying crypto for them and give it when they become an adult?
Hi,
I think it is a wonderful idea. We did that with their college funds we saved up for 18 years. They both blew it - one on a 2 week five star holiday to Dominican Republic with his friend who’s father had far more cash to spend on holidays than we had, and to the other on a monster gaming machine that cost four times the cost of my laptop. I regretted deciding to let them take their own decisions at the time, but I think it had the desired longer term effect. The elder son always talks about his “holiday of a lifetime” over a decade later, and the younger son is still using that same gaming machine today- but only because he has chosen to delay his career (perhaps indefinitely, who knows?)
So one of the reasons we got into crypto nearly 2 years ago was to be prepared to be able to hand something over to them in their mid-life, in the simplest way possible. I can’t imagine lugging 100 kg of silver half way around the world in a suitcase in future. One can’t stand crypto and thinks it is a 100% scam that will disappear as quickly as it arose. The other (accounting graduate) likes Crypto and has a very small account. He is playing the DeFi Kingdoms game at a really small level, but understands the power of crypto.
Go for it - but don’t expect your offspring to have the same outlook on life as you. They are mutated versions of you and your partner, often so different than either of you . They measure success in ways different to my own. I have grown to see that as a strength not a weakness. but it took me 20 years to realize.
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Crypto games seem like a natural introduction. You can explain in-game currencies and marketplaces. Kids, in my experience, tend to grasp concepts quicker when introduced in a way that’s fun. What’s more fun than video games?!?
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I think making a small investment in a crypto with good potential and then hodling for years until they become adults may not be a bad idea.
As to how to actually explain the concept to them, I don’t know. It has to be in language that is age-appropriate for kids, because the concept of cryptos is a little complicated even for adults.
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