Investing in cryptocurrency for beginners kids
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Once upon a time, kids played video games because they were fun. They spent hours getting to the next level, saving the princess, and defeating the bad guy. Afterwards, they shut off the console, wiped off their sweaty palms, and called it a day.
But today, a new class of games have emerged—one with a whole new set of goals, including investment opportunities and potential earning streams. Welcome to the wonderful world of crypto-based video games known as "play-to-earn. Games such as Axie Infinity , Blankos Block Party , and the upcoming Illuvium and Star Atlas have exploded in popularity recently, with complex economic ecosystems and winning graphics.
Unlike popular games in the past like Fortnite and Roblox , where in-game currency had no value in the real world, crypto currency and the recent NFT craze have taken things to a whole new level.
So how do these games work, where are they heading, and how, as a parent, should you navigate this with your children? The game revolves around cute furry creatures called Axies, which players breed, acquire, train, use to complete challenges, and do battle with online. The object of the game is to obtain smooth love potions SLPs , which can be used to breed new Axies that can then be deployed within the game.
SLP is also a recognized cryptocurrency on exchanges—which can be converted to real money. Axies themselves can also be traded as NFTs non-fungible tokens. NFTs are digital collectables that exist on online ledgers known as blockchains such as Ethereum or Solana , and are better known for recently taking the art world by storm.
Late this summer, Axie Infinity passed one million in daily active users and one billion USD in sales. A much more accessible game is the colorful and wacky universe of Blankos Block Party by Mythical Games. Blankos Block Party is a multiplayer party game featuring digital vinyl toys known as Blankos. These funky little characters, designed by mostly third-party artists—including fashion brand icon Burberry and DJ sensation Deadmau5 —play and compete in various challenges and games often created by the game's own players.
Blankos Block Party is free to play, and like past gaming models, includes in-game purchases. The difference? A secondary marketplace Mythical Marketplace is available, where owners can sell their collectable Blankos for much higher prices than their original investment.
Players can even level up their Blankos through gameplay by completing set daily challenges, in turn making their Blankos more valuable. To play Blankos Block Party, the age requirement is 13, but to cash out, you must be 18 or older. Linden confirms that the brand wants "to make sure we are fully compliant with local laws in order to protect the consumer.
With the success of current play-to-earn games, the industry has taken notice—and many more games are on the horizon: Star Atlas, a space exploration adventure, and Illuvium, the first blockchain-based AAA gaming title offering high-fidelity graphics, promise to take the level of gaming experience and revenue potential to the moon, somewhat literally.
How, as parents, do we anticipate this next generation of games will affect the actual next generation? Is this just a natural evolution of collectibles—or is it an actual way to earn revenue? And if the latter, is that healthy? Is it safe? Nisha Patel, a Child and Adolescent Fellow at the University of California San Diego, tells Parents that the most crucial aspect here is guidance from a parent or adult guardian.
Patel explains. Patel even thinks kids trading NFTs could be as harmless as kids trading or selling coins, stamps, or baseball cards. In the end, Dr. Supervised correctly, the play-to-earn model could assist children to foster early money management skills given guidance. Patel points out. Now that games like Axie Infinity and Blankos Block Party are possible, it seems likely that the play-to-earn trend will continue to develop further.
Many games have sustained online communities in the past, but by adding the ability to make money into the mix, play-to-earn games may be the most alluring type yet. Cryptocurrency and the NFT craze have taken earning money via video games to a whole new level.
So how do these games work, and how, as a parent, should you navigate this with your kids? Karyn Gorman. By Karyn Gorman October 06, Pin FB More.
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Cryptocurrency, it's confusing Why is everyone talking about bits and dogs? What's with all the memes? Why does your cousin's sister's nephew suddenly have a Lamborgini? All these questions and more will be answered.
Child credits, work-from-home, crypto all affect 2021 tax returns
Infuse a financial literacy lesson with terms like bitcoin or cryptocurrency, however, and the lesson gets a bit more interesting. As it stands now, a high percentage of K students never getting the tools and training they need to make informed financial decisions. Only a third of states require high school students to take a course in personal finance , while less than half require them to take a course in economics before graduating. So in a push to make learning more relevant—and fun—a pair of startups, BitLearn and Pigzbe , are fusing gamification with finance, propped up by digital currency tokens. Call it the 21st century piggy bank. Geiges, who teaches financial literacy as part of her 4th grade curriculum, says being able to earn coins for good work teaches her 9- and year-old students the value of a dollar—or perhaps a bitcoin. Geiges sees great potential for a platform that incorporates bitcoin, cryptocurrency, saving for college and micro-saving into the mix—all concepts that digital natives will likely want to learn more about and experiment with. She sees it as particularly relevant for students who may not have traditionally had the chance to further their educations past high school. BitLearn, unlike Funler, operates on a system based on real money, which more closely resembles traditional cryptocurrencies, with some added safeguards and parental controls. Jin is also working with a banking partner to develop a debit card offering for students.
Teaching kids about Bitcoin and life
This is not a guide of how to trade crypto. This is not about how to make money, how to invest or where to find alpha. Then you know this one thing: It can be all-consuming. Stock day-traders might be Red Bull-pounding stress-monsters from a. Crypto is always on.
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Should you introduce your child to the world of cryptocurrencies? Ironic, it may sound. As Prof. Padmanabha Ramanujam of IFIM Law School, says in all probabilities, it ought to be your child who is better equipped to introduce you to the world of cryptocurrencies. If this is not the case, then probably this is the best time to make your child familiar with cryptocurrencies. But why, and how? Parents, anyway, invest money in options such as stocks, fixed deposits, mutual funds, property, small savings schemes like PPF, SSY etc. Nischal Shetty, CEO and Founder of WazirX, says investing in cryptocurrencies may serve the same purpose as traditional investment options, and probably with better returns if one can understand associated risks and navigate wisely.
Crypto land is confusing. Here are five things I wish I knew before buying. Two months ago I bought my first crypto currency. If you're thinking of diving in yourself, here are five things you should really be across first.
Brokers are reporting a sharp rise in the number of new investment accounts opened in the names of minors. Parents and grandparents are helping children learn about investing to gain better returns than record-low bank account interest, which is often less than 1 per cent. There is also growing concern that if kids are ever going to own their first home amid record ongoing property price surges, they will need to start saving earlier. Amelia, 10, is one of a growing number of children learning about investing.
We know it can be a little daunting when you're new. This guide is here to gently introduce you to some of the key concepts you need to kick-start your journey into the world of blockchain tech. Without further ado, let's dive down the rabbit hole. A cryptocurrency is just like a digital form of cash. Because cryptocurrency is digital, it can also be sent to friends and family anywhere in the world. You see, traditional online payment gateways are owned by organizations. They hold your money for you, and you need to ask them to transfer it on your behalf when you want to spend it.
Many young people are turning to cryptocurrency as a way of making money and a US summer camp for children aged even offers an introduction to crypto-trading. So what actually is a cryptocurrency? What are the opportunities and risks? And what should parents be aware of if their child is interested in crypto mining or investment?
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