I wanted to make sure that my son grows up with good financial literacy.
So, I did some research as to how I can teach my kid about Cryptocurrency
And what if I launch my Crypto Startup in the US to give him better exposure
You will not believe the things I was able to uncover..
I’ll let you know the deets below…
Before I forget, there is this New Crypto Proposal coming in from Hong Kong, I need to share that as well…
So, moving on…
How can I teach my son about Crypto?
It's easier than you think! Start by explaining the basics of money, from paper money to digital money, and the role of banks in keeping our money safe.
To help your kids understand what cryptocurrency is, try using analogies like "digital money" or "internet money."
Play games and use real-life examples
You can also play games that simulate buying and selling cryptocurrencies, like board games or online trading simulators.
For example, you can play a fun number-guessing game where your child pretends each Bitcoin is a special number worth a lot of money.
Then, explain that people all around the world try to guess the number, just like in the game, and whoever finds it gets to keep it!
But the number is always changing, which makes it challenging.
Just like the stock market, the value of Bitcoin can go up or down, so it's important to pay attention to market trends.
Blockchain is a digital lego
You can also teach your kids about blockchain by thinking of it as a digital building block that keeps track of transactions.
It's like building towers or houses in a Lego game, but with internet money!
To make it even more fun, create a board game where kids have to use cryptocurrency to buy and sell different items.
This will help them understand the concept of buying and selling, as well as the risks and rewards of investing in cryptocurrency.
And then you can say, “my kid is is a Crypo Pro.”
A digital wallet as a special type of piggy bank
When it comes to storing cryptocurrency, explain that it's kept in a digital wallet instead of a physical one, like a special kind of piggy bank that can be accessed from anywhere in the world.
With these interactive and fun ways to teach your kids about cryptocurrency, they'll be experts in no time!
Launching My Crypto Startup in the US?
As an American citizen,
I'm excited about the potential of crypto to revolutionize the world,
but I have to admit,
I would be a little hesitant if I was to launch my own crypto startup in the U.S.
Why, you ask?
Well, every lawyer I've talked to has warned me against it due to the country's lack of clear policy and regulations on crypto.
Don't get me wrong,
I love the U.S., but when it comes to crypto, it seems like we're stuck in the past.
While other jurisdictions like Dubai are embracing crypto and offering regulatory clarity and support for builders,
The U.S. is still trying to figure out whether tokens are securities or commodities.
Come on, America, let's get with the times!
Sure, bear markets are for building in crypto, but the U.S. might not be the best place to do it. I mean, have you seen the SEC lately?
Their inconsistent enforcement of crypto laws is making life difficult for law-abiding companies like Kraken and Coinbase.
It's almost like they're punishing them for playing by the rules!
Meanwhile, fraudulent companies and actors like Sam Bankman-Fried and FTX are succeeding by moving offshore where they're out of reach of U.S. regulators.
It's not just the SEC that's the problem, though.
Congress needs to step up and take action before the U.S. gets left behind in the global crypto race.
We need regulatory certainty that creates predictability and the ability for the crypto ecosystem to move forward knowing it's operating within the bounds of legality.
When it comes to launching my own crypto startup, I think it's time to think outside the box and explore other jurisdictions.
The world is full of possibilities, and with crypto, anything is possible.
So, let's keep building, keep innovating, and keep pushing the boundaries of what's possible!
That’s pretty much it for today..
I am so going to use the tricks I mentioned above to teach my kid about finance
But I will make sure he grows up abiding by Shariah!
Will you teach your kids about Crypto? Let me know in the comments below..
Zain and Hafsa from Inspired Analyst Team - signing off!