As cryptocurrencies continue to be investment assets in the global market, many families are becoming attracted to them and wanting to invest.
How to open crypto account for child
For many parents, the crypto space is a difficult thing to understand. They are just not sure where to start. Fortunately, there are some tried and true digital assets that can give them an easy entry into the cryptosphere. Many altcoins were specifically created with kids in mind. It’s important to talk with your child about digital assets. If they start to show interest in anything, you’ll want them to keep learning
What is cryptocurrency?
Cryptocurrency, often referred to as bitcoin, is a digital currency. It has no value what so ever and can only be seen on a computer or phone. Just like you would buy regular money, you sell something of value in exchange for cryptocurrency.
Types of cryptocurrency
If you are the parent of a child and you want to teach your child about cryptocurrency, then you will need to know what type of cryptocurrency is best for them. The first thing that you should do is decide which cryptocurrency your child would prefer. If your twelve-year-old does not have any interest in bitcoin as an investment but only wants to take part in virtual games that are cheaper in crypto, then you would select a token coin such as Enjin Coin or GameCredits. A good idea is to show these coins around a little bit and share the experience with your child.
Pros and Cons of Cryptocurrency
Cryptocurrencies like bitcoin are readily available and make it easy to buy things on-line. However, with cryptocurrencies come risks such as price volatility and risk of hacking. So, as with any other purchase or business decision, parents should consider the pros and cons before deciding whether cost of ownership is worth the fee in risk.
The simple advice given by this article is to trust your instinct. Keep safety as the top priority, and when considering the implications of involving a project you are unsure of, conduct your own research.