intro to bitcoin for kids and teens
This video explains the concept of bitcoins in a simple and concise way for children and beginners. could be used by children & teenagers to learn about bitcoin, or used as money & personal finance resource for parents and teachers as part of a financial education course or k-12 curriculum.
suitable for grade level students:
Reading: How to explain bitcoin to a child
- elementary school
- middle school
- high school
the topics covered are:
- what is bitcoin
- how to use bitcoins
- how to create bitcoins (bitcoin mining)
- how to get bitcoins</li
- what is the value/price of a bitcoin
- should you invest in bitcoin
Infographic: Click here to download
what is bitcoin?
Created in January 2009, bitcoin is now the most popular digital currency (or cryptocurrency) in the world. It has no physical presence, there are no bitcoin bills or coins. all bitcoin transactions are done online.
regular currencies are controlled by the government, but bitcoin is a decentralized currency; which means that it is not controlled by a central authority.
satoshi nakamoto is the mysterious name associated with the creation of bitcoin, but no one knows for sure who created bitcoin.
If there are no physical bills or coins, how can you use bitcoin?
All bitcoin transactions take place over the internet, so no physical bills or coins are needed. people can transfer bitcoins directly to someone else’s digital wallet without going through a bank.
However, people don’t normally use bitcoin to pay for things. they use it primarily as an investment with the intention of making a profit.
How are bitcoins created?
New bitcoins are added through a process called mining. This process is complicated, but in simple terms, bitcoin mining is when computers solve mathematical equations and get bitcoins as a reward.
but, since so many people are trying to mine bitcoins, it has become very difficult to mine a considerable amount.
how can i get bitcoins?
The most popular way is to buy bitcoins online at a bitcoin exchange.
but there are other ways to get bitcoins: buying them at special retail stores and bitcoin ATMs, mining or earning them by playing some online games, completing tasks on websites that offer bitcoins as rewards, etc.
How much is a bitcoin worth? what is the price of a bitcoin?
Bitcoin is a very volatile currency, with wild price fluctuations. In the first 2 weeks of 2021 alone, the value of a bitcoin ranged from $29,000 to $41,000!
but you don’t need to buy a whole bitcoin.
each bitcoin is made up of 100 million satoshis, the smallest part of a bitcoin. so you can buy a fraction of a bitcoin depending on how much money you want to spend.
Is bitcoin a good investment?
Since bitcoin is a very volatile currency, there is a lot of risk involved in trading bitcoins.
For example, in November 2017, one bitcoin was worth around $5,800. in December of the same year, its price skyrocketed to almost $20,000. But just a few months later, bitcoin dropped back to around $6,900.
Because of these huge price fluctuations, bitcoin is probably not the best investment for individual investors.