I've been thinking about writing this article for about 2 months, because the “main character” of the story is my son. You should know that he likes Lego very much, he can spend easielly half a day just building different figures (predetermined and non-predetermined buildings). For a long time he spent all his pocket money to buy Lego. It is not very much money, we are talking about child benefit (~$50), and some “extra” money from grand parents (another ~$50) monthly. In October 2022 he constated, that the price of Lego is increasing continuosly… He asked me “why”, and I tried to explain that if is more money in circulation, the price are raising. He told me that this is not fair, because the amount of child benefit are not raising, and the amount “received” from grand parents are also “static”. I was surprised, but I can’t explain how this mechanism “working”. The next question was, “why it is more money in circulation”? I explained that because this is the interest of the government to make our consumer bag smaller. And he told me, that seems like the money system is working on the contrary like "Lego system"...because it exist some Lego series with a very small supply, and these are much expensives than a "normal supply" Lego... (he know about, because he bought some rare editions, and does not "assamble", just deposited to sell it in the future). He concluded that the rarer something is, the more expensive it is, and money is not rare. And then asked me if I know something rare, which is not "decimated" as value in time like paper money... I replied that it exist, and this is the Bitcoin, with a limited supply of 21 million in total. He don't understood, because he heard about Bitcoin at the first time, and I did not want to talk about miners, supply, scalability, etc...so I just told that this is like a "digital money", but much better, and much valuable. When I told him about price, it was surprised, and said that is very expensive, and just a few people can buy it.... I started to talk that is not needed to buy a whole Bitcoin, you can buy satoshies, and explained that is working like the RON -> Bani (the Romanian money, like US dollar -> cents). This conversation was finished, but after 1-2 weeks asked me, if he can buy some "Bitoshi" (hehe...the combination Bitcoin and Satoshi)...we agreed that he can if he want, but this is a "money" which should not be touched for a long time. He agreed (it was my surprize)... This was in November 2022, and the amount of $$$ from December was already invested in Bitcoin. I told him, that is needed a "wallet" (also a new expression for him) where these Satoshies can be deposited and stored, but I will deal with this part. The total amount is maximum $100 monthly (it's his money). I opened a CEX account to my wife's name (hehe), and the monthlly purchase is maded every month. Not exactly at the same day, because I make DCA on BTC supports, to buy at lower prices.
Yes, I know it is not a huge amount...but to start I think it is OK. He already have more than 10 millions of Satoshi, because of the cheap prizes in 2023 :)
Love it. Sounds different from my kids' trip down the rabbit hole - we haven't had them buy bitcoin with their cash, but rather give satoshis as part of allowance and use their birthday and holiday money to buy them some larger amounts.
Sounds like you're doing a great job - I really enjoy all the great conversations that start to come up and the amazing perspectives that the kids bring.
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I just read your article. It is interesting how you manage your kids "monetary intelligence" just by "playing with money". Can you explain me please, how the "jars" are working? What is the importance of the $20 amount? Maybe (for sure) because my poor English knowledge...but unfortunately I don't understood this pragraph.
Thank you!
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my 6 and 8 year old trade toys and Pokémon cards.
bitcoin is just another money.
I asked my 8 year old: “do you want want 1 x $1 NZD or 69,000 x $1 NZD ? (1 BTC)
kids understand medium of exchange, all kids born after 2009 have the chance to understand bitcoin better than adults who use cash📠
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30 sats \ 6 replies \ @fm 8 Feb
Great story, Im on the same path. Mine is 4, also Lego crazy, and by now i only managed to have him saying randomly: hold the bitcoin (He found a ledger device and the story started there).
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Hm.... You gave me a very good idea with this picture... But I'm uncertain.... What do you suggest me? To buy this Lego to my son's birthday (it will be in the next week), or or should I give it to him Satoshis as birthday gift?
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0 sats \ 0 replies \ @fm 8 Feb
Not even sure that lego really exists 😅 It was just an inspiration because of the subject. Give him the sats, lego will fade. Sats are a seed to sound money
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Wow, is this real? And where did you buy? lol
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On a CEX
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0 sats \ 0 replies \ @fm 8 Feb
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0 sats \ 0 replies \ @fm 8 Feb
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I think more important than the millions of sats is the process in which you took his questions seriously and got him to explore answers for himself 👍
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I try to do my best to educate (not just in financial plan). And I will be the happiest when he surpass me'
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10 sats \ 1 reply \ @ek 9 Feb
And this right here is how we're going to win. The old breed will die simply by force of nature and a new breed (bitcoiners) will rise.
It will take quite some time though.
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And this right here is how we're going to win. The old breed will die simply by force of nature and a new breed (bitcoiners) will rise. It will take quite some time though.
Yes, but we are in no hurry! Every Bitcoiner know that this is a "marathon", not a sprint race! So...patience, and stacking is the key ;)
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Congrats!
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10 millions isn't a huge amount, please don't make me laugh, my friend sell all what he had to acquire these amount (#402036).
Yor son will be the richest person among his mates
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Yes, I agree... if you take care of it, in time will be much more as value. About if he will be the richest person or not, I don't know...but he don't want to mates to know how much money he have. This was one of the first "financial lessons" what I taught him. Which is happening at home, it belongs only to those who live here...and seems like he (and also our little daughter) understood this.
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I wish you and him all the best. He's really lucky to know about Bitcoin at eight
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Really great story, can’t wait to have this conversation with my son.
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