Last Saturday we celebrated the 8th birthday of my nephew Costa. There were two cakes, one of which was a football cake (he really likes football), we had a barbecue (a rare opportunity in The Netherlands) with special beef burgers from a local farm and, of course, there were also marshmallows ;-)
There were five kids at the birthday party: Costa (8), Ben (10), Charlotte (8), Alaya (13) and Luc (12). For both fun and documentation purposes I thought it would be cool to ask these kids whether they had heard about Bitcoin and what they could tell me about it. To make it a bit official I decided to conduct a ‘mini interview’ with each of them and they thought that was a fun idea.
I was fascinated by what these kids actually knew and they made some smart comments as well. Amazing! Below I share what the kids told me.
Have fun and enjoy!
Mini interviews with kids about Bitcoin
What do you know about Bitcoin?
- Alaya (13): “Bitcoin is online money. The logo is a ‘B’ with stripes and I believe 1 Bitcoin costs around 8,000 euros.”
- Ben (10): “I don’t have it myself. It is like a place on the internet or on a phone, like an app. You can exchange real money for Bitcoin, double it and then exchange it back for money. It is a risk because it can double or not.”
- Charlotte (8): “It is online money right?”
- Luc (12): “That is money for the internet, an online coin. You also have others like Litecoin and I know five more but not off the top of my head.”
- Costa (8): “Bitcoin costs 8, 80 or 800 thousand per piece or something. You can win money, earn points when people like what you do and exchange for Bitcoins.”
When was the first time you heard about Bitcoin?
- Ben (10): “From my father at the dinner table, I think it was a few months ago when there was a glitch or something. People lost their money.”
- Charlotte (8): “The first time I heard about it was when a boy in my class talked about it. It was in the beginning of this year, he heard it in a song called ‘Nu al Miljonair’." (literally translated as ‘Already a millionaire’).
- Alaya (13): “I heard about it from my father and that was a few months ago.”
- Luc (12): “I first heard about it from my father at the end of last year when the price was really rising. Now I do not really follow it anymore because the price went down a lot.”
- Costa (8): “Because of you, because you had a plant you named Bitcoin. Then I asked my father what Bitcoin was and he explained it to me.”
What can you do with it?
- Costa (8): “You can buy stuff on the internet. Online it is like money. Like here cash money is euro.”
- Ben (10): “You can double your money with it, but also lose it if the price goes down or when there is a glitch.”
- Alaya (13): “You can buy stocks of Bitcoin or Ethereum for instance and you can also sell it again. Also, you can buy big things with it online.”
- Luc (12): “It can be a bit like a gambling game. You can gamble and you can win or lose. Also you can use it at some places to buy something. I believe I once saw it at an airport.”
- Charlotte (8): “It is like an online piggy bank. You can click on something and then you have paid.”
What do you think about Bitcoin? Do you think it can be useful?
- Ben (10): “Crypto is like technology, the currency is online. It basically is just technology money! I would like to invest in it so I don’t have to get a boring side job and I also don’t want to live in a small and dirty apartment”
- Costa (8): “It is weird. Why can’t we just use normal money? Maybe because of other countries having different money it is handy.”
- Luc (12): “I think it is smart. It’s like a different sort of money and you can see it online as another county. I don’t know where it comes from and I think it exists since last summer. Not that long. It is handy but I am not sure if it is needed. We can also just use normal money. If it becomes like real money, then it would be useful.”
- Charlotte (8): “Strange. We also have money online with the banks, so why do we have Bitcoin now? Maybe to buy stuff online or something.”
- Alaya (13): “Well, I would like to have some Bitcoin. I think it will get bigger in the future, it will grow because it is new.”
Is there something else you can tell me about Bitcoin?
- Luc (12): “I sometimes see it in advertisements when I play a game online.”
- Ben (10): “I don’t know of any other coins like Bitcoin. One Bitcoin costs 1 euro I think and if you want more you also have to pay more.”
- Charlotte (8): “Not really.”
- Alaya (13): “I don’t think any of my classmates talk about it. One time a classmate gave a presentation about Bitcoin and stuff, that I remember.”
- Costa (8): “It is a coin with a ‘B’ on it.”
These kids know stuff, right?! I was definitely surprised by how much stuff they knew.
Across the board they all agree on what it is: online money that you can use to purchase stuff. They also know what the logo looks like and some even know how much it is worth nowadays. Apparently, the fact that you are able to invest in it and get some profits, is also known to them. Luckily not only that; they also know that it is not a guaranteed profit, but that risks are involved when price goes down or when there is a ‘glitch’.
Although they are not really sure whether Bitcoin is something that we really need (legitimate questions raised here), the kids think it can be handy to have one currency online and that this ‘technology money’ will be bigger in the future :-)
It was cool to get an impression of what these kids hear and think about it and what has stuck. I would be curious to find out what their answers would be to the same questions in 2 years though. I might conduct another interview then!
Did you expect this? Leave a comment :-)
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Disclaimer: I am not a financial advisor, trader or developer. I am just a blockchain & cryptocurrencies enthusiast. Make sure you do your own research, draw your own conclusions and do not invest any money that you cannot afford to lose.