As the massive embracement and adoption of crypto operations continued to linger, it is now imperative to keep the kids and minors safe. However, keeping the kids and minors safe in the world of crypto entails providing them with educative insights capable of orientating them about the implications of digital trends.
Accordingly, this article seeks to grossly educate them to avert their misuse of crypto
To begin with, digital currencies or crypto exist virtually and employ cryptography to cement transactions. Its platforms or markets become issued or controlled by governmental institutions, but the programme is in a set of networked computers. The coin can, however, be stocked in investors’ wallets and traded as a medium of digital exchanges. Certainly, crypto operations cannot function effectively without a blockchain.
The blockchain is as important to crypto, just as the nucleus is to cells. What it does is help crypto to mine, store and transfer tokens using cryptography. In a recent prediction, crypto users across the globe tend to reach 1 billion before the end of the year. However, an early study conducted in late 2021 by Stilt discovered that 94% of those who own crypto fall between 18 and 40.
Children, Minors & The Realities of Crypto Industry
Without further ado, the unregulated and anonymous nature of cryptocurrencies makes it possible for anyone, irrespective of the age group to subscribe to the trend. However, some crypto exchanges possess KYC requirements to realize the exact age of users. For the purpose of emphasis, Coinbase, for instance, usually ensures that only 18 or older persons get access to its services.
Prior to this development, the exchange gave no age restriction but rather parental consent before minors or kids access its services. Given this, it becomes imperative to prepare children and other minors for a future where cryptocurrencies are a part of everyday life. This possesses the tendency to forestall the misuse or wrong engagement in crypto by children and minors.
Protecting children and minors from risky crypto operations
Having established the impossibility of totally restraining children and minors from crypto operations, orientating them becomes a necessity. Irrespective of the risks associated with cryptocurrencies, the trend remains a future investment enveloped with many prospects. Smart parents can invest in the financial future of their children without exposing them to crypto risks.
This becomes possible through the registration of custodial accounts for them. With this kind of account, the children own the assets but become managed and operated by the parents. With this, the kids and minors become unexposed to fraud and other incurred risks occasioned by the trend.
Apart from helping kids and minors in the management of their accounts, the presence of robust educational tools possesses the tendency to benefit minors and kids subscribing to cryptocurrencies.
This technique, however, becomes more efficient in the wake of the increasing dabbling into the trends by kids and minors. As of now, some governments have already begun to orientate teens about the appropriate usage of crypto. Columbia, for instance, bankrolled a mobile app, board game and book, geared towards schooling teens on investments in cryptocurrencies.
The orientations gotten from these educational tools, however, guide and safeguard their operations on their respective wallets. Also, Gemini, in 2021 collaborated with Learn & Earn app to expose young minds to digital financial literacy.
According to a policy specialist for UNICEF, Melvin Guerrero believes digital assets make children a target for criminals. Article 17 of the General Data Protection Regulation of the EU allows for any information relayed by children or minors without understanding the implications to be deleted.
However, crypto blockchains disallow the deletion of information, once uploaded. This thus poses a threat to the data of children and minors. Given this concern, Guerrero recommends a balance of when benefits are associated with crypto blockchains.
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