Should You Pay Allowance In Bitcoin?

By Dan Kadlec

levelling January 9, 2018

Growing up with more responsibility

At Right About Money, we are big believers in paying young people allowance as a means for teaching them to handle money responsibly as they mature. Not everyone is on board. One expert even calls paying allowance to youngsters “cruelty” if it is not accompanied by a discussion. But most adults find value in the exercise. They mostly debate whether allowance should be tied to chores or doled out regularly no matter what.

Now comes another issue. The nature of money itself is evolving. That is perhaps clearest in the rise of bitcoin and other “cryptocurrency.” You can even now buy these cryptocurrencies from reliable websites like https://www.coin.cloud/buy-online and similar others. It is also notable in the popularity of e-payment systems like Apple Pay, Venmo, and PayPal. If crypto is your go-to, especially as it is on the rise around the world, then you are going to need to learn as much as you can about it to ensure you are going through the proper channels. You may want to click here to view ways how to buy it, as well as speak to people who already use bitcoin and other types of crypto to see what they say. Digital currencies like bitcoin are accepted in several commercial outlets and online casinos like those mentioned in this sfgate article. It is safe to say that crypto trading is taking the world by storm, and anyone who is into investments might want to check it out.

Kids need to learn about money in the form they will most often use it: digital accounts and plastic. It seems much too early in the evolution of money to pay kids allowance in Bitcoin, and the venerable piggy bank still has relevance for the very young. But in an increasingly cashless society, a physical piggy bank and even physical coins and bills are fast becoming relics, like the typewriter and buggy whip. So, it may be a smart idea to teach kids about digital currencies through online resources or your explanations, and even give them a limited amount to explore with. They can look around for fun things to buy with their crypto allowance, of which there are plenty! In fact, some of the popular nfts designed for video game universes can be bought and used in the game using cryptocurrencies like ethereum (or bitcoin).

No matter how you disperse allowance, it remains an effective tool-and the amount and the discussion that go with it remain paramount. To that end, we are encouraged by the accompanying graphic, which shows that kids, on average, get more allowance as they age and the amounts seem large enough to matter but not be excessive.

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Posted in Youth on January, 2018