Kid’s allowance in crypto

Hi friends,

I’m looking to give my kids some allowance/doing chores money but would also like to use this process as a way to teach them about crypto. Two girls, 8 and 10 years old.

They both have cell phones so having a wallet on their phone to see how much they have accumulated would be good. It should be a coin with super cheap transaction fees. The coin should be readily available on any of the bigger exchanges.

I guess the idea would be I would buy them X dollars worth of the chosen coin for their allowance/chore money each week/month and send it to their wallets for them to hold. If they want to spend $20 on Pokemon cards or something, I would give them $20 to do so and they would send me the amount of crypto worth $20 at that time. Watching the value of their bag go up and down would be a good lesson, saving for a bigger purchase, etc would be discovered.

This all seems like a better idea than putting money in a Cookie Monster and Elmo piggy bank.

Please share your thoughts, what coin to you recommend, how would you do this etc.

Appreciate it, thanks!

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30 thoughts on “Kid’s allowance in crypto”

  1. Honestly I think nowadays it is better to first and foremost teach them the value of SAVING.

    For that I recommend:
    – give them an allowance in FIAT.
    – for every X they decide to save of their allowance in crypto, double their amount.
    – go if they decide to save 2 of their 10 USD, deposit 2USD extra in their crypto savings account.

    Educate them early on in how saving is good and gives better rewards in the future.

    And if you can bind that to house-chores, even better:
    – for every chore they do, they get X.
    – they can get that X in fiat or double it for saving it in crypto.

    Give them the freedom to mess it up a bit, and a big reward for doing the right thing.

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  2. Forge the diamond hands while young? I like it.

    I would say ALGO is the way to go. It’s fast, gas fees is dirt cheap and the official wallet is very simple to use.

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  3. Can I speak frankly?

    Giving your kid their allowance in Crypto is pretty fucked up. They’re supposed to be using that money to buy color pencils and tamigotchis and pokemon cards or stickers or whatever else little kids buy with their pocket money these days.

    If you wanna teach them about Crypto, give them some Crypto as a gift, but on top of their allowance. Even then, I still think eight and ten is very very young to be teaching them about this stuff. No reason you can’t just invest on their behalf secretly, but maybe leave The Big C talk until they’re teens at least.

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  4. I would use either Algorand, Bitcoin Cash, or Stellar Lumens. All 3 are fast, cheap, and easy to use. Basically every exchange and wallet has support as well.

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  5. I have no opinion on whether this is a good idea but I’d buy the crypto you’re gonna be giving them now in bulk.

    I vote for algorand.

    And just because I thought about it just now. you can give them a stablecoin so they can choose their own coin. But that might be too many steps for an introduction.

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  6. I would give them half their allowance in cash and half in crypto, and don’t tell them about the crypto. You can teach them about financial security and then give them a surprise nest egg when they’re 18 (or whatever). Plus, young kids want cash, not crypto. This is the best of both worlds IMO

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  7. You would be after using Nano with a Natrium wallet, free and instant transfers that would be the closest cypto to cash you have with the added bonus of 100% of supply already in circulation.

    While it doesn’t get much love on /cc because all it does is p2p transfers it really is one of the best payments cryptos.

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  8. >I want to teach them about crypto

    Give them about 10x what they would expect from their allowance. When they find something they want to purchase, have them hand over their money and immediately light it on fire.

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  9. I love this. My son (4) already watches me play DeFi Kingdoms… Can’t wait until he starts asking me questions like “what is money dad?”

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  10. It’s a good idea. but don’t make them feel like they have to hold the tokens. also, make them choose which they would hold. you never know if they can find good lowcaps like spdr on their own.

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  11. Why don’t you use a stablecoin on Algorand, like USDC or STBL, this way they don’t get bummed when their allowance drops because the market is down? The fees are low enough. You could also give them some Algo above and beyond the allowance to cover the minor transaction fees.

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  12. This is a super cool idea! Your kids will have such a rich childhood filled with
    .. Jpegs and… Uh… Other jpegs! And…mmm.. Jpegs?…

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  13. I heard about a guy doing exactly this with Banano because its so simple to use. Sleek wallet, cheap, nearly instant and completely feeless (DAG currency forked from Nano). MonKey avatar and fun banana themes. Def kid friendly

    edit: Your only problem might be obtaining it as it isn’t listed on many exchanges, but Coinex is one and the banano subreddit has lots of info on where to get it

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  14. Wow. No solid input other than I wish I even could dream of an allowance growing up. My brother and I got $1 ONE time and that was the end. My parents threw away the chart they made after $1 EACH! …Might factor into why i’m saving now? I can’t tell you how it will affect their values but I can say I wish my parents cared about teaching me how to save and get ahead.

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  15. Id just give them their wallet address, and teach them the importance of a wallet and how blockchain works and eventually give them the wallets. So they can still check balances but won’t be susceptible to messing something up til they are mature

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