{"id":1834,"date":"2023-01-19T14:23:37","date_gmt":"2023-01-19T12:23:37","guid":{"rendered":"http:\/\/www.woli.io\/it\/academy\/ti-einai-ta-crypto-currencies\/"},"modified":"2023-05-26T10:52:50","modified_gmt":"2023-05-26T07:52:50","slug":"what-are-these-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.woli.io\/it\/blog\/what-are-these-cryptocurrencies\/","title":{"rendered":"Mom, Dad, what are these cryptocurrencies?"},"content":{"rendered":"

Cryptocurrencies, Blockchain, Bitcoins. It wasn\u2019t long ago that these words didn\u2019t say anything at all to most. Until a few years ago, someone who heard about cryptocurrencies might have thought that we were talking about \u201cvirtual\u201d money in an online game or some obscure invention of the villains of this world. However, this is a novelty that is absolutely real and not at all \u201cdark\u201d. What are the infamous cryptocurrencies after all, and how will you explain them to your child? Read on and you will find out!<\/em><\/p>\n

The first time the concept of cryptocurrency (\u201ccrypto\u201d in the language of the initiated) was mentioned in 1989, as\u00a0Analytics Insight<\/a><\/span>\u00a0informs us. The first relevant softwares began to be created in the early 90s, paving the way for today\u2019s \u201ccrypto-revolution\u201d.\u00a0\u00a0According to\u00a0U.S. News & World Report<\/a><\/span>, 2009 was the year that brought the first cryptocurrencies into our world. Their name? Bitcoins. The most famous cryptocurrencies so far. Since then, many more have appeared (Ethereum, Solana and Dogecoin, among others), some successfully, some not. Nowadays, the number of types of cryptocurrencies is huge \u2013 we are talking about thousands of different options. So it\u2019s clear that cryptocurrencies are here in our lives to stay. And since cryptos are here to stay, it\u2019s good to be informed about them!<\/p>\n

 <\/p>\n

What are cryptocurrencies?<\/h3>\n

 <\/p>\n

Cryptocurrencies are money that does not have a physical form, but a digital one. They are born in the digital environment and transact through digital \u201cwallets\u201d, which essentially work like any individual wallet or piggy bank. Money comes in, money comes out (not exactly, but let\u2019s not confuse your child with unnecessary details). It\u2019s just that, in the case of a digital wallet, the money inside it is absolutely intangible.<\/p>\n

In essence, we are talking about \u201cinternet\u201d money, which has its own parity with physical money. Unlike them, however, cryptocurrencies are not issued centrally, by a large organization such as a bank, but by a software that \u201cruns\u201d through the computers of many different users. And precisely because such systems do not \u201crun\u201d from somewhere centralized, but from the terminals of users, you will hear many people call them \u201cdecentralized\u201d.<\/p>\n

What should you and your child keep from the above?<\/p>\n

First, that there is no bank between you and your 100% intangible, digital money.<\/p>\n

Second, that you need a reliable digital wallet to have guaranteed and secure access to your cryptocurrencies.<\/p>\n

 <\/p>\n

How are cryptocurrencies created?<\/strong><\/h3>\n

 <\/p>\n

In case your child wants to learn about the creation of cryptocurrencies, know that the answer is both simple and complex. But let\u2019s stick to the simple explanation of things\u2026 Cryptocurrencies are created through a process called mining. Who brings them to light? The miners! Except that because we\u2019re not talking about gold, we\u2019re obviously not talking about stupefied workers in\u2026 Mines! Modern miners, those who undertake the \u201cmining\u201d of cryptocurrencies, spend many hours behind powerful computers, creating new digital \u201ccoins\u201d and storing them on the Blockchain.<\/p>\n

This is where a child\u2019s voice is heard, asking you something like\u2026<\/p>\n

\u2018\u2019And what is this Blockchain again?\u2019\u2019<\/p>\n

 <\/p>\n

Blockchain: The \u201chome\u201d of cryptocurrencies!<\/strong><\/h3>\n

 <\/p>\n

Blockchain is a huge \u201chome\u201d, in which all the cryptocurrencies of the world live! That\u2019s where they are born, that\u2019s where they grow up, that\u2019s where they change hands, that\u2019s where they are. Forever! Because in the world of Blockchain, no matter what happens today, yesterday cannot be erased. What do we mean?<\/p>\n

Blockchain is a whole, a chain of computational\u2026 blocks! Each block represents a separate action that corresponds to a unique cryptocurrency, such as its creation, purchase or sale. So every time something new \u201chappens\u201d in a cryptocurrency, a new block is added to the relevant chain, without losing everything that has preceded it.<\/p>\n

For each of these actions, the owner of the cryptocurrency keeps a backup copy that contains all the information about the blocks that concern him. This system has proven to be quite safe for users, since it is difficult for a third party to gain access to such information.<\/p>\n

Obviously, the mechanism used is much more complex. But the truth is that discussing cryptocurrencies with your child you don\u2019t have to go into more detail. Most likely, he will get confused and you will just lose his attention.<\/p>\n

 <\/p>\n

What value do cryptocurrencies have?<\/strong><\/h3>\n

 <\/p>\n

On the other hand, it is important to explain to your child that unlike physical money, the value of cryptocurrencies has frequent and often sharp fluctuations. Let\u2019s take it for granted that the 20 euros you gave to your child today will have the same buyer power next year. The same is not true with cryptocurrencies! Their value today is almost unlikely to be the same after 12 months. If it suits you, you can explain it to your child like this: The cryptocurrency that today \u201cbuys\u201d you e.g. a pair of new sneakers, tomorrow may be enough to buy a brand new PS5. Of course, it can also happen the other way around. These are cryptos!<\/p>\n

Also, like real money, cryptocurrencies also have their subdivisions. Just as there are euro cents in your child\u2019s piggy bank, so there are \u201ccents\u201d of Bitcoin or Ethereum (ok, we don\u2019t call it like that). So, you don\u2019t have to have only \u201cwhole\u201d cryptocurrencies to declare a crypto owner. A few \u201ccrypto-minutes\u201d in your digital wallet are enough!<\/p>\n

 <\/p>\n

Why does my child need to know about cryptocurrencies?<\/strong><\/h3>\n

 <\/p>\n

You may be wondering if it matters that your child knows what cryptocurrencies are. The answer is simple. It matters, because cryptocurrencies are money. Normal money, such as the coins and banknotes we have in our wallet, with value and with the ability to be used in financial transactions.<\/p>\n

Let\u2019s do not forget that we are still in the early life stages of cryptocurrencies, so no one can know how big a role they will have later in life. And just as is always the case with money, cryptocurrencies should be treated with prudence and respect.<\/p>\n

After all, the proper management of money \u2013 physical or digital \u2013 is something that every parent should teach their children, from the very first years of their lives. We at Woli want to help parents as much as we can so that they can educate their children in the best way in financial management.<\/p>\n

 <\/p>\n

That\u2019s why we created Woli!<\/strong><\/h3>\n

 <\/p>\n

Mastercard and mobile app for young people 10 to 18 years old, specially designed for young people 10-18 years old and their families! With\u00a0Woli<\/a><\/span>, children learn in practice how to manage their finances properly, in a safe, simple and fun way!<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies, Blockchain, Bitcoins. It wasn\u2019t long ago that these words didn\u2019t say anything at all to most. Until a few years ago, someone who heard about cryptocurrencies might have thought that we were talking about \u201cvirtual\u201d money in an online game or some obscure invention of the villains of this world. However, this is a […]<\/p>\n","protected":false},"author":3,"featured_media":1614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[16,1],"class_list":["post-1834","post","type-post","status-publish","has-post-thumbnail","hentry","category-parents","category-blog"],"acf":[],"yoast_head":"\nWoli Blog | What are cryptocurrencies?<\/title>\n<meta name=\"description\" content=\"Explain to your children in an easy and simple way what cryptocurrencies are and how they work!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.woli.io\/it\/en\/blog\/what-are-these-cryptocurrencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Woli Blog | What are cryptocurrencies?\" \/>\n<meta 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