There’s now a cryptocurrency wallet designed for kids
Cryptocurrency will either be the future or it’ll be a footnote in the historical records that highlights the great confusion of our era: do we want to dive headlong into a digital future and abandon the vestiges of the past, or do we want to maintain tradition and cling to our creature comforts? If you already have your speedos and your swimming cap on, then you’ll want to check this out…
Pigzbe’s Wollo Token is a cryptocurrency wallet and app designed to introduce kids to the finance of the future. It uses a ‘family-friendly’ cryptocurrency token called a Wollo to educate children about the nature of digital currency.
Presumably that means it’ll teach them exactly what it’s like to nurture a ‘nest-egg’ that grows and grows and then suddenly halves in value overnight. Welcome to the future, kids. It’s full of heartbreaking disappointments and you should get used to that now!
In more general terms, what it means is it’ll teach children what it’s like to save and spend money in a digital world – and it’ll do that with a real cryptocurrency as opposed to a mock one. The result is that the kids should, hypothetically, learn to make real financial choices that could go askew.
Obviously, comparisons to a piggybank are well deserved, but even though it’s clearly modelled on the concept of a piggy bank, the technology’s founder says it’s actually a “frictionless gateway for the sale, purchase, and transfer of Wollo.”
OK, but what does that mean? To start with, your kids aren’t going to have access to existing cryptocurrencies like Bitcoin or Ethereum. Pigzbe’s chief designer, Fillipo Yacob says that because the high fees charged by these companies would negate any benefit in providing children with a few cents to invest, it was better to create their own cryptocurrency. That currency is Wollo.
Ultimately, this is a moneymaking enterprise targeted at a niche market. Whether or not it’s successful will depend on how much people want to buy into it and, of course, the volatility of the Cryptocurrency market.