As the 21st-century economy evolves, the importance of understanding cryptocurrency and other digital assets is at an all-time high. Cryptocurrency (such as Bitcoin), a virtual currency, is a form of digital asset which implements cryptography.
Novato High English teacher Mike Taber, who is an avid cryptocurrency user and believes it should be taught in schools, provided some insight on the topic.
“I would encourage people to talk about digital assets today because of the crypto part of it. Although they are cryptocurrencies, the idea of cryptology and money is not as discussed,” said Taber.
This content is stored digitally and the focal point of cryptocurrency is instantly transferring value globally with low fees without a bank or payment processor. Digital transfers are managed by an open software network, peer-to-peer, and not controlled by the government or any central authority. All transactions are securely encrypted and examined by a technology called blockchain.
When it comes to the blockchain, consumers have a digital transcript or a fingerprint transaction which creates transparency that has never existed before. It allows networks to maintain solidarity and confirm the transfer within funds that occur.
NFTs, Non-fungible tokens, are another form of digital asset. Unlimited representative collections of art, music, and video clips in jpeg (a single file format) are available to purchase and profit out of creating your own. Though it’s not a currency, it still uses blockchain technology to secure its database.
NHS senior Christopher Perazzo shared his thoughts.
“Being a digital art student, I think I have an advantage over a lot of people doing NFTs. I think it’s crazy you can make thousands of dollars from just a simple jpeg,” said Perazzo.
This whole new aspect of the financial technology world seems like a foreign language to some. Many people don’t understand how to navigate through crypto education and are unsure of the possibilities that lie ahead. You cannot take college classes in digital assets yet, although some new programs are popping up in development at MIT and Harvard.
For the most part, kids are being raised without the full scope of financial knowledge, causing many to go into debt. Simply taking out loans to go to college or buying a home and getting a traditional job with a paycheck is not the only option for the 21st century.
Will Carlson, a senior at Novato High, offered his viewpoint.
“Cryptocurrency is the future of the US economy. It should be taught in schools. I think it will be a very important part of people’s money decisions later in life and it’s a good skill to know how to do,” he said.
Cryptocurrencies’ value comes from people buying and selling the currency itself. Crypto is prominent and not going to fade away so investing in it can help investors build wealth and become extremely profitable.
Taber further discussed the future of digital assets.
“Moving towards a decentralized internet, anyone with a cellphone is able to tap into an uncensored or unrestricted world wide web. That unrestricted worldwide web is going to run on digital currency. By the time the kids that are reading this are parents themselves, the story of digital assets will have changed greatly,” he said.