You’ve heard a Bitcoin. Everyone’s heard of Bitcoin. Even your Grandma’s heard of Bitcoin! But what on Earth is Bitcoin?! Is it just a buzzword or does it really matter? And, if so, how should you use it in your classroom?
First, let’s address the elephant in the room: what is Bitcoin?
In the most simplified terms: Bitcoin is a cryptocurrency. So, basically, the definition of a concept most people don’t understand is another word most people don’t understand! Let’s back up and look at the more important piece of the puzzle: cryptocurrency.
Cryptocurrency is kind of what it sounds like: a currency that is encrypted in a way that has a very low probability of counterfeit. It’s digital currency, and it is not controlled by any person of group of people, which makes manipulation equally difficult. The logic is that cryptocurrency is safer and more universal than any other currency. If everyone used Bitcoin, for example, then there would be no need to exchange your currency for another country’s currency whenever you went to a different country.
Bitcoin is just one type of Cryptocurrency (albeit the most popular), but there are a few others--notably Litecoin and Ethereum.
If you’ve heard of Bitcoin recently, then it’s probably because it’s Wall Street’s latest buzzword--largely due to the rapid increase in value. Take a look at the chart below--see that spike? Good news if you own Bitcoin! The price has begun to stabilize since its peak, but this gives you an idea of why there’s so much excitement.
.png?width=640&name=The%20Rise%20of%20Bitcoin%20(1).png "Graph showing the value of Bitcoin over the years, and how it has grown (peaking in 2017)")
Cryptocurrency Education: How Can You Incorporate Bitcoin Into the Classroom?
Financial Trading labs are being used at high schools across the country as a way of giving students hands-on experience in the financial marketplace. You can see some examples here. You can also contact us if you are interested in hearing how to get one set-up for your school.
Like it or not, Bitcoin is now an active part of every trading floor; even those who aren’t actively trading it are actively watching it. To help you incorporate Bitcoin (and other Cryptocurrencies) into your classroom, our Creative Team has created an easy to use Template that schools can use to show the current value of different currencies on their digital signage. It’s updated automatically, so there’s nothing to do once you’ve added it to your display. The Template is included with any of our paid plans.
If you’d like to have Bitcoin display on a Ticker, make sure and check out this page.
Bitcoin Lesson Plan Ideas
A Financial Trading Lab is a great way to give students hands-on experience, but there are several other ways you can incorporate Bitcoin and other cryptocurrencies into your classroom. Here’s just a few ideas:
Bitcoin Vocabulary
Before assigning any assignment to students related to Bitcoin, it is helpful to assign vocab to them and have them define what each term means as it relates to Bitcoin. Below are ten basic words that anyone who wants to understand Bitcoin should know:
- Block
- Blockchain
- Depositor Insurance
- Digital Currency
- A Hash
- Mining for Bitcoins
- Mining Pool
- Nonce
- Satoshis
- A wallet
Bitcoin Essay Topics
There are lots of essay topics that both help students understand what it is and what’s it place in modern finance should be. Here are a few topic ideas:
- Should Cryptocurrency be regulated?
- How has technology changed global community?
- Does Bitcoin really work?
- Should Bitcoin be included in an individual's investment portfolio?
- How can Bitcoin change global economy positively or negatively?
Bitcoin Learning Activity
The best kind of learning is hands-on learning. Teach students how blockchain work, then use this as the foundation of creating a cryptocurrency for your classroom; let students think of the currencies name, earn it, and use it to trade for real goods.
Bitcoin Is Not for You
Bitcoin’s not for everyone. If you are interested in other digital signage ideas that you can incorporate into your classroom, check out these posts:
