Bitcoin, Pocket Money For The Next Generation

Pocket money in the past was a few silver or gold coins dropped into a piggy bank that you kept on a high shelf away from your siblings.

These days we live in more of a cashless society. It’s a rarity to have coins or cash in your wallet and with COVID-19 spreading through our communities would you even want your kids to touch them.

So how do you pay pocket money? Is it something that should be earnt? And does a payment system already exist that we could be utilising?

With payment platforms like Living Room of Satoshi you have the ability to pay bills with bitcoin, or even convert your BTC to AUD, so what about paying your kids pocket money with it too!

What is the Lightning Network you might ask?

Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.

The Lightning Network is another layer on top of the blockchain. Lightning is dependent on the technology of the blockchain but it’s able to work at a much higher volume and greater speed.

So how can we apply this network in the real world and how can we use it in the family unit.

Using Lightning you can make small, easy payments with virtually no fees, and like its name suggests it’s lightning fast and clears almost instantly. No need for your little minions to exercise their patience and wait for the more traditional banking system to clear a payment.

You’ll need a Lightning wallet or piggy bank to store your pocket money in, so check out the world's simplest Lightning wallet - Wallet of Satoshi.

Wallet of Satoshi was designed as a bitcoin wallet for everyday use with smaller amounts, making it perfect for saving pocket money.

Kids tend to pick up technology at a fast pace, so with a slogan like “so easy even your mum could use it” WoS is practically challenging kids to outdo their parents in the crypto space and take over the network.

With the kids ready to fill their WoS wallets, should their pocket money be earnt by completing a set task? Or should it be gifted on a regular basis or both?

One father of 3 says: “I think children should do jobs around the house for altruistic reasons and to help the family. So giving a monetary reward may teach them to do things just because they get something in return. So I would lean more towards giving them a small amount each month and encouraging them to save it and prepare for when 1 sat = 1 dollar.”

With everyone being encouraged to stay home and self-quarantine how do you manage pocket money in your house? Are the kids invading your crypto space?