A Charming Experiment with Bitcoin
On the Isle of Man, 25 imaginative 6-year-olds, their teacher, and an assistant turned into crypto pioneers in an experiment to understand Bitcoin and its jazzy cousin, the Lightning Network. Who knew that discussions about digital currency could kick off in a classroom while indulging in milkshakes?
The Great Freddo Index and Bitcoin Basics
During this enlightening session, MSW, a data analyst from CoinCorner, whipped out the beloved British Freddo chocolate bar to illustrate the rise of inflation, making kids ponder how they might exchange their pocket change for this sugary delight. Once priced at a mere 10p, the Freddo now boasts a shocking 27p price tag. Who would’ve thought chocolate would teach economics?
- Freddo Price Over Time:
- 2000: 10p ($0.13)
- 2022: 27p ($0.32)
Who knew that the kids would grasp complex ideas like the 21 million hard cap of Bitcoin? They appeared to absorb knowledge quicker than it takes to say ‘blockchain’!
The Gift of Bitcoin – But with a Twist
MSW distributed a unique gift: the Bolt Card loaded with £5 worth of cryptocurrency (21,554 Satoshis, or about $6). It’s like giving a kid a shiny new toy, except this one promises to shape their future financially!
As he posed a crucial question, asking whether the young participants preferred to ‘hodl’ or spend their crypto, it was an enlightening moment. Gourmet Shakes—an enticing milkshake shop on the island—beckoned with the promise of ice-cold rewards.
Delayed Gratification: The Marshmallow Experiment, Reimagined
Remember the Stanford Marshmallow Experiment where kids chose between one treat now or two later? The Isle of Man version had kids wagering between sipping a creamy milkshake today or holding onto their Bitcoin in hopes of a bigger milkshake down the road.
Surprising Results
After the dust settled, of the 27 little crypto-lovers, only 5 decided to indulge in their Bitcoin—leaving 22 budding investors keen on waiting for bigger rewards. It appears we’ve got some HODLers in the making!
The Future of Bitcoin on the Isle of Man
As the experiment concluded, the pressing question remained: Was the £5 Bitcoin gift now worth less (around £3.70 or $4.42)? Yikes! Kids might need to act fast if they’re eyeing that milkshake. Unfortunately, they may lack the legal age to have a CoinCorner account, but they sure are gaining knowledge regarding this mysterious digital cash.
The Isle of Man is quickly stamping its passport as a Bitcoin hub, with a burgeoning number of businesses hopping on the crypto bandwagon. With over 40 businesses now welcoming Bitcoin, is the Isle of Man on its way to becoming a true “Bitcoin Island”? Sign us up—milkshakes included!
