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Description

source: https://www.scouts.org.uk/activities/all-things-crypto/
Learn about cryptocurrency, how it works and the positives and negatives of using it.

Resources

You’ll need
Pens or pencils
A4 paper
print out of 2 worksheets attached

Instructions

Planning and setting up this activity
Mark two places in the space, one to represent ‘true’ and the other to represent ‘false’.

Aim of the activity
The aim of this game is to introduce the concept of cryptocurrency and how it works, exploring both the positives and negatives of using it.

Links to the financial education planning framework
Managing Risk and Emotions Associated with Money
• Protecting my Money
• Fraud and ID Theft
• Risk and Return

RUNNING THIS ACTIVITY
True or false? - use worksheet 'quiz-all-things-crypto' (10 questions)
Explain that you’ll read out different statements about cryptocurrency.
Everyone must decide if the statement is true or false, then move to the correct area of the space.
After everyone has chosen their side, reveal the answer. You can also provide a brief explanation.
You may want to ask people why they chose the answer they did.
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DISCUSSING CRYPTO
Now, get into groups, and give each group a piece of paper and a pen.
Ask the groups to write down as many positives and negatives of cryptocurrency as they can. For example:
Positives: Example answers could include: Fast, easy to send money across the world, secure (because of blockchain), can be an investment opportunity, not controlled by governments, lower or no international transfer fees.
Negatives: Very risky to invest in, value can go up and down quickly, some people use it for illegal activities, there’s no insurance if you lose your wallet or your money gets stolen.
After their discussion, ask each group to share one positive and one negative aspect of cryptocurrency with the larger group.
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Now that they’ve had a chance to learn about cryptocurrency, it’s time to try some real-life scenarios. Read out each scenario, or act it out if you want to, then discuss each one as a group.
Use worksheet 'scenarios-all-things-crypto'
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REFLECTION
What did you learn about the risks of using cryptocurrency? It’s important to understand that cryptocurrency can be very volatile, meaning its value can change rapidly and unpredictably. This makes investing in it risky, as you could lose a lot of money quickly.

Considering this, how might cryptocurrency affect the way we use money in the future? It has the potential to change how we send and receive money by making transactions faster and cheaper, without relying on banks. However, its unpredictable nature also raises questions about stability and security. Given these factors, do you think cryptocurrency is a good or bad idea to invest in? Do the potential rewards outweigh the risks, or vice versa?

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NOTES...
CREATE A SAFE AND SUPPORTIVE SPACE WHEN TALKING ABOUT MONEY
This activity may touch on sensitive topics, such as food, money or food banks, which some young people or their families might be affected by.

It’s important to create a safe, positive and supportive space where everyone feels comfortable. Let everyone know it’s okay to ask questions, say if they feel unsure, or step away at any time. Always follow the Yellow Card.

You might need to make adjustments, such as:
• Tell people about the activity in advance
• Offer the option to leave or do an alternative activity
• Speak with parents or carers beforehand
• Remind everyone they can talk to a trusted adult if they’re upset or worried
You can offer trusted support services if needed, such as Childline (0800 1111), Citizen’s Advice (0808 223 1133) and Crimestoppers (0800 555 111).

The Trussell Trust is a great place to start looking for a food bank near you. You can find details of independent food banks online. The UK Government have some debt advice support too.

Make sure that all adult volunteers and young leaders keep all discussions age-appropriate and supportive.

Tags

• Finances
• money

Badge Links

• Money Skills - Money Online