There is no denying that children are growing up quicker these days than they once did; but now, they can learn about cryptocurrency and even own some from as young as six, thanks to new app Pigzbe, which essentially acts as a digital piggy bank. Whatever your views are on this topic, it could be a great thing for the cryptocurrency market, showing that it is becoming more adaptable and accepted in day to day living.
Pigzbe was created by entrepreneur Filippo Yacob, and has been designed with the aim of teaching children about cryptocurrency and finance, whilst, at the same time encouraging saving. The app is described as being a ‘piggy wallet’, and uses Wollo, which is a blockchain-enabled currency that has been described as the first cryptocurrency that has been specifically targeted to children. The creators have described Pigzbe as;
“More than a piggy bank, Pigzbe is a ‘piggy wallet’ for children, parents and families, powered by its own family-friendly cryptocurrency called Wollo, designed to be suited to thousands of tiny transactions as parents reward chores or give pocket money.”
Wollo, a family-friendly cryptocurrency, joins the growing trend in blockchain enabled currencies, which hosts big names like Bitcoin, Litecoin and Ethereum, as well as the smaller, lesser known coins like Dogecoin and Putincoin.
Is the app just moving with the times? With the increase in blockchain technology, are we moving towards a cashless society? Is this app, actually helping children to save in this new environment, in a piggy bank that has been designed for this, with no large transaction fees, or transaction minimums? Yacob, the CEO thinks that this is definitely the case, saying;
“Learning about money early is key to developing positive financial habits, but it will be impossible to do in an increasingly cashless society, and with current banking products…When I looked for digital piggy-bank apps for my own son, I couldn’t find anything that would allow me to make small payments – even one penny or two pence at a time – let along cross border. Most digital piggy bank apps would charge me 50 pence just to send 50 pence.”
So, just how does this app work? It uses an app to transfer the money from parent to child, although there is a game version of the app for children.
“Pigzbe pairs a physical device with an app that turns gifting and saving into a game, while allowing families to transfer as little as one penny between one another globally, and within seconds.”
With the app, comes a Wollo Card, which can be used by both adults and children in a lot of online and offline shops. These cards can have parental restrictions put on them, which will forbid them from buying certain goods.
Blockchain technology is set to have a massive impact over the next 12 months, so this new app might have come just at the right time. If children are becoming involved in cryptocurrencies from a young age, they will be more accepting of it as they grow up, which can surely only be a good thing for the market.