Gen Z loves cryptocurrency, but are they putting themselves at risk? Industry experts detail the threats minors face on crypto and blockchain applications while urging child safeguards and greater education in the community.
Keeping children safe
Although there are no official safeguards in place for children when it comes to accessing crypto and blockchain applications, Guerrero explained that one of the most important factors to consider is age verification. “We need to make sure that minors are not wrongly engaging with blockchain applications or misusing cryptocurrencies,” he remarked.
Caleb Frankel, co-founder and chief operating officer of EarlyBird, told Cointelegraph that the offering is focused on providing access to digital assets so that parents can invest on behalf of their children: “Namely, the scams and fake platforms are risks for minors. Online predators are experts at seeking out inexperienced people and exploiting them. Data breaches, identity theft or fraud can be accomplished in the child’s name without their knowledge. Children are also more likely to lose a private key, but this happens even to adults.”
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