UK EdTech start-up Strive is receiving criticism from leading online safety experts in Australia regarding its educational Bitcoin piggy bank product

The educational Bitcoin product which resembles a conventional piggy bank has been criticised by various online safety experts and academics.  Developed by UK EdTech start-up Strive, the product was created to teach children about the future of money and to get started parents need to setup a crypto wallet and download the app.  Using the app parents can set chores, assign pocket money, use collectables all in Bitcoin.  The piggy bank costs $149USD and transactions are secured using 256K encryption.

Without a doubt, the crypto market is here to stay. With $2T now stored in crypto across 68M crypto wallets around the globe, there’s still a surprisingly visible lack of resources to teach kids about digital currency… This is why we’ve built Penny the Pig – to give everyone a simple, safe and responsible way to explore the space of cryptocurrencies, and learn about the future of money…  Andrew Birt, Co-Founder and CEO, Strive Financial Ltd, Source: Finextra

Concerned about the introduction of the product into the Australian market, leading online safety experts and academics have spoken out about the potential pitfalls for parents if using this product.  Susan McLean, a former police officer and educational cybersecurity expert voiced her concern that the product doesn’t achieve its fundamental goal:

It is not really teaching kids about money… You have to set tasks for them to do online and then bitcoin magically goes into their piggy bank but there has to be a monetary transaction somewhere for this to happen… The fluctuations in cryptocurrencies, most adults don’t get their heads around there is no way kids could understand it… Susan McLean, CyberSafety Solutions, Source: The Sydney Morning Herald

David Glance, director of the Centre for Software Practice at The University of Western Australia also voiced his concerns regarding the introduction of an educational Bitcoin product:

This is more about the issue of having children invest in something in which they can lose their money as opposed to a regular savings account which at worst, will have low returns,” he said. “So clearly it isn’t teaching children financial literacy and good sense and given that most adults don’t understand cryptocurrencies, the idea that this is going to teach children about the subject is ridiculous… David Glance, Director, Centre for Software Practice at The University of Western Australia, Source: The Sydney Morning Herald

You can learn more about Strive here: https://www.strivefam.com/

You can also learn more about Susan McLean here: https://www.cybersafetysolutions.com.au/