Clever Kash Displays Lack of Innovation, Bitcoin More Suited for Financial Education

If we want to grow the Bitcoin ecosystem, proper steps have to be taken to raise awareness about virtual currencies, and the reason why they exist.  Targeting younger audiences seems to be the way forward, as students are a perfect demographic for the disruptive effect of Bitcoin and other digital currencies.  Or we can just take a page out of Clever Kash’s book, and directly target young children.

Clever Kash Finally Shows Financial Innovation, Or Lack ThereofDigitalMoneyTimes_Clever Kash

The financial sector has seen little to no innovation and evolution over the past 60 years, which is part of the reason why ginormous banks can fail in their business objectives and be bailed out by everyday consumers time and time again.  There is one simple reason why the financial crisis of 2008 took place: banks mismanaging user funds and being given way too much leeway.

This entire situation will not be changing anytime soon, and everyday consumers will continue to suffer from the master/slave relationship traditional financial institutions offer.  But some people have seen the light and decided to at least attempt to bring some innovation to the world of finance.

Teaching children the value of money is an all but impossible task. Especially in this day and age, where paper money is on the way out, and digital payments are the new norm.  Clever Kash wants to reintroduce the principle of a piggy bank, but through an elephant-shaped device with bluetooth and Wi-Fi connectivity.

As you would come to expect from this system, Clever Kash is part of a centralized and closed down ecosystem, as it will only be usable for customers of the ASB financial institution.  However, the Clever Kash initiative might make receiving and saving money fun again, just like a piggybank was cool back when we were young.

To keep matters kid-friendly, the Clever Kash elephant will only allow one-way communications: money can be transferred from the ASB mobile app to the moneybox, but not the other way around. Recharging this hybrid physical/digital piggy bank can be done through a USB cable, and a battery charge should last anywhere from 10 to 16 days.

“Clever Kash is our solution to this challenge in an ever-evolving digital era. “We have made cash tangible for kids again by allowing them to see firsthand how spending and saving is reflected on their Clever Kash display.  It’s a fun and modern take on the piggy bank that keeps children motivated towards their savings goals and helps them establish positive savings behavior from an early age.” – ASB Chief Executive Barbara Chapman explains.

Centralized Ecosystem is No Match for BitcoinDigitalMoneyTimes_Bitcoin Education

On paper, Clever Kash sounds like an excellent solution to make banking fun for young children. But when taking a closer look at what this project is really about, there is absolutely zero innovation be found here.  All this does is trick young and unknowing children into trusting banks who will stab them in the back at a later age.

Parents have a responsibility to teach their children the proper values in life, and Clever Kash seems to be a wolf in sheep’s clothes.  By the time young children have grown up, the financial landscape might be entirely different, and centralized solutions such as Clever Kash will have no place in this world anymore.

Making finance or the value of money more fun for children should be done through proper education tools.  Bitcoin is a great example, as parents can issue paper wallets to their children, all the while keeping them wondering what the value of their money is at any given time. That is how you teach children how money works: there is no set value, prices fluctuate all the time, and there is a responsibility factor to take into account as well.

Source: The Financial Brand

Images courtesy of ASB, Clever Kash, Shutterstock