Satoshi milkshake experiment shows that children can also HODL Bitcoin

by · July 7, 2022

A Bitcoin (BTC) experiment on the Isle of Man involving the Lightning Network, 25 school children and the promise of a milkshake has yielded interesting results.

At the Willaston School on the Isle of Man (a British Crown dependency located between the United Kingdom and Ireland), 25 6-year-old students, a teacher and a teaching assistant participated in the light-hearted Bitcoin study.

Location of the Isle of Man, including Bitcoin B-signs for merchants who accept Bitcoin. Source: Bitcoinevents.co.uk

MSW, a data analyst at CoinCorner, told Cointelegraph that he visited the school to discuss job opportunities and to inspire children, and discussed his own career path, which spans nuclear reactor studies, data analysis and now Bitcoin. Inevitably, the conversation plunged into Lightning Network and CoinCorner’s new creation, the Lightning-enabled Bolt Card.

“I talked a little bit about Bitcoin, went through the Freddo index – how the price of a Freddo explodes – then showed them the amount of money in pounds over time and asked them what they knew about Bitcoin.”

Freddo is a well-known character in most British childhoods, and is a humble chocolate plate shaped like a frog. When a Freddo was introduced to greengrocers’ shelves at the turn of the millennium, a Freddo cost only 10p ($ 0.13). In 2022, Freddo will cost a full 27p ($ 0.32), as shown by the following index:

Freddo chocolate plate price analysis. Source: vouchercloud.com

Despite their young age of 10 or 11, the kids knew about Bitcoin and some of its properties. A light spark came up with 21 million hard cap, and overall, the classroom sentiment against Bitcoin was positive. At one point, MSW was even asked if it was a good idea to buy non-fungible tokens (NFT). He put them right before giving each student a Bolt card loaded with £ 5 credit (21,554 Satoshis or $ 6).

The Bolt card is a first of its kind Lightning Network-enabled card that allows almost immediate payments from sellers who accept BTC. The quick lunch story demonstrates how it works in detail.

MSW included an important warning when he gave the Bolt Card to the children. “I made it look like you want to hodle or do you want to use?” After highlighting the deflationary, number-go-up technology that surrounds Bitcoin, MSM also showed the class that they could use their Satoshies as money. Gourmet Shakes, a Bitcoin-friendly milkshake shack was an appetizing proposition.

One of the slides from MSM’s presentation. Source: MSW

MSW was well aware that the Bitcoin test was reminiscent of the Stanford Marshmallow Experiment, a pop psychology test from 1972. In short, the experiment sought to understand delayed satisfaction in children by offering the choice between an immediate reward or a larger prize if children waited a period. The reward was either a marshmallow (hence the name of the sample) or a pastry.

The “Isle of Man Satoshi Milkshake Experiment” – which may not have the same sound – yielded exciting results. Of the 27 participants, only five have used their Satoshis, which means that 22 are Bitcoin HODLers.

In addition, since the experiment took place on May 29, £ 5 ($ 5.97) of Bitcoin is now worth around £ 3.70 ($ 4.42) at the time of writing. If they want to use Bitcoin on a £ 3 milkshake, they have to trade now!

MSW and the class that has the Bolt Card. Source: Willaston.sch

MSW jokes that the children are unfortunately too young to have a CoinCorner account. But the experiment is worthwhile when it comes to promoting Bitcoin adoption and demonstrating that it is easy to use Bitcoin. In addition, it relates to a growing subcategory of the Bitcoin culture, from Bitcoin children’s books to educational tools for children to understand good money.

Related: The British ‘Bitcoin Adventure’ shows that BTC is a family affair

The Isle of Man is fast becoming a leading European Bitcoin destination. Around 40 businesses now accept Bitcoin on the island with 85,000 people, Molly Spiers CoinCorners head of marketing and communications told Cointelegraph:

“We are on a mission to do that [Isle of Man] a Bitcoin Island – have people come over and live on a Bitcoin Standard. Hotels and accommodation are something we are missing at the moment. “

Regarding the milkshake experiment, MSM suggested that it would be worth taking a trip to see the school students before the end of this year to see how they are doing, and to demonstrate how to sweep the Bitcoin from the card if they do. . wish.