So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
What made you say that mining is the only way to make a lot of Bitcoin. It barely gives you any profit. There are so many other ways to obtain a lot of Bitcoin. Trading altcoins gives much larger profits that mining. Investing in trustworthy sites and newly born altcoins that show signs of growth is a good way to obtain Bitcoin. My opinion of mining is similar to faucets. But mining of course is necessary for Bitcoin to work.
Plus I don't think that this would work unless you dump all of their money that they already have saved and will make in the future, into Bitcoin. And that is a big task. They probably would not agree, because they would not even be able to spend money on the day to day life. So I really don't think that this would work. I would just leave it and let them find out the hard way.