Millennials have grown up in a time of rapid change. As such, one of the largest generations in history has a very different set of priorities and interests than any generation before. They get married later, are hesitant to buy homes and cars and are no strangers to technological change.
As the first generation of digital natives, it may come as no surprise that they’re drawn to cryptocurrency. Millennials are no strangers to economic change, which might be why they’re so quick to accept cryptocurrency and show interest in all that it has to offer.
1) They’re a Decentralized Financial Network
Bitcoin was one of the first cryptocurrencies to hit the market. On a simple level, this technology is a peer-to-peer payment system that happens on the blockchain. It’s decentralized because it requires no authority or third party to validate person-to-person transactions.
Instead of relying on financial institutions, Bitcoin uses anonymous miners to process its transactions. This helps cut down on problems like fraud and expensive transaction or loan fees.
According to Neopay, half of the millennials lack trust in the traditional banking transactions that happen in high-street banks. This draws them to cryptocurrencies and their decentralized characteristics. Younger consumers want to manage their money in a more digital way and are happy that traditional banks aren’t their only option.
2) Blockchain Possibilities
In the past, information has been stored and saved in private ledgers and verified by trusted middlemen. In the blockchain, information is stored on a public ledger that’s verified by multiple people. This decentralized, trustless system can change much more than the world of finance.
According to Brian D. Evans, Chief Marketing Officer at ShipChain, “Blockchain has the power to make every industry more transparent, democratic and secure.” For example, ShipChain is currently disrupting and revolutionizing the transportation and logistics industry with blockchain technology.
This is the kind of change millennials can get behind, as the majority of them are e-commerce shoppers. Instead of tracking packages on a private ledger, millennials will soon be able to track their shipments on Shipchain’s fully-integrated system that spans the entire supply chain.
3) ‘Crypto Never Sleeps’
Older generations are accustomed to stock markets opening and closing. Simply trading throughout the day seems completely normal to a lot of individuals.
Millennials, on the other hand, grew up in the internet age. They are a group that wants to be connected 24/7, and cryptocurrencies cater to this desire. Whether it’s the middle of the night or the middle of the afternoon, millennials like to see how tokens are trading or even get in on the trading themselves.
4) It Fits With the ‘Gig’ Economy
Short-term work is growing in popularity. Companies like to fill temporary positions with independent workers, and most millennials like temporary positions, too. Often, these jobs are remote—meaning they can be done from anywhere in the world—and they pay well.
In the past, one of the challenges in the gig economy was payment. Services, like PayPal, are available, but they often charge a transaction fee. So, more and more people are switching to cryptocurrency because transactions on the blockchain are unregulated. Neither the paying party or the receiving party needs to pay a transaction fee.
Another benefit of cryptocurrency is its overall safety. Miners ensure that both parties pay and receive exactly what was agreed upon. Transactions can even be placed in escrow, so the money is readily available when needed, and neither end is left short.
5) They’re Accustomed to Digital Assets
Millennials don’t shop like generations before them, according to CreditCards.com. They rarely have checkbooks, and they often stay away from carrying cash. Instead, they pay with debit or credit cards. Even if they’re buying a soda at the gas station for a few dollars, they’re probably putting the purchase on plastic.
For this group, cryptocurrencies seem fairly straightforward. People who already think of their money in a digital way generally find it easier grasp the concept of cryptocurrencies. Their money has always been digital to them, so switching to another format seems like a logical choice.
Cryptocurrency Is Growing
Cryptocurrencies popularity is growing among all age groups. That being said, millennials are a technologically-savvy group that are adapting to cryptocurrencies and all they have to offer like wildfire.
Options like Bitcoin draw in millennials and are a big investment opportunity for many young adults. Interestingly enough, there’s also a touch of nostalgia to the space. In a way, it feels like it could be the second gold rush. Like their ancestors, millennials crave the chance to turn nothing into something.
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