The young generation is living in a period that is experiencing rapid changes. Therefore, one of the biggest generations in human history has distinct preferences and values than any other generation before. They are married later, are not averse to buying houses or cars, and aren’t afraid of technological changes.
Being one of the first generations to be digitally native, it should be no surprise they’re drawn to crypto. Generation Y is no stranger to change in the economy. This could be why they’re so eager to embrace cryptocurrency and be interested in all it can provide.
They’re a Decentralized Financial Network
Bitcoin was among the first cryptocurrency to be introduced into the cryptocurrency exchange. In a nutshell, it’s an electronic payment system for peer-to-peer transactions carried out on the blockchain. It’s decentralized since it needs no authority or a third party to verify transactions between people.
Instead of relying on financial institutions, Bitcoin uses anonymous miners to handle its transactions. This reduces issues like fraud and costly loans or transaction fees.
According to Neopay, half of Millennials are skeptical of traditional banking transactions at high-street banks. This is why they are drawn to cryptocurrency and its decentralized features. Consumers of younger age want to manage their money increasingly digitally and are glad that banks of old aren’t the only choice.
The past was when information was saved and stored in private ledgers verified by trusted middlemen. The blockchain system stores information in public ledgers that multiple parties check. This uncentralized, secure system can change more than the finance industry.
For instance, ShipChain is disrupting and changing the logistics and transportation business using blockchain technology.
Millennials are behind this development type since most are online customers. Instead of tracking their packages using a private ledger, Millennials are soon able to monitor their deliveries on Shipchain’s fully integrated system that will cover all of the supply chains.
Crypto Never Sleeps
The older generation is used to stock market openings and closing. The simple act of trading during the day is commonplace to many people.
Millennials, On the other hand, were brought into the digital age. They’re a population that is always connected, and cryptocurrencies are a perfect fit for this demand. It doesn’t matter if it’s in the middle of the night or midday. The millennials want to know about the trading of tokens or even participate in the trading itself.
It Fits With the ‘Gig’ Economy
Temporary work, as well as gig-based jobs, are becoming more popular. Employers prefer filling temporary positions by hiring independent workers. Most Millennials prefer temporary jobs, too. Many times, these positions are remote, can be completed from any place in the world, and pay well.
One of the issues for gig workers in the past was the payment. Services such as PayPal are accessible, but they typically cost a transaction charge. Therefore, more and more people are turning to cryptocurrency because transactions made on blockchains are not regulated. The paying party and the party receiving the payment must pay a transaction fee.
Another advantage to cryptocurrency is its general security. Miners ensure that each party pays and receives exactly what was decided upon. Transactions may also be placed in escrow, ensuring that the funds are readily available at any time and neither side is left empty.
Cryptocurrency Is Growing
The demand for cryptocurrency is growing in all different age groups. That being said, millennials are a technologically-savvy group adapting to cryptocurrencies and all they have to offer like wildfire.
Options such as KuCoin is a popular crypto exchange with young people and offer a huge opportunity to invest for young adults. KuCoin offers a broader range of cryptos on various brokerages or crypto exchanges. KuCoin is worth checking out if you are looking to expand.
Accustomed to Digital Assets
Generation doesn’t spend as much money as generations before them, according to CreditCards.com. They rarely carry checkbooks and often shy away from cash. Instead, they use credit or debit credit cards. If they buy a beverage at the stationery shop for a couple of dollars, they’re likely placing the purchase on a credit card.
For those in this category, cryptocurrency seems to be a simple concept. People who think of their money as digital generally have a better understanding of the concept of cryptocurrency. The money they have always had was digital for them; therefore, changing to a different format appears sensible.
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