Technology

Millennials Fuel Cryptocurrencies

Millennials Fuel Cryptocurrencies
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With hundreds of siblings joining the cryptocurrency family,  millennials fuel cryptocurrencies, bringing  a flurry of activity to the cryptoworld. In less than an year, the cryptoworld will complete its first decade of existence. With age, the crypto space has also started creating jobs, inspire entrepreneurs to launch startups and introduce several hundred crypto tokens each with a unique function and development. Millennials fueling cryptocurrencies is an overwhelming trend that is developing. Cryptocurrency and bitcoin are already household names, not just in metro cities but even remote villages.  This frenzy of activity in the crypto space should at least in part, be credited to the penetration of internet and mobile telephony.  Interestingly, we are just about beginning to understand how blockchain technology can potentially impact our lives in the days ahead.

What helps millennials fuel cryptocurrencies

Millenials enjoy the unique opportunity of being the first generation growing up in the midst of digital technology and, therefore, their thinking is different by default.  Technology plays a major role in their everyday lives from hiring a taxi to ordering food or find jobs to booking vacations in a manner significantly different from the experience of their parents.  Cryptocurrency fits nicely into their lifestyles.  Another particular reason why millennials fuel cryptocurrencies is their openness to embrace new technology to create opportunities for their own progression and that of blockchain, the technology that drives the cryptoworld.  The advent of blockchain technology has perhaps come at a very appropriate time helping the millennials to look at life away from the traditional 9-5 routine of the past generations.

Yet another reason why millennials fuel cryptocurrencies is that their risk taking ability is significantly better than their family elders. They are not afraid of playing in volatile environs  and are more focused on the growth prospects offered by the space.  Most people who have stepped past their 40s are less likely to venture into such a volatile field even after factoring in the prospects of quick growth. Conversely, they are more inclined to settle down with their family and career at hand.  The rate of digital literacy among millennials is also significantly ahead of the baby boomers or Gen X and that is another major ingredient that helps millennials fuel cryptocurrencies. However, age is not necessarily a limiting factor when it comes to pursuing emerging technologies and related opportunities. As a matter of fact, many startups among cryptocurrencies and related tokens do have people around the 40s and even the late 40s.

Apparently promising future of crypotcurrencies encourage millennials fuel cryptocurrencies

Cryptocurrencies, as most of us do know, is a form of digital currency that can be stored and exchanged electronically without the worries of borders or banks. Although cryptocurrencies are yet to make any significant impact in the global economy, some experts opine that cryptocurrency has the potential to replace traditional methods of payment.  At a future date, people may be able to pay for their restaurant bills using a crypto wallet instead of cash, credit card or a merchant system. In other words, these experts hold the view that crypto could replace the way people pay for their everyday needs.

Blockchain technology can go beyond digital currencies

Another reason why milliennials fuel cryptocurrencies is the ability of blockchain technology to go beyond digital currencies and find application in areas like connecting candidates with employers or be programmed to enable execution of ‘smart contracts’ such as automated rent payments.  Interestingly, some crypto tokens and platforms are independent of any financial transaction. StormX for instance provides earning opportunities for users through services, games and reviewing new products and invest those earnings or even exchange it according to what the user desires.  Eventually, the platform will also support skilled work such as writing blogs, coding, editing videos, translation, programming and a wide array of tasks that are available on other major freelance platforms. Millennials can thus be expected to bring about a revolution of sorts to the way work gets done across the globe. This revolution will also potentially remove the limitations to the potential of individuals with regard to work and life and provide better return on the effort and time they invest, as also the ability to progress. The blockchain technology can be leveraged to help millennials to explore opportunities to work at any time or any place of their choice and get paid as soon as the work is done. In turn this would also allow the millennials to create their own opportunities, pursue education and career advancement without the constraints of location or socio economic status.

Ability to be involved with cryptocurrency keeping the high risk areas at bay

Investing money in technologies that are yet to prove itself is indeed intimidating and that is more so with crypto which has experienced wild swings in values and has no regulatory authority controlling it.  Though the cryptoworld has many avid followers, there is another section of people who look at it with plenty of skepticism and they have a good reason to do so. Thankfully, the millennials have a simple solution at least till the space gets more stability.  Learning about blockchain and cryptocurrency is by far free and when the learning reaches a mature level, small investments that hold no challenge to the everyday needs can be made. This way, any potential loss would add to the learning without in any way leaving a gaping hole in the wallet.