Gen Y, Millennials, Young Adults. There are so many ways we can address the new crop of hard working tax paying individuals. Fresh out of college, they have a very different approach on how they view everyday life. What makes it even more interesting is, not only they eat different, they dress different, they trust a virtual currency more than the traditional one we have used all through our lives. What makes them have faith it a currency that has limited usability and why would they consider it more useful? Cryptocurrency values keep fluctuating, still they believe that it is the only way to earn maximum profits. Is there some some memo we missed?
Technology: A secret BFF
This generation believes not only in cryptocurrency but also the utility and usefulness of the technology behind it. Blockchain. It is this setup that adds a cherry on the cake. It is easy for many to term cryptocurrency as a Ponzi Scheme. The ones that do so are usually middle aged, mid management level type of people who had to struggle to make ends meet in the initial days of their career. Coming from turbulent times, facing a war they never wanted to be a part of, they staunchly believe that money needs to kept in a bank account or in a safe box hidden under the bed or in a secret section of a loft. Money on a computer is beyond believable for them.
What is different for these millennials is that they have grown up with technology. They have seen the the advent of computers becoming mainstream. They are the ones who had a computer at home and grew up to be either avid gamers or used it to submit homework assignments. They don’t fear technology. They have long back embraced it as a norm of their lives. So it is only logical that they shall embrace with open arms this new age money which needs to be mined with the help of mathematical algorithms. They are also ok with online banking if they choose to trade or invest in it.
Cryptocurrency: On Fleek Friend
One more thing needs to be kept in mind. This was the same lot that was on the cusp of finishing High School in 2008, when the global market crashed. The recession that followed was enough to jade them from trusting centralized banks and industries. So, as the opportunity arose for decentralized applications and along with it decentralized currency to come into play, they jumped at it. This adaptation was an easy transaction for them. This they know. Soon, a majority of them were in some form or another invested in cryptocurrency.
Bitcoin, one of the oldest, and probably the most highly valued digital currency. Hence, it wasn’t in budget for many of the millennials. They went with the other options such as new currency like TRON, NEO, DASH etc.
The Future: YOLO
As time moves on, we shall see this same lot of individuals changing not only the way we trade with the help of cryptocurrencies, they shall disrupt multiple sectors and eventually the entire business ecosystem. Sectors such as food, health, electricity and even banking is going to change and turn to Blockchain. May be then, when we are free of third party organisations and centralized bodies governing everything, we can achieve value for our currency and claim that consumer is king. LATERS!