Bitcoin price headlines over the past few months have seen the whole cryptocurrency landscape thrown well and truly back into the spotlight. All of a sudden, millions who had never previously expressed any real interest in crypto trading decided the time had come to join the party.
The appeal of cryptocurrency trading is by no means exclusive to any specific age group or demographic. In fact, it’s the accessibility and affordability of the whole thing that makes it such an enticing prospect for so many.
At the same time, there’s no disputing the extent to which millennials are driving the cryptocurrency revolution faster than any other age group. Millennials are embracing blockchain technology at a pace that goes exponentially beyond that of their older and younger counterparts, playing a major role in molding and shaping the future of virtual currency.
Why Cryptocurrency and Millennials Are a Match Made in Heaven
As for why it is that millennials are taking to cryptocurrencies like ducks to water, it’s attributed primarily to the fact that this is a generation that grew up with advanced technology at its fingertips.
For millennials, technology is less a useful feature in their life and more an extension of their body and brain. Mobile devices are the indispensable lifestyle tools most millennials could not imagine getting by without, making it much easier for this demographic to get to grips with things like blockchain technology and cryptocurrency.
From ordering food to flagging down cabs to finding a date for the weekend, they do everything in a virtual space – including a growing list of everyday financial activities.
Open Mindedness to New Technologies and Initiatives
In a recent interview with Forbes, CEO of blockchain startup StormX, Simon Yu, commented on how the openness of this particular demographic to new technologies has driven widespread interest in cryptocurrency.
“Millennials are particularly open to embracing new technology in order to create opportunities for themselves–and blockchain, the tech behind crypto, is no different,” he said.
“As masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations, millennials are welcoming blockchain with open arms.”
He went on to comment on how the conventional approach to side gigs like freelancing is losing its luster for millennials, highlighting the potential for crypto trading to offer far more attractive alternative side venture.
“The reality of the mainstream side hustle is often high freelancer fees, high operating fees, and many opportunities can be more trouble than they’re worth,” Yu said.
“The old paradigms of work–based on the industrial revolution–are far too limiting in terms of a person’s potential, a person’s life’s work, and the return on investment for their time and effort, as well as the ability to advance,”
“Leveraging blockchain technology can help millennials lock down opportunities to work from anywhere they want, when it suits them, and without the stress of waiting for an employer to pay. This will allow millennials to create opportunities for themselves, educate themselves, and advance their lives regardless of their socioeconomic status or location.”
Privacy and Security Concerns
Among those who are to some extent cautious or even skeptical about virtual currency, privacy and security concerns are common. Something that is easy to understand and appreciate, given the prevalence of online fraud, identity theft and other types of cybercrime.
With some of the world’s biggest companies having fallen victim to attacks over the past few years, it’s natural to make the assumption that nothing in a virtual space is 100% safe.
Which is technically true, and none are in denial as to the potential risks associated with cryptocurrency and blockchain technology.
“As much of the digital technology is still nascent, it is really important to be diligent about your personal data and security,” Yu added, stressing the criticality of safety and security becoming the top priority for all platform providers going forwards.
“Right now, I know that for most people, it is quite daunting to figure out what crypto-platforms are the safest and what the best practices really are for this space. Gamification and user experience design [will be] integral in enabling this chapter of digital evolution to be truly accessible to anyone in this global ecosystem.”
In any case, cryptocurrency transactions have the potential to be significantly more secure and exponentially more discreet than any comparable credit or debit card transactions. Something that’s expected to continue evolving with the widespread adoption of crypto, and the increasingly sophisticated nature of the web’s best cryptocurrency exchanges.
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