Just like the 1990s, when the internet gained commercial traction and changed the way things were done globally, Blockchain technology is here! One of its many applications, Cryptocurrencies, has caused major disruptions to traditional methods of handling finance, that it can no longer be ignored.
Blockchain is a distributed ledger technology that allows data to be stored globally on thousands of servers while letting anyone on the network see everyone else's entries in near real-time. A cryptocurrency on the other hand is a digital currency, that verifies transactions and records are maintained by a decentralized system using cryptography, rather than a centralized authority.
Research in different parts of the world has shown cryptocurrencies to be three times more popular, as a long-term investment vehicle among Generation Z and Millennials compared to other generations.
In a recent survey conducted by Fintechmagazine.com in the United Kingdom, findings showed that about 20% of the well-to-do millennials had put their resources in digital forms of money, most especially cryptocurrencies. 20% of the individuals born between 1982-1996, had put up to £25,000 into the crypto space which was higher than the public normal of about 3%.
A survey poll that was conducted by Harris Poll on behalf of Blockchain Capital, gave several results in findings. The most important result was that the interest in Bitcoin is a lot more grounded in more youthful age gatherings than any other age group. The survey covered over 2,000 grown-ups in the US and although just 9% of all correspondents possessed Bitcoin, 18% of the 18-34-year-olds that were reviewed had a stake in the digital coin. Although this consolidates Generation X, Generation Z, and Millennials, it exhibits that the younger generation are better consumers of crypto information with a serious commitment to same.
To cite a recent example of the Millennials and Generation Z's love for cryptocurrencies, the methods deployed in raising funds for the End SARS Protest which took place in 2020 across Major Cities in Nigeria, a West African Nation comes to mind. Voluntary organizations gathered about 1 Bitcoin (BTC) in contribution from donors, with a vast majority of the leaders of these organizations and donors being Millennials.
What fuels this generation’s love for this genius technology?
A commonality that characterizes the younger generation is familiarity with the latest kinds of technology to ease day-to-day activities. They are associated with the digitalization of almost all processes of doing things especially, digitalized forms of transactions.
Millennials grew up with the advancement of the web and have been formed by it. They are more inclined to making payments through computerized wallets and internet banking, so Bitcoin, being the cash of the advanced world, appears to be undeniably more characteristic to a millennial.
Cryptocurrency has definitely won the hearts of these generations, not just because it has made payment methods easier but it is characterized by trust and individual control of one’s finances. It has especially won the hearts of millennials residing in some third world countries who are faced with lots of societal issues ranging from bad governance, to poorly managed Government's Central Banks who sometimes introduce anti-people policies, and exploitative commercial banks, coupled with a rising level of inflation and economic uncertainty.
Another reason for the statistics and findings is ease.
The generation embraces this technology because of the ease of dealing with and completing transactions. Cryptocurrencies, like fiat, have many functions and can be used to solve a lot of problems. With additional features such as the ease of access to loans, trading, and tokenization of assets and projects, the technology has brought about ease. A lot of processes that would have taken ages to be completed have been solved with the availability of this technology. The Millenials have their banking processes cut short, they can become part of projects as investors and stakeholders without long stages of completion because of the crypto technology.
Most millennials are aware of the benefits of purchasing and owning assets. For that reason, giving that cryptocurrencies are digital assets they buy more into them. It also stands out because of the ease of liquidation. Crypto technology has made it possible for physical assets to be tokenized and for that fact, millennials can buy into an asset from anywhere in the world as long as it is listed on an exchange. The best part is that the tokens/crypto can be liquidated at any time without having to put it on an auction for days and wait for a buyer. On a cryptocurrency exchange platform, any crypto asset can be liquidated.
For these reasons and only to mention a few, the technology has attracted these generations to itself. Why would the Millennials and Generation Z not love to take advantage of this? The current statistics are pointers to what the future will look like for blockchain and cryptocurrencies around the world.
Naijacrypto has seen this vision and has positioned itself to be a leading player in the industry, our provision of not just only crypto buying and selling services proves this. We have other amazing financial services like Coin Staking, Crypto backed loans, Futures trading platforms to mention a few. We are not just a step into the future, we are the future.
Welcome to the Future!
written by Joy Abia