The cryptocurrency industry is aiding the millennials in shaping their future.
“Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it”. – George Orwell
Since their introduction in 2009, cryptocurrencies have undergone a great revolution. Today, more than 1300 digital currencies exist in the market. The flourishing cryptocurrency industry is creating jobs, inspiring entrepreneurs to create startups, and create crypto tokens with unique functions. Millennials are at the spearhead of this industry.
How cryptocurrency suits millennials
Millennials are the first generation to grow up with the revolutionary blockchain technology. Millennials have provisions to execute each task, right from paying for their morning coffee to booking vacations, digitally.
Simon Yu, CEO of a startup Storm X, believes that Millennials are particularly open to new technologies because it creates new opportunities for themselves. Blockchain technology is a platform which gives immense job opportunities to this generation and hence, is being welcomed with open arms.
Unlike the older generations, millennials are open to risks, and the crypto market is a business of both growth and risks.
What does the future hold?
Cryptocurrency, with the support of blockchain technology, has completely revolutionized FinTech. People are drawn towards the currencies because of the independence they offer from central authorities like banks. Arran Stewart, co-founder of a blockchain recruitment platform Job.com, believes that cryptocurrency can become a global platform and can replace traditional payment methods. Also, in future, you will be able to pay for your lunch or dinner using a crypto wallet, without the need for a credit card or even cash.
Simon Yu says that blockchain technology can change the entire landscape of paid work. According to Yu, “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”.
Getting started with the investment
The crypto market is highly volatile. With time, we can expect more regulation and a greater diversity of investors. The older generations are a little skeptical about cryptocurrencies, but on the other hand, millennials are one of the largest age groups to invest in crypto. The idea of being in control of one’s money, without the interference of a third party appeals to millennials. Interestingly, a survey shows that this generation is investing in cryptocurrencies to save for retirement funds!
Securities though, still are a major issue. Cryptocurrencies might be safe, but many access points are not. PCEX is an extremely secure crypto-exchange with multi-layered protection in place. The platform offers a broker channel as an additional layer of security.
We believe that cryptocurrencies can become a mode of secure payment in the future. Do you agree? Comment below.
