There is no doubt that the millennial generation has taken to Bitcoin as fishes take to the water. The craze, use, investing, trading, writing, speculating, etc. have all been done by the Millennials with a lot of passion. Generation Z (the generation after millennials) are also actively engaged with learning about Bitcoins more than any other generation.
There is a reason for this behavior and in this article, we are going to explore them. We will look at why millennials are drawn to Bitcoins and other cryptocurrencies. In addition, we will also look at what makes them become such strong-headed supporters of the new financial systems.
Millennials and their Love for Bitcoin: Why did it happen?
The millennial population started gaining semblance for their lives just as the World Economic Recession of 2007-08 took place.
They saw their country go through wars (Afghanistan War and Iraq War) and saw how the government was instrumental in bailing out billionaires and pushing the debt-burden on the low- and middle-income groups.
The millennials have seen how their hard-earned income is deducted in the form of taxes, commissions, and interest rates by banks and financial institutions who are only concerned about making profits.
In order to understand why Bitcoin is so successful among this population, you need to understand the context against which it has emerged. The major attractions of Bitcoins and the philosophy espoused by its founder, Satoshi Nakamoto appealed to the ideals of millennials.
The government and the authorities have always focused upon what millennials cannot do and have tried hard to stifle income growth, reduce taxes, or improve health benefits for the masses.
List of Three Major Reasons Millennials like Bitcoin
1. Cryptocurrencies are Free and Borderless-
Imagine sending money home to your ailing parents and seeing that the financial provider has deducted a significant percentage of the same as processing fees, service charges, and other hidden costs. If you add the deductions over time, this will be a major figure.
You will realize that the banks have made money off you by providing you with a service, which should not exist in the first place. Cryptocurrencies are free and borderless and do not require any commissions to be transferred to third parties.
2. Complete Public Access at all times-
As Bitcoin cannot be controlled by the governments and financial authorities, there is complete access to it at all times. This means that normal individuals who would like to pay using Bitcoins can do so without any hesitation.
You do not need manual clearances or have governments snooping on your transactions. This is something, which all of us crave but do not get. With cryptocurrencies, you can expect that all these things will be taken care of with a fair amount of ease.
3. It is Simple, Easy, and Uncomplicated-
There is no dearth of resources when it comes to learning and educating yourself about Bitcoins. From podcasts to explainer videos to documentaries, you can gather your information from any content medium you like.
Millennials also have recourse to great trading platforms and exchanges, which makes life easier for them when it comes to trading and investing in Bitcoins. The BitSignal Login is one of the best Bitcoin trading platforms and the preferred choice for a lot of millennials.
The Final Word
There is a lot of development taking place in the world of this exciting new financial asset. Young and enthusiastic start-ups are experimenting with newer technologies like Blockchain and devising processes making the financial markets more accessible for middle- and lower-income groups.
The next few years are going to be very interesting as millennials are likely to keep pushing the boundaries of crypto adoption in different fields and areas. Are you a millennial and have some questions regarding the crypto ecosystem? Do not be afraid to list them in the comments section below. We will try our best to answer as many questions as possible.