It seems like the everyday industry is under the threat of disruption at the hand of millennials. While in some cases, this may seem like a lot of hot air, when it comes to the future of money, all signs seem to point to not only disruption but a revolution of the current monetary system. And millennials are the ones who are going to do it.
Millennials are the first digitally native generation and are used to computers, technology, digital currencies is an integral part of their lives. It also applies to their relationship with money as well. Many aspects of cryptocurrencies like convenience, security, and independence from legacy systems seem to be attractive to many of them. And while Bitcoin and other cryptocurrencies are only starting to make a mark, we can expect them to become more critical as Millennials start having more control over the economy as a whole. Let’s take a look at how this generation could be the one to turn the current economic system on its head.
Millennials are Naturally Suited for Crypto
Many aspects make crypto so natural for millennials. But one of the things that make cryptos so compatible with them is their relationship with work and money.
This generation is more likely to have a side business than ever before, and a large percentage of them are more likely to see technology as an opportunity than the people before them. Also, while the volatile nature of crypto markets might be too much for older investors, younger are much less risk-averse. They embrace the risk, but also the possible rewards, while older investors will value stability. Not to mention that the technology behind cryptocurrencies might be much easier to grasp to them than for boomers or Gen X.
The Real Disruptive Potential of Crypto
Cryptocurrencies introduced with one goal in mind. Replace legacy monetary systems and it is used as of right vehicles for exchange. While they are still at their infancy and don’t seem to be a threat yet, things could change sooner than later.
We could see a future where we’ll be able to buy coffee or lunch on the fly with little or no transaction fees. And also no intermediary straight from a digital wallet. Cryptocurrencies could have huge implications. It is when considering all the transactions that could be made in the future through cryptos.
Not only that, but things like paying your rent or bills. It could also make through smart contracts. All your finances could be put on autopilot without paying account fees or having to deal with a bank.
But the real power of cryptocurrencies lies in the blockchain and its possibilities. Platforms like StormX, for instance, were made specifically for freelancers. Freelancers often have to deal with a variety of fees that make some jobs not worth the trouble. The platform allows people to earn crypto by trying and reviewing games, products, apps, or services. Users are then free to use this crypto in any way they wish.
The founder, Simon Yu, stated they would soon move to pay users for sought after services like blog posting, coding, translating content and more. Platforms like these could start building a whole parallel economy entirely outside of traditional fiat currencies and could have more of an impact than many imagine.
Millennials as Early Adopters
But one of the things about millennial investors is that it will give them an edge when it comes to crypto investment. It is they will be the first line of adopters. This means that they will have seen it evolved from its infancy and amassed a wealth of knowledge on how they work. They will be able to identify new currencies, which ones have a solid use case and future, and which ones are set to fail. This will give them more confidence when investing. And it also allows them to corner the market and dictate in which direction it will move.
This is why those who haven’t started looking into cryptos should start to get updated on the latest fluctuations and pay special attention to markets and innovations in the sector. Cryptos could end up dictating the future of whole nations and the way everybody, not just millennials, interacts with money.
How to Start Investing in Crypto
Crypto might seem intimidating because it’s still new and has been known for its volatile nature. But markets are now starting to stabilize as more serious investors, and not speculators, are getting in the markets. And this could give us a better idea of how much cryptos are worth and what we can expect for the future.
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The main goal is to first and foremost make sure that you invest only a small amount of your available capital in crypto. Some say that only 10% of your portfolio should be in crypto right now, which seems reasonable. Also, make sure that you learn how to keep money secure by using cryptocurrency wallets and know how exchanges work.
By the look of things, it’s clear that millennials are leading the charge when it comes to crypto adoption. As they start taking their place, we can expect them to change how we use and see money from now on.
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