There is little-known information about the one who created Bitcoin, the pioneer of digital cryptography. A man assuming the name Satoshi Nakamoto is said to have been the one who made it. However, all traces of him disappeared after introducing the bitcoin system in 2009. It’s safe to believe that people will think twice before investing in something with a shady background. However, contrary to this belief, the value of Bitcoin, along with other cryptocurrencies, keeps rising.
A recent survey conducted by the Blockchain Capital shows that 65% of millennials believe that their money is safer in Bitcoin than in traditional banks. In fact, one out of four millennials is investing their money in the cryptocurrency. Let’s explore the reasons why they do so:
Distrust in Wall Street
Millennials have seen and remembered what happened in the stock market in 2008. Such financial crisis is hard to forget. Thus, there’s a growing distrust in Wall Street among the young. Compared to the possibility of losing their job and wealth, millennials think that the volatility of digital currencies is less of a concern. Investing in cryptocurrency seems like a safer option compared to stocks and forex market trading.
Fast Fund Transfer
It is difficult to transfer funds from one country to another. This difficulty weighs heavily on millennials who not only like to travel but also work abroad. Traditional bank systems simply fail to cater to the changing needs of their customers. Normally, a global bank transfer will take three to four days. However, cryptocurrency can do the same transaction in less than a minute.
Many see cryptocurrency as an investment with a better potential for higher returns than traditional savings accounts. At the last quarter of 2017, people saw that the value of Bitcoin and other cryptocurrencies can be better than some stocks.
Support Modern Lifestyle
Exposure to media has convinced a lot of millennials that they can fulfill materialistic needs via online purchases. Cryptocurrency provides a low-cost and convenient alternative to credit cards and debit cards.
Millennials find that they can do so much more with cryptocurrency. The initial coin offering or ICO model gives them a more democratic way of investing in new ideas and launching brands. Thus, the young can easily become stakeholders in new technologies. Blockchain, which is used in cryptocurrency, also empowers them to create better and more comprehensive platforms that can advance the industry.
When new things are introduced in the market, people cannot avoid making comparisons. Some are comfortable to use an established financial institution while others are brave enough to try new players in the same scene. Cryptocurrency or traditional banking, both have their own advantages or disadvantages. While traditional banking has been on the scene since time immemorial, cryptocurrency is promising the future. According to Akon during the Milken Global Conference, Bitcoin is going to change the world.