Cryptocurrency is not just considered as bitcoin anymore. The concept of cryptocurrency will turn 10 in under a year. It has spawned hundreds of crypto-tokens with unique functions and development, begun to create jobs, and inspire entrepreneurs to create start-ups as it ages.
The generation fuelling this trend are millennials. We are still only at the beginning in terms of seeing what blockchain technology can accomplish while “bitcoin” and “cryptocurrency” are finally starting to become household words.
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The reason is, as we will see in the next section, that more and more millennials are adopting cryptocurrencies in their portfolio, either for investing in the projects they feel are the most useful, or for getting high returns.
Why Is Cryptocurrency Uniquely Suited to Millennials?
Millennials have different ways of thinking by default as the first generation to grow up with digital technology at their fingertips. In a way of feeling completely natural, technology is seamlessly woven into day-to-day life.
From finding employment and booking vacations differently from their parents to getting a taxi and ordering food, millennials can do everything. The CEO of blockchain start-up StormX, Simon Yu said that in order to create opportunities for themselves Millennials are particularly open to embracing new technology, and blockchain, the tech behind crypto, is no different.
Millennials are welcoming blockchain, according to yahoo finance, with open arms being masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations. It was also noted by Chris Castiglione that the young are in a better position to assume the risk of an industry known for volatility.
He co-founded One Month and teaches a Bitcoin & Cryptocurrencies course there. He said that the crypto market is a space with both a lot of growth and risk which is why it is attractive to millennials. People are less inclined to get into such quick growth, volatile field who are 40+ years of age and are likely to get settled down with a career and family.
Over the past 2 decades, it has been the same for all the start-up founders. The Gen X or baby boomers are considerably much less digitally literate than the millennials. He further added that age should not be seen as a limiting factor for older generations who want to get involved. It is seen that the people between the ages of around 22-40 start the use of cryptocurrencies and tokens.