As the technological world grows more advanced with each passing day, countless new innovations, apps, games, social media platforms and more are popping up on every digital corner of the internet. It’s now easier than ever to do your shopping online and make purchases and transactions of any kind from the comfort of your own home. Unfortunately, not everyone has access to the select range of payment solutions, which is where Bitcoin steps in.
Put simply, Bitcoin is a digital currency known as the world’s first decentralized monetary form. In other words, no one authority holds control over this booming currency. This probably attributes to Bitcoin’s current soar in prices, making them the new, hot topic in tech and business alike.
Everyone has heard about Bitcoin and how it seems to be taking over the world in the past year especially, but what does that mean for Millennials?
A Brief History
Since its rise to popularity in 2008, Bitcoin has grown to be more accessible and often a more convenient method of online payments. A
lthough no one knows who invented the currency, there are theories relating Satoshi Nakamoto, believed to be either one man or a group of people, to Bitcoin’s birth. The purpose of this currency focuses on providing a faster and more reliant transaction that doesn’t fall victim to the restrictions and management of a central authority. As of 2017, an estimated near 6 million individual users have Bitcoin wallets and are frequent users.
Millennials perceive Bitcoin as the stocks of their generation- in fact, a recent poll found that Millennials aged 18-34 would prefer to own Bitcoin than stocks, a vast difference from the same age group’s preferences only a decade ago when Bitcoin was first being introduced.
Fun for All
Taking a look at the many benefits and features that Bitcoins provide to Millennials, it comes as no surprise that the currency would eventually be adopted into the entertainment industry. Video games, movies, music and more, which are essential components of Millennial lifestyles, are available online purchasable with Bitcoin. Companies like Microsoft, which have joined up with payment services like Bitpay or Coinbase to accept Bitcoin, allow consumers to purchase items online with the currency. For gamers of all sorts, there will no longer be the worry of inaccessible games, deals and additional content offered for the Xbox One, for example. Online gaming, a massive market for Millennial gamers, also becomes easier.
Some gaming sites have already blended Bitcoins and gaming- Bitcasino, which is an online casino simulation, has built a foundation around Bitcoins to ensure quick, secure and easy access to their features and games. Rather than offer up your credit or debit card, players can place bets and gambles with Bitcoin instead, enabling them to play for entertainment whilst also earning more Bitcoin. Online casinos like Bitcasino already process countless Bitcoin transactions on a daily basis which in turn facilitates a boost in this digital currency’s global popularity, shedding more light on the online coin.
Advantages of Bitcoin
As a currency that lacks a central authority or governmental hold, Bitcoins have plenty of advantages over current online payment norms or cash. As a “free” currency, Bitcoins allow users to make quick purchases online without the hassle on punching in bank details every time, since they aren’t connected to any one bank. Bitcoins also ensure safe and efficient transfers, purchases and transactions within minutes of use as opposed to what could take days to clear with traditional payment methods.
Users all over the world can access the currency in its only form, removing the disadvantages that exchanging currencies often have with overpriced rates and commission fees. In the new age of globalization, this allows globe-trotting Millennials the ability to pay for goods and services across borders without the hassle of exchanging and losing money to fees.
Bitcoin can also be mined, meaning anyone who wants to set up their own mining system can begin to generate the currency seemingly out of thin air. Many Millennials with tech-savvy skills have opted to mine Bitcoin, especially in developing countries. Although there is a limited amount of the currency that can be mined, it still gives users the opportunity to earn money when they otherwise couldn’t.
The Easier, The Better
Many companies, businesses, start-ups, merchants and vendors of every category are adopting Bitcoin as an alternative method of payment in order to expand their services and business into a major market of disadvantaged clientele with fewer means of access. Companies like Microsoft, PayPal and Dell have already accepted Bitcoin as an official alternative to conventional payment methods in order to make their products and services easily accessible to customers without online verified credit cards. As more companies and business accept Bitcoin into their systems, it’s predicted that the future of online purchasing may revolve around the digital currency. With its high rate of growth and increased attention, Bitcoins could become an instant, secure and worldwide payment method facing very few limits as more are introduced to the digital coin.
As countless companies, businesses, platforms and organisations pick up on Bitcoins, an entire new key target market is able to use the digital currency as an alternative on a global scale. Millennials may be the key to Bitcoin success, so it is crucial for all to be informed, aware, and prepared for the future. Taking a closer look, it’s likely that Bitcoin will soon be a day-to-day service within the online community and physical world, and perhaps, even a preferred method of payment worldwide.