Why Millennials Embrace the Blockchain

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“The youth is the hope of our future.”

This famous line uttered by the national hero of the Philippines, Dr. Jose Rizal, echoes through our current sentiments.

Our society is currently facing a series of problems that only the new generation can solve. One such problem is the increasing inequality in the economic sector. Never before has the gap been so wide between the rich and the poor. Fortunately, a disruptor in the tech industry has arrived, and it’s called Blockchain.

What is Blockchain and How Does It Work?

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This revolutionary technology vows to eradicate economic inequality by creating a smarter, safer, and more convenient way of handling things. In line with this, the majority of Blockchain users are the young ones. Knowing how passionate and tech-savvy these people are, it makes sense for them to embrace a new system that will answer their needs.

But it’s more than that, as there are numerous reasons why Blockchain is beneficial for millennials.

We’ve compiled the best ones, so read on and get some brain cells working!

Need for a New System

Millennials want a change in our economic system simply because it is no longer sustainable. Take for example the increasing student loan debt in the U.S. which is now over $1.5 trillion. Because of this, most millennials have lost hope of having a financially secure future.

One study also shows that this demographic is poorer than their parents were when they were the same age. Even inflation rates don’t complement the average income as the rate of wage growth remains stagnant. Because of this, millennials tend to act against the traditional ways to earn money. Investing in tangible assets and saving money in the bank just isn’t appealing to them.

For them, it’s better to risk their savings on new technology in the hope of making more, instead of using the money on traditional means. The decentralized system also appeals more than the corrupt institutions that dominate the financial world.

Skepticism on Anything Mainstream

Millennials have witnessed how the financial world collapsed during the 2008 financial crisis. Many were laid off from their jobs, prices of commodities soared, and thousands of families were left without any breadwinners.

This resulted in the loss of trust towards conventional financial products like bonds, stocks, and insurance. Millennials prefer to participate in a fresh and new market free from all the unnecessary complexities and risks found in mainstream financial institutions.

Experiences First Before Savings

One of the most distinctive characteristics of millennials is their preference to spending their money on experiences instead of securing their savings. The younger generations prefer to go on a vacation and have as much fun as possible. To them, working hard and stockpiling their money in the bank isn’t right.

This makes them a worry-free group of people, even if they’re short of money. So what would they do if money isn’t that valuable to them? Embrace an innovation like Blockchain tech and hop into the crypto craze in hopes of having enough money to live the YOLO life.

Tech Generation

The millennials are the first generation to witness the rise of the internet. This demographic has seen how the digital revolution unfolded right in front of their very eyes. Thus, they know how it works, how to use it, what are its limitations, as well as its potential. This makes them a highly tech-savvy group who can quickly adapt to technological advancements such as the Blockchain.

Being customers in the market isn’t appealing to millennials. Instead, they want to take part in the market and become stakeholders and entrepreneurs themselves. The Blockchain can help them achieve that. It’s all about breaking free from the current status quo of today’s investment arena that makes the whole idea of the Blockchain appealing to the younger generation.

Hope for a New World

What’s great about this generation is that they want to shape the world and make it more conducive to good living. Societal equality, financial freedom, and the pursuit of happiness are the driving force behind the millennials, and the Blockchain can help them achieve these things.

The younger generation may be hooked onto the internet, but they also know its downsides. The internet is a breeding ground for corporate propaganda, media bias, and political intervention, and millennials know this well. This is why they’re actively advocating for an open-source network which will improve the system of sharing data and showcasing of entertainment.

Final Thoughts

Millennials realize the faults and lapses of our current status quo. They’re slowly waking up to the realities of this biased and oligarchic society where only the elites control the flow of wealth.

The Blockchain can fix these problems and create a better world for everyone. The technology might still be new, but with the help of their persistence, there’s no doubt that it will usher in a new age of financial and technological bliss — a utopia.

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