The Generation Running to Cryptos and Away from Credit Cards.
Why is it important to understand how the millennials function?
Well, first because they are the biggest supporters of the cryptocurrency industry, second because they will be representing 80 million consumers by 2026, and third because they are the parents of the following generation.
The cryptocurrency industry, education, retail, real estate, financial sectors, technology all depend on how they invest their money and time.
The generations to come will birth from millennials, and this means they will no longer live the shock of the technological advancement the millennials and baby boomers are living in our days, as a matter of fact, they will follow in the footsteps of their parents and beyond. Why? Because we have entered an age where we want faster and immediate things and it would be unrealistic to believe the next generations to come will slow down.
Maybe this is not something that should have to be said since it sounds so obvious, but it does need to be said if there´s still people are trying to control the uncontrollable.
Who are the Millennials?
Millennials, the generation born between the early 1980s until the 1990s and early 2000s, even though no one seems to have precise dates, demographics seem to focus on these dates.
They are most likely the children of baby boomers, a very traditional generation. A group between the traditional age and the technological advancement age.
Millennials have watched their parents go through the great recession which has affected them immensely but especially in how they see: cash and everything related.
They know what life was like without cell phones, computers, and internet, and in a blink of an eye, they were driven right into smartphones, the blockchain, and cryptocurrencies.
They have suffered a technological shock, to say the least, and this has a positive side effect as well as negative side effects. They are extremely open to the new, yet they most seem to lack discipline.
Millennials have been led to question everything, why do we do the things we do, they were challenged to defy every single system surrounding humanity.
What do Millennials want?
“As a millennial, I am surrounded by so many peers who all say the same thing: “I want to do what I love; I want to quit my job; I want to travel; I want to work from my laptop anywhere I want too; I want to be my own boss; I want to change the world; I want to do something great; I want to; I want to; I want to.”- Nicolas Cole a Creative Writer on Medium, Columbia College Chicago graduate.
This generation is accustomed to an instantaneous world supplying them with everything they want, everything provided by technology at lightning speed.
Traditional ways are no longer acceptable, and millennials are unafraid of disrupting industries of all sorts.
And due to the fact that they have watched their parents struggle through the great recession, they do not like debts, credit cards, centralized authorities, or anything that limits them in any way.
They are changing how they go to school; academic degrees due to the difficulties it represents are becoming less of a priority each day. Academic degrees have become synonyms of debt and bureaucracy, and they are not interested. That is not to say millennials do not want an education, oh yes they do, but not through the system we have today.
Along comes blockchain bringing education to the palm of our hands, from anywhere in the world, credentials, and certificates available on the platform for easy access for employees, transfers, etc…from anywhere in the world.
Now this is speaking this generation´s language.
Take a look at this: “BLOCKCHAIN DISRUPTS EDUCATION”
Millennials have disrupted everything and humanity, in general, is reflecting these changes.
With decentralization, blockchain and cryptocurrency millennials have found a way out of the traditional system. They are revolutionizing how they do everything, how, when, where they work, get married, live, acquire an education, get a home, travel, etc.
Traditional systems are accustomed to doing things a certain way (which seems to scare millennials):
• Credit cards are paid patiently and consistently every month;
• Credit scores are everything, determine whether you buy a house or even get to go to school; and it is one of the hardest things to get especially if you are young.
• Education costs a fortune and is limited to its own borders, education is nationalized. Transfers, credentials, certificates are found under the ruble of bureaucracy;
• Jobs systems: in offices running from 9–5pm, Monday to Friday, meant to last a lifetime;
• Centralized authorities are the only trustful way of dealing with finances;
• …and so on.
Millennials have found a more practical way of doing practically everything, and are not having it with the limitations, the imprisonment, and the centralization any longer.
Who’s to say we must stay blindfolded within the one system?
Millennials want everything instantaneous:
• Instant processing, gratification and satisfaction;
• Decentralization, democratic, distributed authority, blockchain and cryptocurrency;
• Self-management and the control of their own finances;
• Education without borders, and at their own time.
• Security without third-parties;
• On-demand services;
• On-demand Jobs, work from home, self-employment, short-term work, temporary work. …and so on.
(Some people are probably cringing after reading this.)
The traditional has become inconvenient, and instantaneous everything does not sound right to our traditional ears. And the speed in which we want things are probably damaging in many ways, especially to our emotional and psychological, but if we cannot put a break to it then we might as well make the best of it.
It´s a new kind of human. 50 years from now they will probably not even remember there was any other way of doing things other than instantaneously. They will probably wonder how we even survived.
Modern companies are hiring on-demand, temporary, and short-term more than ever, they are not trying to hold on to employees the same way they used to. Employers seem to understand that an office may not always be needed. In fact, it may only represent more unneeded expenses. Also, keeping their employees trapped in a 9 to 5 job is just an extra thing for them to have to have to control over.
Less control = fewer worries. And it does not mean less quality, for employers, are happy to work on-demand and from home. Happy employee = Quality Work.
Self-employment, short-term and on-demand is on the rise with several platforms to provide the connection between companies. On-demand jobs are providing great money and opening the market to work all around the world.
Take a look at this, Mturk.com is a 24/7 workforce, a platform provided by Amazon.
According to recode.net “the number of on-demand workers in the U.S. is expected to nearly double in the next four years.” A total of “9, 2 million Americans by 2021”.
Uber is a great example of this “gig generation”.
Take a look at THE LEDGER project where you can earn while you learn on the blockchain.
According to the Bureau of Labor Statistics, we can expect to see these “gigs” grow especially in the publishing, telecommunication, IT, and data processing jobs.
Cash and Credit Cards
Little by little there will be less demand for fiat currency for one simple reason: it represents limitations. People do not want to go to the bank to take out cash anymore, not even for small purchases if they can just use their cards. And these cards just might as well soon be for the digital currency. Why should we limit ourselves to a currency that can only get us so far, when digital currency offers a global-immediate-convenient-access?
Young people especially, do not want to limit themselves to spending a lifetime paying student loans and the disproportionate credit card interests offered to them. Everything we have seen above, about who they are and what they want cannot and will not happen unless in connection to digital currency.
For the life millennials envision there is no place for fiat currency, period.
“According to a recent survey conducted by Blockchain Capital, 30% of those in the 18-to-34-age range would rather invest $1,000 in Bitcoin than $1,000 in government bonds or stocks. The same study also indicates that 42% of millennials have heard about Bitcoin, compared with 15% awareness among those aged 65 and up.” — Andrew Arnold a Forbes.com Contributor
When we focus on the positive side, all of these changes in the system might add to quality of life, parents might get more time with their children, people might choose to work and do what they are truly best at from anywhere in the world, and more people might get an education due to the convenience of the open-source blockchain platform. Online education may also cut down the costs drastically, including the very expensive cost of textbooks.
The collection of credit data can also change drastically if companies adapt to the blockchain, this means we would have all of our bills, loans, assets, living arrangements, payments, purchases, and debts, securely recorded with accuracy and available 24/7 from anywhere in the world. This would inevitably help more people to become financially successful.
Eventually, anyone will be able to live in one country and purchase at another, anytime, anywhere without bureaucracy and this level of accessibility will change everything.
It already is.
Assuming you know exactly how the cryptocurrency blockchain ecosystem works if millennials expect to be living and flowing in all these changes cash won’t do, banks won’t do, centralized governments and institutions won’t do, and the only way to connect it all is through cryptocurrency functioning at its best.
What do you think of this transitional time?
What would be your advice to millennials?
“As a millennial, there is 1 and only 1 thing you need to master in order to become successful: Discipline.” — Nicolas Cole a Creative Writer on Medium, Columbia College Chicago graduate.