People born in the 80s and 90s prefer blockchain and cryptocurrency. What makes it so difficult for them to agree?

Millennials (commonly referred to as those born in the 1980s and 1990s) welcome new industry dynamics, but they have their own motivations for supporting open-source, decentralized blockchains, many of which are trends specific to their generation. Whatever the reasons behind them, millennials are undoubtedly crucial to the survival of blockchain. As the largest demographic in the world, millennials also enjoy more collective purchasing power than any other group, with nearly $200 billion in disposable income in 2017, an amount expected to increase significantly this year. Decentralized ledger technology also reflects millennial values ​​more than their financial support for blockchain solutions. While some of their motivations for liking blockchain technology come from peer sharing, there are other reasons why blockchain caters to millennials more than other audiences.

The millennial generation’s upbringing

This generation is burdened by the financial disasters of the previous generation, and there is ample evidence that millennials are poorer than their parents. With historically slow wage growth and high inflation, this particular constituency has had little shelter from the biggest financial storm in history. With nearly $1.5 trillion in student loan debt in the U.S. alone, many millennials have largely given up hope for a healthy financial future.

Bitcoin and other cryptocurrencies represent a small-scale rebellion for the average millennial—a chance to go against the grain and deploy the money at their disposal as they see fit. Moreover, blockchain-based efforts to disintermediate and reduce the power of central governments are a reasonable incentive for millennials to embrace these concepts, especially given their wariness of institutionalized corruption.

Reject traditional financial products  

Despite the volatility of the Bitcoin market, millennials view it as more trustworthy than traditional financial products such as stocks, bonds, and even insurance. There are many reasons why this younger group’s preferences are contrary to those of their parents, but the most likely reason is that they witnessed the 2008 financial crisis firsthand and feel uncomfortable or simply have no control over it as stakeholders in a system they do not have. Who would trust products that can be covered up and manipulated without consequences? A better approach is to participate in a new market where vested interests have less influence.

The numbers speak volumes when considering that more millennials choose not to invest and keep their money in cash. In fact, according to a survey of U.S. adults conducted by Bankrate, millennials prefer real estate, cash, and even stocks. With Bitcoin being viewed as digital gold and other digital currencies outside of mainstream finance, it’s no surprise that millennials prefer asset classes that differentiate them from traditional financial products driven by Wall Street.

Achieve your dream lifestyle  

One of the more troubling trends in the millennial market is that millennials are more willing to spend money even if they lack the funds to support their lifestyles. This is due in part to media exposure to more persuasive, materialistic messages that encourage people to find satisfaction in entertainment, vacations, clothing, and other luxuries.

A general lack of money is not a barrier to this lifestyle, as many people believe that financial platforms are stacked against them. However, blockchain has found a solution to this financial dilemma, allowing younger generations to enjoy life without having to participate in the status quo. For example, Cool Cousin is a blockchain project that allows users to hire local experts during their vacations for an awesome, authentic experience. This service, and similar platforms, tap into millennial ideals to create low-cost alternatives.

Tech-savvy and useful  

Millennials are the first generation to mature on the internet and are a very tech-savvy group. They are able to understand and appreciate the benefits of blockchain technology, especially its participatory aspects. For young investors and entrepreneurs, the ICO model represents a more accessible, democratic way to invest in new ideas or launch their own ideas without having to jump through the various hoops that are currently required to invest. Millennials are eager to become not only customers, but stakeholders in future applications, and they have a real knack for choosing simpler solutions.

Blockchain allows millennials to be part of a platform they believe in, creating a more comprehensive and better model for all kinds of technology. This trend has not only provided simple financial services, but also triggered an explosion of high-tech products and disrupted existing models. For example, in the field of computer processing, Golem provides an interesting case study that uses the power of decentralized networks for wider applications. Participants on the platform earn tokens by sharing processing, and they can use remote supercomputers by paying tokens to take advantage of the parallel processing power of this network. Millennials have accepted this new investment model and they are determined to see the key applications of their generation on the chain.

Building a new world  

Millennials don’t just want a stake in the future, they want to build it with their own hands, using blockchain technology. Digital ledgers are a revolutionary tool for promoting pure transparency, which has little relevance to today’s politics, financial markets, and business world. Millennials love the internet, but it also makes them acutely aware of its shortcomings, namely that it only exacerbates media bias, corporate control, and political obfuscation. Many in this age group see open-source blockchain technology as an accountability tool that can create a better system for voting, sharing data, and advertising. Services like Horizon State and others are already creating platforms that make voting and other democratic tools more accessible and transparent, empowering the younger generation.

Leading the future  

Millennials are growing up and are no longer considered the youngest and most naive generation. They are aware of the inequalities in the world and are highly sensitive to what is wrong with the status quo. Blockchain not only provides an effective way to voice their discontent, but also provides social and financial tools that allow millennials to show what is wrong while also accurately solving it. While the future of blockchain technology is not at all clear from now, if millennials have their way, it will not only continue to exist, but thrive.