[2018-05-20] More Millennials Use BTC Marketplaces Like Paxful to Invest in Cryp

[Terraformer]

An increasing number of millennials are utilizing bitcoin marketplaces and peer-to-peer exchanges like Paxful to invest in the cryptocurrency market as a store of value and an alternative payment system to banks.

Millennials Better Suited to Lead Cryptocurrency Adoption

Earlier this year, Columbia University Business School professor Chris Castiglione stated that millennials are better suited to lead the adoption of cryptocurrencies like bitcoin and Ethereum because they are capable of managing the risks associated in transacting with and investing in cryptocurrencies.

“I think the crypto market is attractive to millennials because it’s a space with both a lot of growth and risk. People who are 40+ years of age are likely settled down with a career and family, and less inclined to get into such a quick growth, volatile field. It’s been the same way with startup founders over the past 2 decades. Millennials also seem to be much more digitally literate than Gen X or baby boomers,” explained Castiglione.

Cryptocurrency wallets and exchanges enable users to send, receive, store, and invest in cryptocurrencies with ease and eliminate the necessity of technical knowledge on blockchain technology and cryptographic systems. As such, by simply entering wallet addresses and maintaining back ups of private keys, it is possible for newcomers to send, receive, and store bitcoin relatively easily.

Bitcoin provides complete financial independence and freedom, as it eliminates the involvement of third party service providers like banks. Even on exchanges and marketplaces like Paxful that are peer-to-peer, users can buy and sell bitcoin without depending on financial institutions.

Consequently, because trusted third party service providers do not exist, careless mistakes such as sending funds to the wrong bitcoin address or account could result in permanent loss of funds and unrecoverable errors. Castiglione stated that to utilize cryptocurrencies, individuals must have some digital literacy and thus, millennials are better suited to adopt cryptocurrencies like bitcoin and Ethereum.

“Many of the people starting cryptocurrencies and tokens do seem to be between the ages of around 22-40. But obviously anything is possible, and I could list many exceptions to the rule,” Castiglione.

Millennials Core of Crypto

In consideration of the statement of Castiglione, it is not an understatement to claim that millennials are a core part of crypto. With studies suggesting that millennials have lost trust in banks and financial institutions over the past few years, the cryptocurrency sector is in ideal position to appeal to young users.

Bitcoin service providers and peer-to-peer marketplaces such as Paxful have started to observe a rapid increase in the activity of millennials on their platforms and as millennials continue to utilize cryptocurrencies more extensively in the future, platforms like Paxful will be able to grow exponentially in terms of user base and user activity.

“As masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations, millennials are welcoming blockchain with open arms,” Storm CEO Simon Yu noted, emphasizing that cryptocurrencies have also become an opportunity for millennials.

https://www.newsbtc.com/2018/05/20/millennials-use-bitcoin-marketplaces-like-paxful-invest-cryptocurrency-market/

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[fargoway]

Millennials are quick-learners and faster adapt to such fluctuating thing as crypto market. On the other hand - we are more impulsive and can do very risky and thoughtless things

[1Referee]

On the other hand - we are more impulsive and can do very risky and thoughtless things

Mostly that. I see in my local space that crypto has been gaining a massive amount of popularity, but the main point is that these people aren't valuing crypto for its core principles, but just focus on the gains and all other shitty aspects of the market. I haven't seen one single person talk about crypto in a way that shows their interest in the underlying technology. The only things I keep hearing is this or that shitcoin went up with 500%, and how cloud mining allows them to make money, etc.

We have a long way to go in order to get these people to understand that crypto is more than just gains and active markets. Seriously, when people start to value crypto for its decentralized nature and applications, the speculative part will become less important, and we might even see a shift away from the legacy payment infrastructure. Why using banks and payment services when you can do everything yourself and practically for free? Another added benefit is that there is no AML/KYC procedures, no discrimination, etc.

[richardsNY]

Seriously, when people start to value crypto for its decentralized nature and applications, the speculative part will become less important, and we might even see a shift away from the legacy payment infrastructure. Why using banks and payment services when you can do everything yourself and practically for free? Another added benefit is that there is no AML/KYC procedures, no discrimination, etc.

I do agree with that point, but timing is very crucial. It's difficult to make people shift completely if Bitcoin doesn't offer the main characteristics of a currency in terms of maintaining a stable value through longer periods of time. If it happens too soon, the volatility will form an obstacle, but if the market changes fundamentally, and it becomes similar to what gold is, then eventually I can see it become a viable daily basis use generator. We first need to catch up on Bitcoin's potential in order to tame the market, because as long as people believe that Bitcoin can increase like 500% within a certain time frame, they will rather hold their coins instead of spending them. I can't blame people for thinking like that.

[Carlton Banks]

if Bitcoin doesn't offer the main characteristics of a currency in terms of maintaining a stable value through longer periods of time.

This implies fiat currencies do maintain a stable value long term, and we all know that's not true (although many aren't aware of this)

as long as people believe that Bitcoin can increase like 500% within a certain time frame, they will rather hold their coins instead of spending them. I can't blame people for thinking like that.

Maybe that's not such a problem... if most people don't sell regardless of how high it goes, all that does is attract more holders. This early phase in the adoption curve is always going to make Bitcoin more attractive as a way of investing than as a means of exchange, not least because the tech for the means of exchange part isn't finished yet (Lightning devs are still coming up with ways to improve on the base protocol as presented in 2015). "Investing" doesn't have to mean buy-low sell-high trading for fiat, I expect alot of people are trading to build up retirement funds (and see BTC as safer than a pension).

[stomachgrowls]

Seriously, when people start to value crypto for its decentralized nature and applications, the speculative part will become less important, and we might even see a shift away from the legacy payment infrastructure. Why using banks and payment services when you can do everything yourself and practically for free? Another added benefit is that there is no AML/KYC procedures, no discrimination, etc.

I do agree with that point, but timing is very crucial. It's difficult to make people shift completely if Bitcoin doesn't offer the main characteristics of a currency in terms of maintaining a stable value through longer periods of time. If it happens too soon, the volatility will form an obstacle, but if the market changes fundamentally, and it becomes similar to what gold is, then eventually I can see it become a viable daily basis use generator. We first need to catch up on Bitcoin's potential in order to tame the market, because as long as people believe that Bitcoin can increase like 500% within a certain time frame, they will rather hold their coins instead of spending them. I can't blame people for thinking like that.

Mentality like that is normal for a certain person to think on and for sure further actions would be just pure holding rather than on spending which shouldn't really be done which would affect circulation. I don't even think that its possible where would able come to a point where price of bitcoin would be similar to gold.It wont happen even on my dreams that's why there would be always an obstacle but for your minds they can easily adopt into since most of them would surely go into the positive side or benefits on it without minding too much with its negative side.

[figmentofmyass]

* in before paxful gets an earful from regulators and quietly mandates KYC, SAR reporting and other goodies *

In consideration of the statement of Castiglione, it is not an understatement to claim that millennials are a core part of crypto. With studies suggesting that millennials have lost trust in banks and financial institutions over the past few years, the cryptocurrency sector is in ideal position to appeal to young users.

i'm a millennial, and my impression isn't that most have lost trust in banks. i know that's an angle the media pushes, but most of the surveys i've seen indicate indifference more than anything. sure, millennials "like" big banks less than previous generations, but they mostly don't care or think about them.

it's more about technology than anything else. young people like new tech more than old people---big surprise!