How Bitcoin Can Affect the Millennial

How Bitcoin Can Affect the Millennial

With the online world extending its tentacles into every facet of life, it should be no surprise that Bitcoin transactions are on the rise.

The use of Bitcoin is spreading across the world, but it is still very much an outsider, with many major retailers shying away from it.

WHICH OUTLETS ACCEPT BITCOIN?

Some of the better known organizations that take Bitcoin include Microsoft (since 2014, but only on the internet Xbox Store).

Others that are prepared to accept Bitcoin for use as payment are travel firm Expedia, electronics retailer Newegg, Reeds the jewelers, Gyft and eGifter the online gift voucher companies, and Shopify.

If you are in Japan, shops can now accept Bitcoin and additionally, software giant WordPress can also be adapted to use it.

There are also ways to earn Bitcoin, offered by Lolli, the Bitcoin reward platform, which gives cash back to customers who spend via them.

How Many Millennials Choose Bitcoin?

Over a quarter of millennials (18-34) now would opt to buy Bitcoin over and above traditional investments, like shares. Nearly a quarter of all those surveyed recently by Blockchain Capital chose Bitcoin for investments over gold (22%) and even real estate (24%). Even more strikingly, a third would prefer to purchase Bitcoin over government bonds.

Is There A Gender Divide In The Millennial Use Of Bitcoin?

The same survey, conducted mainly within the USA earlier in the year, found that millennial males were more likely to invest in Bitcoin than women were.

Blockchain discovered that 38% of millennial men would opt for Bitcoins, where possible.

Millennial men are the driving force in choosing Bitcoin transactions for government bonds – with over 40% preferring it. An additional 38% would be likely to invest in it over stocks and shares, and more than a quarter favor it to real estate and gold.

Are There Any Risks With Millennials Using Bitcoin?

As with every currency, there are risks for millennials using Bitcoin. Although a study finds that this is a savvy group, keenly aware of data security, especially on social media, it also states that they are the most trusting of the online business world to keep them secure.

This trust could come at the price of millennials being tempted to put all their eggs into one basket.

The main thing to bear in mind when using Bitcoin for a transaction is that it is basically like carrying cash and not refundable if you lose it.

Unlike other funding sources, Bitcoin transactions are irreversible. So if something goes wrong, it is impossible to get it back.

Also, millennials should bear in mind that the best way to use Bitcoin is on a trusted online platform – these are like banks who will keep the money safe. Once again, care is needed to check these sources out!

Should Millennials Invest In Bitcoin?

This is something that only you can decide upon. Bitcoin is still an experimental concept and is not an official currency.

The best advice would to always be aware of the risks, and only invest what you can afford to lose!

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