Why can people of any age use cryptocurrency?

Talking about investing in bitcoin or another form of cryptocurrency earning, people born in the year 2000 and younger frequently come to mind. From a statistical point of view, that makes sense, because young people have a better understanding of Web technology. Furthermore, they realize that online earning methods are effective. Whether or not only young people use cryptocurrencies, you will find out in this article.

Why can people of any age use cryptocurrency? by bit4you

Today, a large number of people are learning how to mine, acquire and invest cryptocurrency online. There is always a lot of educational information online about mining and cryptocurrencies. Working with cryptocurrency is becoming easier, and it is no longer only accessible to a small circle of enthusiasts, but also a wide range of people. Incidentally, according to statistics from some crypto exchanges, there is now an influx of users from the extreme age group — 18 to 70 years old. According to experts, the majority of cryptocurrency owners are modern young people with low incomes. They prefer to invest in cryptocurrency because they live in the digital age and use the internet. According to social media, the average age of holders is between 26 and 30. And second place goes to 21–25-year-olds, confirming the interest of transitional generation Y-Z in cryptocurrency.

When it comes to young people, generation Z children become smartphone users as soon as they learn to hold something in their hands. They are growing by keeping an eye on the online virtual economy and earning money from exchanges of virgin assets. Trading virtual services and goods are as commonplace for them in 2021 as a holiday at a resort was for their parents in 1989. A simple comparison suggests a simple conclusion. Here’s an example — one of the three millennials might just decide to start investing in cryptocurrency, while a 16-year-old teenager of age Z will just pick up and immediately buy video cards for mining. His parents can help him financially with that. Children can treat such cash as pocket money, so the first investment scenarios form precisely in childhood. Therefore, cryptocurrency only seems like fun to them at first. Eventually, in a few years, they will probably be able to trade Bitcoin, Ethereum, or other coins in earnest.

Millennials (ages 22 to 37) have the greatest interest in investing in cryptocurrencies. This is in contrast to Generation X (age 37–51) and people from the boomer age, where only 4% are willing to invest in digital currency. According to the experts, millennials don’t like the banking system. And it’s not just a matter of technology lagging, because cryptocurrencies provide value change without any medium, transforming the world around us. The desire to invest in cryptocurrency comes from people under the age of 30, arguing that securities involve a lot of risks and are therefore unreliable.

Primarily, the world of cryptocurrency is the exact opposite of the classic financial system in the boomer generation that grew up in. Many cryptocurrency experts believed that people who were born between 1946 and 1965 had no idea what bitcoin was or how it even worked. After all, people of this generation were in the habit of getting paid regularly without thinking about investing in stocks or anything else. However, despite their age and conservative attitude towards money, boomers are eager to invest in bitcoin. As the financial crisis hit in 2020 caused by the Coronavirus, boomers thought about putting their retirement fund savings into digital currency. This is how the elderly plan to secure their funds and possibly build up seed money for their children.

However, the boomer generation regards cryptocurrency as a prospective contribution during old age. Millennials purchase cryptocurrency because at the same time they consider it a supplement to the conventional banking system. Nevertheless, they see cryptocurrency more as a supplement to metals and securities. Generation Z, on the other hand, invests in digital currencies because the online environment is more familiar to them than to millennials and boomers.

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Tatiana Leveria, Team bit4you

bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.