BITCOIN has had presence in the Philippines since its creation in 2009.
But it has been getting heaps of attention lately, as it has been dubbed as the world’s first virtual currency, millennial-gold, magical internet money, or an invention for world domination as a conspiracy theory puts it (yeah, right!).
The mainstream media is saying: It’s a bubble waiting to burst. It may be completely misunderstood by many, but it's here to stay and shake things up.
Do you recall how the internet changed the way we consumed information and interacted with others? Bitcoin can change the way we think about money, too.
Bitcoin was invented as a peer-to-peer system for online payments that do not require a trusted central authority.
Millennials, though often getting the blame for ruining traditions and the established scheme of things, may well be on the right path when it comes to investing and spending.
Thus, this idea perfectly supports why people are starting to shift away from the hegemony of the old money and the traditional investment options.
Surveys would tell us that the next generation of investors may have lesser interest in stocks and bonds, looking rather at a new technology--- geared towards new, digital currencies.
Definitely, I would still hold on to my idea that 'mainstream' is not too appealing to millennials, and this could well be another factor why cryptocurrency is so lit among the age group.
Historically, the currency has been extremely volatile. But modern-day users know very well that they need to go faster, start earlier and take more risks when it comes to investing. Or maybe it's simply because of FOMO: Fear of missing out. (Yes, this behavior is so predominant in our society that we even have an acronym for it)
But there is a very essential concept about Bitcoin and related cryptocurrencies: ownership of Bitcoin doesn’t give you ownership of the technology. Despite the name, there is no physical coin or representation to speak of. I, without owning a single bitcoin, own as much bitcoin technology as someone who owns a million bitcoin; that is, exactly none.
Moreover, it's more of a shorter-term endeavor: getting on the market, staying in for few months and moving on as soon as the price reaches its peak. In short, the trade is all digital, fast-paced, innovative and bold.
The ecosystem lies both in the technicalities and one’s character and nature -- making it a perfect fit for millennials and millennials by heart.
Stay active until our next chat!
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