Cryptocurrencies

Bitcoin will become the Standard for Generations Z and Alpha

The year 2020 marked a turning point in the perception of Bitcoin (BTC). Big companies are making Bitcoin their reserve asset, and more and more institutional investors are opting for Bitcoin to guard against the great monetary inflation that we are experiencing. In the years to come, the situation will accelerate as Bitcoin becomes the standard for members of Generation Z and Generation Alpha. In this article, I suggest you discover 3 major reasons that support this idea.


Preamble

Since official launch of Bitcoin on January 3, 2009, adoption is moving at its own pace block after block. At times, theBitcoin adoption accelerates. To others, it slows down and continues to progress slowly but surely.

The year 2020 is definitely a special moment where Bitcoin adoption is gaining momentum.

With the year we are living now, everyone has realized the total uncertainty of the world we live in. Thus, no one can say whether 2021 will continue to see Bitcoin adoption accelerate more and more quickly.

Current events, with MicroStrategy making Bitcoin its main cash asset to the tune of $ 425 million, lead me to believe that the progression curve will not flex. Nevertheless, let’s remain cautious.

Either way, while there are still short-term uncertainties, it seems clear that Bitcoin will be increasingly adopted in the next 10, 20, or 30 years. You must be wondering what makes me so sure of myself to tell you this.

It’s the demographics that prompts me to be so confident in the boom in Bitcoin adoption in the years to come..

As the Millennials slowly come to power, it’s Generation Z that is already showing up behind. And after this Generation Z, we will have to deal with the emergence of the next generation: Generation Alpha. For members of Generations Z and Alpha, Bitcoin will be the standard compared to the current banking system.

For this, I see at least three main reasons that I will detail in the rest of this article.

1. Bitcoin is digital and easy to use

Members of Generation Z were practically born with a smartphone in their hands. Those of Generation Alpha will be born directly with a smartphone in their hands at the rate of things going.

Members of future generations will be voracious smartphone users.

They will want to be able to do everything via their smartphones. So that includes being able to manage their money without having to interact with humans. The current banking system seems far too complicated to them.

For create a bank account, you currently have to complete a whole bunch of paperwork:

  • Take a passport photo.
  • Give information about your life, and that of your parents.
  • Make an initial deposit so that you can open your bank account.
  • Prove your address with invoices.
  • Give your social security number so that the tax authorities can better monitor your activities if necessary.

All of these things seemed normal to Baby Boomers and Generation X members.

For Millennials, it has become painful, and many are trying to migrate to solutions with much less red tape. Members of Generation Z and Generation Alpha will prefer to opt for systems without any administrative formalities such as Bitcoin.

Bitcoin is a solution for these generations who will take power in the future.

To access the Bitcoin network, you only need a smartphone, of a connection Internet, and download an application that will serve as a Wallet.

On September 16, 2020, the Kraken trading platform received approval to become the first crypto bank in the United States. This news may seem unimportant to you, but it fits perfectly into what will attract future generations.

Kraken will be able to define what the bank of the future will be by placing Bitcoin at its center. Ease of use will be expected for users, but also the possibility of being able to manage their income in US dollars or Bitcoin within the same bank account.

The possibilities are immense for Kraken, and this type of crypto bank could appeal to members of future generations. Why not also imagine Bitcoin loans to buy real estate?

All in a simplified way without the need to complete tons of administrative formalities. It is a dream, but with a world where everything is going digital, this is what we are going towards in my opinion.

2. Bitcoin is available all the time

You know what the “old” say about the young:

“They are always in a hurry. Young people do not know how to wait. Patience is a quality that is totally lost. “

I think they totally have reason.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Young people have no patience, because they are used to everything going very quickly. They didn’t know the beginnings of the Internet when you had to wait several hours to download an MP3 to Napster.

They never saw a page slowly flowing up and down as the images downloaded.

For Gen Z members, everything must be instant. 5G will comfort them in this way of thinking. In fact, when they want to make a wire transfer halfway around the world, it is difficult to understand that they have to wait 2-5 days with the SWIFT interbank payment system.

Worse yet, the banks are closed on weekends. You can’t send money on a Sunday at 11 a.m. to a friend in need halfway around the world. You will have to wait for your bank branch’s opening hours if the amount is too high, or wait for your bank to send it via the SWIFT interbank payment system.

The current banking system already seems anachronistic to me. And yet I’m a Millennial.

So imagine what Generation Z members are thinking!

They will never accept this, and so will once again go to systems that are available all the time. Bitcoin will arise here as a solution for Generations Z and Alpha since its network operates 24 hours a day, 7 days a week, and 365 days a year.

Since the creation of Bitcoin, its network has posted an uptime of 99.985%.

Bitcoin allows you to send money halfway around the world anytime in minutes. It is this level of availability that members of Generation Z and Generation Alpha will seek in the future with Bitcoin.

Banks will not be able to adapt to what Bitcoin offers. On the other hand, a crypto bank like the one that Kraken will create can make a difference at this level.

3. Bitcoin gives freedom to its users

With the current banking system, you are not free. Money in your bank account can be confiscated at any time by banks or governments.

The US dollar, or any fiat currency, is not really yours.

When you want to transfer hard-earned money while working, you have to justify yourself. If you want to send $ 50,000 to your brother located in Japan, you will have to answer questions that will be asked by your bank.

However, you do nothing wrong. It is your money that you want to use.

You would like to be able to benefit from your right to privacy. Your banks don’t understand it that way. They will tell you that they have the right to ask you any questions they want, because they are the ones who make the rules of the game. If you are not happy, these banks can kick you out.

This right to bank censorship will never be accepted by members of Generation Z and Generation Alpha.

These people want the right to live their lives as they see fit. Here again, they will naturally decide to opt for the system that is the most protective of its users. This system is the Bitcoin which has no leader and belongs to all of its users.

Once you have the private keys associated with your Bitcoins, you have a total freedom. You can lead your life on your own terms.

Finally, Generation Z is already well aware of the flaws of the current monetary and financial system. Its members understand that past generations have abused this system and that it should be up to them to pay the price.

They will refuse to do this because they want justice. Generations Z and Alpha will want to have their chances of saving their money without risking its value inevitably decreasing over time.

After realizing that the value of the US dollar has been steadily decreasing since 1971, all of these people will naturally switch to Bitcoin which will give them the freedom to opt for the long term.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Bitcoin is a digital system owned by all of its users with unique monetary attributes. All this makes it the best choice for future generations who will have only one desire: to live their lives the way they want with the same opportunities that Baby Boomers have had. Bitcoin will give them the opportunity to save their money while resisting any kind of censorship. By meeting the needs of Generations Z and Alpha, Bitcoin will naturally see its adoption increase sharply in the years to come. Bitcoin’s success with the masses is only a matter of time.

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