The millennials are not stopping talking about a new form of currency. The debate and hype around this new currency are everywhere, from the memes posted on Instagram to the never-ending war of words on Twitter. However, still remain a lot of people who do not know about this new kind of economy and there are dozens are countries who are skeptical of this new currency ad at the same time, there are many countries who are trying hard to make this a new reality of finance world.
Cryptocurrencies: An Understanding
Those who are not aware of this currency should know that it is only a digital form of currency and it is built using the technique of cryptography, so the name “cryptocurrency”. Like all the conventional currencies, it is used in making the transaction, of course. However, the unique specialty of the transactions made through cryptocurrencies is that it cuts out the middleman. The transaction is made directly from one party to another without the intervention of traditional middle parties like banks.
Currency Of Millennials
The world of finance or economy hardy excites the youngsters. At that age, people (precisely teenagers and young adults) are only excited about the money and not how the establishment of the economy and finance works. Now, the thing is why young generations are so much interested in cryptocurrencies and the names like Bitcoin, Etherum, and Dogecoin are so common among them. It is a long story where culture also comes into play.
Over time, cryptocurrencies have also become an asset and they are no longer only a form of currency for transactions. So as an asset, it is being traded in the conventional place of the trade like exchanges and markets but it has the peculiarity of being very sensitive. The value of these new currencies are fluctuating with every heartbeat. The interesting thing is that even the doings of a few people involved in the stock of assets could lead to gigantic jumps in the value of these crypto assets. Unfortunately, the same is also true with the colossal dips in the value.
So, when a few influential people whom the millennials treat as an idol, share their insight regarding the value of these assets, it becomes the talk of the town. So the hype regarding these currencies among the younger generation.
A Threat to Conventional Economy
The cryptocurrencies and the whole economy running around them are not checked by any conventional agencies. Not only that, it is the face of a global economy, so many economically powerful countries are wary about this new dawn of global economy as it may diminish their influence in world affairs. The striking difference between crypto and conventional currency is that the former does not use any assets like gold reserves for their value, instead, they gain their value from more democratic utility and belief.
Boon or curse, one thing is certain: crypto is here to stay. Sooner or later, the world economy will accept it by evolving the ancient way and by keeping in check the new dawn through some regulations.
