Why Are Cryptocurrencies Important for Generation Z Investors?

In the last decade, a whole ecosystem of crypto assets has developed across the globe. Crypto assets, or cryptocurrencies, are digital tokens based on blockchain technology. Their ecosystem is made up of the tokens themselves, the infrastructure for their creation and circulation, and the system of relationships between participants in transactions with them. The Ownrwallet company provides its users with a multi-platform that allows them to do everything with crypto in one place.

Crypto assets open up many opportunities: quick and easy payments, innovative financial services, and inclusive access to previously unbanked parts of the world. The Ownrwallet company makes all the mentioned operations as safe as possible: it has the best KYC and AML providers, and its non-custodial wallet does not store your data. Furthermore, you can track how the exchange rate of cryptocurrencies changes in real-time thanks to the intuitively simple and clear interface of the software. If you want cryptocurrency at the best rate, the system will notify you when it’s the best time for this.

Most young people have the opportunity to make money on cryptocurrencies. According to Engine Insights, 59 percent of Gen Zers (born 1997 to 2012) and 46 percent of Millennials (born 1981 to 1996) dreamed of becoming digital asset millionaires.

This trust in cryptocurrencies among the younger generation was explained by Cathy Sheehan, vice president of the Cassandra division at Engine Insights. “This generation is comfortable with everything digital, so it’s no wonder they are more comfortable with crypto,” she told Insider.

The vice president also noted that young people are very concerned about debts and finances. This could be due to several factors, she said, including rising prices for property and higher education. Sheehan stressed that the highest inflation rate in the last 30 years had increased interest in cryptocurrency, which some young investors see as a quick solution to the problem.

All in all, here are five main reasons why cryptocurrencies are important for Zoomers, according to BBC:

#1. Decentralization

Cryptocurrencies form an autonomous system for performing transactions between wallets. In such a system, mining holds up the issue of coins. Coins do not belong to the banking system and are not tied to the exchange rate of state currencies. But at the same time, they are not backed by anything tangible, like a real currency, and their exchange rate is based on the trust of users. Decentralization is often beneficial for mutual settlements in business and between ordinary users, but government agencies are not always inclined to legalize cryptocurrency.

#2. Anonymity

The transfers carried out within the system are supposedly unidentifiable. Meanwhile, users usually do not have any information about each other, aside from their wallet addresses. In addition, a transfer made within the system is non-refundable. These properties attract not only decent people but also bad actors; therefore, when making transactions, it is important not to make mistakes with wallet addresses and work only with projects that have a good reputation.

The established rules of economics determine that currency issuance in any country is the remit of its national bank. Unlike national currencies, cryptocurrency can be obtained by anyone – with the help of special miners or computers, regardless of their location in the world. Their work is supported by the specifics of cryptocurrency platform design.

#4. Great variety of cryptocurrencies

At the dawn of the industry, Bitcoin was much more popular than all cryptocurrencies, and there were very few options to choose from. Today, the market is full of one and a half thousand altcoins. Everyone has access to information on the selection, so they can choose between cryptocurrencies based on their preferences and risk aversion. While one coin may be best for payments, the other may be quite promising for investing. Users can manage their capital with the help of cryptocurrency exchanges that provide their clients with various services such as trading, exchanging, or withdrawing to a bank account.

#5. Low commission

Cryptocurrency transactions, with their low commissions, are far more economical than international bank transfers. Large transaction fees do not apply to crypto transfers since the system is supported exclusively by its participants. This allows users to avoid the hefty fees charged by banks, even for small transfer amounts.

Conclusion

To sum up, Generation Z tends to prefer taking advantage of the latest technologies as opposed to relying on the traditional banking system. The field of cryptocurrencies will likely become even more beneficial in the future. But at the same time, the cryptocurrency market lacks stability, so the progression of digital currencies is not an easy process to forecast. The absence of any regulators and unpredictable spontaneity are the main characteristics of the crypto market. If you are looking to invest in crypto, you need to consider the prospects of your chosen coin with a cool head and rely on the information from reputable sources.