Bitcoin has completely taken over the world in the past couple of years and has impacted everyone, whether it be adults or teenagers. In fact, the numbers suggest that 56% of all bitcoin owners are teenagers. This is probably to do with the fact that millennials are a lot more tech savvy than their parents might be and have realized the advantages of investing in the digital currency. All this bitcoin trading comes from the fact that bitcoin has increased from a $20 billion market value in the year of 2017, to $250 Billion this year. Those who cashed in sooner when mining bitcoin are now most likely millionaires.
Why are teenagers going crazy over the digital currency?
When it comes to cryptocurrency, it is evident that bitcoin has dominated the industry and is much more highly invested than any other cryptocurrency in digital history. Teens in this day and age have grown up with technology at their feet, therefore technology hasn’t been something they have had trouble to learn. With such easy access and technological skill, bitcoin has seen a lot of its investors from teenagers. However, other than easy money, what has motivated teens to invest so much so quickly in Bitcoin? Some reasons could include:
It is swift and cheaper than bank transfers
The reason it is gaining popularity is that it is straightforward to transfer and most importantly it does not have substantial transaction fees. So you can send the bitcoins from just about anywhere without hassle.
Ability to boost your remittance
There are no conversion rates and since any authority does not regulate it. The currency, therefore, has no problems with regards to conversions or inflation. The amount that you sent converts into an exact amount and if you want to re-buy you will have no loss.
A safe option for developing countries
Bitcoin is a major advantage for those living in developing countries. This is mainly due to the fact that carrying large amounts of funds is not that particularly easy, nor are transactions in those countries that straightforward. Digital currency such as Bitcoin, makes it a lot easier to complete these transactions without feeling any threat.
Boosting entrepreneurship and global e-commerce
Globally, many businesses are unable to sell and buy from each other due to geographical boundaries that exist between them. Many times the restrictions from the governments make it difficult for the transactions to occur. Bitcoin puts an end to these limitations and makes it easier for people from different countries to interact monetarily with each other.
Teenagers and their digital spending
It is clear and beyond doubt that bitcoin exchange amongst teenagers is fairly common in this day and age. In fact, statistics show that 54% of them have confirmed that they have at some point in their life have made a bitcoin transfer. Therefore, it’s interesting to note how they’re spending their savings of the digital currency.
Gambling today has been made easier and much more accessible to teenagers with the introduction of digital currencies. Bitcoin can be earnt by completing free online surveys and teenagers easily utilize their Bitcoin earnings to gamble without any to no adult supervision.
It is said that 45% of teenagers use bitcoin on an online item or service. Additionally, there are several online communities that are open to accepting bitcoin in exchange for their services and products.
Buying games and upgrades
The majority spend bitcoin mostly on games through the popular game distributer, Steam. However, some opt out to buy Xbox games via Microsofts own online game providing service, who also accepts the digital currency.
Using it for NetFlix
75% of the times, teenagers choose to buy Netflix subscriptions with their share of bitcoins to either extend their monthly streaming, or purchase an entirely new account.
Teenagers are setting up their websites and buying domains. Instead of using hard cash or credit/debit cards they are using bitcoins as a form of payment. The ease of transfer makes it an optimum choice.
Get Amazon gift cards
One form of bitcoin exchange that gets overlooked is the exchange to buy Amazon gift cards. Not only can you buy amazon gift cards, but you can also purchase discount codes and get your Amazon products a lot cheaper. This makes for a great means of gifting for those kids who want to show appreciation to the people they love!