PayPal Is Turning Boomers Into Crypto Believers With Bitcoin Adoption

Bitcoin, Blockchain, Crypto, Cryptocurrency, Coin

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Market volatility is not a foreign concept when it comes to Bitcoin (BITCOMP). Rather, it’s this volatility that piqued the interest of many traders and investors. This interest mostly came from millennials and the Gen Z demographic, who helped drive Bitcoin’s bullish price over the years. Even in 2020 where global sanctions are imposed in lieu of the COVID-19 pandemic, Bitcoin continues to rise amidst economic uncertainties.

Adoption has been growing and now Bitcoin is accepted by several businesses all over the world. 

How hard is it to spend Bitcoin?

Despite its popularity, not all stores are accepting Bitcoin. Though the number is rising, local stores where you buy your daily goods most likely do not accept this currency. There are 2 common reasons for this:

  1. Some Store Owners are Afraid that it’ll Lose Value.

One of the main concerns is its volatility. Bitcoin’s value could surge up to 30% overnight, and then it could go down just as easily in a matter of hours. As a result, quite a number of established businesses were hesitant to accept it. In fact, around the early 2010’s, most spenders needed to convert Bitcoin into fiat to buy goods and services.

Something to keep in mind, however, is that in the last ten years or so, many fiat currencies actually lost value while Bitcoin just kept rising.

  1. The Technology is A Bit Tricky to Understand.

The learning curve is steep when diving into blockchain technology and cryptocurrency. This is a major hindrance for people to use Bitcoin. Given that this technology is relatively new, there are still many areas that needed to be improved on. For example, there needs to be a better safety net in case you lose your private keys (losing access to your private keys could mean that your money’s gone for good).

With such limitations, boomers were hesitant to trust cryptocurrency in general. This may be viewed as a loss to the crypto market since it missed out on a wealthier demographic. In the U.S. alone, the boomer generation accounts for up to 70% of the nation’s disposable income. For these reasons, Bitcoin is viewed as an asset rather than an instrument of exchange. 

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