An important question for cryptocurrency investorssteemCreated with Sketch.

in cryptocurrency •  7 months ago


I think Cryptocurrencies will change the world, to what extent I am not sure however I am confident in the underlying premise of the blockchain. With that being said I think there is one thing being overrated by advocates for blockchain/cryptocurrency and that is the importance of: de-centralization and privacy to older generations.

Most younger generations value their privacy and are quite anti-corporate. Older generations simply aren't too concerned about privacy and corporations with significant power. The whole argument for privacy went out the window with the release of the NSA files by Snowden. For the significance of the files there was very little outcry from older generations with some even calling him a traitor and coward. If older generations seem to think what the NSA has been doing isn't a problem I find it hard to believe they care about their personal data and power of the likes of Google, Facebook and Amazon.

We forget the older generations have only really just started accessing the internet and new technology on the same scale as younger generations have been for most of their lives. To them the internet and companies like Facebook, Amazon and Netflix are amazing. After all, in their younger years all they had was television, radio and newspapers that were monopolised by a few companies - which is part of the problem as they have never really been able to see the reality other than what was presented to them by mainstream media.

The key question is to what extent do older generations care about de-centalization and privacy over convenience? That is essentially what is the main selling point of blockchain. I would suggest most of the older generation doesn't care at all, as long as they are experiencing convenience and utility from newer technology.

If you remove the allure of de-centralization from cryptocurrency it loses a significant amount appeal in the short-term. While older generations may not care, younger generations certainly do and as long as governments around the world continue to let down the people, the adoption and interest of cryptocurrency will increase. I am inclined to believe that investors in cryptocurrency are probably over-estimating the importance of de-centralization and privacy to the largest demographic of investors, as a consequence the time frame for true mainstream adoption is likely to be later than we currently anticipate.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  


my view on the older generation as compared to the newer one is the older one are okay with a simple life and what you would often hear them say is; "I have be there and experienced life so the new technology is for the the new generations" I can Imagine my late dad saying that but yeah I don't think they would care about their data that much.
We are in the era of the blockchain and this is where the young one want to be, they definitely won't be cool with their data licking or being used without there legal consent.
And with blockchain here I see it as where we are heading long term it is probably as a slow pace but we are heading there!

It seems you are grouping many topics together. Blockchain does not equate to privacy - and adoption of cryptocurrencies will depend on then having a use case that solves a problem easily.

your post is a good information to know



Congratulations @rhyscn! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

Upvote this notification to help all Steemit users. Learn why here!