👑One of the newest forms of currency is cryptocurrency (crypto). According to nerdwallet.com, “A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.” Basically, it’s the evolution of currency into digital form. Since it seems to be more appealing to the younger generations, I decided to an interview a Gen Z to get more information about crypto.
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Gen Z Cryptocurrency Interview:
1) How would you explain crypto? It’s electronic currency – it’s like setting up a digital coin and putting value to it.
2) Why does people like using crypto? It’s not traceable, not trackable and no one knows where the money is going. It sounds kind of shady. It gets a bad rap because there is a lot of underground markets using cryptocurrencies but some people just don’t want other people to know everything they do and just want their money to be their money with nobody’s hands in it.
3) How does crypto work? For example, I have cryptocurrency in a electronic wallet online so if I want to send money to somebody, the money would go through an algorithm and who runs that algorithm is a third party something they call a “miner”. A miner is somebody who has the computer and software set up for hosting the transaction. The miner doesn’t know who these people are, they don’t get no IDs or no traceable things. They handle the money through the algorithm and transfers it. They get a little bit of money for mining. Mining is what keeps these cryptos up because most of these cryptos aren’t owned by anybody. It’s no like major company that can come turn off the switch and take everybody’s money. There are some companies that mine, that have huge set-ups for mining and they can transfer coins to other coins for whatever value the other coin is going for. The mining system keeps the whole system up.
4) So it’s kind of like the stock market? Yes – most people who own crypto use it like stock. Most only do it for investment purposes not as much for transaction purposes. Some businesses are starting to open up to taking crypto for currency. It’s not as predictable or stable as stocks but it’s new right now.
5) Does it ever change back into physical money? Yes – Say I own Bitcoin, I sell all my Bitcoin through my broker app and that broker app will send that money that it sold at straight into my bank account for real US dollars. It’s exactly like stock, you sell your stock and it can be transferred into real US dollars.
6) What is causing the crypto market to go down right now? It’s crashing because China just banned crypto mining and one of the biggest mining systems was coming out of China. So when you stop mining that means transactions get slow and now your almost in a line now for other miners, waiting on a miner to do your transaction. Sometimes this makes the prices go up and people are just like why do I want to do this now. The whole crypto world is scared now that it is going to be regulated or banned. On the same day, India created a committee to talk about what they are going to do about regulating it. Governments are looking for ways to regulate it or just ban it all together.
7) What do you think about Bitcoin? I wouldn’t invest in Bitcoin because Bitcoin is not good at all, is one of the worst cryptos honestly. But it’s one of the bigger ones. It’s the biggest one actually, it’s the most expensive coin but it’s only because it’s the first but because it’s the first, it’s the most flawed. It’s the slowest of all the cryptos and has the least amount of potential for actual updates while other ones can have addons and updates.
8) What crypto do you like and why? Cardano is a great one. You’re not getting in it to think your going to get rich next week. It’s one of those that will gradually keep growing. Like when this crash happened, they were one of the only ones that held it’s own and didn’t fall like the others because it’s built more towards, not as investment but more towards actual use. Cardano has contracts in almost every country in Africa right now and they are giving out loans of Cardano to these countries to switch to Cardano to start using as currency. These loans will be given out to the farmers of Africa which in return will bring in huge amounts of money into these farms whenever they do switch over. This will raise Cardano’s price because everybody will be using it and it will be helping out with the food shortage that is going on right now in Africa. It will be like Africa’s regular currency if everything goes as planned. We are making money and we’re helping.
9) What advise would you give to somebody new to crypto? I feel like crypto is still in it’s baby stages. It’s just now being widely accepted and widely known about. In comparison for advice, would be like the internet boom. When the internet hit the stock market, there were tons of stuff on the internet to invest in. Everything was booming and everything was going up, kind of like crypto. Crypto is just now being known and there are so many cryptos going up and booming out but look at the internet now. Who survived the internet stage? Who were the leaders that really fought their way through it? Facebook, Google, Amazon, these people were the ones that were left. Make sure you invest in one of the cryptos that is going to be one of the leaders who can make it through everything.
10) How would someone pick a crypto to invest in? It would be a pretty good time to invest because everything is so low if you really believe in it. Look for the bigger ones that you are interested in. Go to the actual crypto’s official page. Every crypto has some type of public page that describes what it does and what type of updates are coming. What you are looking for is what makes it different from other cryptos because you have to think, you are investing in the future. You have to look at who is doing it better than everybody and who is going to outperform everybody else. Invest in one that you believe in.
11) What is popular for Gen Z right now? Memecoins like dogecoin is huge right now. Why? Elon Musk is in love with Dogecoin and everybody loves Elon Musk. My whole generation loves Elon Musk. He is a huge advocate for memecoins being the next main currency and he has been hyping up for months now dogecoin. The coin started as a meme so say you bought something online through crypto, you would tip somebody with dogecoin as a joke and it had like no value to it. It was worth like 0.000006 so you would give somebody like 100,000 as a joke in the online world. Well that crypto is such a huge thing now, Elon said to everyone invest in doge so it from 0.0000whatever to something like 30 cent. People my age have made millions of dollars off dogecoin. It’s just a memecoin, just made for a joke and now you see memecoins are popping up everywhere.
12) Is crypto big for Gen Z and why? Yes – it’s real big for us. Mostly because we feel that it is our own kind of like it’s our future that we are heading towards. Older crowds say oh that’s dumb, that’s silly – it just kind of adds to us; makes us think that we are in the right way. This is real big for us because we think this is going to be the next evolution: money. We’ll see.
I hope this interview helps you understand more about what cryptocurrency is, how it works and why it’s so popular with the younger generations. We will see if money evolves into digital cryptocurrency for the generations to come but the one thing is for sure, the future is coming. Don’t forget to like, share and leave a comment below and get on the email list before you go. Remember sharing is caring. Have a blessed day and live a life of royalty!👑
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