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Author Topic: Bitcoin Craze brings generation Conflict  (Read 488 times)

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Bitcoin Craze brings generation Conflict
« on: January 21, 2018, 11:15:03 AM »


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Rising awareness of digital currency trading in Korea is creating a new social issue; a conflict between the young and the old that stems from their different perspectives on the financial value of cryptocurrencies and their prospects.

The young generation in their 20s and 30s tend to see digital token trading as a rational investment in an upcoming technology, the blockchain system. Many young adults believe that virtual currencies are potential alternatives to real money, considering the convenience that comes from one of the major properties of the blockchain system, which makes third parties, banks for instance, unnecessary in the transaction process.


I started investing in digital tokens as a variety of businesses such as shopping malls, cafes and accommodation in Korea began to accept bitcoin, one of the major crytocurrencies, as payment," Jeong Seung-jae, a 24 year old university student told the Korea Times. "Young people are investing in the coins in the belief that they will gain higher value and substantial use in the future, based on the blockchain technology on which they are built upon."

The older generations in their 40s and over, on the other hand, have yet to be convinced of the substantial value and functions of the digital currencies that seem to only exist in cyberspace.

"It's a pure gamble and the speculative bubbles are going to burst some day. I'm sincerely worried about the younger generation who are actively investing in cyber money." Kim Jae-hoon, a 46 year old office worker said. "Values of real-world currencies don't fluctuate, and halve overnight. It is a mystery why all young people have suddenly turned into cryptocurrency fanatics, while bitcoin was created many years ago."

Different stances on digital currencies based on the blockchain system can be clearly seen in the number of members trading at cryptocurrency exchanges and the currency application uses.

According to an analysis on cryptocurrency applications by Wiseapp, a data analysis service provider, those in their 20s and 30s accounted for 60 percent of users last December. Including teenagers, young people are about 65 percent of the application users.

Bithumb, one of the major virtual currency exchanges in the country, also conducted a survey on 4,100 people, and users in their 20s and 30s made up 58 percent of the total last Nov. The results indicate that of 3 million digital currency investors, 1.8 million people are in their 20s and 30s.

The researchers point out that the generation discord over the new currencies is largely due to the information gap.

"While virtual currencies are transacted on the internet, older generations usually are behind the younger generation in accessing information and using the internet." Shin Kwang-yeong, a professor of sociology at Chung-Ang University said. "Unlike the older generations' worries, younger people are investing in cryptocurrencies after collecting enough data and information on them."

"The older generations are concerned, however, as they have witnessed the dangers lying underneath new forms of profitable investment or speculation in the past."



 

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