El Zonte in El Salvador is the only place in the world where bitcoin is being accepted as a legal tender. Critics are predicting the experiment may turn up disastrous while many elderly residents have smiles. Some economists predict money could completely become digital in the future.
Even though the younger generation is grabbing the cryptocurrency sphere at a faster pace, the elderly are simultaneously trying to adopt the new asset. Many seniors are tech-savvy while others should not be left behind. It is important to make them learn the digital currency platform.
Cryptocurrencies are decentralized and simultaneously unregulated. The segment lacks the backing of any central bank or government. No central authority maintains and manages the supply of crypto coins.
Crypto coins can be used to buy goods and services while most people invest in them as investments in other assets like precious metals and stocks. Cryptocurrency is an exciting asset class and novel as well. Purchasing it is risky and extremely volatile too compared to other assets.
Hence, elder people are always advised to conduct ample research work and understand how the cryptocurrency segment works before adopting it for investment purposes.
Cryptocurrency technology is complex and usually people don't know where to start. Lack of knowledge resists them from buying the coins.
A survey conducted by asset platform Bakkt reveals about 26 percent of the respondents in the age group of 18 to 44 said knowing nothing about cryptocurrencies. The crypto tech complexity led to further widening up the knowledge gap among people between ages 45 and 60.
The Bakkt researchers urged boosting financial literacy is important for all ages and particularly about the cryptocurrency segment to ensure everyone can benefit from the digital currency.
Meanwhile, the top five cryptocurrency exchanges to take note of for investment in 2022 are Binance, Coinbase, Gate.io, Unocoin and CoinDCX. These have been highly popular in 2021 and Binance is the biggest bitcoin and altcoin exchange with respect to volume. It has a record of 1,400,000 transactions per second and the daily volume averaged 2 billion.
Gate.io is popular for authentic trading volume as well as transparent transactions of 600 different coins while Unocoin is known as an oldest and most reliable exchange in India. It has over 1.5 million crypto holders. Since 2013, more than 10.18 million orders were processed on the platform.
CoinDCX is the safest and largest exchange with over six million crypto investors. It provides a high level of secured digital wallet with the help and support of deep encryption and insurance as well.