I was asked recently why Bitcoin is becoming popular with millennials. To answer, I have three points.
First, Bitcoin works. As the Bitcoin evangelist, Andreas Antonopoulos pointed out in a tweet recently (his twitter feed and youtube videos are a good source of Bitcoin insight), banks are making press announcements about successful international blockchain
transactions (typically a few test transactions), but Bitcoin has had millions of successful ones for years. In fact, to-date there have been over 170 million Bitcoin transactions, with a recent peak of 326 thousand transactions on one day late in October
Second, Bitcoin is a payment network experiencing positive network effects. Bitcoin is an economic phenomenon enabled by technology, where the more it is used, the more people want to use it – this is a positive network effect, similar to that in social
media such as Twitter or Facebook where the more people there are connected, more people want to connect. Bitcoin the payment network also enables Bitcoin the digital asset network, where Bitcoin is a store of value. The more it used as a store of value, the
more valuable it becomes, and the more it is used as a store