Educating consumers about crypto will lead to mass adoption
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There is a lot of talk in the crypto world about mass adoption. But what does that mean? And how can we make it happen? Many products are being created in the crypto space, everything from DeFi protocols to NFT marketplaces, and now there is a step towards Web3-ready browsers. Furthermore, crypto forecast data says that the number of cryptocurrency users will reach 350 million by 2027.
This significant increase will only happen if we see mass education about crypto, blockchain and Web3 technologies. So how can this be done?
Most experienced crypto users participating in the market are already familiar with it and use their knowledge to create solutions that facilitate the business processes of others. However, these users almost exist in a bubble surrounded by people with the same level of understanding.
If you’ve spent any time in the crypto world, you’ve probably realized that even within a community of less experienced crypto enthusiasts, there is a lack of effort to self-educate despite the availability of resources such as FAQs, beginner’s guides, and other forms of content.
The problem is that the average person doesn’t even know where to start when it comes to crypto learning. They let themselves be intimidated by the technical jargon and don’t have time to sift through all the information.
Related: 10 Incredible Uses of Cryptocurrency and Blockchain You Probably Haven’t Thought of
Lessons from TradFi
The world as we know it is cyclical, and the crypto industry does not exist in a vacuum. We can learn from the successes and failures of TradFi to better understand how to achieve mass crypto adoption.
Since it first appeared 200 years ago, the traditional financial market has evolved to become an important part of our everyday life thanks to the educational process. Education in TradFi has given the masses an explanation of how the system works in a simple way, increasing understanding and increasing adoption.
The education system in TradFi goes back to early childhood when children learn to participate in TradFi through play. They learn the value of money and how to save. A more formal education follows this in schools where children study various financial concepts such as budgeting, loans and investments. But there is no such thing for crypto yet.
There is a need to raise a comfortable and familiar generation around crypto. Many crypto-educated American parents are already investing around $766 in extracurricular crypto education for their children.
Related: Mass Adoption of Blockchain Technology by Entrepreneurs? Big challenges are involved.
Businesses and schools are jumping on the crypto education bandwagon
In addition, some companies have already started investing in educational tools and resources to help people understand crypto. Binance and Coinbase, for example, have “Learn” sections on their websites to help users get familiar with different cryptocurrencies and even earn crypto rewards.
At the same time, top universities, such as Stanford, Harvard, MIT and Oxford, are starting to include blockchain and crypto courses in their curricula. Despite the positive trend, many crypto-related programs teach only the basics with a focus on financial literacy. Unless students learn how the technology works, they will not become crypto-natives, be hired by market players after graduation, or develop the most sought-after skills in the sector.
There are also “anti-cases” like the one with El Salvador, which became the first country in the world to adopt Bitcoin as legal tender. It was not until 2022 that the “My First Bitcoin” program was launched to educate children and adults about cryptocurrencies. The Salvadoran government should have started this education program much earlier.
The same can be said for the UK, where the country’s Digital Minster is looking to turn the nation into a “crypto hub”, while almost half of young adults in the country do not know how cryptocurrencies work. The discrepancy is further exaggerated by the fact that more than half (56%) of UK young adults are willing to invest in crypto in the future, a further 60% believe there is insufficient information available regarding learning about digital assets.
An arms race for crypto adoption
As it seems, countries all over the world are in a crypto arms race to be the first to achieve mass adoption of crypto. However, no one thinks about how ordinary people can understand and use cryptocurrencies in their everyday life.
It is not enough to allow a few companies to invest in educational tools and resources. There needs to be a coordinated effort by all crypto institutions to explain the concepts of digital assets in a simple way that everyone can understand. True mass crypto adoption can only be achieved when the population sufficiently understands the industry.
At first, as a crypto entrepreneur, you may think that creating a high-quality product is enough. But that is wrong; people using your platform need proper training about it first.
The crypto industry’s responsibility to lead the initiative
As the crypto world expands, so does the range and palette of financial instruments. Any socially responsible business should therefore think beyond its product or service and assess its impact on the greater good.
It is the responsibility of CEOs and founders to learn from the TradFi story and think about crypto education and how to make it accessible to everyone from an early age, thereby guaranteeing future growth and adoption.
After all, in order to have a mature crypto community in the next 5-10 years, we need to carry the knowledge of blockchain to the next generation, the future native users of the technology.
