To achieve widespread acceptance, financial literacy for crypto assets and blockchain education must be widely distributed
The cryptocurrency market shivered in all directions in 2022. The cryptocurrency market cap plummeted below $1 trillion, as Bitcoin sank 65% from its all-time high. Despite these circumstances, a recent analysis from blockchain intelligence firm Chainlaysis finds that crypto adoption has slowed less than predicted, despite the cryptocurrency market's gloomy start to the year. Indeed, it is still higher than pre-bull market levels from 2019.
Some of the nations that dominate the adoption index have a range of socioeconomic circumstances, ranging from lower middle income to above median income and high income. Vietnam, the Philippines, Ukraine, India, Brazil, Colombia, Ecuador, Thailand, the United States, and the United Kingdom are among the nations represented.
Despite the crypto winter, data show that consumers, startups, and huge corporations have remained committed to cryptocurrencies and blockchain. They continue to invest heavily in digital assets and the technology that underpins them. And, unsurprisingly, blockchain provides several advantages and benefits not only to individuals but also to entrepreneurs and enterprises from various industries.
The advantages that crypto and blockchain bring to the table can become an effective solution for some of today's organizations' and consumers' problem points, but this requires considerable crypto knowledge.
What exactly is cryptocurrency?
The most common cryptocurrency-related Google queries include "what is cryptocurrency," "how to invest in crypto," "how does crypto function," and so on. After nearly 15 years, there is still a scarcity of educational content and tools to help people and organizations comprehend and embrace cryptocurrencies and blockchain technology.
Due to a lack of crypto knowledge, consumers make uneducated judgments when investing in cryptocurrencies, which generally results in a little lower performance than they anticipated. A recent study, for example, found that over half of Americans who have invested in cryptocurrencies feel it has "performed worse than predicted," despite the fact that more than 60% of US parents believe children should learn about cryptocurrency in school.
Why is crypto education required for cryptocurrency adoption?
To achieve mass-scale adoption, financial literacy for crypto assets and blockchain education are required to comprehend how this technology and the wider crypto sector function — and to make education more accessible.
A better knowledgeable user is less likely to fall victim to the standard crypto traps, such as rug pulls or phishing schemes. Businesses might benefit from investigating and implementing blockchain technology in order to avoid certain pitfalls.
For example, the immutability of blockchain prevents chargeback; transactions are immediate and irrevocable. And chargeback is frequently used as a tool to perpetrate friendly fraud, causing merchants enormous pain due to false positives, operating expenses, chargeback fees, and fines, which have forced small and mid-size firms to spend more than $35 billion by 2021.
Should corporations learn about cryptocurrency?
Businesses may expand globally by utilizing cross-border blockchain-based solutions for low-cost and quick international payments. Furthermore, the Ethereum Merge represents a huge step forward for the blockchain in terms of making it more scalable, cost-effective, and energy-efficient for its users and organizations looking to build on its ecosystem.
The Merge successfully converted Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) protocol (PoS). This implies that instead of relying on miners to build and validate transaction blocks, the network may rely on a group of network nodes that stake ETH to validate and construct those blocks, lowering energy consumption by 99%.
How are institutions and universities disseminating crypto knowledge?
Fortunately, several projects are being undertaken by crypto institutions, colleges, and even nations throughout the world, not just on a financial but also on a technological level. The Royal Melbourne Institute of Technology and the Massachusetts Institute of Technology are two well-known examples of universities (MIT). Crypto education should be available to everybody who is interested in this industry from an early age. It will ensure future prosperity and hasten adoption. Global colleges may assist society in learning about cryptocurrency.
Blockchain companies are also financing a number of institutions to assist expedite research and development. Another example is the Algorand Foundation, which committed more than $50 million in a virtual research initiative.
As previously said, the Philippines is one of the top countries in terms of cryptocurrency adoption, and one of the primary reasons is that roughly 80% of Filipinos are unbanked. Following a Senate hearing on financial inclusion and regulatory frameworks for the country, Philippine institutions will provide free courses on Bitcoin and other cryptocurrencies.
Several crypto organizations provide extensive instructional resources on anything crypto. These and other organizations also provide training courses and interactive movies in which users may learn about cryptocurrency and receive prizes by doing quizzes.
The lack of crypto education limits widespread use
After over 15 years of existence, crypto adoption is hampered by a dearth of crypto education. The good news is that organizations, corporations, colleges, and nations all across the world are pursuing countless efforts. The next two to three years are critical for widely disseminating crypto and blockchain information and resources so that consumers, developers, entrepreneurs, and businesses of all kinds may begin investing in it as well.
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SOURCE: Entrepreneur
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