Do you know what cryptocurrency is? Are you aware of how it works and what its implications are for the future of finance? How about where and how you can spend it? If not, do not worry because you are not alone! Across the globe an understanding of cryptocurrency and its benefits are clear to less than 30% of the population of any given country!
People in the digital sphere take
for granted that everyone knows what the latest trends and fads in technology
are. They produce articles on subject matter littered with all of the odd turns
of phrase, insider jargon and unknowable (from a laypersons perspective)
terminology. It’s no wonder cryptocurrencies like Bitcoin have not recovered
from their peak in 2017 – for value to rise adoption has to increase, and adoption
will only come when people are comfortable with the product.
Without a deeper understanding of
market dynamics and how blockchain works the layperson will only every skim the
headlines and when these vacillate between “Bitcoin soars to $20,000 high”, and
then a year later, “At $2,000 Bitcoin hits an all-time low” we cannot
be surprised that crypto is not seen as a viable long term financial futures
STATISTICS DON’T LIE
Just in case you think that the
statements surrounding the level of ignorance on the subject is over hyped,
please consider the following stats. Britain is considered one of the most
progressive countries in the world, and is listed among the top 1% of nations globally!
It has an incredibly strong gambling culture and education levels are high, yet
of the 2,000+ people surveyed by the economic watchdog:
3% had ever bought cryptocurrency. That’s a whopping 97% of people that had
never tried dabbling in the blockchain platform that is said to be the way of
the future by many.
27% of the participants knew what cryptocurrency was. That is an overwhelming
73% of people NOT knowing what cryptocurrency is, let alone what value it holds.
In addition the survey showed that
the people most likely to have an understanding of virtual currency were men
aged 20-44. Given how many women are in the marketplace, and how many of them
manage the household finances this is a major gap in the crypto adoption
The results of these finding point
directly to the point that the general population are ignorant of digital
trends, and in particular are uneducated in the ways of virtual currency.
MAKING A CASE FOR BITCOIN EDUCATION
There is no denying that knowledge
is power, and blockchain technology is the way of the future, even beyond virtual
currencies the principles uncovered by this type of registry technology are
invaluable to the road that lies ahead. When top growth markets like online
gambling and finance have begun to embrace this technology it cannot be
ignored. Even in its fledgling state it is a multi-billion dollar industry
around the world, and this can only expand as its forms a larger part of the
While there are a subset of naysayer
what is more important is the number of recognisable technology, internet and
financial names who consider blockchain technology the “next big thing”. These
are the leaders and decision makers of the digital sphere and they have paid
some close attention to the cryptocurrency trends and invested in its future, name
such as Elon Musk (MD of Tesla and PayPal), Steve Wozniak (Director – Apple),
and the Vinkelvos Twins (World’s first Bitcoin Billionaires) consider Bitcoin
digital gold. When history makers openly support a disruptive new technology it
would be wise to listen.
WHERE DO WE START?
1. Start the Journey at Home – While we receive our tertiary educations at
facilities like schools and colleges most of us learn about finance at home. As
parents, mentors and friends we have the ability to guide and excite those
around us. Word of mouth in this manner is absolutely necessary to communicate
the fundamental value of cryptocurrency. If you want to see those you care
about succeed then invest your time and knowledge in them.
2. Make Bitcoin Part of the System – High School would be a great place to start
introducing new tech ideas to the next generation. Perhaps economic focused
subjects could start introducing the subject of virtual currency. Even fiat
currency is not taught about in great depth at school. A lot of people are
still under the impression that we trade under the gold standard and do not
realise that politics and world markets have a lot more to do with currency
than the amount of minerals we own.
3. Eradicate Fraud on Social Media – Far too many ‘Get Rich Quick schemes’ seem to
associate themselves with Bitcoin on social media. These predators prey on the naïve.
Many people have heard about the “instant riches” of the Bitcoin boom and are
susceptible to being conned by charlatans offering Get Bitcoin Rich Now schemes.
Those who realise that the ads are cons, on the other hand, sometimes affiliate
all Bitcoin business with fake news and are robbed of the potential investment
opportunity. When you see someone selling a fake product notify the relevant
4. Easy to Understand Articles – There are far too many published articles
detailing the ins and outs of Bitcoin in high tech jargon. This sort of article
flies way over the head of the very people that need to be reading it. More
articles on the basics of the subject of cryptocurrency need to be written in
simple language to educate those who want to get in on the ground floor.
THE WAY FORWARD
Yes there are many more ways to help
the people around us come to understand what is called the “tech find of the
century”, these are just some ideas on where to start. One thing is for
certain, people need to be given the opportunity to think for themselves and be
empowered to put their money in the right places.
Cryptocurrency is not supposed to be
a get rich quick scheme, but if you play the market properly, you could end up
a lot wealthier than you are right now, especially on the cusp of what
investors expect to be another bull market for Bitcoin. By 2022, predictors
believe that Bitcoin will be worth several times more than its 2017 peak!
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