Why We Need Mainstream Bitcoin Education

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 option.

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:

  • Only 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.
  • Only 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 market.

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 e-commerce market.

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 social platforms.

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!