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 ranging from DeFi protocols to NFT markets, and now there is a move towards Web3-ready browsers. Furthermore, cryptocurrency forecast data indicates that the number of cryptocurrency users will reach 350 million by 2027.
More experienced crypto users who participate in the market are already familiar with it and use their knowledge to create solutions that make trading processes easier for others. However, these users exist almost in a bubble surrounded by people with the same level of understanding.
If you’ve spent any time in cryptocurrency, you’ve probably realized that even within a community of less-experienced cryptocurrency enthusiasts, there’s a lack of effort to self-teach despite the availability of resources like questions. Frequently Asked Questions, 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 learning cryptography. They are intimidated by technical jargon and do not have time to analyze all the information.
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 its first appearance 200 years ago, the traditional financial market has evolved to become an essential part of our daily lives thanks to its education process. Education on TradFi has given the masses an explanation of how the system works in simple terms, increasing understanding and increasing adoption.
The educational system in TradFi dates back to early childhood when children learn to participate in TradFi through play. They know the value of money and how to save. This is followed by more formal education in schools where children study different financial concepts such as budgeting, borrowing, and investing. But there is still no such thing as cryptocurrencies.
There is a need to raise a comfortable and familiar generation around cryptocurrencies. Many crypto-educated American parents are already investing around $766 in after-school crypto education for their children.
Businesses and schools are jumping on the crypto education bandwagon
Additionally, some companies have already started investing in educational tools and resources to help people understand cryptocurrency. Binance and Coinbase, for example, have “Learn” sections on their websites to help users learn about different cryptocurrencies and even earn crypto rewards.
Additionally, major universities such as Stanford, Harvard, MIT, and Oxford are beginning to incorporate blockchain and cryptography courses into their curriculum. Despite the positive trend, many cryptocurrency-related programs teach only the basics with a focus on financial education. Unless students learn how the technology works, they won’t become crypto-native, get hired by market players after graduation, or develop the most sought-after skills within the industry.
There are also “anti-cases” such as 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 educational program much earlier.
The same can be said of the UK, where the country’s Digital Minster seeks to turn the nation into a ” crypto hub,” while almost half of the country’s young adults don’t know how cryptocurrency works. The discrepancy is further exaggerated by the fact that more than half (56%) of UK young adults are willing to invest in cryptocurrency in the future, and another 60% believe that there is no adequate information available about the future. learning digital assets.
An arms race for cryptocurrency adoption
It seems countries around the world are in a crypto arms race to be the first to achieve mass crypto adoption. However, no one is thinking about how ordinary people can understand and use cryptocurrencies in their daily lives.
It is not enough for a few companies to invest in educational tools and resources. There must be a coordinated effort by all crypto institutions to explain digital asset concepts in simple terms so that everyone can understand. True mass adoption of crypto can only be achieved when the industry is properly understood by the population.
At first, as a crypto entrepreneur, you may think that creating a high-quality product is enough. But it’s wrong; people using your platform first need proper training on it.
The responsibility of the crypto industry to lead the initiative
As the world of cryptocurrencies expands, so does the range and range of financial instruments. Therefore, every socially responsible company must think beyond its product or service and consider its impact on the common good.
It is the responsibility of the CEOs and founders to learn from TradFi’s history and think about crypto education and how to make it accessible to everyone from an early age, thus ensuring growth and adoption in the future.
After all, to get a mature crypto community in the next 5-10 years, we need to bring blockchain knowledge to the next generation, the future native users of the technology.