Education, like any other field, can remove fear. The same applies to blockchain and digital assets. Fintech, or financial technology, is being developed to help businesses and individuals improve access to financial services. Blockchain, the cutting edge of fintech, has introduced a whole new digital financial sector and the world is slowly waking up to it.
Fintech companies are growing all over the world, and so is the number of people using digital assets. The increasing use of cryptocurrencies can be attributed to the rise of DeFi (decentralized finance). However, the number of people avoiding digital assets (including Crypto and tokenized physical assets) is still huge, and this may be due purely to a lack of technical education.
Digital assets and blockchain may be difficult for the average person to understand. Unlike fiat currencies, crypto- and blockchain-related assets are intangible and include computers, code, etc., far outside the comfort zone of ordinary people. So it’s no surprise that people tend to stay away from digital assets and blockchains. The only way to make people feel confident is to educate them about the technology, simplify the concept, and get them to start using it.
Blockchain education should be accessible to non-blockchain users
Awareness helps you feel confident in using blockchain-based products, whether trading or investing, or even starting your own blockchain-based business. Fear is a major cause of volatility, and education can combat this by getting more people involved.
Blockchain is not just related to finance. There are some use cases unrelated to cryptocurrencies and digital assets such as implementing smart contracts, identifying information, etc. others. It’s very easy to integrate into your business once you understand how it works.
Raise awareness of the benefits and limitations of blockchain
Blockchain has benefits as well as limitations, and the more people realize this, the more the fintech industry will grow in the years to come.
Today, the market is an arena for scammers looking for opportunities to dupe newbies in the cryptocurrency world. Crypto scams are better than any other payment method. So people need to be made aware of how crypto scams work in order to identify projects with red flags and protect themselves from scammers.
Beginners should be taught to never share their private keys and seed phrases with anyone, just like you should never share your ATM PIN or banking details with anyone. They need to be made aware of how to identify and avoid worthless tokens and avoid marketing hype.
Educate People in Developing Countries
Not everyone has a bank account. This is true in developing countries where many people belong to low-income groups. Digital assets can be the perfect solution to these unique challenges. All you need is an internet connection to create a digital wallet on your phone or computer and transact with people around the world. With many governments and central banks coming up with their own digital currencies (called central bank digital currencies), educating people about the technology behind them is more important than ever.
In developing countries, open source blockchain could be a great educational tool. With blockchain and digital assets now taking hold, evolving and growing, it is no exaggeration to say that the growth of FinTech directly correlates with the education level of the general population.
The above views are the author’s own.
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