Some of the industry’s key figures are calling for better access to education about blockchain and cryptocurrencies in order to encourage more people to get involved.
Experts say the one thing seriously holding back mass adoption is the complicated technology involved and jargon surrounding the digital financial revolution.
“Now that awareness has peaked, the number one barrier to entry is education,” says Mati Greenspan – senior market analyst with eToro – in a Coin Rivet article for UK national newspaper the Daily Express.
“People now know what Bitcoin is but they need to understand the advantages and more importantly how to use it.”
Education, education, education
According to Mr Greenspan and many of his peers, the key to success in 2019 for crypto and blockchain – the underlying technology behind digital currencies like Bitcoin – will be “education, education, education”.
“It is very clear there is a desire for knowledge in this space, so I believe education should be at the top of the agenda this year,” he said.
“We did a poll in the US and discovered that there is a real desire from people to learn more about crypto and to enter this space but they don’t feel confident enough in their knowledge.
“We did a similar survey in the UK and found that asset managers are particularly lacking in that area – and that speaks volumes about the level of education that is needed here.”
His thoughts were echoed by Coin Rivet columnist Professor Sally Eaves, a world-renowned British academic recognised as one of the industry’s top thought leaders on education.
Prof Eaves, CEO of the Sustainable Asset Exchange (SAX) and Professor of Advanced Technologies, explained that recent research found 38% of the British population simply did not understand cryptocurrency, but 61% expressed a clear desire to learn more.
It’s a startlingly high figure which highlights a massive void in the level of people’s knowledge and understanding of crypto and blockchain.
“Mainstream adoption and accelerated growth are dependent on broadened awareness and accessibility to quality information,” Prof Eaves explained.
“This also negates a combination of tech misinformation, misfires and at times misuses that have occurred in the space and beyond.
“Stronger bias-free educational resources are paramount to cut through the noise and address different audiences, including those with no pre-existing knowledge, where removing jargon and focusing on the benefits of application over technical specifics can make a significant difference.”
According to the Express article, technical jargon is one of the most off-putting aspects of cryptocurrency. Coupled with a general inability to grasp how cryptocurrencies work, people are turned off by something they deem to be beyond their own understanding.
That’s why some of the leading minds behind blockchain and cryptocurrency are calling for access to education resources with simple explanations.
“Providing this type of content will build legitimacy for the industry whilst enabling people to develop insights into opportunities and risks, clarify the distinctions between cryptocurrency and underlying blockchain technology, and make informed choices, whether around investment potential or career development choices,” added Prof Eaves.
“How can you hold or work with digital assets if you know little or nothing about them?”