Bitcoin Acceptance Depends Largely on Cryptocurrency Education
In the present era of disruptive technology, which has seen the creation and development of several cryptocurrencies, huge interest towards the latter has been recorded across nations, governments and societies. The majority of users of cryptocurrencies only appreciate and apply its characteristics as a flexible means of liquidity. A few other characteristics such as privacy, the convenience of transfer and the potential to increase in value have also enabled the acceptance of cryptos. There are numerous investment programs which are currently supported by cryptocurrencies, with Bitcoin the most popular of them all, yet the proper knowledge of these currencies cannot be said to be popular, even among users. “Bitcoin is just another kind of currency,” says Hetty Hembadoon Orkuma, a cryptocurrency enthusiast.
Cryptocurrency education is scarce
It would not be out of place to postulate that proper knowledge about cryptocurrency is very scarce. Orkuma points out the sensitivity of the subject, especially within Nigerian society where it is becoming increasingly difficult to differentiate between Bitcoin and MMM. She is of the opinion that heavy public sensitization with regards to the proper identity of Bitcoin and other cryptocurrencies has become necessary. “The people need to understand that Bitcoin is a cryptocurrency that can be used by anyone including Ponzi schemes. I fear that the fall of a huge Ponzi scheme would affect the way people view Bitcoin, especially Nigerians. Most people assume Bitcoin and MMM are a league,” she says. One of the top Nigerian crypto enthusiasts and investors Roland Alexander, tells Cointelegraph that, after innovation, cryptocurrency education stands as its most important aspect. However, Alexander points out that properly organized education has been lacking within the community. “The education might just be the most important aspect in the whole space apart from the innovation of cryptocurrency itself,” he says.
Acceptance depends largely on proper education
Bob Wood of Nexxus partners asserts that most people will not start using cryptocurrency until they understand what it is and how they can benefit from it. Despite how popular the concept of cryptocurrency has become, especially with the various milestones achieved in 2016, Wood notes that so many potential players are still left outside the community because of inadequate education. He explains that, like all new technologies, cryptocurrency is undergoing a maturing process to become easier, safer and more beneficial to use. “Cryptocurrency is less than eight years old and is in the same place as personal computers were in the early 1980s with green screens and floppy drives. The potential for cryptocurrency is unlimited,” says Wood. Popular within the crypto industry are workshops and seminars organized by particular vendors and creators of particular Blockchains, startups and tokens. Very few colleges like Bob Wood’s Nexxus University have produced what he claims to be a robust cryptocurrency course, covering the history and evolution of money over centuries. Indeed, like Mike Maloney says in the opening statement of all his courses: “The best investment anyone can make in their own lifetime is their education.”