One of the biggest barriers to entry for cryptocurrency is undoubtedly understanding it.
blockchain technology It’s hard to go around someone’s head. It’s only been around since 2009, so it can sometimes be hard to find good resources to learn about it. Not only that, but it collapses over and over again – FTX Implosion Being the latest – stop people looking into this.
Education is paramount. This was the single biggest thing I noticed when I visited el salvador This summer, where bitcoin is legal tender. The people I talked to really had a hard time understanding it.
The cashier at Walmart told me I can’t pay with bitcoin because I don’t have a government-owned Chivo wallet. This is clearly wrong, as bitcoin’s Lightning Network doesn’t discriminate – you just need a QR code and bitcoin will be gone. It is a decentralized network and there is nothing like some wallets cannot send to other wallets.
A barman also said that he tried to find out about it but gave up after a week because he “didn’t have the brain of a computer”.
It is no different outside El Salvador. I recently wrote about how 48% of Britons know almost nothing about crypto. It is the same for countries around the world. But since I have just moved to London, let’s learn about the British for a while.
Looking at a study by VoucherCodes.co.uk, he presented below some of the biggest misconceptions in the UK for which I have compiled a chart:
I think the chart says it all.
While the top two remain poorly understood, others show that a large proportion of the British population is still Unable to understand crypto. It’s perfectly fine. In fact, that’s a good thing — it shows how far the industry can grow.
But the first step to adoption is education. I really think that’s what they got wrong in El Salvador. Spontaneously declaring bitcoin as legal tender – from a bitcoin conference in Miami – without prior warning or discussion with people is not the way to go.
The UK, of course, won’t declare bitcoin as legal tender anytime soon (though don’t dismiss anything the way the pound has been doing lately!).
But the obstacles are still here. And to the 2%: No, Elon Musk didn’t create cryptocurrency. Unless they think he’s Satoshi Nakamoto? I think it cannot be denied.