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Cryptocurrency awareness vs knowledge: To educate to empower | Opinion

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Consensys surveyed around 15,000 people worldwide, and 92% said they ‘heard about’ crypto. What’s more: 50% of respondents ‘understand’ the asset class. Such understanding was especially high among people from emerging economies like Nigeria, Brazil, India, etc.

Crypto awareness | Source: Consensys

These data points highlight the rising interest in crypto and related technologies. But there’s still much to do in terms of educating the masses about crypto concepts.

Most people have only ‘heard about’ crypto or had little hands-on experience, frequently negative ones: bad UX, scams, etc. Helping users truly understand crypto is thus the key to sustained, long-term adoption. Because when knowledge is power, education is empowerment.

The sad state of financial literacy

Everyone today has financial needs and uses money. But only about 33% of adults worldwide are financially literate. This is the main reason financial crimes and mishaps are so common, especially in emerging domains like crypto.

When most people don’t understand finance in general, it’s only natural that they’d understand new asset classes, their market dynamics, and technical underpinnings even less. Inherent limitations and sub-par UX aside, low awareness and steep learning curves hamper crypto’s adoption.

Malicious actors are quick to capitalize on these inadequacies, targeting unwitting users via scams, rug pulls, and phishing attacks at scale. Building robust security frameworks and easy-to-use processes is crucial to solving this problem. But in a user-driven domain like crypto, it’

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Author: Max Yakubowski

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