Experts believe the one thing holding people back from embracing cryptocurrency is the complicated nature of the technology. With more easy-to-understand knowledge about how things like bitcoin work, the leading figures claim mass adoption could come quickly throughout the UK. Mati Greenspan, senior market analyst with eToro, said: “Now that awareness has peaked, the number one barrier to entry is education. “People now know what bitcoin is but they need to understand the advantages and more importantly how to use it.”
According to Mr Greenspan and many of his peers, the key to success for crypto and blockchain – the underlying technology behind digital currencies like bitcoin – throughout 2019 will be “education, education, education”.
He added: “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.
“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 Professor Sally Eaves, a world-renowned British academic recognised as one of the industry’s top thought leaders on education.
Professor Eaves, CEO of the Sustainable Asset Exchange (SAX) and Professor of Advanced Technologies, explained that recent research found 38 percent of the British population simply did not understand cryptocurrency, but 61 percent 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.
Professor Eaves told Express.co.uk: “Mainstream adoption and accelerated growth are dependent on broadened awareness and accessibility to quality information.
“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 several surveys over the last year, 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.
Professor Eaves added: “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.
“How can you hold or work with digital assets if you know little or nothing about them?”
Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.
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