Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.

In recent months, the cryptocurrency industry saw a bitcoin bull run, increased institutional support in the crypto sector, and greater exposure than ever before. Despite this, it must be admitted that crypto is still not where it wants to be in terms of general adoption and use.

According to data from Statista, the number of active crypto wallets worldwide is estimated to be greater than 75 million, a modest amount compared to the 7 billion people on the globe. Needless to say, cryptocurrency has a long way to go. On the other hand, bringing more people up to speak on how crypto works and making it accessible to the general public would help increase mainstream acceptance.

Why is Crypto Education Needed?

But why should the general public be taught about cryptocurrencies in the first place? To begin, there is a need to dispel misunderstandings about cryptocurrencies as a concept. Many in the broader community have heard about the term ‘cryptocurrency,’ but they don’t fully understand what it is. Unless people know exactly what cryptocurrencies are, they will never adopt them, which will hamper the industry’s growth.

Furthermore, the mainstream media is quick to sensationalize crypto-related news, whether it is the Mt. Gox incident, which resulted in investors losing millions, or the recent bull run, which resulted in millions being made. The ordinary consumer, who only hears about cryptocurrencies when it is discussed in the media, is likely to get the idea that it is a volatile and risky market, rather than a viable medium of exchange.

Source: intelliot.

Crypto education would empower the industry to tell its own story and shape its own narrative. A short search on the internet will reveal countless people who dismissed cryptocurrencies as a scam until they were more informed about it. The lack of general awareness about this emerging sector is one of the core reasons why Cryptocurrencies are tabooed. 

Crypto education will also benefit the industry as a whole. New and inexperienced crypto holders might be susceptible to different frauds, and, as a result, they can find it challenging to navigate the whole crypto landscape. 

Proper crypto education means less confusion for newcomers and faster uptake.

How Can Mass Crypto Education Take Place?

This clearly indicates how beneficial crypto education is; therefore, the challenge now is making it more accessible. Non-sensationalized, fair reporting on cryptocurrencies is one of the first and most essential tasks to accomplish. 

This may be achieved by having genuine crypto experts and educators talk to the media rather than outsiders trying to twist such tales for publicity. 

Another important step is the widespread use of cryptocurrencies, which will encourage customers to seek out further information. When bank cards were initially introduced as a form of payment and gained widespread acceptance, customers were compelled to get familiar with them. If cryptocurrency payment options are deployed in various locations, consumers will seek further information about them. The institutions concerned would also be equally responsible for providing consumer guides, PSAs, and other tools.

On an academic level, cryptocurrency education should be popularized in schools, much as young children are taught how to use computers for educational reasons. If this is done on a large enough scale, the next generation will be the one in which cryptocurrencies would be considered a regular part of daily life.

On a more localized level, it is the responsibility of the cryptocurrency community to disseminate the message in whichever manner they can. This might be by creating films, writing articles, or simply informing a buddy about your experience. With all of these combined efforts, it is possible to achieve real widespread cryptocurrency acceptance.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.