How Crypto Education Can Boost the FinTech Industry
The opinions expressed by entrepreneurs contributors are their own.
FinTech is an umbrella term for all advanced software technologies designed to improve access to and use of . The industry has a market valuation of over $330 billion and is expected to grow nearly 20% over the next six years. , with its backbone and , falls under the FinTech umbrella, creating and revolutionizing a whole new sector of digital finance. For example, FTX and Circle are among the fastest growing FinTech companies that secured $1.8 billion and $1.5 billion seed rounds in 2022.
FinTech companies are growing, and so is the number of crypto users. About 300 million people in 2022 will use cryptocurrency, or almost 4% of the world's population. Although they have become more popular due to the rise of , its level of adoption indicates that most unencrypted users avoid participating due to a lack of knowledge regarding the technology. Crypto-assets and blockchains seem complex at first sight and, therefore, difficult to understand for ordinary mortals. Given that, people might as well stick with it and stop looking at digital assets.
This is where the crypto education provided by market participants comes into play. The most significant benefits of providing the general population with detailed, easy-to-digest, high-quality crypto education can be summarized as follows.
Related: Decentralized Education Will Reshape Learning and the Global Economy
Crypto Education Facilitates a More Open and Inclusive FinTech IndustryBy making crypto education accessible to non-crypto users, the general public will feel more comfortable using cryptocurrencies in one way or another, whether they act of transacting or investing in or starting their crypto-related businesses and start-ups. Education is key to reducing volatility over time because more people can counter price volatility and swings. Additionally, education makes people better prepared for the panic caused by crypto price movements.
However, it is not only about financial aspects. Blockchain has many use cases outside of crypto, including implementing smart contracts and securing personal access to credentials. By learning how blockchain works and receiving the right guidance from an expert, the average person can integrate this technology into their business, regardless of industry – healthcare, travel, education, insurance, education and more. The growth of the FinTech industry is directly correlated to the advancement of the general population in understanding the benefits and limitations of crypto.
Crypto education raises awareness of crypto scamsThe current market in 2021 has also paved the way for scammers trying to trick innocent people into exploring the crypto industry. Over $1 billion has been stolen in crypto scams: around one in four has been reported lost, more than any other payment method.
The best way to fight scammers and spot red flag projects is to understand how they work to protect you on a higher level. For example, newcomers should learn to identify a project with ponzinomic models —
The opinions expressed by entrepreneurs contributors are their own.
FinTech is an umbrella term for all advanced software technologies designed to improve access to and use of . The industry has a market valuation of over $330 billion and is expected to grow nearly 20% over the next six years. , with its backbone and , falls under the FinTech umbrella, creating and revolutionizing a whole new sector of digital finance. For example, FTX and Circle are among the fastest growing FinTech companies that secured $1.8 billion and $1.5 billion seed rounds in 2022.
FinTech companies are growing, and so is the number of crypto users. About 300 million people in 2022 will use cryptocurrency, or almost 4% of the world's population. Although they have become more popular due to the rise of , its level of adoption indicates that most unencrypted users avoid participating due to a lack of knowledge regarding the technology. Crypto-assets and blockchains seem complex at first sight and, therefore, difficult to understand for ordinary mortals. Given that, people might as well stick with it and stop looking at digital assets.
This is where the crypto education provided by market participants comes into play. The most significant benefits of providing the general population with detailed, easy-to-digest, high-quality crypto education can be summarized as follows.
Related: Decentralized Education Will Reshape Learning and the Global Economy
Crypto Education Facilitates a More Open and Inclusive FinTech IndustryBy making crypto education accessible to non-crypto users, the general public will feel more comfortable using cryptocurrencies in one way or another, whether they act of transacting or investing in or starting their crypto-related businesses and start-ups. Education is key to reducing volatility over time because more people can counter price volatility and swings. Additionally, education makes people better prepared for the panic caused by crypto price movements.
However, it is not only about financial aspects. Blockchain has many use cases outside of crypto, including implementing smart contracts and securing personal access to credentials. By learning how blockchain works and receiving the right guidance from an expert, the average person can integrate this technology into their business, regardless of industry – healthcare, travel, education, insurance, education and more. The growth of the FinTech industry is directly correlated to the advancement of the general population in understanding the benefits and limitations of crypto.
Crypto education raises awareness of crypto scamsThe current market in 2021 has also paved the way for scammers trying to trick innocent people into exploring the crypto industry. Over $1 billion has been stolen in crypto scams: around one in four has been reported lost, more than any other payment method.
The best way to fight scammers and spot red flag projects is to understand how they work to protect you on a higher level. For example, newcomers should learn to identify a project with ponzinomic models —
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