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One of the biggest barriers to entry into cryptocurrency is definitely understanding it.
Blockchain technology is difficult to understand. Since it only came out in 2009, it can be difficult to find good resources on where to learn. Not only that, but multiple collapses (most recently his FTX implosion) have caused people to stop investigating it.
Education is paramount. This is the biggest thing I noticed this summer when I visited El Salvador, where bitcoin is legal tender. So many people I spoke to had a hard time really understanding it.
The Walmart cashier told me that I couldn’t pay with Bitcoin because I didn’t have a government-owned Chivo wallet. This is clearly false as Bitcoin’s Lightning Network does not discriminate. Bitcoin works, you just need a QR code. It’s a decentralized network, and no particular wallet can’t send to other wallets.
One bartender also said he tried to learn about it but gave up after a week because he “didn’t have the computer brain.”
Same thing outside of El Salvador. I recently wrote about how 48% of her Brits know almost nothing about cryptocurrencies. This is the same in countries around the world. But I just moved to London, so let’s delve into the UK first.
Looking at the VoucherCodes.co.uk survey, they listed some of the biggest misconceptions in the UK below.
I think the chart says it all.
The top two are quite understandable, but the others indicate that a sizeable portion of the UK population still exists. do not understand Cipher. That’s perfectly fine. Actually this is a good thing. It shows how much the industry can grow.
But the first step to adoption is education. In fact, I think this is what they did wrong in El Salvador. From the Bitcoin conference in Miami, voluntarily announcing Bitcoin as legal tender is not the way to go without prior warning and discussion with people.
Of course, the UK won’t be announcing Bitcoin as legal tender any time soon (but given the recent movement of the pound, don’t leave anything out!).
But barriers are still here. And about 2%: No, Elon Musk didn’t create a cryptocurrency. Unless they think he’s Satoshi Nakamoto? I don’t think it can be denied.
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