Written by Scott Craig|Posted on September 21, 2022
Cryptocurrency was created with the idea of empowering people and addressing the unfairness of the traditional monetary system, thanks to the ability of blockchain technology to create peer-to-peer, decentralized systems of value exchange. This makes it especially valuable for emerging markets that can afford to be flexible in competing with the hegemony of former colonial powers.
Cryptocurrency can reduce fraud, lower cross-border transaction fees, and help less advantaged communities build wealth. But this requires individuals, from programmers to financiers to thought leaders and more, to be knowledgeable about the technology. Talented blockchain developers are emerging in countries around the world. For example, among surveyed countries, Vietnam, South Africa, Nigeria, and India all report higher knowledge of and optimism for blockchain tech, but there is still much work to be done before widespread adoption. How can blockchain enthusiasts ensure that the technology helps those that need it the most?
A recent episode of Coindesk’s ‘Money Reimagined’ discusses the importance of blockchain education in growing economies, highlighting how outreach, messaging and education should be used to reach more people. Guests include Rhonda Eldridge, who works in crypto education in the Americas and the Bahamas, and Oluwaseun David Adepoju, head of research at the Africa Blockchain Institute and editor of the Africa Blockchain Report. Both are involved in various initiatives in these growing economic areas, from blockchain bootcamps to in-person and online courses, to equip the general population with the knowledge they need. Both guests highlight that many people get into crypto with a ‘get-rich-quick’ mentality, which leaves them vulnerable to exploitation by scammers. However, if people are educated in how blockchain technology works, they are empowered to make better decisions. Furthermore, an awareness of the potential of blockchain’s non-cryptocurrency-related uses encourages students to engage with the tech in more productive, less risky ways, such as training them to become blockchain developers and create applications that benefit their communities.
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