Almost 15 years have passed since the day the first bitcoin was mined. Along with bitcoin, the entire cryptocurrency industry was born, and the technology behind it, namely blockchain, is one of the technologies driving the 4th industrial revolution. The need for decentralized financial assets is something I agree with, but there are still dozens of obstacles that this industry must overcome to achieve widespread adoption. These obstacles are both technical and communicative, and because my technincal knowledge about cryptocurrencies is at least limited, in this article, I will mention what I consider to be communicative challenges.
The crypto industry is particularly controversial. Its complexity is a problem in itself. In order for someone to understand how exactly a cryptocurrency works, he or she must first be able to comprehend some complex concepts such as proof-of-stake, consensus mechanisms, etc. 34% of people who wouldn’t invest in a cryptocurrency do so because they don’t understand the technology behind it. However, the biggest problem is the lack of trust. 56% of respondents in the same survey confirm this claim. Indeed, scams and frauds in cryptocurrencies are countless.
In my opinion, for the industry to overcome these problems, it must first understand the need for transparent communication and honesty. The fact that blockchain is a space full of innovation, talent, and progress does not negate the fact that it is also a space of speculation, volatility, and greed. Therefore, in the effort to attract more people to explore the possibilities of DeFi, the industry itself must be able to protect these people. When I was younger and driven by my immense curiosity I wanted to learn everything about blockchain and DeFi, I was tired of seeing the acronym D.Y.O.R. After a few years, I understood why this acronym is mentioned so often. I consider it entirely irresponsible and naive for someone to present blockchain and cryptocurrencies as a revolution that will change the world without mentioning the risks and potential weaknesses.
Since the goal is long-term engagement, sincerity is an essential ingredient. New users should not enter the space because of F.O.M.O. or because someone convinced them that a certain cryptocurrency will make 100x returns next month, but because they realised that this technology is truly significant and worth everyone’s time to study about it.