Simplifying the crypto concepts can make onboarding easier
Today one of the biggest challenges in the crypto world is onboarding. It is a challenge because there is a huge learning curve. People will have to learn a lot about crypto, wallets, and the keys because they have to keep it very safe. Not everyone is interested in learning all these concepts and then entering the crypto world. People mostly join platforms and think that they can learn about these things on the go.
There are a few platforms available that make the job easier for people. The platforms though are web3 platforms, they have an interface similar to web2 with just an email login facility. This way people don't have to worry about their wallets and private keys. Later when they do a lot of reading and get used to crypto stuff, they learn about the wallets and private keys and slowly start adopting.
People quit easily
In most of the cases, people quit easily trying to understand all the crypto concepts. I have to be very honest that it took me close to 2 months to understand some of the core blockchain concepts. There was nobody to direct me or help me understand the concepts. Even today I cannot say for sure that I know all the concepts in blockchain or in the crypto world. But I can surely say that I know most of them or at least know where to find and read about them.
It is not an easy task to get this learning and a lot of patience and persistence is required to go through this journey. For me, the motivation was in the rewards. I was so persistent because my focus during the initial days were on the rewards. I wanted to learn all the concepts to earn some money here and that's why I was able to continue.
Investors may not have the patience to read
There is a huge learning required for someone new to blockchain and crypto concepts. Not everyone who comes here comes for just earning alone. There are also investors who bring a lot of money here and would like to think about the long term. In that case, they have a huge learning curve where they have first to understand the crypto concepts and then start investing.
There is a high possibility that the investor might get scammed because there are so many scammers around in the crypto world. The new members are easy prey. There are also people who try to invest a huge amount of money during the bad times of the market and lose the money. They will then start telling everyone that crypto is a scam. This way onboarding becomes very tough.
I still remember that nearly 5 years back when I entered the crypto space, some of my office colleagues also tried to explore bitcoin. I invested in Bitcoin and I almost took 100% profit from that and took away my funds. There was this guy who was very curious and wanted to invest. He entered with a huge amount of money when the market was at its peak. To his misfortune, the price of bitcoin became half of his purchase value. The guy did not have any patience and wanted to stop loss and sold everything for half the bought price and quit. Till today he keeps telling everyone that Bitcoin is bad and Bitcoin is a scam. For an individual's mistake or blind exploration, technology cannot take the blame.
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Web3 technology is a good idea as it reduces the learning curve for users who embrace it fully.
There is always a huge learning curve in this technology.
Is not easy to onboard people and tell them to stay, when many times things going bad.
Yeah people are not satisfied even if we tell them enough.
Knowledge is power! I feel sorry for your colleague. Many of us are trying to learn because indeed crypto is the future, doing your homework will help one enjoy the ride.
Yeah any investment will definitely require some amount of research done from us. Blind investment is definitely not good.
Oh no! Sorry for your friend that he has to experience some loss.
One thing I have come to discover who human is we are result oriented and so when there is result, it will be easy to onboard people
Yeah people expect results if they have to invest.
This is exactly what I have seen with my own eyes. People who think they are smart and say that we will make a profit out of this industry are the ones who do the damage because they don't know anything about it. No it is also a whole book one has to read about all things then one can get profit from here otherwise only loss will happen.
Yeah it is not easy money and people cannot expect success the very first day.
Yeah you are right.
I agree with you that there is a steep learning curve when it comes to understanding blockchain and cryptocurrency concepts. This certainly can be a deterrent for many people, especially those who are not tech-savvy.
Your story about your office colleague serves as a good reminder that investing in crypto should not be done blindly. It's essential to understand the market dynamics before making any investment decisions, and more importantly, one should only invest what they can afford to lose.
Education plays a crucial role here and it's important for us as a community to spread awareness and correct information about blockchain and crypto.
Good to see your comment. 🙂
Agree with your points. I believe the future generations might be a little sharp and might start getting involved in all these from a very young age and might find it easy to adopt. (Hopefully 🍀)
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