Education as Key Driver of Adoption in the Crypto Space
During a panel session at the Crypto Assets Conference in Frankfurt, Moritz Schildt from the Hanseatic Blockchain Institute e.V., Andreas Traum from PWC Deutschland, Arno Pernthaler from DEC Institute, Michael Wild from Binance, and Maria Eneva-Olms from EkoLance discussed the various roles education plays in the wider adoption of cryptocurrencies.
The first discussion point was around the reasons people give for not joining the blockchain space. Michael Wild pointed out that some people think crypto is a fraud. From the institutional angle, he believes regulation has played a significant role. If we invest more in educating the masses, more people will begin to see the real-life use cases of cryptocurrencies beyond Bitcoin.
“The key obstacle to mass adoption is that people don't see the relevance. They don't see the business or use cases of blockchain” — Maria Eneva-Olms, CEO at EkoLance.
“We should sell more of the end-user benefits of cryptocurrencies to spark the people's interest” — Michael Wild, Managing Director at Binance
What is the impact of the NFT hype on the crypto world?
Andreas Traum, a partner, and financial advisor at PWC Germany, said the NFT hype was beneficial to the industry despite the bad projects that failed. For him, it brought about the cleansing of the market, and projects with good use cases were birthed.
“The hype that NFTs brought to the space was good because more wallets is good for the market” — Arno Pernthaler, co-founder at DEC Institute.
Michael Wild explained that it was beneficial to the industry, but it happened so early. Many people didn't take the time to do their research before investing in some of the NFT projects. He added that only a few people take the responsibility of educating themselves in this space, and that is why at Binance, they are investing hugely in educating their customers before they start investing.
“During the NFT hype, I learned a lot by doing and making mistakes, and right now, I can analyze any NFT project. Learning by doing is key to growing in the crypto industry” — Maria Eneva-Olms, CEO at EkoLance
Maria added that blockchain companies need to create more educational opportunities for their employees, clients, and partners, which will help the industry and increase mass adoption. She added that at EkoLance, for example, they partner with companies and supply them with web 3 professionals that will use their different skills to solve problems and contribute to the progress of their projects.
What is the single one core message of crypto?
Cryptocurrencies enable authentic ownership of data, assets, and resources, fostering innovation across industries and unlocking value. Andreas Traum believes cryptocurrency can revolutionize how we view capital markets and the world. He believes that it offers the real benefits of technology. Maria Eneva-Olms added that cryptocurrency promotes financial inclusion by enabling access to affordable and beneficial financial products and services.
“Schools should begin to offer blockchain-related courses. This opportunity should not pass us by” Michael Wild, Managing Director at Binance
The importance of learning about blockchain technology cannot be overemphasized, and educating students about it enables them to learn the practical applications that will serve as the base for having a great future in the industry.
The current state of blockchain adoption in Germany
Due to the country's rate of adoption and crypto-related activities, Germany may become a worldwide crypto powerhouse within the next couple of years. Germany is one of the few countries that recognizes licensed cryptocurrency exchanges and wallet providers as a component of the financial services industry.
“Germany is open for fintech and blockchain companies but we need to get more infrastructures faster” Michael Wild, Binance
In 2019, Germany was the first country to adopt a blockchain strategy to harness blockchain's potential in promoting digital transformation and to position the country as a desirable hub for the development of web 3, metaverse, and blockchain applications in fintech, business, climate tech, and govtech, including Germany's digital identities project.
Michael Wild concluded the panel discussion by stating that fintech and regulators must collaborate and licenses need to be issued faster to promote innovations in the country.
EkoLance is a skill-training and recruitment company that equips you with the knowledge and skills needed to meet the specific requirements of your preferred career in the blockchain industry. In addition to providing skill training, we partner with global tech companies in finding and hiring qualified candidates from our talent pool.
To know more about EkoLance, visit our website here.
Follow us on our various social channels: