People have been talking for a long time about how hard it is to get Bitcoin, and they still do. The US government has talked about this worry. Janet Yellen, who is the Secretary of the Treasury, brought it up when she was talking about rules and laws for digital assets. As the founders and leaders of this new business, it is our job to get rid of things like a lack of financial and tech skills that make it hard for people to buy KYC Exchanges.
Traditional banks require a lot of paperwork, charge high fees, and don’t have many locations in poor countries. These problems might not happen with cryptocurrency projects. If you don’t understand money, it’s hard to get into anything, even DeFi. Before they can join the DeFi sector, people who have been shut out of traditional finance must learn everything they need to know about money, from how to save to how the market works.
Cryptocurrency training and worries about technology
Understanding blockchain and cryptocurrency technology might take a long time and a lot of work, which makes it hard to get into the business. It’s helpful to have simple tools for teaching, but they only help a small number of people.
So, learning about money and crypto is still important, but developers and business leaders need to do more to make it easier for people to use bitcoin. Project managersmust keep knowledge gaps in mind when making their platform and writing their message. It’s important to use clear, short language that everyone can understand when greeting new users. Anyone can trade cryptocurrencies on Bitcoin smart.
How the wealth gap makes things hard
As has already been said, the difference in wealth makes it hard for people with less money to get into the business. Not having enough money is a big problem, just like not being able to go to school or not having enough time. People need to have enough money to pay for their basic needs and invest the rest. People who are scared to invest their money or who live from paycheck to paycheck are much less likely to open investment accounts.
This is especially true for digital assets, which are newer than traditional investments and have fewer rules about how they can be used. Undercollatoralized loans will allow people with less money to join the market, which is a big step toward crypto adoption.
Teller Finance and other companies that let people borrow crypto assets without putting up collateral are helping the sector grow. Because this sector is growing, it is important for making things easier to get to.
How can leaders and people in charge of development get around these problems?
Because developers want things to be easy to understand and use, this should be reflected in their platform. Onboarding is the first step for every new user, so making it easy for them to sign up gives you a chance to make a good first impression. If making an account takes a lot of steps, people are less likely to keep going. The onboarding process could be made better if projects used a simple “Know Your Customer” strategies instead of complicated ones.
Initiatives must also take steps to build a strong network of partners. Depending on the project, this could mean using compatible blockchains, integrating with decentralized apps, or joining Celo’sDeFi for the People to find more real-world uses for the technology.
There’s a lot going on here, and it doesn’t always go well. Users have to keep track of a lot of accounts and apps because of this. By making your platform as big as possible and as compatible with as many other platforms as possible, you give clients more ways to use your platform through apps that work with other platforms, which makes them more likely to use your services.
Since the blockchain industry is growing, it needs a steady flow of new customers. To do this, everyone in the sector needs to come up with new ways to reach customers. Teaching people how to do things is the first step in setting up a base that will let us change the economy.
It’s important to know that not everyone will benefit from this and to think of other ways to bring more people to the area. Giving out loans that don’t have to be paid back could help close the gap in wealth that has grown as bitcoin has become more popular.
No matter what your design, message, or service is, you should always think about who you’re making it for. The ultimate goal is to build blockchain technology into applications so deeply that users won’t even know they are on-chain.
Also read: Things You Should Know About Crypto Mining (As an Investor)
