I was thinking to title this post as ‘I wish the 40 million crypto enthusiasts read it’ but later I changed my mind realizing that it is not for everyone.
It is only for the interested ones who wish to help and contribute to the cryptosphere. That’s why I am here to elaborate on the thoughts that I crystallized some days back in my tweet thread for those interested ones.
Around 20–30 million people in the world own cryptocurrencies and the world’s population is 7.7 billion. Let that sink in for a moment.
So percentage-wise only 0.39% of the earth’s population is into crypto.
This is miniscule.
Of course, not undermining the fact we have been able to bootstrap a whole new industry with this, but this level of participation is still miniscule.
Not to forget that a majority of them are here for a quick buck. Moreover, an average American or Englishman doesn’t need Bitcoin or crypto; they already have Visa, Mastercard, and access to cheap credit.
So it is a fallacy to think that we will be able to go next level with this composition.
Before telling people to use crypto or Bitcoin, you need to tell them why crypto or Bitcoin?
No wonder people are ignorant.
The underlying roots of this ignorance can be traced back to money itself. Many even don’t know what money is? What should it do & shouldn’t?
Yet they run behind it.
They are also ignorant because for many the present system works just fine. They don’t have enough reasons to question it. Furthermore, no one has seen monetization of money barring fiat currencies, which gets monetized just by government decree.
The closest is ‘gold,’ but no one has seen it being monetized.
That’s why education about money is necessary. Education is the thing that crypto needs right now.
Countries where money fails, there they want to know why it failed? Countries, where it hasn’t failed, need to be educated why it hasn’t failed? And why they continue to live anxious lives even after working hard each day?
But without this foundational question of money, the crypto industry will keep spiraling into these kinds of bear markets.
If you see, up until now, crypto has reached here due to early techie adopters, speculators, and some institutions but now we need more support.
Support of general masses, not the institutions.
However, I don’t mean that institutions have no role to play. But even if they don’t come general masses have more power to make this thrive.
Just to give you a perspective:
92% of Americans do not hold any cryptocurrencies. Out of this, 17% plan to hold some crypto in the future but the remaining 75% don’t have any such plans.
On the retirees’ side:
32.9% of them ‘have no idea what Bitcoin is’ and 56.7% are aware of Bitcoin but aren’t interested in it, as per the recent survey by Gold IRA company.
Do you see the gap now?
So in a nutshell, Bitcoin or crypto isn’t a tool for making the early adopters rich by dumping the coins on other guys who bought and sold the coins at the wrong time.
It wasn’t meant for it.
Bitcoin or crypto was and is for censorship-resistant transactions. It is about the missing financial service that the internet had been lacking since its inception. It is for more.
We all have to collectively think and move forward together despite the differences to educate the next 100 million who aren’t even aware of what’s the problem and why do they even need crypto or Bitcoin…
But the already educated crypto enthusiasts seem to go in another direction.
They want to trade crypto. They want the next Bitcoin. They are frantically searching for the right opportunity to dump their bag on other novice people. They are now busy repackaging ICOs into IEOs.
Don’t you think we had already done this in 2017?
This kind of behavior reminds me of a saying of my mentor:
If we continue to take action in the same manner as we always have, we cannot achieve anything new. — Daisaku Ikeda, SGI President.
So do you think we will reach the next level by doing the same thing over and over again?
At least I don’t think so…The definition of insanity is, ‘doing the same thing over and over again, but expecting different results.’ So stop and ponder over this !!
What crypto needs right now is — Education.
Education of the masses and if this industry needs to thrive, the already existing millions need to be obsessed about teaching the next billion.
That’s why the most important questions one must ask themselves every day should be #whatcanIdoforcryptotoday?
Having said that I want to share, I am doing my bit by building TheMoneyMongers where I have determined to bring at least 1000 people into crypto this year !!
The site is under work as of now, but still, if you want to read something that worth sharing, you will definitely find it here !!