BTC has changed the game in many ways for the financial market. But education is still in need to go even further.
The advent of a new system and a paradigm shift are always challenging for people to accept at first, especially when it comes down to money and financial matters.
That can be the case of Bitcoin.
The current fiat money system has been flawed by many analysts based on the unlimited quantity of total circulation supply. This has caused untold hardship of inflationary spirals in various global economies of the world with too much money chasing few goods.
The Fear of the Unknown
The advent of Bitcoin into the world financial markets has been heralded by only a few and castigated by many as most people, especially those in governments and financial institutions, have tagged it as a tulip bubble that would explode in a very short time.
A large number of people don’t understand the mathematical relationship between the computer algorithm and how it serves as money. Subsequently, they fearfully ignore and proclaim it as a myth that would not stand the test of time.
Various government bodies and financial institutions have warned their citizens not to invest in bitcoin as it is purely speculative and could cause them to lose their funds as a result of their investment in such monetary trades.
There have been countless times where countries like China, United Kingdom, Russia, India were creating unnecessary fear, uncertainty and doubt (FUD) in the minds of their citizens and discouraging them from investing in such financial instruments.
These countries have severally banned bitcoin trading and acquisition in their territories and even gone ahead to seize the mining equipment and funds of some investors who defy the government regulations on cryptocurrency.
Nevertheless, due to the tamper proof, transparent, and immutable nature of bitcoin, it has stood the test of time and is gradually gaining ascendancy into the scheme of things in the financial world.
Bitcoin’s credibility
When bitcoin started in 2009, people never believed it and it was sold for less than a penny.
A popular pizza purchase was even made for 10,000 bitcoin back then, which made it the most expensive pizza in modern day as the price of Bitcoin rose to its all time high this year 2021 at over $65,000.
This brought about a massive interest from people globally including governments that had earlier banned bitcoin in their territories to have vested interest in the digital commodity.
Several mega corporations like Paypal, Amazon and Facebook are becoming more interested in bitcoin and other cryptocurrencies, and are looking forward to a possible integration into the business models.
This has given bitcoin a high level of credibility which makes the use of cryptocurrency a reality rather than a myth as it was earlier assumed.
For Klever, educating is key
The Klever community has maintained a high level of understanding on how the cryptocurrencies work and what it could be used for in a global scale by educating its followers and intended users through its various social media platforms, thereby mitigating the fear of the reality of bitcoin and other cryptocurrencies.
The more people get to understand the efficacy of bitcoin as a decentralized form of money where you do not need an intermediary like financial institutions to transact with another person or institution, the greater its awareness and the spread of its adoption.
Thereby demystifying the myth around creation and utility of bitcoin and other cryptocurrency.
Transformation comes in stages and Klever is indeed at the forefront of transforming the way we educate our users and potential followers. Indeed the right application of knowledge is power and we at Klever would ensure everyone is empowered to be their own banks using the Klever wallet.
Klever is smart thinking.
By James Enajite
Klever Writer
