In a world where cryptocurrencies and blockchain are becoming increasingly significant, obtaining quality education is crucial. Rapidly evolving industries often attract scammers. Let’s explore how to acquire reliable knowledge about cryptocurrencies and avoid falling into the traps set by malicious actors.
Emerging Industries and Risk of Low-Quality Education
The crypto sector is constantly growing, attracting capital and talent into new segments. Web 3.0 envisions using blockchain to create decentralized apps and services. The tokenization of real-world assets (RWA) is taking place, where companies issue digital tokens representing real assets like precious metals. This allows investors to participate in the asset economy on a new level. Moreover, decentralized autonomous organizations (DAO) are promoting democratic processes in project management.
Beware
The rapid rise in the popularity of cryptocurrencies and the limited understanding of their mechanisms have led many to seek wealth through this new tool. Alongside legitimate services, fraudulent offers and products have emerged. Scammers lure clients with attractive conditions and promises of quick wealth, similar to the practices seen in financial institutions with schemes like Ponzi schemes.
A related and equally significant negative consequence of the popularity of cryptocurrencies is the rise of “internet gurus.” The surge of interest in crypto has attracted many self-proclaimed experts offering dubious courses and seminars. Examples include webinars that promise “guaranteed income” from crypto investments after completing a course, which often turn out to be mere attempts to extract money from inexperienced investors.
Examples and Consequences of Low-Quality Education
The spread of false practices, financial losses by students of such “courses,” and the degradation of the overall perception of the crypto industry as a serious and reliable field for investments and careers are just a few of the negative consequences. As new industries grow, so does the risk of poor-quality education. This is particularly relevant in complex and constantly evolving subjects like cryptocurrencies and blockchain. Scammers exploit these topics to sell courses with inflated promises.
Here are typical signs of low-quality educational programs:
- Lack of a clear curriculum. Quality courses have well-defined objectives and a structured approach that allows students to deepen their knowledge step-by-step.
- Exaggerated marketing. Be wary of courses that focus heavily on marketing hype with promises of instant success and huge earnings.
- Reviews and feedback. A lack of independent and negative reviews can be a red flag. Good courses have a wide range of reviews, both positive and negative.
It’s important to approach the selection of educational programs in the crypto industry with caution, seeking verified sources of information and not falling for promises of easy results.
Development and Importance of Crypto Education
The crypto industry has a need for qualified experts. Various factors contribute to a shortage of such knowledge and the people who possess it. For instance, the European Banking Authority (EBA) and the U.S. Securities and Exchange Commission (SEC) have highlighted issues with the shortage of crypto specialists. There’s a strong demand for crypto education from users, especially those already engaged with the crypto sphere. According to a Study.com survey of 800 American parents and 200 college graduates, 86% of graduates believe they’d earn more if they had formal knowledge about cryptocurrencies and tech innovations instead of a college degree. Parents also believe that crypto education should begin in high school.
Integrating Crypto Education into Formal Programs
A watershed moment in crypto education was the inclusion of the Bitcoin and Cryptocurrency Technologies course by Princeton University, available on the online platform Coursera since 2015. The course, developed by Arvind Narayanan and others, was one of the first systematized attempts to teach students the basics of crypto and blockchain technologies.
Era of Internet Gurus
As in any booming industry, the rise of information pseudo-gurus became part of the scenario. These so-called experts often offer unrealistic and unproven courses promising quick profits from crypto investments. For example, in 2017, during the ICO (Initial Coin Offering) boom, numerous online courses started popping up, many of which were pseudoscientific and developed with no practical basis.
Modern crypto education is still an evolving field and includes topics ranging from the basics of blockchain technology to an in-depth study of cryptography, economics, and data management. Platforms like Udemy, Pluralsight, and Khan Academy offer courses for both beginners and advanced users. However, the quality and content of these courses can vary significantly, so choosing an educational program should be done critically and thoughtfully.
Impact on Education and Society
Some specialists will be required to have a fundamental education — a university degree in a relevant field, even if it’s not related to digital currencies. There are still few university programs on cryptocurrencies, but notable efforts in this direction are underway in Georgia. Last year, Binance Charity and GITA opened applications for a free educational program on blockchain. The project’s goal is to promote innovation activities among micro, small, and medium-sized enterprises (MSME) and individuals in Georgia, and their participation in the digital economy. Special attention is paid to women’s education as part of Binance’s commitment to build and fund Web3 education for women.
Binance Academy, a blockchain and crypto education platform, has been around since 2018. It features over 800 articles and glossaries, courses on blockchain, cryptocurrencies, Web3, and more. It provides access to courses to millions of students worldwide in more than 30 languages.
Impact of Real Crypto Gurus
Properly structured educational materials and trust-based relationships with the audience can contribute to the industry’s healthy development. However, some wanna-be gurus use their position to promote subpar courses or worse, scam schemes. What makes crypto education attractive to pseudo-experts is its relative novelty and high public interest, leaving this educational sector vulnerable to exploitation.
Checklist: How to Choose Quality Education
- Define your learning goals. Start by setting your expectations so that you don’t fall for the get-rich-quick promises.
- Research the experts’ backgrounds. Credible experts often have extensive experience in the crypto industry and a strong educational background.
- Check reviews and the course’s reputation. Look for independent feedback and analyze real case studies.
- Transparency and availability of materials. Quality courses frequently provide sample materials or clear course descriptions.
Crypto education is not only an opportunity to gain new knowledge but also an area where deception is easy to encounter. Choosing the right educational courses and critically evaluating the information will help you avoid mistakes and make your learning experience truly valuable.
