The outspoken community, legal uncertainty, and mysterious origin are not the only factors that weave the cryptocurrency industry we know today. Over a decade after Bitcoin’s inception, the realm is known for its decentralized ideals, trustless and permission less money flow, almost $2 trillion market capitalization, and many more.
Bitcoin, for one, aims to unlink money and state, which, thanks to the centralized infrastructure, are connected inextricably. The crypto industry as a whole is no less than a paradigm shift in the financial space with regards to the ability to store and transfer value digitally.
But not everyone thinks that cryptocurrencies can be sound money. However, its underlying blockchain technology has not faced the string of criticisms that the former did and still does. There’s more money in cryptocurrency and blockchain technology than ever before. But there are also more misconceptions, myths, wild narratives, and FUDs now than ever.
Decoding the ‘Blockchain, not Bitcoin’ narrative
There is no denying that blockchain technology has changed our lives in the last few years. The narrative of ‘blockchain not bitcoin’ was something that small and large company executives capitalized on because it sounded hip back then, and it continues to do so. Hence, it did not take long for this anecdote to become widely popular. As years passed, this became a famous adage for several countries around the world that were not big fans of the cryptocurrency sector.
While most trends and narratives come and go, this one stood the test of time. One of the most common interpretations backing this narrative is that digital assets lack inherent fundamental value, but blockchain technology, on the other hand, will be effective. This was primarily a heavy debate among libertarians and Austrian economists. In reality, value is subjective and comes from external forces.
Besides, the “Blockchain, not Bitcoin” narrative also originated out of a belief that there is no use of public blockchains. But the private enterprise applications of the underlying tech are seen as quite impactful.
In reality, public blockchains have tremendous potential. It is, first and foremost, valuable for building borderless, non-sovereign digital assets. Among other pros, public blockchains ensure maximum security while creating a platform without any limitation in an open and genuinely decentralized environment. In addition to that, nothing beats transparency in a shared network system. Control, accessibility, and consensus are some of the many cons that the private blockchains share, along with their own set of benefits in terms of scalability and speed.
Nevertheless, narratives, big and small, have shaped many beliefs around the Bitcoin and cryptocurrency industry. But it is important to stem the tide that is based on biases, myths, and conjectures.
These are some of the main enablers that have hindered the growth and adoption of the cryptocurrency realm. It is essential to understand that not everyone has a firm grasp of how the industry essentially works. The reality of cryptocurrency and blockchain technology is complicated, and there is no denying that. But, even over a decade later, these factors should not come in the way of adoption and exclude a significant portion of the masses away from it. Cryptocurrency is for everyone.
But given the complexity of the crypto and blockchain industry and the sheer volume of projects, whitepapers, forums, proponents, blog posts, etc., it can all become a bit too overwhelming for any beginner looking to make an entry. While learning about the space will open a whole new world of opportunities, making the process fun and intuitive with carefully curated concepts is essential. Here’s where Phemex’s all-new educational program called ‘Learn and Earn’ comes into play.
Phemex’s Learn and Earn Initiative
Phemex, which happens to be a well-known Singapore-based global cryptocurrency exchange, boasts a massive user-based that exploded to more than a million traders in just three years of its existence.
Launched in the year 2019, Phemex has emerged as a top-notch platform registering substantial growth and is one of the most trustworthy names in the industry. The cryptocurrency exchange has been lauded for its approach to user-requested features and community feedback.
Its latest initiative – Learn and Earn, is an educational program that focuses on offering simplified concepts on cryptocurrency and blockchain technology. The detailed course comprises intuitive lessons and interactive videos. The Learn and Earn course is specifically customized for beginners to learn about one of the hottest techs in the world and have fun while doing so. The program is designed into a few basic courses, and each has its own set of sub-lessons that consists of introductory passages, explainer videos. The first set of courses starts with some of Phemex’s crucial features. This essentially includes a few fundamental concepts about how crypto-assets work, buying and trading them on a platform.
Phemex’s main aim is to make the learning process more fun at the end of the day. Hence, it brings in a unique concept of incentivizing its users. Via Learn and Earn initiative, users get to take a short quiz after completing each lesson to test their knowledge. If all the answers are accurate, users will be rewarded through trading bonuses that the traders can use with perpetual contracts on the platform itself and cryptocurrencies.
In a way, it lets its users gain knowledge and spread awareness about the groundbreaking tech, and also get rewarded for the entire process. This, in turn, helps in filtering out the misconceptions that plague the industry. Hence, it can be said that Learn and Earn also allows users to give it back to the community.
To receive incentives, users are required to complete KYC protocols. Currently, the education program is not widely accessible and is limited to certain regions only. However, the Phemex team is working on expanding Learn and Earn internationally. In the coming days, the cryptocurrency exchange also plans to introduce advanced topics through the program.