In just a few years, cryptocurrencies have grown from digital novelties to billion-dollar technologies with the potential to disrupt the global financial system.
Bitcoin and hundreds of other altcoins are increasingly being held as investments, and they are being used to buy everything from software to real estate to illegal drugs.
For followers, cryptocurrencies are a force for democratization, depriving central banks and Wall Street of the power of money creation and control. However, critics say the new technology is entirely unregulated and amplifies criminal groups, terrorist organizations, and rogue states.
According to them, power-hungry cryptocurrency mining is also harmful to the environment. Financial regulators are now struggling to respond and open the doors for the future for money.
Regulations vary widely around the world, with some governments embracing cryptocurrencies and others banning or restricting their use. Central banks around the world, including the US Federal Reserve, are considering introducing education about digital currencies to compete with the crypto boom.
To increase the freedom of money for users, drive blockchain adoption, and enable better accessibility, learners can now access free crypto education around the world.
Emmanuel Babalola, Director of Binance Africa, said that cryptocurrency education will help users understand cryptocurrency basics, spot scams, and keep their crypto safe when they start their crypto journey.
“Blockchain education is at the center of our focus on the decentralized market. We want to make sure that more and more people have access to the correct information about how blockchain technology works by providing ample opportunities across the globe”. Mr Babalola said.
He added that crypto education will focus on teaching new skills such as cryptocurrency trading and careers in blockchain development in response to the effects of Covid19, which resulted in severe unemployment and remote work scenarios.
According to Mr Balola, the teachings revolve around building DeFi and NFT, including credits and debits, other savings, land ownership, identity management, royalties and rentals, elections, swaps, and NFT markets.
Various communities are participating in weekly workshops during the hackathon.
Mr. Noah Baalessanvu, President of the Uganda Blockchain Association and Director of CryptoSavannah (Technology), declared that crypto education was introduced after discovering the gaps of knowledge about cryptocurrencies (including BTC and Altcoins) between the private sector and the government.
Private sectors have stopped talking about blockchain. They have started developing solutions in the government and private sectors by talking about the future freedom of blockchain and its potential.
Blockchain is becoming the centre of systems and reliance on centralized systems will be under pressure as they come with centralized trust that often collapses; the explosion of cryptocurrencies is also an indicator of this frustration.
Cryptocurrencies will soon become mainstream and will no longer make headlines and thus the conventional financial world will start to mimic cryptocurrencies.
Here in the world of blockchain technology, we have less to lose from new technologies, compared to our legacy systems. We can leapfrog, and this technology gives us the tools that will allow us to master the new future of finance.centre