Despite the increasing popularity of cryptocurrencies and blockchain technology, the complexity of the technology can make it difficult for average users to understand. According to an August survey by Australian crypto exchange Swyftx, 43% of 2,229 respondents said they do not use the technology because they do not know how to use it. Similarly, at least 28% of 3,000 respondents from around the world shared the same view in the 2023 Crypto Literacy Survey.

A research note published by the UK Financial Conduct Authority (FCA) in 2023 revealed that at least 30% of 2,337 respondents said that a lack of understanding was the reason they did not enter the crypto space. Lance Morginn, Chairman of the Blockchain Intelligence Group, stated that the crypto market can be “intimidating for people with the abundance of unfamiliar terms.”

It is emphasized that in order for cryptocurrencies to reach a wider audience, the complexity issues in the sector must be addressed directly. Creating user-friendly platforms and simplified educational resources can help average users warm up to cryptocurrencies. What other steps do you think should be taken in this regard? We welcome your comments.