There has been a lot of controversy surrounding blockchain tech and the use of cryptocurrencies. While proponents of the industry have touted the benefits of blockchain transactions, such as their transparency and immutability, critics have often labeled the sector a “bubble” waiting to burst. To others, cryptocurrencies are merely a speculatory tool.
Although it is natural for individuals to resist innovations that challenge the status quo, one of the primary factors fueling negative sentiments against the crypto industry is the lack of quality education. And as earlier noted, many users (especially those from non-technical background) view cryptocurrencies as a medium to double or triple an investment, without considering the immense potential of the technology. Such a line of thought reinforces the narrative that the entire industry could be a bubble. However, things are set to change in the crypto space as Singapore-based global cryptocurrency exchange, Phemex, recently unveiled its “Learn and Earn” crypto educational program.
Incentivizing crypto education
In over ten years since Bitcoin launched, the entire crypto industry has recorded significant growth, particularly in the area of institutional and government adoption. This was further exacerbated by the global COVID-19 pandemic.
A recent survey conducted by the Economist Intelligence Unit noted that 46% of those polled found the case for owning digital assets more compelling due to the pandemic. Ironically, despite the massive media hype the sector has enjoyed in the past year, the study found that 51% of respondents cited the lack of knowledge as the primary barrier towards mainstream adoption. This goes to prove that crypto education is extremely important.
Phemex’s “Learn and Earn” program is the latest offering from the crypto exchange. The exchange was launched in 2019 with the aim of becoming the most trustworthy crypto platform in the world. Over the past three years, the exchange has made significant progress towards achieving this dream, including welcoming over a million traders to its platform and prioritizing a user-centric approach.
The new Learn and Earn program consists of a detailed course structure designed to make the crypto learning process fun and intuitive. The best part of the entire program is arguably the fact that learners are incentivized. At the end of a course, a user can take a short quiz and earn afterward if all the answers are correct. Compensations come in the form of trading bonuses and crypto payments.
The educational program has been carefully curated to provide a hands-on learning experience, especially to non-tech crypto users and those that are entirely new to the industry. After a few courses, users are expected to have a working knowledge of how the industry operates.
Speaking of the structure of Learn and Earn, it begins with a few basic courses, each with its own set of sub-lessons. Each course is further broken down into introductory passages, explainer videos that summarize the lessons, and a final quiz. The first course, for instance, has three lessons – each worth $2. So, a user can earn $6 by completing the first course and taking the associated quiz.
The introductory courses cover subjects such as buying and selling cryptocurrencies, a working concept of digital assets and trading on exchanges. There is also the likelihood that a user is rewarded with trading bonuses that can be used with perpetual contracts on the Phemex exchange platform.
According to the Phemex team, the Learn and Earn program is a first step in educating newbies about cryptocurrencies. However, the program is not yet available in every region. Users are also required to fulfill the KYC requirements before they can receive incentives.