How do you define Financial Literacy? Well, "It's the ability to know how to earn, budget, spend, save, and invest money properly" And how do you see cryptos?They are definitely a form of money, albeit a new kind. With these simple definitions, it's easily evident that cryptos can easily form a basis to provide financial literacy.
It's noteworthy that before the inception of cryptocurrencies, financial literacy hadn't been much popular for table talks. However the times have changed and Bitcoin and Cryptocurrencies are attracting high number of mouths and ears for finance and money. And these mouths and ears all can boast one thing that they are now financially literate if not financially sound or free.
When we closely look at the above image, we can understand how much are we leffing behind in terms of financial literacy globally. As cryptogeeks, it becomes even more important for all of us to better pin down how cryptos are helpful in improving financial literacy.
First and foremost Bitcoin and Cryptos have given rise to a new media that is much more proactive in terms of education. The primary aim of Cryptocurrency journalism has remained educating apart from delivering information. When you look at any media outlets consisting crypto news, you can easily find that they all have a seperate tab, mostly with the heading 'Learn'. Coindesk, Cointelegraph, Bitcoinnews, all have it sticked on their websites.
The next is 'the control of finance in your hands'. This is just like owning a car and driving by yourself. Crypto as decentralized money gives the control in the hands of investors. We can be in control of our money 24x7. By owning them and keeping them, we are the most responsible how we asses the risk and produce better results. In return we learn to manage our money independently and learn by making decisions by ourselves.
Another one is 'crypto forms a learning habit as soon as you start owning some'. Isn't is correct that almost all of us have learnt so many things related to finance after making an investment in Cryptocurrency? We learn about smart money, risk management, volatility, DCA, DeFi, CeFi, staking, Yielding and a lot more under the effect of crypto. If we can learn all these financial terms just by owning a little crypto, there's no doubt that a day will come when all adults will be financially literate.
The last one that I can think of is 'Bitcoin and cryptocurrencies have ignited once lacking entertainment' in the topic of financial literacy. Yes, talking about financial literacy used to be boring once. But now, it seems that almost everyone knows 'how to manage one's money in a proper way'. All thanks to crypto for bridging this gap of being money literate or illiterate.
Overall, there are also so many other mediums that are imparting financial literacy. Our schools and universities are the first on the ranks. The next is traditional media. But the way crypto has imparted this niche is exceptional. Please tell us in the comment box if you also think that cryptocurrencies are facilitating financial literacy in a better way.
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