Fear and Lack of Awareness are the Major Reasons Behind an Egregious Cryptocurrency Perception, Says Chief Growth Officer of Binance

The Coinadvice team recently got a chance to interact with the Chief Growth Officer of Binance, Ted Lin. Ted has done some great work in educating the community about blockchain. The topic of discussion was educating people about Blockchain and Cryptocurrency. Noteworthy points like, how the Industry has failed or is struggling to get the right message out, were discussed.

When asked about the reason behind the egregious perception in the minds of people about blockchain, Ted replied that he himself thinks that blockchain is great. He also mentioned an industry agnostic conference which he attended at Bangkok. Noticeably, it was not a blockchain conference and only 5 percent of the audience knew about blockchain and crypto. Nevertheless, the attendees were asking about the crypto scenario because they saw the price volatility and people had this perception that crypto is becoming irrelevant. That’s when he realized that people outside the crypto industry do not know much about it. They are not able to make an appropriate judgement and usually pick up whatever they can from the mass media.

According to him, whenever the price of bitcoin plunges, they tend to assume that crypto is finally coming to an end. As per him, the main reason for such a perception is that they don’t understand the fundamentals of the technology that is so profound.

He further added that the people in this industry should start hanging out and talk and educate people who are outside the industry. He himself is out there attending not just the blockchain conferences but all the other conferences as well. As per him, Blockchain enthusiasts and experts should head up the missionary role in order to propagate the technology further.

He notes that the actual issue is fear and people usually fear what they don’t understand. To stimulate that understanding, Binance is making noteworthy efforts to educate people through Binance Academy.

Interestingly, as per him, the industry has not made sufficient efforts to let the people know of the revolution that is happening in the blockchain domain. He pointed out that if one looks at the press, bloggers, and the media, they only talk about crypto, SEC, bitcoin, and price volatility, but how often does one encounter people explaining what the technology is? As per him, if someone goes by all these headlines and buzz, people are going to think that it’s a witchhunt. Thus, in order to start a propagation journey in a healthy way, the people familiar with the ecosystem
need to go that extra mile to explain what it actually is.

When asked about the Binance investment fund and how is it helping blockchain startups, he replied that they have set up an incubator dubbed, Binance Labs. He also added that they also invest cryptocurrency in projects that they believe in and are working with the projects at an infrastructure level. Their target startups are those which are building up a product or service for the betterment of the world using blockchain. As per him, they primarily focus on teams that have long-term thinking and vision.

The world’s largest exchange by trade volume, Binance is truly playing the role of a crypto evangelist by proliferating crypto and blockchain technology to every part of the world by actively engaging and educating users, and advancing industry-transforming projects.

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