The reason cybercriminals continue to prosper in Africa is that not enough is being done to inform locals about the fundamentals of digital assets or the technology that supports such assets. Education Crypto Scams Africa
Even worse, the few Africans who have succeeded as traders or business owners sometimes lack the will to teach their neighbors the fundamentals.
The unfavorable attitude of African governments, as well as the negative perception of cryptocurrencies and the blockchain sector, have persuaded some prosperous traders and business people to change their minds.
Many people still have limited knowledge about cryptocurrencies and the technologies, architecture, white papers, security, etc. that underlie them.
Criminals are using anonymity, hype, and the fear of missing out to target their prey due to the fact that there are still few restrictions or none at all in many nations.
At least 95% of those who have adopted cryptocurrencies have found it difficult to get started, but with education, this may change.
The decentralized nature of the sector allows some unscrupulous actors to take advantage of people’s hype and greed to con them out of quick cash without ever having to reveal their identities.
Many blockchain users and cryptocurrency traders quietly go about their business without the need for much outside involvement or interference because this is a technology that not many people go to school for. As a result, network marketers wanting to profit from unregulated cryptocurrency projects or initial coin offerings (ICOs) will take advantage of the remaining populace. Education Crypto Scams Africa
Unfortunately, this has resulted in a stigma in the African market that can only be eliminated by genuine and effective industry leaders running campaigns for education and awareness.
The only issue is that there isn’t enough money to be made from teaching and awareness-building, so there’s frequently little to no reason for it.
However, some leaders are spurred to action by the unfavorable government policy toward cryptocurrencies and the industry in general, as well as the public’s uproar over the rise in crypto frauds. They are aware that everyone is affected by this issue, including legitimate and illegal industry players.
Blockchain and cryptocurrencies are upending traditional banking structures and other industries. No one attended school for this technology, which all governments are now learning. After that, they will be able to control what is known. Therefore, educating governments and providing regulatory support is a smart first step in protecting citizens.
We must recognize that many, if not all, African countries are more recent than many Western governments. Governments in Africa should now be aware of the politics underlying the entire monetary system. They should foster a supportive atmosphere for this technology to develop as they research and figure out how to control it because disruptive inventions typically include turmoil before order.
It will be the biggest and most significant transformation of the financial and monetary systems the world has ever seen. The opportunity to take part in this transformation is equal for all nations. Education Crypto Scams Africa