In a commendable move towards enhancing crypto education and safety, Australian crypto exchange Swyftx recently launched its “Earn and Learn” initiative. The program rewards its users for finishing courses which cover a wide range of cryptocurrency scams. All this comes amidst growing concerns over crypto-related swindling taking place in Australia. Tom Matthews, Swyftx’s head of corporate affairs, has expressed that the primary approach is to empower the population with knowledge until the sector is thoroughly regulated. This move may help fortify an individual’s comprehension of the crypto market, and lessen their vulnerability to fraudulent coins or schemes.
However, critics may question whether imparting knowledge about glaring scams is enough to shield users from the more refined manipulations that pervade the chaotic crypto market. Are they being equipped to decipher the complexities of the crypto world, or merely given a crash course in the most common scams?
Within the platform, users will be guided to recognize scams linked to spurious tokens, social media, and certain volatile trading schemes. The program will also offer a checklist covering critical considerations like founder backgrounds, tokenomics strength, project weaknesses, the financial backing profiles, and the projects’ goals and relevance. While this is undeniably useful, is it sufficient to navigate the volatile waters of the crypto world without in-depth education?
The silver lining remains that the first 4,000 participants to successfully finish the inaugural course on fundamental analysis will receive $3.20 (BTC equivalent at the time) with a total of $64.30 (BTC equivalent)reward for each participant over the next year. Although this may attract more people, it also raises the question: are they truly interested in learning, or is the benefit the primary motivator?
Swyftx’s initiative falls in line with its response to what it has identified as a surge in demand for crypto education in the market. The company cites the heightened grassroots crypto adoption in Australia as a potent driving force. The downside: learning can be a slow process, and rash or uninformed decisions from the impatient could still fall prey to the volatility of the crypto world. Regardless, the exchange reckons that the next market cycle will be propelled not by hype, but knowledge. That being the case, the success of endeavors like the “Earn and Learn” initiative will pave the way for a safer crypto future. As with any fledgling sector, education will consistently remain the most critical means to progress. Yet, in the end, it will always be the actions of the educated that determine the direction.
Source: Cointelegraph
