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CoinMinutes Initiatives to Lower Entry Barriers for Crypto Newcomers
CoinMinutes’ Initiatives to Lower Entry Barriers for Crypto Newcomers
The reality that no one really wants to talk about is that crypto is extremely complicated for normal people.
We saw friends attempting to enter the crypto world and quitting within twenty minutes after reading about “DeFi yield farming strategies.” Is it your fault? One way or another, it is not very understandable because half of the things seem to be written by machines for other machines.
So, the reason why we created CoinMinutes in a different way is that we aren’t trying to impress anybody with our vocabulary. We just want people to grasp what is happening in crypto without the need of a computer science degree.
Understanding the Main Entry Barriers in Crypto
The Language Barrier is Real
Go to any crypto area and you will not be able to understand half of what people are talking about. DeFi, NFTs, DAOs, DApps, APY, TVL. Then there is the slang that seems to change every week. “Diamond hands,” “paper hands,” “going to the moon,” and “getting rekt” are just a few examples.
My neighbor Sarah decided to learn about crypto last year. A very smart woman – she is a nurse who literally saves lives. However, after reading three articles on “yield farming liquidity pools,” she gave up. She said it felt like everyone was deliberately speaking in code so that she wouldn’t understand.
She was right.
Fear Keeps People Away
Is it their fault? The headlines are never supportive of them. “Man Loses Life Savings to Crypto Scam.” “Exchange Hacks Cost Millions.” “Bitcoin Transaction Goes Wrong, Money Gone Forever.”
Just last month, a CoinMinutes user shared with us that her mother wouldn’t let her talk about crypto at the dinner table anymore. Too many horror stories running on the evening news.
Information Overload is Paralyzing
Crypto is a 24/7 business. News breaks at 3 in the morning. Prices change while you are sleeping. New projects come up so fast that you can’t learn about the old ones quickly enough.
Ordinary people can’t spend 40 hours a week to stay up-to-date. They do not know which is important and which is just hype. So they either try to read everything and end up being exhausted, or they choose to read nothing and remain confused.
Technical Stuff Actually is Hard
For example, if you want to set up your very first wallet, it would seem like you are trying to defuse a bomb. In fact, you are even told: “write down these 12 words absolutely correctly. Don’t lose them. Don’t take a photo of them. Don’t tell anyone. Choose the right network. Pay the gas fees. Connect to the right website.”
One wrong click? Your money is gone. No customer service. No undo button.
We have been helping so many people who, in a mistake, have sent Ethereum to Bitcoin addresses or vice versa, that money just… gone.
Most Communities Suck at Welcoming Newcomers
Crypto-related subreddit forums are really the pits of human nature. You ask a simple question and immediately someone will call you an “NGMI noob” (translation: “not gonna make it, newcomer”). Discord servers are even worse. There, if someone asks “What’s a smart contract?” they get laughed out of the group.
This results in a vicious cycle being formed. Newcomers remain silent, make preventable errors, lose money, and then inform everyone that crypto is a scam.
Useful Reference: https://tooter.in/coinminutes/posts/115077024718511953
CoinMinutes’ Educational Initiatives
We Killed the Jargon
Our editorial policy is very straightforward: if my mom wouldn’t understand it, then we have to rewrite it. No “leveraging DeFi protocols for optimal yield generation.” Just “using apps to earn interest on your crypto.”
CoinMinutes articles are all tested with real beginners before publication. If they don’t understand, we don’t feel comfortable with the work and thus have to return to the drawing board.
Baby Steps, Not Cliff Jumping
The first thing in our curriculum is actually “What is money?” We teach regular money first before crypto money. You get Bitcoin first, not altcoins. You become familiar with wallets first, then trading.
It sounds like it should be obvious, right? Most Cryptocurrency educational material throws everything at you all together. It’s like learning to drive by starting with Formula 1 racing.
Enhancing Trust and Security for Newcomers
Security First, Trading Second
Granting access to risky features is out of the question until the user goes through the basic security essentials. How to recognize phishing attempts. Why your seed phrases are the most important thing. What two-factor authentication really is.
We put real phishing scenarios that deceived actual people in front of users. Users get to see how scam emails are structured. They discover why “[email protected]” (did you notice the typo?) is not the support you can rely on at Binance.
No Anonymous Founders Here
Our team stands for transparency with the use of real names, real photos, real backgrounds. You can find us on LinkedIn, Twitter, or any other platform. No mysterious founders behind a cartoon avatar.
We publish monthly transparency reports that explain what scams we’ve prevented and what new security features we’ve implemented. CoinMinutes users are completely aware of who they can trust with their education.
Policies Written by Humans
Our terms of service are written in plain language. We inform you what data we collect (very little) and for what purpose (to make the platform better). Opt-out buttons are fully functional.
Our legal team is against this method, though. Our users cannot get enough of it.
Learning Paths That Work
In response to three simple questions about their aims, new users provide answers. Content for a user who wants to buy and hold bitcoin will definitely differ from that of a user who is interested in day trading.
Why does a buy-and-hold investor require a tutorial on technical analysis when it is unnecessary? Why would a day trader be interested in DeFi yield farming if he is not going to use it?
Check-ins That Matter
Our system checks on you weekly, asking how you are. The intention is not to sell you anything but rather to make sure you move on.
A person who is having difficulties with wallet concepts is given more wallet tutorials. A person who is insecure about security and gets one-on-one help sessions.
These are read by real humans. We are not simply collecting data to be forgotten.
Slow Community Development
New users are enrolled in beginner discussions. As their knowledge increases, they become able to join more difficult discussions.
Our system assists newbies in finding others who are at the same level. Study groups are formed around certain topics. Learning buddies are paired up for accountability.
CoinMinutes is no longer like a content platform, but more and more like a real learning community.
Conclusion
Cryptocurrency Market doesn’t need to be scary or confusing. Yes, the technology is complex, but understanding the basics shouldn’t be something that only a person with a PhD can do.
We found out that the way to best help new users is by considering them as intelligent people who only need to be given clear explanations, instead of talking down to them or showing off by using jargon.
CoinMinutes is there to make crypto accessible to everyone. We are not like those who want to turn everyone into day traders. We simply want people to know what is going on in this field without making them feel stupid or scared.
Find More Information: How CoinMinutes Encourages Critical Engagement With Crypto Concepts
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The Future of Cryptocurrency Information: CoinMinutes' Vision for Mark
The crypto info landscape is broken. We've got scattered data everywhere, sketchy reliability
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1 Reply
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