The world economy has seen profound changes as a result of cryptocurrencies, or digital or virtual currencies like Bitcoin and Ethereum that are protected by cryptography based on blockchain technology. These cutting-edge transaction techniques are quickly making an impact in the financial industry and changing the nature of the world economy. Nonetheless, there is still a noticeable reluctance about its broad acceptance and adoption, mostly because of misunderstandings and inadequate instruction on its application. These knowledge gaps present a chance to address These issues.

This study creates a parsimonious model to explain the awareness, acceptance, and adoption of cryptocurrencies using the technological acceptance model (TAM). Partial least squares structural equation modelling (PLS-SEM) was used to evaluate the model on a sample of 332 participants, ranging in age from 18 to 40. The results indicate that adoption of cryptocurrencies is directly, favourably, and significantly influenced by cryptocurrency awareness. This positive link is moderated by characteristics of cryptocurrency acceptance, such as the utility and simplicity of usage.

Cryptocurrency

With its redesigned notion of money, cryptocurrency has signalled a revolutionary change in the worldwide financial industry (Johar et al., 2021; Kakinaka and Umeno, 2022). A new class of digital or virtual currency, cryptocurrency is based on blockchain technology and encryption. Fundamentally, a blockchain functions as a decentralised ledger, recording each transaction over a dispersed network of computers, guaranteeing transparency and durability, while cryptography makes sure that transactions are protected from manipulation and that players’ identities are kept private (Kumar et al., 2023; Sahoo et al., 2022). Examples of well-known cryptocurrencies are Ethereum and Bitcoin. Cryptocurrencies operate outside of established financial systems, in contrast to traditional currencies issued by central banks, such as the dollar or the euro.

The Importance of Cryptocurrency Education

Blockchain technology, cryptocurrencies, and the larger world of digital money are complicated topics that call for comprehension and expertise. Education on cryptocurrencies is essential for a number of reasons:

1. Risk Mitigation: Users with knowledge are less likely to become victims of fraud, scams, or security lapses.

2. Empowerment: Knowledge enables people to use and invest in cryptocurrencies with educated decision-making.

3. Innovation: The creation and uptake of fintech and blockchain-based solutions can be facilitated by an informed public.

4. Financial Inclusion: By giving the unbanked and underbanked populations access to digital financial services, cryptocurrency education can facilitate financial inclusion.

Obstacles and Things to Think About

1. Regulatory Environment: Make sure your instructional initiatives adhere to Nigeria’s ever-changing cryptocurrency laws.

2. Scam Awareness: To prevent students from becoming victims of fraudulent schemes, include information about typical scams and fraud in instructional materials.

3. Quality Control: Ensure that learners are receiving accurate knowledge and maintain top-notch instructional materials.

Encouraging people to learn about cryptocurrencies is crucial to the responsible and knowledgeable use of digital assets. Through the adoption of a comprehensive strategy that integrates digital assets, regional gatherings, scholarly collaborations, public awareness campaigns, and regulatory backing, the government may provide the groundwork for a flourishing and knowledgeable cryptocurrency community.