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To Web3 or Not to Web3

2022-05-27

Mayur Kamat, Head of Product at Binance, shares his thoughts and tips for those discovering and starting out in Web3.

Web3 and Bitcoin are two buzzwords that, if you haven't heard yet, you will hear increasingly in the near future — unavoidably. You will hear them said most loudly by two types of people on two extreme ends of the spectrum. 

At one end, Bitcoin maximalists believe that BTC and the broader crypto economy are set to revolutionize everything from finance to culture. On the other end, you'll find people fundamentally adverse to the crypto revolution, proclaiming it all a scam and saying things such as, "how can an asset that doesn't exist in the real world have value?"

There are elements of truth on both sides of the argument, and while both sides share interesting points, they are not helpful at all. More importantly, neither side provides informed decisions on the next steps. 

I believe most people learn better by simply doing. If you are truly curious about crypto and want to form your own opinions, I suggest trying some or all of the tips below. 

Risk Warning: Crypto investing is volatile and subject to high market risk. It is not for everyone. Like any investment class, always do your own research and make decisions cautiously. Binance is not responsible for personal investment losses.

My Three Tips for Web3

I understand it’s intimidating to dive headfirst into new technology. As someone who used to work in the Web2 industry, here are some of my personal tips for starting your Web3 journey: 

1. Join the team

Go work for a Web3 company (plug: Binance is hiring). You’ll find that most of the jobs at big Web3 companies are not directly related to how the blockchain operates. 

Many of the problems we face every day are similar to Web2: getting more users, digital marketing, customer support, search engine optimization (SEO), creative branding, etc. Due to the massive explosion in demand, these jobs also pay handsomely. 

More importantly, you’ll learn the most because your livelihood depends on it. I recommend this option for the adventurous kind!

2. Try the crypto market

If you’re not ready to make that leap, you can start by exploring the crypto space. One way people do this is by purchasing a small amount. However, your goal should always be to learn, not earn money. This is not financial advice, and always exercise caution. I find people become more incentivized to learn about things by doing and going through the process. 

If you own any crypto or have recently bought some, you can consider using it on exciting use cases. For example, sending it to someone in another country, staking it for passive income, or creating your own NFT. You will find some magic and some growing pains. Ultimately, this will help you appreciate the nuances when talking to a crypto skeptic or fanatic. 

Those who are brand new to crypto can start by exploring all the free educational content on Binance Academy — the official crypto educational platform of Binance.

3. Have an open mind

If you’re reading my post, you likely live in a country with decent financial infrastructure. In this case, it’s easy to dismiss Web3 and crypto because you’re comparing them to alternatives already available to you. 

To better understand crypto and Web3, you need to change your perspective.  Imagine living in a country where inflation is over 100% or being a low-paid immigrant striving to save 10% of your monthly income to send home. 

Only then will you start seeing why so many people believe crypto and Web3 provide financial freedom.

The Web3 Movement

Web3 has the potential to be transformative — and like every massive technology movement, there is more to build and improve. 

We saw the same things during the dot-com boom/bust, and the early days of social media and smartphones. You may be confused about whether or not Web3 and crypto are good things. The easiest way to make up your mind is to explore it. 

By Mayur Kamat

Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made in this blog should not be considered financial advice and are not intended to serve as an investment recommendation.