Behavioral Analytics Can Provide Insights Into Bitcoin Adoption
Giving everybody in the world a chance to finish school and obtain a degree is on the agenda of many governments all over the world. In some countries, this process is slightly easier than others, although there is one critical flaw that remains the same regardless of location: Students in a low-income family situation are more […]
Giving everybody in the world a chance to finish school and obtain a degree is on the agenda of many governments all over the world. In some countries, this process is slightly easier than others, although there is one critical flaw that remains the same regardless of location: Students in a low-income family situation are more likely to drop out of school before they graduate. Using student analytics to tailor outreach could be a powerful way to help those in need even when they aren’t keen on asking for it.
Also read: Taking the “Bit” Out of Bitcoin
Using Behavioral Analytics to Understand Students’ Thought Processes
The human mind and behavior make for an interesting combination. Our actions are not always in direct correlations to our thoughts, or vice versa. One of the things most people have in common is how they are hesitant to ask for help, even when they need it the most. Admitting that things can’t always be done on our own accord is a huge hurdle to overcome.
For students, this scenario is especially precarious, as they might be struggling with their engagement for the task at hand. Seeking out potential warning signs can prevent students from dropping out, although there isn’t enough staff on hand to do so. This is where technology can play an integral role, as analytical tools can give school counselors valuable insights that would otherwise go by unnoticed.
As scary as the term “behavioral analytics” may sound, this technology has been proven to decrease the number of dropouts. A recent test by Georgia State University shows that there are a few hundred potential warning signs of students becoming disengaged. Tackling these issues head-on at an early stage has effectively boosted graduation rates.
This is not the first time a technological solution to analyze student behavior has been discussed. Privacy concerns set aside, behavioral analytics is a promising solution that is readily available to any individual or institution. Not only does this type of technology give counselors valuable insights, but it can also help students understand why they are on the path to dropping out, and what they need to do to prevent this from happening.
Over the next five years, $10 million USD will be spent by the US Department of Education to fund further research on what makes good students “tick.” Universities will reap the benefits from this research, as they can see what makes a student “good and happy,” and increase focus on those aspects.
That being said, it is important to keep in mind how behavioral analytics software can complete this type of research in 90 days, rather than in the proposed five years. The US Department of Education is taking the non-technological approach to this matter, and it will be interesting to see what the result will be.
In more positive news, most US universities are already looking into student behavior analytics, as they want to ensure everyone in attendance is given every possible chance to graduate. Data solutions in this field will become more and more prominent in the not-so-distant future, which will hopefully help in the battle against dropouts.
Pushing Bitcoin Awareness Through Behavioral Analytics?
Bitcoin, for all of its quirks and oddities, has been a topic of interest for analysts as well. People are really curious about how the Bitcoin ecosystem really works, but more importantly, what types of people get involved in digital currency. As recent surveys have shown, Bitcoin is not just something the “young kids use,” as there is plenty of interest in cryptocurrency across all demographics.
Analyzing the behavior of Bitcoin users could help increase awareness of this disruptive digital currency on a global scale. Most everyday consumers simply don’t see the benefits of using Bitcoin, even though the answers are staring them in the face. But once they learn why other people start using Bitcoin, the light starts dawning on them as well.
Even though there are Bitcoin-related analytical services in existence, such as Coinalytics and Challenger Deep, these platforms only offer a fraction of the insights that everyday consumers are after. Market data is, on a base level, interesting to watch, but that doesn’t necessarily explain who is using Bitcoin and for what reasons.
Bitcoin is not an anonymous digital currency, although there is no user information attached to a wallet address. Surveys have indicated that people from all ages know what Bitcoin is ,and how more educational efforts are needed. Perhaps behavioral analytics can play a big role in raising Bitcoin awareness around the world.
What are your thoughts on behavioral analytics? Can they be useful for Bitcoin-related educational efforts as well? Let us know in the comments below!
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