98% of Respondents Can’t Pass a Basic Crypto Test

98% of respondents can’t pass a basic crypto literacy test. CryptoLiteracy.org, an industry project promoting widespread consumer education about digital currencies. Which is officially launched today. The initiative is led by a coalition of significant entities. Including Coinme, CoinDesk, and Digital Currency Group, and is supported by a number of other organizations. The organization also released the findings of the first Crypto Literacy survey. In which was conducted by YouGov and found that 96 percent of Americans and 99 percent of Brazilian. And Mexican internet users who are familiar with cryptocurrency or bitcoin are unable to pass a quiz. Assessing basic cryptocurrency facts. The first annual Crypto Literacy Month will be held in November 2021. To help close this educational gap by encouraging consumers to gain a basic understanding of cryptocurrencies. So that they can make informed decisions and transact safely.

“It is necessary for our sector to do more to raise crypto literacy levels throughout the world.” The company’s CEO and co-founder, Neil Bergquist, believes that by doing so. “We can assist people improve their lives by knowing how to utilize cryptocurrencies.” “As a champion of equal and simple access to digital currencies, Coinme is happy. To be at the forefront of this initiative in conjunction with important industry partners,” the company said.

Everyone may take a quiz on CryptoLiteracy.org to test their crypto comprehension and determine. Where they need to improve their knowledge using coursework organized by CoinDesk. The quiz is available to anyone all over the world. Additional insights from the annual poll will be available on the Cryptoliteracy.org/2021report website. Along with a printable report of the findings, which will be available at cryptoliteracy.org/2021report.

Key Crypto Literacy Survey Findings

The exam consisted of 17 questions that tested participants’ understanding 98% of cryptocurrencies. Bitcoin, De-Fi, blockchain, mining, different types of wallets, non-fungible tokens. And their overall attitude toward virtual currencies. YouGov conducted the survey, which distributed to a sample of 1,000 cryptocurrency. Or bitcoin-aware internet users in each country, who evenly distributed across age. Gender, and education level (as well as race and ethnicity in the United States).

As evidenced by the low pass percentage on the qui. There is a large knowledge gap in America, Brazil, and Mexico. In the United States, four out of every ten respondents were unable to answer more than half of the questions. Instead selecting “don’t know.” Americans, on the other hand, did significantly better than Brazilians. With three out of ten correctly answering almost a third of the quiz questions. In general, adoption rates are similar across countries. Which is encouraging (14 percent in Mexico, 15 percent in Brazil, 17 percent in the U.S.).

“There is a genuine need for approachable crypto education that is accessible to everyone. Regardless of their money, gender, color, or educational background,” says the author. This is an essential project, and we’ve deliberately handpicked information targeted to those with beginning. Intermediate, and expert expertise,” said Ollie Leech, Learn Editor at CoinDesk. “We’ve specifically curated content tailored to those with beginner, intermediate, and expert knowledge.”

When it comes to financial inclusivity 98%, cryptocurrency is falling short. Compared to the general population. In the three countries, cryptocurrency owners, which includes bitcoin owners, are on average younger. Wealthier, and more masculine than the general population. Despite the fact that the goal of cryptocurrency and bitcoin is to promote more economic inclusion. The data reveal that adoption not evenly distributed.

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