Most Americans Don’t Understand Bitcoin, NFTs or DeFi

Most Americans don’t understand Bitcoin, NFTs or DeFi. New survey survey results results demonstrate why a month dedicated to crypto literacy is sadly needed. November is Crypto Literacy Month, and new survey results. Demonstrate why a month dedicated to crypto literacy is sorely needed.

According to the results of a recent crypto poll, 96 percent of Americans and 99 percent. Of Brazilian and Mexican respondents failed to pass a 17-question quiz on fundamental cryptographic principles. The findings of the first quiz, as well as the question itself. Were published by cryptoliteracy.org, which is an industry project aimed at increasing consumer understanding of digital currencies. A collection of significant cryptocurrency firms. Including Coinme and CoinDesk, have lent their support to the initiative.

Cryptocurrencies, Bitcoin, decentralized finance (DeFi), cryptocurrency exchanges and blockchain technology. Are all covered as well as various wallet options, non-fungible tokens (NFTs), and overall mood towards digital currencies. The study was carried out by YouGov among a sample of 1,000 crypto- . Or Bitcoin-aware internet users from each country, selected to provide a balanced representation of age. Also ethnicity, gender, and educational levels.

A considerable crypto knowledge gap exists across the three countries that were surveyed. America, Brazil, and Mexico, according to the findings of the study. In the United States, 4 out of 10 respondents were unable to answer more than half of the questions. Opting instead to respond with “don’t know” as their response. Americans, on the other hand, did significantly better than Brazilians. Who answered only one-third of quiz questions correctly. Overall, the rates of cryptocurrency acceptance were similar across all of them. Mexico has 14 percent, Brazil has 15 percent, and the United States has 17 percent.

Key highlights of the crypto literacy report

The best teacher is one who has taken responsibility for one’s actions. It has found that possessing bitcoin connected. With better performance on a test of cryptocurrency literacy in the United States, Mexico, and Brazil.

The general public’s understanding of Bitcoin’s basics limited. Nine out of ten survey participants were unaware that the total number of bitcoins. Available restricted to 21 million. Furthermore, only 4 out of 10 respondents had a clear awareness of the factors. That influence the pricing of the product.

Additionally, The application of cryptocurrency differs depending on area and generation. Approximately 25% of Brazilians and one-third of Mexicans who answered the survey said. They would use cryptocurrency to pay for products and services. American respondents, on the other hand, indicated that they would use cryptocurrency to save for the future. More than three times as likely as older generations to use cryptocurrency as a payment method. In the United States, compared to younger generations who perceive it as a more long-term investment.

Mexico and Brazil are the countries with the greatest intention to acquire or sell cryptocurrency. Thirty percent of Brazilians and twenty-eight percent of Mexicans said they also planned to buy. Or sell cryptocurrencies in the next six months. Compared to only 12 percent of Americans who responded.

Charting a path toward greater crypto understanding

To enhance financial inclusion and economic equality. Two primary drivers of the Bitcoin white paper that ignited the crypto frenzy 13 years ago. Cryptocurrencies as an asset class are failing. The organizers of cryptoliteracy.org believe education may correct this inequality.

“One of the goals of cryptoliteracy.org is to provide an open and inclusive learning environment for anyone. Who wants also to better understand cryptocurrencies at a fundamental level,” Bergquist stated.

Moreover, He advises anyone interested in learning more about cryptocurrency. To take the free quiz found here to get a baseline understanding. A collection of handpicked learning resources for beginners, intermediates. And experts on numerous topics recommended by Bergquist. These free resources are also part of the inaugural Crypto Literacy Month, which is now underway.

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