Crypto

According to the 2021 Crypto Literacy Report, 96 Percent of Americans Are Unable to Comprehend Basic Crypto Knowledge

Crypto

According to recent research, 99 percent of Mexicans and Brazilians, as well as 96 percent of Americans, do not understand the fundamental concepts of cryptocurrencies. Out of all those who know about bitcoin, 17 percent in the United States of America, 15 percent in Brazil, and 14 percent in Mexico hold it. According to the data presented by cryptoliteracy.org, 9 out of 10 survey respondents were not aware that Bitcoin’s production is limited to only 21 million coins.

Despite the bull run in 2021, a study shows that crypto knowledge in the United States of America, Mexico, and Brazil is lacking.

According to cryptoliteracy.org, in 2021, understanding cryptocurrency basics will not be high. The researchers used a YouGov survey to collect data from around 1,000 people in each country who are aware of the concept of cryptocurrency. The research included 17 questions about cryptocurrencies, bitcoin, decentralized finance (DeFi), non-fungible tokens (NFTs), and general mood. “Ownership is the finest teacher,” according to one of the poll’s primary findings, which means that survey participant who owned a digital currency were twice as likely to successfully answer the 17-question quiz.

According to the cryptoliteracy.org research, just 33% of respondents believe that purchasing crypto assets is simple now.

Furthermore, the survey believes that “crypto’s mission of financial inclusivity is going down.” According to the survey’s findings, ownership tends to point to wealthy and highly educated consumers at this moment. Furthermore, older generations are “left behind” in terms of cryptocurrency understanding, with 67 percent of ‘Baby Boomers’ in the United States of A America having “lack of crypto awareness.”

According to a survey, youth are more likely to spend cryptocurrency, whilst older generations see it as an investment.

“One-third of Brazilians and 25% of Mexicans said they would use cryptocurrency to pay for goods and services. According to the cryptoliteracy.org poll, only 13% of American respondents said they would do so. According to the survey, 50% of Americans said they would use cryptocurrency to save for the future. Younger generations are roughly three times more likely than older generations to utilize cryptocurrency as a means of payment rather than as an investment.

The survey’s participants also do not have a lot of basic bitcoin information concerning the protocol’s supply cap. The study’s authors say that “Bitcoin’s computer code-based issuance schedule is what makes it so distinctive and different from central banks, life-currency controlled by politicians and governments.” Despite this, 9 out of 10 poll respondents did not comprehend the fundamentals of bitcoin supply and demand (like the capped supply of that 21 million).

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.