There is no disputing that cryptocurrencies are now widely accepted. Cryptocurrencies are now an established part of the global conversation; Whether it is investors trading cryptocurrencies, companies accepting them as payment, or just reports on the latest boom or bust in the cryptocurrency market. And now, according to a new ConsenSys survey, 92% of people around the world are familiar with cryptocurrencies like Bitcoin.
Developing regions are showing strong recognition of cryptocurrency
According to another vote Conducted by private blockchain software company ConsenSys and YouGov, 92% of people around the world are familiar with cryptocurrency. More than 15,158 people in 15 countries, with an average age of 18, were surveyed for the report.
However, while awareness of cryptocurrency is high, understanding is low. A total of 92% of the survey respondents had heard of cryptocurrency, but only 8% could say with confidence that they were familiar with the general concept of Web 3.
Interestingly, developing regions of the world are actually showing some of the strongest recognition and interest in cryptocurrency. Nigeria, South Africa and Brazil lead the pack in cryptocurrency awareness, with 99% of Nigerian respondents demonstrating cryptocurrency awareness and over 70% accurately guessing the definition of blockchain.
While developed countries debate regulating cryptocurrencies, developing regions seem more open to innovation. Cryptocurrencies like Bitcoin and Ethereum have helped address the risks inherent in unstable currencies leading to high rates of inflation and the lack of financial infrastructure for moving money that many people in developing nations face.
This stands in stark contrast to the greater level of mistrust towards cryptocurrency shown by European countries and Asian countries such as Japan and South Korea. In Japan and Indonesia, only 1 in 3 respondents claimed to understand what cryptocurrency is.
Total market cap recovers as Bitcoin rebounds | Source: Crypto Total Market Cap on TradingView.com
Only 8% of the respondents are very familiar with the concept of Web 3
In a country like Argentina, whose currency has experienced significant currency depreciation and instability in recent years, 56% of respondents indicated a greater likelihood of owning cryptocurrency as a store of value.
While cryptography and blockchain have gained mainstream awareness, most people still have a lot to learn about web3, the decentralized internet of the future. 36% and 34% of respondents were familiar with Metaverse and NFTs, but only 24% were familiar with Web3, while only 8% said they were “very familiar” with the concept.
As Web 3 projects emerge and gain traction, cryptocurrency literacy rates should soar. ConsenSys expects that broader understanding will come from a more practical understanding and use of Web 3 technologies.
Featured image of Freebitcoin, chart from TradingView.com