Is Crypto The Future? Or Is Lack of Understanding Holding Back The Cryptocurrency Industry?

It’s 2023, and digital currencies have long ceased to be a novelty or a curiosity. The dramatic spikes in Bitcoin price registered over time have brought cryptocurrencies into the limelight as a promising high-return investment option and a viable alternate payment method. 

These days, crypto trading and investing are accessible to anyone with a computer or mobile device and a good internet connection. By the latest count, there are over 425 million cryptocurrency users worldwide, according to Statista, and the adoption rate continues to increase. 

The trend is backed by the growing number of forward-thinking businesses and organizations that accept crypto payments for their products and services. And let’s not forget that governments around the world have also warmed up to digital assets in recent years, with some countries going as far as approving Bitcoin as a legal tender. 

Crypto is now a noteworthy player in the global financial scene, and it’s not going anywhere. One would think that people would know everything there is to know about cryptocurrency and its underpinning technology by now, but reality shows us otherwise. 

Nowadays, it’s nearly impossible to ignore the crypto phenomenon that has swept across the world. Even if you’re not interested in digital currencies and have never engaged in crypto trading or investing, you have at least heard about this innovative asset class. 

Public Understanding Of Cryptocurrency

According to the survey, 98% of respondents need help understanding basic crypto concepts. For instance, 90% were unaware that Bitcoin has a supply cap of 21 million coins, a defining aspect of the project and one of its main selling points.

21% believed that Bitcoin supply was unlimited, and 62% could not guess the supply limit. The factors that influence Bitcoin’s price movements also remained a mystery for 60% of respondents, and most were equally oblivious about the existence of stablecoins and their function.

The Crypto Literacy Survey conducted by YouGov also highlighted the low levels of crypto education and was included in a CryptoLiteracy.org report. Of all the participants who had to answer the 17 crypto-related questions included in the survey, 98% scored less than 60%.

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