96% of Americans don’t understand the basics of Crypto, Bitcoin, NFT, or DeFi

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A new crypto survey found that 96% of Americans and 99% of Brazilian and Mexican respondents had failed a 17-question quiz about basic crypto concepts. The inaugural quiz and results were published by cryptoliteracy.org, an industry initiative promoting broad consumer education about digital currencies. The program is backed by a group of major crypto players, including Coinme and CoinDesk.

Methodology for the crypto literacy survey and results

The quiz assesses knowledge about cryptocurrencies, Bitcoin, decentralized finance (DeFi), crypto exchanges, blockchains, mining, wallet types, non-fungible tokens (NFT) and general sentiment towards digital currencies. The survey was conducted by YouGov with a sample of 1,000 crypto or Bitcoin-aware internet users in each country, broken down by age, ethnicity, gender and education.

According to the results, there is a significant gap in knowledge about cryptography in the three countries studied: America, Brazil and Mexico. Specific to the United States, 4 in 10 respondents could not answer more than half of the questions, choosing instead the answer “don’t know”. However, Americans performed better than Brazilians, where 3 in 10 answered one-third of the quiz questions correctly. Overall, crypto adoption rates were similar for everyone: 14% in Mexico, 15% in Brazil, 17% in the United States.

“The survey was originally intended to cover the United States, but as we see adoption growing in Latin America, we wanted to include two of the largest markets there to provide international benchmarking,” said Neil, CEO and Co-founder of Coinme and Crypto Literacy Month, Neil Bergquist, in a phone interview with me. “We will continue to add more countries as we grow. For example, El Salvador will be interesting to add as this country officially adopted Bitcoin as legal tender in September. We are curious to see if the adoption by the government stimulates the understanding and use of the crypto public. “

Key Highlights of the Crypto Literacy Report

The full report is available here, but here are some of the more interesting takeaways:

Property is the best teacher. In the United States, Mexico, and Brazil, owning a cryptocurrency is associated with higher performance on a cryptocurrency literacy test. Understanding of Bitcoin fundamentals is weak. Nine in ten respondents were unaware that Bitcoin’s supply was limited to 21 million. In addition, only 4 in 10 respondents had a clear understanding of what determines its price. Crypto use case varies by geography and generation. About 25% of Brazilians and a third of Mexicans are said to use crypto to pay for goods and services. However, 50% of Americans said they would use crypto to save money for the future. In the United States, the younger generations were almost three times more likely to use crypto as a form of payment than the older generations who view it more as an investment. Mexico and Brazil are in the lead with the intention of buying or selling crypto. Of those polled, 30% of Brazilians and 28% of Mexicans said they intend to buy or sell cryptocurrency in the next six months, compared to 12% of Americans. a better understanding of cryptography

A somewhat surprising finding is that as an asset class, cryptocurrencies are failing in their collective mission to advance financial inclusion and economic equality – these are the main drivers of the Bitcoin white paper that triggered it. the crypto craze 13 years ago. The organizers of cryptoliteracy.org believe they can change this imbalance through education.

“One of the goals of cryptoliteracy.org is to turn the tide by providing an accessible and inclusive learning environment for anyone who wants to better understand cryptocurrencies at a fundamental level that is not a Reddit forum or a YouTube tribe, which is not always acceptable to new users, ”said Bergquist.

He encourages anyone interested in learning more about cryptocurrencies to start by taking the free quiz by clicking here to establish a basis for their understanding. Bergquist then suggests that the “curious crypto” can sample a series of curated learning resources that progress through beginner, intermediate, and expert levels on a variety of topics. These resources are free and are offered as part of the first Crypto Literacy Month, which is underway.

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