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November is deemed as Crypto Literacy month according to CryptoLiteracy.org. Alongside this, the website also launched its inaugural literacy benchmark that aims to compare how well-acquainted folks are in Mexico, Brazil, and the United States when it comes to cryptocurrency.
Crypto literacy fail
The organization’s first-ever crypto literacy quiz revealed that 99% of the people in these above-mentioned countries have failed the quiz that assesses basic facts about cryptocurrencies. This is despite the fact that internet users who are bitcoin (BTC) and crypto-aware also took part in the questionnaire.
With that in mind, Coinme CEO and Co-Founder Neil Bergquist said that it is essential for the cryptocurrency industry to make improvements on crypto literacy throughout the world. He added that by doing so, they can give people a helping hand to improve their lives by having a better understanding of how to make use of cryptocurrencies. The CEO went on to say that Coinme will be leading such an endeavor in partnership with notable industry partners.
According to the org’s website, their quiz contained 17 questions as these evaluate the knowledge in cryptocurrency, blockchain, DeFi, NFTs, types of wallets, mining, and bitcoin. The survey is said to be pulsed by YouGov to 1,000 of these bitcoin and crypto-acquainted folks from each country, balanced across gender, educational attainment, and age (and ethnicity in the U.S.).
If the results of the said quiz are anything to go by, it revealed a “significant knowledge gap” exists in the U.S., Mexico, and Brazil. Moreover, in the U.S., four out of 10 participants failed to answer half of the survey, opting to choose “don’t know.” Americans performed better, though, as compared to folks in Brazil, with three in 10 of them answering just a third of the questionnaire correctly. CryptoLiteracy went on to conclude that the adoption rates across these countries are almost the same with 14% in Mexico, 15% in Brazil, and 17% in the U.S.
Key insights also observed
Further, key insights that were observed from the said quiz include both Brazil and Mexico leading to buy and sell off cryptocurrencies in the next six months with 30% and 28% respectively.
Another is that cryptocurrency’s mission of financial inclusion seems to be failing since the survey showed that having crypto (this includes bitcoin owners) in those countries are said to be wealthier, younger, and “more male” compared to the overall populace.
Next is that people who own cryptocurrencies in Brazil, Mexico, and the U.S. are said to be associated with better test results in cryptocurrency literacy.
The understanding of bitcoin fundamentals is pretty low. This is because nine out of 10 who participated in the survey were not aware that BTC’s supply was limited to 21 million.
Lastly, cryptocurrency’s use differs by generation and geography. Additionally, it was also learned that 25% of Brazilians and a third of Mexicans would prefer using digital currencies in paying for goods and services while 50% from the U.S. would use cryptocurrencies to save up for the future.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
