A recent study showed that 99% of people and 96% of Americans from Mexico and Brazil failed to grasp the basic concepts of cryptocurrency. Among all survey respondents who understand Bitcoin, 17% of the United States, 15% of Brazil, and 14% of Mexico own crypto assets. The report released by cryptoliteracy.org further explained that nine out of ten respondents did not know that the Bitcoin supply cap was 21 million.

Despite the bull market in 2021, research shows that the U.S., Mexico, and Brazil lack encryption knowledge

According to a published study Cryptography.org By 2021, the understanding of the fundamentals of cryptocurrencies will be low. Researchers used the Yougov survey to sample about 1,000 participants from each country who knew about cryptocurrencies. The research includes 17 questions related to cryptocurrency, bitcoin, decentralized finance (defi), non-fungible tokens (NFT) and general sentiment. One of the main findings in the survey pointed out that “ownership is the best teacher”, which means that survey participants with digital currency are twice as likely to answer the 17 questions correctly.

The cryptoliteracy.org report explains that only 33% of respondents think it is easy to buy crypto assets today. In addition, the survey believes that “cryptocurrency has failed to achieve the mission of financial inclusion.” According to the survey results, ownership at this time often points to wealthy and highly educated users. In addition, the older generation is “lagging behind” in their understanding of cryptocurrency, because 67% of American “baby boomers” “lack of cryptographic knowledge”.

Surveys show that young people are more likely to use cryptocurrency, while older generations see it as an investment

The other main findings of the survey indicate that Mexicans and Brazilians are more likely to buy and sell cryptocurrencies in the next six months. At the same time, use cases may vary by geography and generation, study the details.

“25% of Brazilians and one-third of Mexicans will use cryptocurrency to pay for goods and services. Only 13% of American respondents said they would do this,” the cryptoliteracy.org study emphasized. The survey added:

50% of Americans suggest that they use cryptocurrency as a way to save for the future. Compared with the older generation who regard cryptocurrency as an investment, the younger generation is nearly three times more likely to use cryptocurrency as a means of payment.

Survey participants also lacked basic Bitcoin knowledge about the upper limit of the agreement’s supply. The author of the study explained: “Bitcoin’s issuance schedule based on computer code makes it so unique and different from a central bank controlled by politicians.” However, nine out of ten survey respondents lack a basic understanding of Bitcoin’s supply and demand. Conceptual understanding (e.g. 21 million cap supply).

What do you think of the 2021 cryptocurrency literacy report? Please tell us your thoughts on this topic in the comments section below.

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