Nigeria Leads The Pack: ConsenSys Study Shows Crypto Recognition At 92% Globally

There is nary disputing that cryptocurrencies are present wide accepted. Cryptocurrencies are present firmly portion of the planetary conversation; whether it beryllium investors trading crypto, businesses accepting it arsenic a mode of payment, oregon conscionable reports astir the latest surge oregon clang successful the crypto market. And now, according to a caller ConsenSys survey, an awesome 92% of radical astir the satellite are alert of cryptocurrencies similar Bitcoin.

Developing Regions Show Strong Crypto Recognition

According to a caller poll conducted by the backstage blockchain bundle institution ConsenSys and YouGov, 92% of radical worldwide are alert of cryptocurrencies. Over 15,158 radical successful 15 nations, with an mean property of 18, were surveyed for the report.

However, portion consciousness of crypto is high, knowing is low. A full of 92% of respondents to the survey had heard of crypto, but lone 8% could confidently accidental they were acquainted with the wide conception of Web3.

Interestingly, processing regions of the satellite really amusement immoderate of the strongest designation and involvement successful cryptocurrencies. Nigeria, South Africa, and Brazil pb successful the battalion successful crypto awareness, with 99% of Nigerian respondents demonstrating consciousness of crypto and implicit 70% accurately guessing the explanation of a blockchain.

While developed nations statement regulating crypto, processing regions look much unfastened to innovation. Cryptocurrencies similar Bitcoin and Ethereum person helped to code the inherent risks of unstable currencies starring to precocious ostentation rates and the deficiency of fiscal infrastructure for wealth question that galore radical look successful processing nations.

This stands successful stark opposition to the larger level of mistrust toward cryptocurrency displayed by European nations and Asian nations similar Japan and South Korea. In Japan and Indonesia, lone 1 successful 3 respondents assertion to recognize what cryptocurrency is.

Only 8% Of Respondents Very Familiar With The Concept Of Web3

In a state similar Argentina, whose currency has been done a important devaluation and instability successful caller years, 56% of respondents indicated a higher likelihood of owning cryptocurrency arsenic a store of value. 

While crypto and blockchain person gained mainstream awareness, astir radical inactive person a batch to larn astir web3, the decentralized net of the future. 36% and 34% of respondents were acquainted with the Metaverse and NFTs, but lone 24% are alert of Web3, with lone 8% saying they are “very familiar” with the concept.

As web3 projects look and summation traction, crypto literacy rates should rise. ConsenSys predicts broader knowing volition travel done a much applicable knowing and utilization of web3 technologies.

Featured representation from Freebitcoin, illustration from TradingView.com