Nigeria Takes the Lead During A Consensys Study On Crypto Recognition
A global survey reveals 92% know cryptocurrencies, but only 8% understand the 'Web3' concept.
Cryptocurrencies like Bitcoin are known by 92% of people worldwide, according to a survey by ConsenSys and YouGov. This study involved more than 15,000 people from 15 countries.
However, while many people have heard of cryptocurrencies, fewer understand them. Only 8% of respondents knew about Web3, a decentralized version of the internet.
Interestingly, people in developing countries like Nigeria, South Africa, and Brazil are more aware of cryptocurrencies. In Nigeria, 99% of those surveyed knew about crypto, and over 70% understood what a blockchain is. Cryptocurrencies are helping these countries deal with issues like high inflation and poor financial infrastructure.**
People in Europe, Japan, and South Korea are more skeptical of cryptocurrencies. In Japan and Indonesia, only one third of people surveyed understood what cryptocurrency is.
In Argentina, a country with a struggling currency, 56% of respondents said they are more likely to use cryptocurrency to keep their money safe.
Though many people know about cryptocurrencies and blockchain, fewer know about web3, the Metaverse, and NFTs. Only 8% of respondents were "very familiar" with web3, a new form of the internet based on decentralized technologies.
As more web3 projects start and grow, it's expected that more people will understand and use these technologies.
