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

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Cryptocurrencies have undeniably become an important part of the global conversation, with investors trading crypto and businesses accepting it as payment. A recent survey by ConsenSys and YouGov revealed that an impressive 92% of people worldwide are aware of cryptocurrencies like Bitcoin. However, despite the high awareness, understanding and adoption of concepts such as Web3 still need to be increased. This article explores the survey’s findings, highlighting the variations in crypto awareness across different regions and the potential for increased adoption through practical utilization of web3 technologies.

Global Crypto Awareness:

According to a ConsenSys survey, 92% of respondents in 15 countries have heard of cryptocurrencies. This survey involved more than 15,158 individuals with an average age of 18 years. This widespread awareness demonstrates the growing prominence of cryptocurrencies in today’s society.

Web3 Knowledge and Understanding Gaps:

Despite the high awareness, the survey revealed that only 8% of respondents felt confident in their understanding of the general concepts of Web3. While cryptocurrencies are known, the future of decentralized internet is still relatively foreign to most people. Only 24% of respondents know Web3, with only 8% claiming to be “very familiar” with the concept.

Regional Disparities in Crypto Awareness:

Surprisingly, developing regions are showing stronger recognition and interest in cryptocurrencies compared to some developed countries. Nigeria, South Africa and Brazil emerged as leaders in crypto awareness, with 99% of Nigerian respondents indicating awareness and a significant percentage defining blockchain accurately. In contrast, European countries and Asian countries such as Japan and South Korea show higher levels of distrust and lower understanding of cryptocurrencies.

Cryptocurrency as a Solution for Developing Countries:

Cryptocurrencies such as Bitcoin and Ethereum have proven useful in addressing the financial challenges of developing countries. Unstable currencies and a lack of financial infrastructure have resulted in high inflation rates and limited movement of money. Respondents in countries such as Argentina, which are experiencing significant currency devaluation, show a higher propensity to hold cryptocurrency as a store of value.

The Path to Increased Crypto Literacy:

While crypto and blockchain have gained general awareness, there is still much to learn about web3. Familiarity with concepts like Metaverse and NFT ranged from 34% to 36% among respondents. However, it is hoped that practical understanding and utilization of web3 technologies will drive wider understanding and adoption in the future.

The ConsenSys survey highlights the impressive global awareness of cryptocurrencies, with 92% of respondents indicating familiarity. However, the understanding and application of concepts such as Web3 are lagging behind. Developing regions show strong recognition and interest in cryptocurrencies, while developed countries show higher levels of distrust. As web3 projects gain traction and practical use increases, the level of crypto literacy is expected to increase. Continuing education and real-world applications are critical in bridging the knowledge gap and driving the wider adoption of cryptocurrencies and a future decentralized internet.

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