Nigeria leads the way: ConsenSys study shows crypto recognition at 92% globally

There is no disputing that cryptocurrencies are now widely accepted. Cryptocurrencies are now firmly a part of the global conversation; Whether it’s investors trading crypto, businesses accepting it as a form of payment, or reporting on the latest rise or fall in the crypto market. And now, according to a new Consensys survey, an impressive 92% of people worldwide know about cryptocurrencies like bitcoin.

Developing Regions Show Strong Crypto Recognition

according to a recent news vote Powered by private blockchain software company ConsenSys and YouGov, 92% of people worldwide are aware of cryptocurrencies. More than 15,158 people with an average age of 18 were surveyed in 15 countries for the report.

Although the awareness of crypto is high, the understanding is low. A total of 92% of respondents who took part in the survey had heard of crypto, but only 8% could confidently say that they were familiar with the general concept of Web3.

Interestingly, developing regions of the world actually show the strongest recognition and interest in cryptocurrencies. Nigeria, South Africa and Brazil lead the way in terms of crypto awareness, with 99% of Nigerian respondents demonstrating an awareness of crypto and over 70% accurately guessing the definition of blockchain.

While developed countries are debating how to regulate crypto, developing regions seem to be more open to innovation. Cryptocurrencies such as bitcoin and ethereum have helped address the inherent risks of volatile currencies, which lead to high inflation rates and a lack of financial infrastructure for the movement of money, which many people in developing countries face.

This is in stark contrast to the large level of distrust towards cryptocurrencies displayed by European countries and Asian countries such as Japan and South Korea. In Japan and Indonesia, only 1 in 3 respondents claim to understand what cryptocurrencies are.

Total market cap recovers as Bitcoin rebounds | Source: Crypto Total Market Cap on TradingView.com

Only 8% respondents are very familiar with the concept of Web3

In a country like Argentina, whose currency has experienced significant devaluation and volatility in recent years, 56% of respondents indicated a greater likelihood of owning cryptocurrencies as a store of value.

While crypto and blockchain have achieved mainstream awareness, most people still have a lot to learn about Web3, the decentralized internet of the future. 36% and 34% of respondents were familiar with the metaverse and NFTs, but only 24% knew about Web3, with only 8% saying they were “very familiar” with the concept.

As Web3 projects emerge and gain momentum, the crypto literacy rate should increase. ConsenSys anticipates that wider understanding will come through more practical understanding and use of Web3 technologies.

Featured image from FreeBitcoin, chart from Tradingview.com