Bitcoin, Ethereum, and similar cryptocurrencies are making headlines lately as their popularity has grown in recent years. Despite the hype, there are still those who are a little confused about how these digital assets work and how they can be traded.
A survey on cryptocurrency
The website tradersofcrypto.com recently conducted a survey to find out the most searched question about cryptocurrencies on Google. However, it was noted that only the United States and United Kingdom crypto frequently asked questions are counted.
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The website also collected the information over the past 12 months, using the results from the two countries. They covered several topics such as buying your very first digital currency, the safety of your own investment, and whether or not cryptocurrencies are taxable assets. They asked hundreds of Britons to find out how well they know about cryptos and these are the results they have gathered.
As legal tender
When asked if cryptocurrencies like Bitcoin (BTC) would become legal tender, the website learned that much of the UK public was skeptical, as 75 percent of them answered “no”. A significant number of “yes” respondents is 9.8 percent, as they assume that this will be the case in the next five years.
Crypto as an investment
When asked “Do you think cryptocurrency is a safe investment”, 64.6 percent of respondents believe it is not, while 29.7 percent of them are not even sure what cryptocurrency is. Only 5.6 percent of them now believe it is.
I have no idea what Bitcoin, Ethereum and other cryptos are
Moving on to question three, which asked people what cryptocurrency is, 22.4 percent of them answered that they have no idea what it is. There is also “fake money” among the choices and two percent of respondents chose that as an answer.
As for questions four to eight, the website asks what Bitcoin, Dogecoin (DOGE), Binance Coin (BNB), Cardano (ADA), Ethereum (ETH) are with 13.3 percent, 25.7 percent, 44 percent, 42 , 9 percent and 30.7 percent, respectively. have replied that they also have no idea what that is.
It was also noted that in question eight, a small percentage of participants assumed that Ethereum is the same as Bitcoin. Others have even confused the latter with other things like gas because of the “scientific-sounding” name of ETH.
At the end of the survey, the search term “best cryptocurrency” topped the list, followed by “which cryptocurrency to mine” and “how to buy cryptocurrency” in third place.