A recent study by Preply has uncovered that 60% of US citizens lack a fundamental understanding of blockchain technology.
While millennials are the most confident generation regarding cryptocurrency knowledge, with many actively investing, a considerable portion (35%) of these investors still feel uncertain about their understanding.
Men ruling the space
There is a visible gender gap in the field, with men expressing more confidence in their crypto knowledge compared to women.
This difference suggests that targeted educational initiatives might be necessary to bridge these gaps and build a more inclusive environment for all potential investors.
Despite the confusion, there is significant public interest in learning more about cryptocurrencies.
According to the study, 27% of individuals who have not yet invested in cryptocurrencies expressed a desire for educational resources, and this interest shows the need for accessible educational materials to demystify cryptocurrencies and blockchain technology for the general public.
NFT and metaverse are exotic animals
The study also revealed that only 42% of respondents feel confident in their understanding of NFTs (non-fungible tokens) and the metaverse.
This lack of confidence may explain the relatively low investment enthusiasm in NFTs (11%) compared to the metaverse (32%).
Speaking about the numbers, the study notes a decline in reported cryptocurrency usage in the US, with 18 million users in 2023, down from previous years.
This trend appears to contradict the industry’s claims of growing adoption and highlights the necessity for more accurate reporting and analysis of crypto usage patterns.
It’s not about how it works, but how simply can one use?
These findings indicate the need for simple, usable crypto and blockchain education.
Improved public understanding could lead to wider adoption and bigger usage of these technologies, which in turn could drive innovation and economic growth.
As the crypto landscape evolving pretty fast, it could be good for industry stakeholders to prioritize easy to understand education and clear, simple communication.
By doing so, they can help ensure that more individuals are equipped to participate in and benefit from the opportunities that blockchain technology and cryptocurrencies offer.
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