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While there’s a lot of hype surrounding digital currencies like bitcoin, a great number of people are still confused by the crypto economy and the myriad crypto assets that exist. One study shows that some people think Ethereum is a drug, while others think Cardano is a cheese.
Traders of Crypto Surveys Hundreds of Britons, Researchers Parse 12 Months of Crypto Query Data
A recent study published by the researchers at tradersofcrypto.com combed through the most-searched questions that could be entered into Google Keyword Planner in order “to discover how many searches each question received.”
The researchers scanned data over the last 12 months using results from the U.S. and U.K. to rank the most-asked questions to the least. The results produced a data set which attempts to explain “the most common cryptocurrency questions.”
Tradersofcrypto.com’s researchers also surveyed “hundreds of members of the British public” to get the answers to the crypto questions. The statistics show that less than 1 in 4 individuals think that a cryptocurrency will ever become legal tender. “The vast majority of the British public were unconvinced, with 75.7% responding “no.”
The ones that did believe crypto could become legal tender assumed it would happen over the next decade. “The largest portion of ‘yes’ responders (9.8%) believed that this would happen in as little as five years’ time,” the study notes.
The researcher’s study continues by adding that despite the recent bull run, 64.6% of those polled did not believe crypto was a “safe investment.” 22% have “no idea” what crypto is and 21% replied that crypto assets are “digital currency,” “online money,” or “virtual money.”
“1 in 4 have no idea what Dogecoin is,” the study details. “1 in 2 admit they’re not sure what Binance Coin is.” The research report adds:
3.6% of survey respondents believe that Cardano is a cheese or alcoholic drink. 3.4% of survey respondents believe Ethereum is a drug.
Close to a Billion Searches for the Term Cryptocurrency, Interest in Crypto Is Booming
The researchers further explain that across 12 months in the U.K. and U.S. there have been approximately 9,269,000 searches for “cryptocurrency.”
The study revealed the most searched phrase with the term was “best cryptocurrency” with 502,200 searches, followed by “what cryptocurrency to mine” and “how to buy cryptocurrency,” with 406,000 and 306,540 respectively.
“Questions about crypto experienced significant increases in search volume across the board,” the study concludes. “This booming interest in the crypto market suggests that cryptocurrency is turning more mainstream than ever, and will become a staple of the future investment landscape.”
What do you think of the study about crypto confusion and the number of searches this past year? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tradersofcrypto.com
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