Traders of Crypto has revealed the findings of a survey that was conducted to discover just how much the general public knows about cryptocurrency and their thoughts on it’s future. The study highlights the need for more mainstream education on cryptocurrencies, as members of the public believe that Ethereum is a drug and that Cardano is a cheese.
Despite all of the noise surrounding cryptocurrencies, surprisingly just under a quarter have “no idea” what crypto is (22%).
What is Cardano?
Cardano is another popular cryptocurrency in the crypto community, but how well is it known to the average Joe? A sizeable 42.9% of those surveyed admitted to not knowing what Cardano is, but judging by some of the other most popular answers that figure is considerably higher. This is further exemplified by only 2.8% of people correctly responding that Cardano is a cryptocurrency, so what did the rest think it was?
The most popular response after “No idea” is that Cardano is a type of cheese, an opinion shared by 3.6% of respondents. In all fairness, a cheeseboard of Tallegio, Manchego, Cardano and Brie sounds rather appetising, and it seems many wouldn’t bat an eyelid if they saw this on a menu.
The next most common response was that Cardano is a drink. However, if you combine this with those who responded with “Alcohol” or “Wine”, you reach a total of 9.2%, which outstrips the “Cheese” responders and is more than triple those who knew it to be a cryptocurrency.
What is Ethereum?
Ethereum is one of the most popular cryptocurrencies currently on the market, yet it hasn’t been able to build up the same name recognition as Bitcoin or Dogecoin, which have benefitted from extensive media coverage and celebrity endorsements. As such, only 13.8% of people correctly identified Ethereum as a cryptocurrency, with 30.7% claiming to have no idea what it is.
Again a small but notable number of respondents incorrectly assumed Ethereum to be the same as Bitcoin, showing that the two terms’ meanings are often conflated by the public. However, possibly due to the more scientific-sounding name of Ethereum and the lack of the term “coin” in its moniker, people seem to confuse it with a much wider range of things.
This is evidenced by the third most common response being that Ethereum is a gas, which accounted for 4.2% of respondents. Other misconceptions about the nature of Ethereum are that it is a drug (2.4%) and that it is a metal (3%).
Other notable findings
- Three-quarters of respondents said they don’t believe crypto will ever be legal tender (75%).
- A quarter of respondents (25%) still have no idea what Dogecoin is, despite Elon Musk’s support for the meme coin.
- Over the past year, the most searched term for cryptocurrency is “best cryptocurrency” with 502,200 searches, followed by “what cryptocurrency to mine” and “how to buy cryptocurrency”, with 406,000 and 306,540 respectively.
The full report can be found here.