Although there is a lot of hype around digital currencies like Bitcoin, a huge number of people are still confused by the crypto economy and the myriad crypto resources that exist. One study found that some people think etherium is a drug, others think cardano is a cheese.
Crypto traders surveyed hundreds of Britons, researchers analyzed 12 months of crypto query data
A recent study published by researchers at Tradersofcrypto.com combines the most searched queries that can be entered into the Google Keyword Planner “to discover how many searches each query received.”
Researchers have scanned data to rank the most frequently asked questions using results from the United States and the United Kingdom over the past 12 months. The results create a data set that attempts to explain the “most common cryptocurrency question.”
Researchers at Tradersofcrypto.com surveyed “hundreds of members of the British people” to find answers to crypto questions. Statistics show that 1 in 4 people think that a cryptocurrency will ever become a legal tender. The vast majority of the British population was uncertain, with 75.7% saying “no”.
Those who believed that crypto could be a legal tender assumed that it would happen in the next decade. “Yes, the largest proportion of respondents (9.8%) believed that this would happen within five years,” the study noted.
The researchers added that despite the recent bull run, pol..6% of those surveyed did not believe that crypto was a “safe investment”. 22% answer that crypto is “no idea” and 21% answer that crypto assets are “digital currency,” “online money,” or “virtual money.”
“1 in 4 people don’t know what Dogecoin is,” the study details. “1 person 2 admits they’re not sure what the binance coin is.” The research report adds:
6.% of survey respondents believe that Cardano is a cheese or alcoholic beverage. 4.4% of survey respondents believe that etherium is a drug.
With nearly a billion searches for term cryptocurrency, interest in crypto is growing
The researchers further explained that about 9,269,000 searches for “cryptocurrency” were made in the UK and US in 12 months.
The study revealed that the most searched sentence with the term was “best cryptocurrency” after 502,200 searches, including “what cryptocurrency do I have” and “how to buy cryptocurrency” with 406,000 and 306,540, respectively.
“Questions about crypto have increased significantly in search volume across the board,” the study concluded. “This growing interest in the crypto market indicates that cryptocurrency is becoming more mainstream than ever before, and will become a major investment landscape in the future.”
What do you think about the study of crypto confusion and the number of searches last year? Let us know what you think about this in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons, Tradersofcrypto.com
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