According to a new survey, blockchain and crypto literacy in the United States is crucial among the young. However, only a few folks know the difference between the two terms – and many assume Bitcoin (BTC) and blockchain are the same things even though BTC and altcoins are now making front-page news in the mainstream media.
These were the outcomes of a Forte-commissioned survey of more than 2,000 participants and their responses toward virtual goods in games carried out by Vorhaus Advisors.
The report’s authors recorded,
“In the general population, only 25% of American adults have any idea what blockchain is, but this rises to 42% in the age 18-34 demographic.”
Nevertheless, the authors remarked that of the adults who said they understood the term blockchain, “most don’t understand it,” with an unbelievable 62% “stating that “blockchain is the same as cryptocurrency” and almost half of the same group believing that “blockchain is the same as bitcoin.”
Okay, they’re not distant from each other as blockchain is used by Bitcoin, which itself is a network, protocol, and the most prominent cryptocurrency.
In either case, adoption appears to be on the rise, regardless of how knowledgeable (or not) the American public is about these emerging forms of technology.
The authors noted,
“Only 18% of United States adults say they’ve used a product or service related to blockchain, but this rises to 25% among the 18-34 demographic.”
And 63% of gamers responded that they would be keen to spend more on game-related cryptoassets and blockchain if they saw “virtual goods had real-world value, and could be traded or sold.“
Moreover, more than a third of the total result, and almost 50% of the 18-34 year age demographic, stated their trust in blockchain was “strong or complete.”
Learn more about Blockchains with our 101 article below:
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