Ethereum is a drug, Cardano a cheese – results from a survey on crypto knowledge

A survey by the information service Traders of Crypto shows that although knowledge of cryptocurrencies is increasing in the British population, it is still at a relatively low level.

With eight questions, which usually begin with “What do you think is xxx?”, The colleagues from Traders of Crypto tried to determine which key terms from the crypto world are known to what extent in the population. To do this, they interviewed hundreds of randomly selected UK citizens.

The answers show that crypto is becoming more and more anchored in people’s consciousness, even if clear gaps in knowledge were noted in the specific case. When asked what cryptocurrencies are, only around 22 percent shrugged their shoulders. Around eight percent consider Bitcoin and cryptocurrency to be synonymous. Thirteen percent knew that cryptocurrencies are digital (or virtual) currencies. However, around 65 percent do not consider cryptocurrencies to be a safe investment and around 75 percent do not believe that Bitcoin and Co will ever become legal tender.

Then the survey participants wanted to know which specific coins are known. Sometimes funny answers came out. It turned out that the Dogecoin is the most famous cryptocurrency after the Bitcoin. Around 21 percent of those surveyed knew how to locate the altcoin correctly, and another 12 percent were able to at least indicate the correct direction, even if around five percent believed that Dogecoin and Bitcoin are identical.

The more specific the questions got, the worse the results got. Only around three percent of those taking part in the survey knew that Cardano is a crypto currency. Almost four percent thought Cardano was a type of cheese. A total of ten percent also saw an (alcoholic) drink, a type of wine or even a ship behind the term Cardano.

Now one could understand the lack of knowledge about Cardano. After all, the coin has only recently been in the top ten of the most important cryptocurrencies. However, the fact that Ethereum is also largely unknown shows that knowledge remains headline-driven and accordingly very superficial.

31 percent of those surveyed could not assign Ethereum at all, around three percent thought the second most important crypto currency in the world was a drug or a metal, four percent a gas. After all, around ten percent correctly described Ethereum as a crypto currency.

the Traders of Crypto stay optimistic. Almost ten million searches in the past 12 months in the United Kingdom and the USA alone have shown increasing interest in the topic.