Findings from the quiz on CryptoLiteracy.org highlight the ongoing need for advancements in crypto education
CryptoLiteracy.org, an industry initiative promoting broad consumer education of digital currencies, today unveiled the results of the third annual Crypto Literacy Survey. With 45% of U.S. respondents to the quiz hosted on its website passing the exam, 28% advised they don’t invest in crypto because they don’t understand it, potentially hindering mass adoption of digital assets. The examination tests basic crypto knowledge and more complex topics, including DeFi and staking. Crypto Literacy Month (November) is an initiative led by Coinme to promote literacy of digital assets.
“Empowering individuals with the knowledge to navigate the evolving landscape of digital currencies is at the core of our mission. The results of the third annual Crypto Literacy Survey reinforce the importance of ongoing education,” said Neil Bergquist, CEO and co-founder of Coinme. “As the industry recovers from the setbacks of the past year, a concerted effort also needs to be made on continued efforts to enhance crypto literacy.”
CryptoLiteracy.org provides educational content to inform consumers about cryptocurrency and blockchain technology. The curriculum touches on basic cryptocurrency concepts such as Bitcoin, blockchain, how transactions work, NFTs/Web3, and more. Anyone can test their crypto comprehension by taking the quiz that addresses any gaps with coursework curated by CoinDesk.
Fintech Insights: 4 Factors Impacting Regional Bank Deposits—and How to Combat Them
Key 2023 Crypto Literacy Findings
The 2023 Crypto Literacy Survey found a significant crypto knowledge gap in the U.S. However, when compared to the results from the 2022 survey, visitors to the CryptoLiteracy.org quiz scored significantly higher, presumably because respondents consist of crypto enthusiasts and the crypto-curious. Since the average rate of questions answered correctly on the website has increased by 7% from 2022 (where CryptoLiteracy.org data showed only 38% of subjects passed), participants have slightly increased their knowledge of the subject over the past 12 months.
Additional key insights from the data from CryptoLiteracy.org include:
- Crypto ownership is the best teacher: 77% of respondents said they own crypto. People who did scored 55.5% higher on the quiz than those who didn’t; ownership also correlated with higher scores.
- Lack of extra funds prevents investment: When asked why they didn’t invest in crypto, participants said they didn’t have the money to invest.
- U.S. crypto literacy is falling behind globally: 57% of respondents from outside the U.S. passed the quiz, 12% higher than respondents from the U.S.
- Basic crypto knowledge is strong: Most respondents scored high on fundamental questions, including defining cryptocurrency, stablecoins and the difference between a centralized and decentralized exchange.
- Non-custodial wallets and staking need to be better understood: 67% of participants could not identify what staking was, and 71% of participants could not correctly define what a non-custodial wallet was.
- DeFi has mixed comprehension: 52% of people needed to learn what DeFi was, while 48% could correctly answer the question.
Read More About Fintech Interview: Global Fintech Interview with Mitchell Morrison, CEO and Founder at Eyeballs Financial
[To share your insights with us, please write to pghosh@itechseries.com ]
