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Tax SAIBA Accounting Weekly
Tax SAIBA Accounting Weekly
Tax SAIBA Accounting Weekly

Cryptocurrency is one of the most talked about technologies these days. yet not many people know what it is.

A recent based poll of 1,035 American adults conducted on December 27, 2017, found that only about half of people know what cryptocurrency is. 56% of consumers know that it is a digital decentralized currency designed as a medium exchange, while 22% incorrectly guessed that it is a digital wallet used for internet purchasing transactions, 14% thought it was the technology behind debit and credit cards, and 7% believed it was a digital version of government-backed money.

The survey, conducted by next-generation cryptocurrency service platform Cobinhood, also found that over three-quarters of consumers do not know that “ICO” stands for Initial Coin Offering. Only 32% of consumers answered the question correctly, while others (29%) guessed International Currency Organization, 28% cited ICO as an Itemized Cryptocurrency Origin and 8.9% stated that it means Institutional Currency Operations.

Cobinhood said in a press statement most people do not know where to buy cryptocurrency. When asked, only 21% of those surveyed stated that they know where to buy crypto, while an overwhelming 78% said that they do not.

Nearly everyone thinks U.S. citizens can participate in ICOs, when they cannot. Only 9% of consumers guessed correctly, that U.S. citizens cannot participate in ICOs, while, most people (59%) said that they can, 16% stated that it depends on the transaction, and 14% thought that it depends on the state of the resident.

There are over 1,500 cryptocurrencies, but most people don’t know that (only 11% guessed correctly). An overwhelming amount of people (44%) said that there are less than 10, while 31% said that there are 20-50 cryptocurrencies, and 12% said that there are 1,000-1,5000.

“Cryptocurrency is such a popular topic of conversation right now,” stated Popo Chen, Cobinhood CEO. “However, most people don’t know what exactly cryptocurrency is or how they should interact with it.”