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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.”