A global survey by Consensys and YouGov shows that crypto adoption and understanding continue to grow worldwide following this year’s historic market performance, according to a Dec. 10 report shared with CryptoSlate.
Global awareness of cryptocurrency has reached 93% according to the report. More than half of those surveyed claim that they understand the technology. In particular, younger men aged between 25-44 are most knowledgeable about crypto. This confirms a trend that has existed in the past.
Crypto-ownership
According to the survey, 42 percent of participants have digital assets they own or previously invested in. Nigeria has the highest ownership rate at 73%. South Africa is second with 68%, then Vietnam (54%), Philippines (54%) and India (52%).
The interest in stablecoins and crypto-investments is highest in Asia and Africa. However, adoption of these coins in Europe, particularly in France and Germany shows steady growth.
Even with these advances, there are still significant entry barriers. Fears of market volatility (20%) and scams (17%) as well as a lack in clear entry points (14%) are all factors that prevent broader participation. Although the perception of market volatility is slightly down, it persists among countries such as Japan, South Korea, Turkey, and South Korea.
Web3 and decentralization: Opportunities for web3
This survey revealed that 82% respondents expressed distrust of Web2 platforms.
In spite of this, global knowledge about decentralization remains low, save in areas like Nigeria, South Africa, or Indonesia where it is significantly higher.
Decentralization is also seen as a way to tackle issues such social media or international banking. However, an education gap persists, as enthusiasm for blockchain’s transformative power often exceeds a clear understanding of its applications.
Consensys considers that this change is part of a larger movement to encourage active participation within the digital eco-system. Users are increasingly becoming stakeholders by engaging in activities such as app development and NFT creation. The transition is a sign of a desire to own and control digital data and identities.
Security, AI, and Financial System Concerns
The issue of privacy is still a major concern for 83% participants. Only 46% of internet users trust them with their sensitive data.
The majority of respondents (78%) demand more control over online identity and fair compensation for value generated online. Over 75% of respondents are concerned about AI’s potential to create fake content and spread misinformation.
The blockchain technology has been viewed as the solution for these problems, and 54% of respondents believe it can mitigate AI risks.
The confidence in the traditional financial system remains low. Just 47% view them as being effective. The strongest calls for systemic change are in areas like Nigeria, Indonesia and the Philippines where cryptocurrencies have sparked a demand for innovation.
Joseph Lubin said that:
“[This] survey not only highlights the rising importance of data privacy, with 83% of respondents emphasizing its significance, but also sheds light on pervasive concerns about exploitation and misinformation, a pressing issue amid global elections and the mainstream adoption of AI.”
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