Most People Don’t Know What Cryptocurrencies Are

Sure, cryptocurrency and bitcoin might seem like the talk of the town, but a recent survey found that most people don’t even know what a digital currency is.

According to a survey conducted by cryptocurrency platform COBINHOOD, only 56% of the 1,035 Americans surveyed knew that cryptocurrency is a digital decentralized currency designed as a medium of exchange.

About 14% of people thought cryptocurrency was the technology used behind debit and credit cards.

As for ICOs, there is even more confusion, the survey found. Only 32% of knew that ICOs stood for Initial Coin Offering. About 29% thought it stood for International Currency Organization and 28% cited thought it meant Itemized Cryptocurrency Origin.

Still one cannot deny that cryptocurrency, particularly the most popular one of the lot aka bitcoin, has been making the rounds in mainstream media. Particularly in the past weeks, when bitcoin reached an all-time high of over $19K, only to fall more than 25% in the weeks to come.

Today, as of 11.30 AM ET, bitcoin is trading at $14,666.60, down 11.5%, according to CoinBase.

Read the full survey here.

To learn more about the latest developments in cryptocurrencies join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.

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