{"id":188468,"date":"2021-10-03T00:00:18","date_gmt":"2021-10-02T18:30:18","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=188468"},"modified":"2024-08-01T18:57:22","modified_gmt":"2024-08-01T13:27:22","slug":"ethereums-a-drug-cardano-is-cheese-how-mainstream-are-cryptos-really","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereums-a-drug-cardano-is-cheese-how-mainstream-are-cryptos-really\/","title":{"rendered":"‘Ethereum’s a drug, Cardano is cheese’ – How mainstream are cryptos really"},"content":{"rendered":"

While digital currencies like Bitcoin<\/a> have seen an unprecedented degree of growth in both valuation and popularity over the past year, widespread misinformation and confusion are still prevalent. A new study about investors in the U.K. came to that conclusion, with the same also identifying worrying trends that could hinder growth in the future.<\/p>\n

The study<\/a> by researchers at tradersofcrypto.com surveyed “hundreds of members of the British public” to get answers to frequently-asked crypto-questions they had discovered through the U.K and USA’s Google search trends.<\/p>\n

The answers clearly highlighted the lack of knowledge about what the crypto-industry entails. For instance, 22.4% of the respondents answered that they had no idea what cryptocurrency is, while many others had false assumptions. The same was the case for Bitcoin since only 11% of the answers correctly defined it as a cryptocurrency.<\/p>\n

Interestingly, while awareness about Dogecoin<\/a> was found to be low, it was much higher than top alts like Ethereum<\/a> and Cardano.<\/a> Curiously, some people perceived the two to be a drug and a kind of cheese, respectively.<\/p>\n

\"\"<\/a>
Source: TradersOfCrypto<\/a><\/figcaption><\/figure>\n

However, many respondents also considered all the currencies to be Bitcoin, “showing that people believe Bitcoin to be an almost umbrella term synonymous with cryptocurrency itself.”<\/p>\n

Nevertheless, the lack of trust stemming from misinformation could also be noticed in the report’s other findings. For instance, 3.9% of the respondents described Bitcoin as “rubbish” while 2% claimed cryptos are “fake money.”<\/p>\n

More importantly, an overwhelming 64.6% of the respondents didn’t believe that cryptos are a safe investment. This is a worrying trend, one that could hinder the market’s growth. Additionally, around 75% of those surveyed were also firm that the U.K would never follow El Salvador’s footsteps in making Bitcoin legal tender.<\/p>\n

Nevertheless, a lack of trust or knowledge has hardly affected the boom in interest, not even in the UK and USA.<\/p>\n

The same study found that across 12 months in the U.K. and U.S, there have been approximately 9,269,000 searches for “cryptocurrency.” While the most-searched phrase was “best cryptocurrency,” “what cryptocurrency to mine” and “how to buy cryptocurrency” followed closely behind.<\/p>\n

\"\"<\/a>
Source: tradersofcrypto.com<\/figcaption><\/figure>\n

Concerns about where the market is heading, industry safety, and the legality of it all also pointed to a hike in curiosity.<\/p>\n

“This booming interest in the crypto market suggests that cryptocurrency is turning more mainstream than ever, and will become a staple of the future investment landscape.\u201d<\/p><\/blockquote>\n

For the cryptocurrency industry to go truly mainstream, investor hesitation and cynicism need to be tackled through effective engagement and education.<\/p>\n","protected":false},"excerpt":{"rendered":"

While digital currencies like Bitcoin have seen an unprecedented degree of growth in both valuation and popularity over the past year, widespread misinformation and confusion are still prevalent. A new study about investors in the U.K. came to that conclusion, with the same also identifying worrying trends that could hinder growth in the future. TheContinue reading “‘Ethereum’s a drug, Cardano is cheese’ – How mainstream are cryptos really”<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":188479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,44,66,3,4,20],"tags":[],"class_list":["post-188468","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\n'Ethereum's a drug, Cardano is cheese' - How mainstream are cryptos really - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Interestingly, while awareness about Dogecoin was found to be low, it was much higher than top alts like Ethereum and Cardano....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereums-a-drug-cardano-is-cheese-how-mainstream-are-cryptos-really\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Ethereum's a drug, Cardano is cheese' - 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