Public opinion is deeply divided on the value cryptocurrencies bring to the internet, poll finds

This article briefly:

A sweeping new international survey has found a complete lack of consensus on whether cryptocurrencies can improve the online experience.

· YouGov surveyed 15,158 people in 15 countries and found differences between developed and developing economies.

· Awareness of cryptocurrencies is high, but confidence in their future potential as money is limited.

A new study by polling giants YouGov and Consensys has found that only about half of respondents believe cryptocurrencies can bring any value to the internet. Many people still associate cryptocurrencies with scams, especially when offered online. The findings should be concerning, with the industry failing to make a case for wider adoption.

YouGov Polls are broad in scope. The organization reached 15,158 individuals aged 18 to 65 in 15 countries. These countries include Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, Philippines, United Kingdom, United States and Vietnam.

YouGov: Wealth Gap Shapes Views on the Future of Money

The research provides an invaluable snapshot of ordinary people’s perspectives, revealing widespread concerns about the digital realities of the modern internet. However, most have not linked their solutions to encryption or Web3.

The results of the survey showed that more than 92% of people know about cryptocurrencies. However, only one-third of people in the survey “expressed confidence in its potential as the future of money,” and only 31% believed it was the future of ownership.

In addition, a significant number of respondents see a negative impact of cryptocurrencies being easily accessible online. A full 25% of respondents linked it to fraud and 26% to speculation.

Source: YouGov/Consenys

These figures point to a widening gap between many rich and middle economies. According to the survey, 58% of Nigerians, 50% of South Africans and 44% of Mexicans associate cryptocurrencies with the future of money. However, only 15% of Brits and 17% of Germans said the same.

Terms like Web3 fail to break through

However, other widely used industry terms have failed to play a role. Only 8% of respondents consider themselves very familiar with web3 concepts. However, Metaverse (36%) and NFT (34%) fared slightly better.

Still, there is room for optimism. The decentralized web has the potential to appeal to those who are skeptical of the Web2 model. Fifty-eight percent of respondents across all age groups “strongly agree” that they want more control over their Internet identities. 83% of global respondents believe data privacy is important to them.

Proponents of blockchain, Bitcoin (BTC), and other cryptocurrencies will say that there are ready-made solutions, but not everyone believes them.