Even among Bitcoin holders, there is a lack of knowledge.
For those who hold the most popular cryptocurrency, this appears to solve a problem. It allows them to avoid failing banks or inflation.
Cornell University in the U.S., an Ivy League university with a research program that speaks to 26,000 students around the globe on Bitcoin.
The top colleges have released a new report on Bitcoin Adoption Index. found El Salvador, Venezuela, and Nigeria had the most bitcoin owners.
“Ranked by the share of all respondents who have ever owned bitcoin, the leaders are not wealthy financial centers — they are economies where the national currency has been unstable and everyday access to dollars or reliable banking is hard,” The report was read.
“In each, bitcoin functions less as a speculative bet and more as a practical workaround.”
Still, Cornell found that actually being able to explain the fundamentals of the protocol was difficult for most — including how many bitcoins would ever be minted in existence. Of those who were surveyed, 58% didn’t even know that the total supply of bitcoins was limited to 21 million.
The cryptocurrency, despite its technical side, has been incredibly useful to those who are looking to get started. Use It was found in the report.
One Venezuelan — who wasn’t named — told interviewers that Bitcoin was “faster, cleaner, and much less risky” You can get more dollars by using this method than any other.
As another Salvadoran has been quoted as saying: “When nobody controls [bitcoin], it means we all have control of it.”
A Nigerian researcher told Cornell researchers that: “I’ve been to six African countries and whenever I go there, I don’t fear it because I know I can spend my bitcoin.”
The adoption of Bitcoin began to grow in Venezuela Years ago, the US was ahead of many other countries when hyperinflation and currency restrictions by government meant that getting dollars became difficult.
El Salvador made bitcoin legal tender — along with the dollar — in 2021. El Salvador’s president admitted it was hard to get its citizens using the cryptocurrency, but still insists that the Central American country will use it. buys the asset For its Government Coffers
You can also find out more about the following: NigeriaSavings in Bitcoin has allowed some people to bypass the fall of the Naira.
Morning Consult, in collaboration with Cornell University, its Jeb E. Brooks School of Public Policy’s Tech Policy Institute, Cornell Bitcoin Club and the Reynolds Foundation, conducted research on Cornell University.
Researchers asked 125 specific questions to 25,880 respondents in 25 countries from December 16, 2020 through March 10, 2030.
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Source: bitcoinmagazine.com
