Key facts:
Many participants failed on questions related to the decentralization of the network.
Despite not knowing everything about them, Mexicans prefer cryptocurrencies over other assets.
The Crypto Literacy site published the first data from its Crypto Literacy Quiz, an anonymous and worldwide survey on cryptocurrencies. This first installment details the results in Mexico, as well as the United States and Brazil.
In the questionnaire, the participants must answer about their knowledge of the ecosystem, the use they would make of crypto assets and the operation of Bitcoin, among other topics. These questions can still be answered on their website.
According to the results of the survey, which can be seen at this link, in theory 77% of the people who responded from Mexico they know something about bitcoin. 4% of them “know a lot”, while 21% have moderate knowledge. Meanwhile, another 22% claimed to know “very little.”
However, the more specific questions detailed later in the study reflect another reality. It is that the Mexicans surveyed fell into errors about basic issues of the operation of the Bitcoin network and cryptocurrencies in general. The most important ones are detailed below.
1. 38% think the supply is infinite
As explained in the . Criptopedia, the maximum bitcoin supply is 21 million units And the last coin won’t be mined for more than 100 years. This data is key to understanding the very nature of the cryptocurrency and its deflationary characteristic.
However, only 5% of respondents in Mexico were aware of it. Meanwhile, 49% said they had no knowledge about it and a striking 38% believed that its emission is infinite. In other words, 4 out of 10 people are unaware of one of the main qualities that distinguish it from fiat money.
2. What determines the price of bitcoin
This question already admits further discussion, but if supply and demand are taken as the correct answer (as this study did), 51% of those surveyed answered correctly.
Respondents are not very clear about what factors influence the price of bitcoin. Source: Cryptoliteracy.org.
29% of them, on the other hand, attributed this movement in the price to other factorssuch as the influence of social media or inflation. Another 6% considered that none of these factors was what determined the value of the cryptocurrency, while 27% said they did not know the answer.
3. Differences between bitcoin and stablecoins
Stable cryptocurrencies or stablecoins have the particularity of being linked to the value of another underlying asset, such as a currency or a commodity. For this reason, its price fluctuates less; in the case of those pegged to the US dollar, their value is almost always exactly 1 dollar.
However, it does not appear to be a familiar concept to those surveyed. Only 6% of them knew how to relate the concept “stablecoin” with its definition, while a surprising 59% thought that the cryptocurrency tied to the value of other assets was bitcoin.
In the other countries for which data were released, the results were mixed. In Brazil, the figure was slightly higher than that of Mexico (62%), while in the United States only 29% of people fell into this error.
As . reported, stablecoins have been on the government agenda as of late, and even these days. Being a country in which stable cryptocurrencies have greater media and government coverage, its definition seems to be better understood.
4. Who guarantees the transactions and keeps the commissions
Only 13% of the survey participants knew that Bitcoin network transactions are insured by miners, who also keep the commissions generated.
What is striking about the case is that the 23% of these Mexicans mistakenly believed that they were exchanges who carried out this task, and even 9% thought that the International Monetary Fund did it. The latter reflects a new basic misconception about the structure of Bitcoin and its decentralization.
5. What is decentralized finance
For this question, data from Mexico, Brazil and the United States were unified. But this did not translate into better results: 55% of people did not know how to provide a definition even close to the concept of decentralized finance.
Only 3% of respondents knew what these platforms are about, while another 37% answered “partially correct”.
Things they do know in Mexico about Bitcoin
All of the foregoing only reflects that the path of education and training on cryptocurrencies still has a long way to go, not only in Mexico, but also in the other countries whose data was analyzed and “shredded.”
However, Mexicans did demonstrate superior knowledge to Brazilians and Americans in other important respects. For example, when asked about the non-fungible or NFT tokens, 25% knew what they are about, above 10% of those surveyed in other countries.
Also, in Mexico cryptocurrencies are the investment preferred by the majority. Asked about the use that they would give to a hypothetical 100 dollars, 40% of Mexicans answered that they would buy cryptocurrencies (in Brazil, 36% would favor that option, and in the United States, only 18%).
Cryptocurrencies surpass stocks and savings accounts as the favorite investment in Mexico. Source: Cryptoliteracy.org.
Finally, the holding of cryptocurrencies had slightly lower figures in Mexico compared to the other two cases. 14% of those consulted have at least one, while in Brazil the percentage was 15% and in the United States it was 17%.
Despite this, 35% of Mexicans admitted that they would use them to buy goods and services, while in Brazil and the United States only 26 and 13% of those surveyed would do so, respectively.
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