In a recent survey by cryptocurrency trading platform Cobinhood , less than a third of responders knew what an ICO was and even less knew where to purchase cryptocurrency.
The survey, based on a poll of 1035 adults in America found that 68% failed in describing the term ICO correctly as an Initial Coin Offering.
In the multiple choice questionnaire most decided it stood for International Currency Organization or Itemised Cryptocurrency Origin.
Cryptocurrencies May Not Yet Be Mainstream After All
The vast majority of respondents were also wrong about the eligibility of Americans to participate in ICOs. Only 9% guessed that U.S. citizens could not participate.
Over half believed they could do so without any legal concerns while the rest assumed they may be able to depending on the type of transaction or the resident’s state.
Other results will also come as a shock to anyone within the blockchain sphere.
Just 56% knew what cryptocurrency actually is, with most others believing it was something limited to digital wallets or the technology behind debit and credit cards.
Even less knew where they could obtain cryptocurrency. Given the surge of new accounts at Coinbase in the last few months – over 100,000 in December alone – it is perhaps surprising that only 21% stated that they knew where to buy Bitcoin or other digital assets.
The lack of understanding also extends to the depth of the market as only 11% correctly stated that there are over 1500 cryptocurrencies and tokens. Almost half of the consumers believed there are less than 10 and another 31% said that there are between 20-50.
Cobinhood’s CEO, Popo Chen, said in light of the findings that, “One of our missions at COBINHOOD is to educate the average consumer about cryptocurrency, and make the space more approachable to anyone who wants to participate.”