Bitcoin, Blockchain: Most Americans Don’t Know the Difference – Survey

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023

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Blockchain and crypto awareness in the United States is highest among the young, per a new survey. But few people know the difference between the two terms, and many think Bitcoin (BTC) and blockchain are one and the same thing, despite the fact that BTC and altcoins are now grabbing headlines in the mainstream media.

These were the findings of a Forte-commissioned survey of more than 2,000 consumers and their behaviors toward virtual goods in games carried out by Vorhaus Advisors and shared with Cryptonews.com.

The report’s authors wrote,

“In the general population, only 25% of American adults have any idea what blockchain is, but this rises to 42% in the age 18-34 demographic.”

However, the authors noted that of the adults who said they recognized the term blockchain, “most don’t understand it,” with a staggering 62% “stating that “blockchain is the same as cryptocurrency” and almost half of the same group believing that “blockchain is the same as bitcoin.”

Well, they’re not far from each other as blockchain is used by Bitcoin, which itself is a network, protocol, and the most popular cryptocurrency.

In either case, adoption appears to be on the rise, regardless of how knowledgeable (or not) the American public is about these emerging forms of technology.

The authors noted,

“Only 18% of United States adults say they’ve used a product or service related to blockchain, but this rises to 25% among the 18-34 demographic.”

And 63% of gamers responded that they would be keen to spend more on game-related cryptoassets and blockchain if they saw “virtual goods had real-world value, and could be traded or sold.”

Furthermore, more than a third of the total sample and almost 50% of the 18-34 year age group said their trust in blockchain was “strong or complete.”

Meanwhile, at the time of writing (14:40 UTC), BTC trades at USD 18,952 and is down by 1.4% in a day and 1% in a week. The price rallied by 24% in a month and 151% in a year.
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Learn more:
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