Many Brits Confuse Cryptocurrency with Something Else

According to a new poll, many British people have little or no idea what cryptocurrency really is. Terms like “blockchain” sound familiar, but often in completely different contexts. The authors of the study have compiled a “Techionary” to acquaint the public with some common acronyms and buzzwords.

Also read: Financial Professionals Bet On Rising Cryptos, UK Report

Crypts and Toilets

The survey has revealed that a great number of British citizens may have an entirely wrong idea about basic crypto-related terms. It shows that despite the growing popularity of cryptocurrencies, some Brits may still be completely unaware of their existence.

For example, 36 percent of those questioned think “cryptocurrency” has something to do with funeral finance. Respondents were also asked “What is the blockchain?” and a staggering 41 percent said it had to be one of those old-style toilet tanks with a pull chain.

British-based cloud services provider Inty has interviewed 2,000 people to determine if they know the meanings of some widespread technical words and phrases, the Daily Mirror reports. They were asked 20 questions related to computing and information technology. The answers confirm that many people in the UK are still unsure what some common terms mean.

The poll shows that almost a quarter of the participants, 23 percent, think HTML is textspeak for “Hi There My Love” in messaging and chats. Another 38 percent of the respondents believe “cloud computing” means using computer technology while on a flight.

The “Techionary”

Trying to clear some misconceptions, Inty has published a “dictionary of computing”. Visitors can find on its website the meanings of popular terms used in information technology. “Blockchain” and “cryptocurrency” are among the entries.

“We know the world of IT and computing can be complex, but we think our Dictionary of Computing jargon-buster might just help people struggling with a few technical words and phrases we in the industry probably take for granted,” says the company’s CEO Craig Joseph.

“It seems plausible that the speed at which the technology landscape develops is the reason as to why we are faced with an ever-growing list of buzzwords and acronyms,” note the authors of the survey. They have included in their “Techionary” computing terms for every letter of the alphabet and provided proper definitions.

Not everyone in Britain needs such education, though. Another study recently showed that UK financial professionals are very well informed about cryptocurrencies and their perspectives. More than half of those who have previously invested in cryptos intend to acquire more digital money. The majority of investors expect crypto valuations to rise this year, despite recent market drops.

The popularity of cryptocurrencies has been growing steadily around the world in the last few years. Polls conducted in several countries have confirmed the positive trend. Almost 60 percent of Americans now say they have heard of bitcoin. The same is true for more than half of Russians.

Do you think misconceptions are a major barrier to entering the crypto world? Tell us in the comments section below. 

Images courtesy of Shutterstock.

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