A new study conducted by Gomining, a Bitcoin (BTC) mining platform, reveals an astounding educational gap among crypto enthusiasts.
Almost 17 years after Nakamoto Atoshi mined the first bitcoin, most users are not confident in its basics despite its trillion dollar market capitalization.
Users know that bitcoin is important, but don’t know how it works
The study is shared solely with Beincrypto and identifies a direct link between crypto education and market participation.
First of all, only 34% of respondents feel “very confident” about the Bitcoin ecosystem, with most expressing confusion about how Bitcoin works.
Some respondents cited their complaints about conflicting information online and sustained educational barriers in the industry. While many respondents are willing to engage more actively in Bitcoin, they often feel they have endured the complexity of the core concept.
“More than 70% of users admit that they feel overwhelmed when trying to learn about a subject,” the survey shows.
This obstacle suggests that education may be as crucial to adoption as it is price action and clarity of regulations.
Just 9.6% said “sounds like a professional” about how comfortable they are to explain Bitcoin to their friends. Meanwhile, 66.3% of respondents said they could only explain the basics or would have a hard time clarifying anything.
What is the biggest problem for Bitcoin users?
This study highlights the biggest challenges. 28.2% of users pointed out the “mining mechanism” as the most confusing aspect of Bitcoin.
After this, “technical terms” were also presented as a serious concern, with 22.2% being Respondents emphasized this as a challenge. Meanwhile, 26.5% said they didn’t know when they would buy and sell Bitcoin.
In summary, the pain point highlights the emotional and practical complexities that users face even after entering the crypto ecosystem.
Against this background, 36.6% of survey participants seek real step-by-step guides to help them understand the market.
Meanwhile, 30.8% want a short explainer video, while 33.4% prefer real-world examples and case studies. Interestingly, only 26.1% said that simple non-technical explanations would be comfortable in the space.
While many users are not against learning, these preferences indicate that the industry lacks intuitive and digestible resources. Against this background, many users are hesitant and confused about Bitcoin due to lack of clarity, not due to lack of interest.
This education gap can be slower to adoption as it remains a barrier for most people by understanding how Bitcoin works at the basic level.
In particular, the survey has attracted traditional or institutional players in the sector amidst the growing popularity of Bitcoin. Experts say the surge in Bitcoin finance companies will ultimately position themselves as Wall Street’s top business in the next decade.
In particular, the survey was conducted just barely a month before the last week of June, featuring over 2,600 respondents across North America and Europe.
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