Cryptocurrency is now a very popular term amongst almost everyone and anyone all over the world. Since the rise of such terms like it, many people have become aware of what cryptocurrency is, what it is used for and how it works. Despite this, there is still a staggering percentage of people who are mostly clueless about the details of cryptocurrency and have little to no knowledge about it.
According to a survey, only one out of every ten people understands how cryptocurrency works. Although many customers want to use cryptocurrencies, an inadequate level of knowledge is preventing them from doing so and therefore limiting them. Cryptocurrency can be difficult to grasp, and despite years of publicity, it is still very uncommon as a form of cash, having grown into more of an investment vehicle.
What percentage of people know about cryptocurrency?
According to TripleA, a cryptocurrency and blockchain technology startup, research has shown that there are now more than 300 million cryptocurrency users all around the world. Also, the average country’s bitcoin ownership percentage is 3.9 percent, and over 18,000 establishments worldwide, and counting, have already accepted cryptocurrencies as payment. Three out of every five crypto users, is a man, and users are more likely to be young and educated regardless of country.
In a research carried out by Crypto.com, results showed that, in January 2021, there were 106 million crypto users worldwide. The main driver of January’s 15.7 percent increase in the worldwide crypto population was strong growth in Bitcoin adoption. The large expansion of DeFi last summer, PayPal’s opening up of crypto services, and massive institutional acceptance and facilitation of cryptocurrency are all likely drivers of crypto adoption.
To date, four out of five people (81%) have never been involved in any activities relating to cryptocurrency, demonstrating how far we are from it being accepted as a common means of payment or investment, according to the research.
Here is why most people do not know about cryptocurrency
Despite the willingness of many consumers to adopt cryptocurrencies, a lack of awareness is preventing them from doing so. In most cases, you will find that most people are particularly reluctant to have any dealings with cryptocurrency because they do not know much about it, they do not understand what it means or what it is used for.
Furthermore, many people who felt they knew what they were doing later opted not to use cryptocurrency. Nearly a third of respondents (31%) say that cryptocurrencies are extremely volatile and that they must be stable before they are willing to use them or invest in them. In spite of all this, one of the common reasons why most people do not know or understand much about cryptocurrency is because they feel it is too complicated for them to comprehend.
What is VeChain, and How does it work?
Vechain (which is also known as VET) is an example of the numerous types of cryptocurrencies that exist. VeChain is a distributed ledger technology platform that aims to improve supply chain management and business processes. Its purpose is to leverage distributed ledger technology to streamline these operations and information flow for complicated supply chains (DLT). Understanding how Vechain works can sometimes be very complex for some people; this is why they do not attempt to buy it. However, this should not be the reason why you do not buy Vechain. In this article, we will attempt to simplify how Vechain works, so that lack of knowledge will no longer stop your wish to buyVechain.
Rather than being a general-purpose blockchain, VeChain adopted a more focused approach to its development. Its structure is designed to facilitate the movement of goods and services throughout the supply chain, making the VET token a utility token. The most important thing to remember is that this blockchain is focused on business, specifically the supply chain. Thus, these tokens are the building blocks of that facilitation.
VeChain declared that its mission is “To build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient cooperation, and high-speed value transfers.” Furthermore, VeChain uses a two-token structure, with one type of token funding projects and the other powering the blockchain.
Before launching its network in 2018, VeChain issued tokens (known as VEN) on Ethereum. With the launch of this new platform, VeChainThor was renamed (known as VET). The VeChain system accepts VET as a form of payment. When it comes to using the blockchain’s resources, the more VET a person or company has, the higher priority it has.
In conclusion, the two most common explanations for those who have never acquired cryptocurrencies is a lack of knowledge about what to do with it and a lack of understanding about how to obtain it. However, if you’re interested in going into cryptocurrency, you can learn more about them through their detailed whitepaper.