Vast majority of Aussies still in dark over Bitcoin and NFTs, survey finds

Regardless of the rise of Bitcoin and the looming chance of an Australian authorities digital foreign money, Australians know little or no about cryptocurrencies, a brand new survey has discovered.

Just one in 10 Australians really feel they perceive what a cryptocurrency is, in keeping with a Saxo Markets survey, whereas these older than 65 are even much less sure.

There’s additionally a divide between the sexes.

A person uses a mobile phone to make a payment with Bitcoin. — Just one in 10 Australians really feel they perceive what a cryptocurrency is. (Getty)

Round 21 per cent of Australian males declare to have a deal with on what cryptocurrencies are and the way they work, the survey discovered, in comparison with simply seven per cent of ladies

Bitcoin was simply probably the most well-known of all of the cryptocurrencies (there are greater than 10,000), with 38 per cent of Australians surveyed recognising the identify which is synonymous with digital currencies.

The following most recognised cryptocurrencies have been Ethereum, hitting residence with 12 per cent of Australians surveyed, and Dogecoin on 8 per cent.

And though non-fungible tokens — or NFTs — rocketed to prominence in 2021, 75 per cent of Australians have nonetheless by no means heard of them.

NFT works, together with digital artwork, GIFs and even tweets, have been thrust into the highlight in what many are calling a digital artwork increase.

Final week, Federal Treasurer Josh Frydenberg estimated greater than 800,000 Australians have owned cryptocurrency at the very least as soon as.

Cryptocurrencies have been a “fast-moving space” which the federal government wanted to get forward of, Mr Frydenberg mentioned, whereas on the identical time declaring the Commonwealth and Reserve Financial institution are in planning to launch a central cryptocurrency currency.

Forty-two per cent of Australians surveyed mentioned they’d use a cryptocurrency if it was made authorized tender tomorrow, however just one in 4 agreed that cryptos must be declared authorized by the federal government.

If cryptos have been in authorized circulation, one in three Aussies mentioned they’d use it by placing it of their financial savings or a retirement plan.

Foreshadowing a regulatory framework was now wanted for cryptocurrencies and its related industries, Mr Frydenberg acknowledged a “digital revolution” triggered by Bitcoin was now effectively underway in Australia’s monetary sector.

An NFT is a digital token encrypted with the artist’s signature on the blockchain — a digital ledger that’s the spine of cryptocurrencies like Bitcoin and Ethereum — permitting sellers and consumers to confirm authenticity and possession.

NFTs guarantee a purchaser has the true unique immediately from the artist.

Additionally they enable artists to promote works on to consumers on their very own, which some have asserted will democratise the artwork market.