A recent survey conducted by Consensys reveals growing global awareness of cryptocurrencies but limited understanding of Web3. The study also highlights concerns about data privacy and the need for a more decentralized financial system.
A leading blockchain and web3 software company has announced the findings of its second global opinion survey on crypto and web3 conducted online by international online research data and analytics technology group YouGov. As a follow-up to the initial report published in 2023, Consensys, the company behind MetaMask, expanded the scope of the survey, reaching over 18,000 individuals aged 18 to 65 in 18 countries, including the Philippines.
The second annual survey revealed growing global crypto awareness, limited Web3 understanding, and pressing privacy and trust concerns with Web2, highlighting opportunities for education and engagement.\In the Philippines, 96 percent of Filipino respondents are familiar with cryptocurrencies but less than half or 46 percent fully understand them. In contrast, awareness of Web3 and NFTs is lower, with only 28 percent and 37 percent of respondents, respectively, indicating familiarity. Globally, 93 percent (+1) of people surveyed are aware of cryptocurrencies, with 51 percent claiming to understand what they are. At least 42 percent of respondents currently own or have previously bought cryptocurrencies, with crypto ownership up significantly year-over-year in the Philippines (+7), Mexico (+8), Germany (+7), South Africa (+7) and Japan (+4). Participation in 10 out of 11 web3 activities is up globally year over year, including collecting NFTs (+3), using decentralized finance (+4), playing blockchain-based games (+3), owning web3 wallets (+6), and interacting with staking services (+3).\The study further reveals that most respondents think the current financial system needs change, and significantly more (18 percent, +2) than last year think the financial system needs to be rebuilt. Globally, 80 percent of respondents believe that web2 companies have too much power, and over a third think social media platforms and international banking-money transfer systems would benefit from decentralization. Over 75 percent of respondents are concerned about Artificial Intelligence generating fake news and fraudulent content, while 54 percent believe blockchain can mitigate those risks. According to the study, nearly half (48 percent) of Filipino respondents share similar sentiments as the majority (83 percent) of the total respondents, with data privacy and online identity control cited as top concerns. Globally, less than half (46 percent) trust how their Internet Service Providers handle their data and sensitive information. Additionally, over 75 percent of people surveyed say they want more control over their online identity and a share of profits from their data— with only 39 percent of those surveyed feeling they are adequately compensated for the value they add to the internet. Concerns about AI’s potential for generating malicious content are also widespread, highlighting an emerging phenomenon. More than 75 percent are concerned about AI generating fake news and fraudulent content, with the highest concerns in Nigeria and South Africa. Views on blockchain’s ability to mitigate these risks vary by country, but more than half of people globally (54 percent) think it could mitigate risks posed by AI. Concurrently, almost half of respondents (47 percent, -2) believe the traditional financial system could use improvement, suggesting a continued lack of confidence in existing financial infrastructure. In addition, 18 percent (+2) think the system needs a complete overhaul, particularly in Nigeria, Indonesia, and the Philippines. Interestingly, however, cryptocurrency owners and those familiar with decentralization tend to view the traditional financial system more favorably. Similarly, those willing to invest in cryptocurrencies strongly believe that the financial system works well (28 percent vs 20 percent). More than half (54 percent) of the respondents have purchased cryptocurrencies, driven by curiosity, but barriers such as scams (50 percent), volatility (48 percent), and uncertainty about where to start (42 percent) persist
CRYPTOCURRENCY WEB3 SURVEY PRIVACY TRUST FINANCIAL SYSTEM DECENTRALIZATION BLOCKCHAIN
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