There is also a divide between the sexes.<\/span><\/p>\n<\/div>\n Around 21 per cent of Australian men claim to have a handle on what cryptocurrencies are and how they work, the survey found, compared to just seven per cent of women<\/span><\/p>\n<\/div>\n Bitcoin was easily the most well-known of all the cryptocurrencies (there are more than 10,000), with 38 per cent of Australians surveyed recognising the name which is synonymous with digital currencies.<\/span><\/p>\n<\/div>\n The next most recognised cryptocurrencies were Ethereum, hitting home with 12 per cent of Australians surveyed, and Dogecoin on 8 per cent.<\/span><\/p>\n<\/div>\n And although non-fungible tokens \u2014 or NFTs \u2014 rocketed to prominence in 2021, 75 per cent of Australians have still never heard of them.<\/span><\/p>\n<\/div>\n Last week, Federal Treasurer Josh Frydenberg estimated more than 800,000 Australians have owned cryptocurrency at least once.<\/span><\/p>\n<\/div>\n Forty-two per cent of Australians surveyed said they would use a cryptocurrency if it was made legal tender tomorrow, but only one in four agreed that cryptos should be declared legal by the government.<\/span><\/p>\n<\/div>\n If cryptos were in legal circulation, one in three Aussies said they would use it by putting it in their savings or a retirement plan.<\/span><\/p>\n<\/div>\n Foreshadowing a regulatory framework was now needed for cryptocurrencies and its associated industries, Mr Frydenberg acknowledged a “digital revolution” triggered by Bitcoin was now well underway in Australia’s financial sector.<\/span><\/p>\n<\/div>\n An NFT is a digital token encrypted with the artist’s signature on the blockchain \u2014 a digital ledger that is the backbone of cryptocurrencies like Bitcoin and Ethereum \u2014 allowing sellers and buyers to verify authenticity and ownership.<\/span><\/p>\n<\/div>\n NFTs ensure a buyer has the true original directly from the artist.<\/span><\/p>\n<\/div>\n They also allow artists to sell works directly to buyers on their own, which some have asserted will democratise the art market.<\/span><\/p>\n<\/div>\n