- ‘NFT’ was the most queried term in New York, as in all but four states
- ‘Blockchain’ was the second most investigated phrase in New York, this also featured in the top five queries in all but four states
- ‘Mining’ came in as the third most frequent subject of curiosity in the state
A new study has revealed the most Googled cryptocurrency subjects nationwide and in each state.
The research conducted by Marketplace Fairness analyzed search volumes of more than 250 of the most frequently asked crypto questions on Google, to establish the queries that the public is looking to understand.
Simple searches for “What is cryptocurrency?” were huge nationwide, receiving an average monthly search volume of 39,466. In New York, the monthly search volume for this term was a significant 2,641.
While generic questions on the definition of cryptocurrency were excluded from the general body of the study, a brief description of crypto is worth noting:
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates independently of any central authority thus enabling secure, decentralized peer-to-peer transactions.
Away from the basic definition of cryptocurrency, the following terms were the most queried in New York.
1. What is an NFT?
Coming in as the most queried topic in the state were NFTs. While not entirely the same as cryptocurrencies, the existence of the two is well intertwined. ‘Non-Fungible Tokens’ exist as cryptographic assets on the blockchain, which is the same underlying technology used for cryptocurrencies like Bitcoin and Ethereum. What makes NFTs distinct from cryptocurrencies is their non-fungibility, meaning each NFT is entirely unique and cannot be exchanged on a one-to-one basis, unlike cryptocurrencies.
The search term “What is an NFT?” came in with the largest monthly search volume of all questions at 2,231, this is 2,014% more than the statewide average volume for the close to 300 questions analyzed. “What does NFT stand for?” had an average monthly search volume of 798, which is 657% more than the average.
2. What is blockchain technology?
The topic of the second highest level of curiosity was blockchain technology. In short, the blockchain is a distributed and immutable digital ledger that records transactions across a network of computers, ensuring transparency, security, and trust in data integrity.
“What is the blockchain?” was searched at an average rate of 2,108 statewide, 1,898% more than the average search volume for the analyzed questions and was (excluding ‘cryptocurrency’ itself) the second most queried phrase. “What is blockchain technology?” had an average monthly search volume of 422, while “How does the blockchain work?” had one of 155.
3. How to mine cryptocurrency?
The third least understood crypto term was mining, which is the process by which specialized computers are used to solve complex mathematical puzzles, verifying and recording transactions on a blockchain. In return, newly created cryptocurrency tokens are rewarded to miners.
“What is cryptocurrency mining?” was a top searched question in every state and had an average monthly search volume of 415 in California, above the average search volume by 293%. “How to mine cryptocurrency” was searched monthly at a rate of 99.
4. How do I buy crypto?
The fourth most queried area of crypto in the state regarded the actual purchase of them. For this, the answer is simple, you can buy cryptocurrency by creating an account on a cryptocurrency exchange, linking a payment method, and then placing an order, much as you would purchase anything else.
The term “How to invest in cryptocurrency” had an average monthly search volume of 404, 283% over the average volume, while “How to buy cryptocurrency” landed a search volume of 245.
5. How does it work?
Perhaps surprisingly, the question of how cryptocurrency actually works is only fifth in terms of search interest in New York. Crypto uses cryptographic techniques (communication through use of codes) through a blockchain to secure and regulate the creation of new units of currency.
The question “How does cryptocurrency work?” was searched at a rate of 338 times each month, 220% above the average search volume. The synonymous search term “How cryptocurrency works” had a search volume of 132.
