Nigerians and Bitcoin! It wouldn’t be wrong if I say majority of Nigerians embraced this digital currency like no man’s business. Once you mention ‘Bit’, it wouldn’t take long before another person echoes ‘coin’.
According to a recently published infographic prepared by a top digital currency companies, it was seen that Nigerian’s response to Bitcoin is highly optimistic.
Some findings made by Luno –formerly known as BitX- could be easily take as an inference from just any market source, this seems to be the first time a major key in Bitcoin base its facts upon studies related to Nigerians’ usage of the digital currency.
“We shared a survey with our Nigerian customers which went out to all of our customers. We then reviewed the results for statistical significance, outliers and errors and compiled the infographic from the data,” says Luno’s Liza Vissier via email after been asked about the methodology used for the survey.
Vissier also added, “Note that it was only sent to Luno customers, so the data might be slightly skewed towards our customer preferences (as opposed to all Nigerian Bitcoin users), but we enjoy the highest trading volume of Nigerian Bitcoin exchanges – as per publicly available volume data – so it should be somewhat similar across the board. We aim to do much more research and share the results with the media and Bitcoin community in the coming months.”
While Luno conducted the survey, they questions Nigerians on what they used the Bitcoin for, what they did with it, whether the Bitcoin was been used for investment or for payment purposes, whether they trusted the digital currency or not.
Figures released from the survey showed that a lot more people trusted the currency (59.1%), 24.1% are unsure about the trust level and 17.2% do not trust the currency at all.
The survey also showed that a higher percentage used the currency for investment. Another interesting outcome was that 45.3% would rather invest in Bitcoin than gold, 10.3% went for gold and 44.4% were undecided.
Earlier this year, on Google Trends Chart, Nigeria topped the category for Bitcoin-related searches globally.