20% Of Nigerians Use Bitcoin To Transact Daily – New Report

20% percent of Nigerians, according to a recent research, use Bitcoin for daily financial transactions.

The information was gathered through online interviews with 1,407 self-described “tech savvy” respondents in Brazil, Germany, Nigeria, South Korea, the United Arab Emirates, the United Kingdom, and the United States, according to the open-source blockchain website Elastos.

A third party, a licenced market research firm, conducted the interviews, which took place between March 30 and April 4, 24.

The survey also showed that 67% of Nigerians would trust Bitcoin more than banks and local governments with their life savings.

The report reads; “The inaugural BIT Index (Bitcoin; Innovation & Trust) – compiled from over 1,400 self-defined ‘tech savvy’ respondents from 7 countries across the globe – sheds light on the actual perception and use of Bitcoin in people’s daily lives, irrespective of its current valuation. Elastos’ BIT Index is part of ongoing research to better track the ‘real world’ use of Bitcoin together with users’ motivations, expectations and barriers around the same.

“In particular, the data reveals the role being played by emerging markets in terms of understanding, usage and confidence around Bitcoin. Nigerian respondents’ levels of usage and trust compare starkly with those expressed from so-called ‘established’ markets such as Germany and the UK and Germany where daily usage levels are just 8% (for German respondents) and (9% for their UK counterparts).

“In terms of the trust – in addition to Nigeria – significant proportions of respondents from Brazil (35%) and the UAE (32%) would have more confidence in Bitcoin-based services to protect their life savings compared to those from markets such as the UK (20%) and Germany (22%).

“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin, compared to alternatives. According to the data, 66% of Nigerian respondents and 35% from Brazil have more confidence in Bitcoin-based systems than alternatives such as banks, or national Governments, compared to figures of just 16% (Germany) and 21% (UK) who feel the same.”

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli