How people in South Africa use their Bitcoin
Did you know that in countries such as South Africa, up to 90% of payments are still cash based? Not really South Africa alone, it's the same with most African countries, i am going to talk about South Africa today. However Bitcoin interest and adoption in South Africa is taking off big time.
In the recent Google analytics, The African country currently ranks 5th on the Google trends chart for the most Bitcoin related searches. This tells us that South African citizens are really showing large interest in moving away from cash into digital society.
As my interest in virtual currency continues to increase, i had to contact my friend living in South Africa about how Bitcoin is been used in the country.
However Bitcoin and other crytocurrencies are becoming increasingly popular in South Africa, Luno allows for easy access and exchange using the bitcoin wallets provider, the most common use of the luno wallet was exchanging South African rands for Bitcoin and vice versa.
The facts according to a recent survey i went through, i found out that most South African bitcoin owners check the bitcoin price almost everyday, with almost half of luno users monitoring the price, about 43.9% check Bitcoin price throughout the day, about 24.6% once a day, about 14.3% 2-3 times a week, about 8.4% once week, about 5% 2-3 times a month,3.8% less than 2-3 times a month. After Bitcoin the most popular other cryptocurrency was Ethereum. According to the review, about 75.7% South Africans have bought Bitcoin and about 24.3% have bought Bitcoin Cash and other cryptocurrencies over the years.
The reasons most South Africans buy Bitcoin are basically because 39.6% believes it is a good investment platform with higher performing assets, while 12.9% believes it's better in privacy than credit card. Although about 68.5% Trust Bitcoin, while 23.6% are unsure and 7.9% don't trust. Well South Africa is ahead in Bitcoin adoption compared to some other countries in Africa. There are some country in Africa that i can bet you have not heard about Bitcoin nor cryptocurrency, i am from Africa i know exactly what i am saying, most are afraid of using it because of their perception towards it or lack of adequate knowledge on crytocurrencies.
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