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Bitcoin over gold... Nigerians share their views

Bitcoin over gold... Nigerians share their views

A newly-published infographic, prepared by one of the top digital currency companies in the world with full presence in Africa, shows that Nigerians' attitude to Bitcoin is highly positive.

While some of the findings by Luno (formerly BitX) could easily pass for conjectures by any source in the market, this is the first time a major player throws its weight behind metrics derived from its study of how people in Nigeria use Bitcoin.

"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 Visser via email on the methodology used to compile the results of the infographic.

She adds: "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."

Some of the key questions Luno asked its Nigerian customers focus on how they view Bitcoin, what they do with it, how often they use their Bitcoin wallets, if they use it more as a payments system or an investment tool, whether they trust it or not and what they think the Bitcoin price will be over time.

Figures show that of the 59.1% of Bitcoin users in Nigeria that trust the digital currency (24.1 are unsure while 17.2% do not), 64% of them check their Bitcoin wallet daily or weekly while 25.4% do so once or twice monthly and 10.6% very seldom.

45.3% would rather invest in Bitcoin over gold (10.3%) and 44.4% are stuck in-between both. A major reason for using the digital currency is for investment purpose (28.8%), for its speed (23.3%), for payments (20.3%), trading and speculation (14.4%) and the control users have over it (11.9%).

On what would become of the price of Bitcoin by the end of 2017, more than 92% of them think that the price of will be between over US$1000 and over US$3000.

Earlier this year, the African country topped the Google Trends charts for Bitcoin-related searches all over the world.

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