Despite contrary indications from the Central Bank of Nigeria, it appears that the new payment technology, cryptocurrency, has gained significant traction in the past year. This may indicate a strategic positioning for the next stage in Nigeria’s changing payment landscape.

According to the Luno Cryptocurrency 2018 Awareness Survey65% of Nigerians expressed familiarity with cryptocurrencies. It further indicated that of the total respondents, 76% of men and 54% of women said they were aware of cryptocurrencies.

Report: Nigerians Have Cryptocurrency as a Form of Investment. Will Invest More if They Feel Safe
Crypto Familiarity

The report indicates that there is expected growth in adoption of cryptocurrency in 2019, despite the significant price volatility experienced in 2018. This is evident from the number of people who do not currently own any cryptocurrency but indicated willingness to buy.

According to the report, 48.09% of the participants said that, while they do not presently own cryptocurrency, they were willing to buy in the future. Notably, female respondents edged this group at 51%.

Report: Nigerians Have Cryptocurrency as a Form of Investment. Will Invest More if They Feel Safe
What cryptocurrencies do you own?

Also evident in the report is the fact that Bitcoin remains the king of cryptocurrencies in terms of awareness. Over 80% of those who own
cryptocurrency claim to own Bitcoin, specifically. Ethereum, Bitcoin Cash, and Litecoin are a distant 2nd, 3rd and 4th at 30%23% and 22%respectively.

Why Nigerians buy Cryptocurrency

An overwhelming 76% majority buy cryptocurrency as a form of investment. Those who use cryptocurrencies for payment or remittance (30%) came in second while online shopping and micropayments were other significant uses.

And, the report indicates that majority of Nigerians are willing to invest in cryptocurrencies if they feel secure. According to 42% of respondents, improvements in transaction security and protection against hacking
will positively influence their level of confidence in cryptocurrencies in the future.

Report: Nigerians Have Cryptocurrency as a Form of Investment. Will Invest More if They Feel Safe
Confidence in cryptocurrencies…

With continuous awareness, 2019 may be a great year for Cryptocurrency trading. And, Luno Cryptocurrency has assured of their readiness to drive more publicity.

“In the coming months, we will continue contributing to the growth of the cryptocurrency market in Nigeria, focusing on education and accessibility.”
Owenize Odia, Luno Country Manager

Report: Nigerians Have Cryptocurrency as a Form of Investment. Will Invest More if They Feel Safe
Crypto Ownership rate

A Bit About Cryptocurrency

Developed by a person (or group) called Satoshi Nakamoto in 2008, Bitcoin was the first cryptocurrency, created for the digital world, and is entirely decentralised.

Prices of Bitcoin, Etherum and Ripple have skyrocketed over the last year, but they drag with them a huge volatility risk. Last year, the market cap for cryptocurrency was $661.2billion (in comparison, Nigeria’s GDP is $510 billion).

Meanwhile in Nigeria, cryptocurrencies are in popular demand. According to Bloomberg, peer-to-peer transactions have risen almost 1,500% this year.

By Dotun Roy

DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.

88 thought on “#Bitcoin: Are Nigerian investors feeling safe with Crypto-currency?”
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