Cryptocurrency Popularity Rising In South Africa
The outreach of Cryptocurrencies has been increasing every day. Interestingly, studying their pattern of recognition and adoption often revert some surprising results. One such result is derived from a research conducted by Luno Bitcoin Exchange, which states that South Africa consumers have higher levels of cryptocurrency familiarity and ownership in comparison to its European counterparts.
A report titled ‘Why do people buy cryptocurrencies? A South African perspective’ inscribes the findings from the South African survey. The report by Luno Bitcoin Exchange stated that 69% of survey respondents in South Africa affirmed that they are familiar with cryptocurrencies. A third i.e. 29% of which said that they own cryptocurrencies.
Luno’s Country Manager for South Africa, Marius Reitz, stated
“The world is currently undergoing a major shift in the evolution of money. The existing financial system was built for a non-digital age but the world now has access to new technologies like decentralised cryptocurrencies. This is enabling us to reimagine the financial system and to upgrade the world to something better”.
The finding of the research suggests that consumers of South Africa are ready to face the new era head-on. Over 80% of respondents are ready to accept the cryptocurrencies as an investment class and are prepared to hold it over the long term. Notably, some about 23% of the early adopters have been using cryptocurrencies for commercial transactions as the South African and online retailers started recognizing cryptocurrency as a payment method.
Furthermore, the survey suggests that 48% of South Africans are worried about losing their money while using cryptocurrencies due to phishing scams, transaction errors or other security concerns. The rise in confidence among the South African respondents could be attributed to the somewhat stability that the cryptocurrency has achieved.
About Luno Bitcoin Exchange
Luno was formerly known as BitX, is a bitcoin-related company which is headquartered in London. Luno provides buying/selling/storing services for Bitcoin and Ethereum. The exchange platform also offers mobile app on Android as well as IOS.