Nigerians..

Regardless of its present worth, individuals utilise Bitcoin in their daily lives, according to a survey produced by Web3 infrastructure startup Elastos.

In comparison to Germany and the UK, Nigeria and the United Arab Emirates have the highest rates of daily Bitcoin transaction usage, according to study data. According to a corporate statement, 20% of respondents from Nigeria use Bitcoin "at least once a day" for transactions.

20% of customers in the UAE and 23% of consumers in Nigeria use Bitcoin daily, according to the release shared with Cryptonews.

That being said, 67% of Nigerians would trust Bitcoin more than traditional payment channels like banks or even cash when it came to projecting their life savings.

Respondents from other jurisdictions demonstrated a strong level of trust in the largest cryptocurrency by market globally, in addition to Nigeria. value.

35% of consumers from Brazil and 32% of UAE respondents have more confidence in Bitcoin-based services to protect life savings.

These numbers are proportionately higher compared to markets such as the UK with 20% and Germany with 22%.

The report dubbed ‘BIT Index’ indicates the role the ‘global south’ plays in Bitcoin adoption, Jonathan Hargreaves, Elasto’s global head of business development, described

“The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings in Bitcoin than traditional financial instruments speaks volumes about the protagonism these regions are already playing.”

Furthermore, the data revealed that 66% Nigerians and 35% from Brazil have more confidence in Bitcoin-based systems than traditional alternatives.

48% of responders from Nigeria were interested in using Bitcoin for sending and receiving money from abroad. However, only 18% and 20% were interested in cross-border Bitcoin transactions in Germany and the UK respectively.

Recent Increase in Nigerian Crypto Adoption

This coincides with the recent trend of many Nigerians flocking to cryptocurrencies. After India, Nigeria has the second-highest rate of cryptocurrency adoption worldwide, according to analytics source Chainalysis.

In addition, the West African country's rapidly rising inflation rate reached 30% in January. As per a WSJ story, the Nigerian government actually held the largest cryptocurrency exchange in the world, Binance, accountable for the currency drop.

According to Statista data, Nigeria has been leading the pack in terms of the pace of adoption of cryptocurrencies. It stated that nearly half of Nigerians hold cryptocurrency.