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South Africans are More Obsessed with Bitcoin




During the starting of 2017, bitcoin craze in the South Africans became high to earn quickly from this rocketing currency. South Africans mostly use Luno to exchange cryptocurrency with their money, Rand. Use of Luno to exchange the currency is seen with massive growth during the period. There are many South Africans who have made a fair amount from bitcoin either by mining or investing in cryptocurrency.

Luno Africa general manager Marius Reitz said, “Individuals in these markets cannot afford to, and should no longer need to, pay extortionate exchange rates, accept national currency devaluation or lose out when they simply transfer money, Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this.”

However, they are not the only the cryptocurrency investors who are obsessed with bitcoin. South Africa is a hub of large numbers of Bitcoin miners which use free bitcoin mining software to mine digital tokens and create a steady supply of wealth. People here are very interested in digital tokens due to their implication on the global financial system.

Luno surveyed more than 7,000 people around the world to better understand their economic condition and their inclination towards cryptocurrency. South Africans were high in number, and they showed less interest in the current financial situation. Almost 91% of South Africans who were involved in survey pay for a personal bank account, and 75% use mobile banking. According to the survey, people in South Africa believe in saving hence they are obsessed more with bitcoin.

From television to the internet platform, Jonathan switched his journey in digital media with Bigtime Daily. He served as a journalist for popular news channels and currently contributes his experience for Bigtime Daily by writing about the tech domain.

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