Nigeria, often referred to as the giant of Africa, has now earned a new title — the world’s most crypto-aware nation. This recognition comes from a comprehensive global survey conducted by ConsenSys and YouGov, shedding light on how countries perceive cryptocurrency development services and the broader Web3 ecosystem. The survey’s results not only highlight Nigeria’s impressive cryptocurrency awareness but also reveal fascinating insights into its cryptocurrency landscape, making it an intriguing market for cryptocurrency exchange development company.
Cryptocurrency Awareness: Nigeria Takes the Lead
Nigeria and South Africa are at the top of the list for bitcoin awareness. Amazingly, 98% of South Africans and 99% of Nigerians demonstrated a solid understanding of Web3 fundamentals. They outperformed responders from countries with stronger economies, such as the US, UK, Japan, and Germany.
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Understanding the Blockchain Landscape
The survey encompassed 15,158 individuals aged 18 to 65 across 15 countries. It uncovered that 70% of Nigerian respondents understood the fundamental principles of blockchain technology. This high level of comprehension was a testament to Nigeria’s robust cryptocurrency ecosystem.
Cryptocurrency Ownership: Nigeria’s Remarkable Presence
Cryptocurrency ownership rates in Nigeria further exemplified the nation’s cryptocurrency prowess. In the most crypto-aware nation, an impressive 76% of the 1,001 Nigerian respondents indicated that they have either held or owned cryptocurrencies at some point.
Future Prospects and Regulatory Outlook
Nigeria’s cryptocurrency enthusiasts are not merely spectators; they are active participants. A staggering 90% of Nigerian respondents expressed their intent to invest in cryptocurrencies within the upcoming year.
Cryptocurrencies protected 65% of them against hyperinflation and currency devaluation. It emphasises how important cryptocurrency is to the local banking system.
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Conclusion
In a global landscape where cryptocurrencies and Web3 technologies are rapidly evolving, Nigeria emerges as a shining example of a crypto-aware nation. With a staggering 99% of its citizens displaying a solid grasp of Web3 concepts, this nation stands at the forefront of crypto knowledge.
This awareness fuels interest in cryptocurrency investment. It also signifies Nigeria’s potential to lead the way in the adoption and evolution of digital assets. As the world watches, Nigeria’s crypto-aware population paves the path for a future where decentralized technologies play an increasingly pivotal role in our daily lives.
Hire Blockchain Developers to drive crypto awareness, create solutions, foster adoption, and ensure secure transactions.
Read the complete blog here — Global Survey Reveals Nigeria as the Most Crypto-Aware Nation
There are various important factors to consider while launching a Crypto exchange Match/Trade engine — The trade engine is a mechanism used to execute the trade processing by matching the user sell order and buy orders.
This is the most fundamental part of the exchange as it enables users to trade amongst themselves, without any central control.
So, the trade engine enables each fiat-crypto-fiat transaction to be executed for both the buyer and the seller.
UX/UI — Having a user-centric exchange platform that helps the user with ease of access while registration, trading, and payments.
Give a venture to your users to switch between advanced and basic facets as more loyal users may require special attention.
Scalability — Blockchain provides scalability in processing transactions through the network.
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