Luno South Africa’s biggest Bitcoin wallet and exchange has released new data on a survey it conducted in ten different countries including South Africa and found that almost 70% of South Africans surveyed were familiar with crypto-currencies while a third of those surveyed owned and traded crypto-currencies.
Luno’s South African manager Marius Reitz has stated that crypto-currencies have the ability to enable easier low cost banking, financial freedom and create a new financial system. With the digitisation of the financial system, crypto-currencies are seen as the key technology that will be at the forefront of the movement toward a new financial revolution.
Crypto-currencies throughout this year though have entered somewhat of a bear market, as well as many calling them a scam or a pyramid scheme, but the technology behind crypto-currencies the distributed ledger is far more recognised as a financial and technological breakthrough.
None the less crypto-currencies are still growing around the world and in South Africa, with more people using them as a storage of wealth, a trading tool purchasing goods and services. More store and retailers also accepting them as money to trade product and services with.