Investigating the levels of awareness and adoption of digital currency in Nigeria: A case study of bitcoin

Abstract

This study investigated the levels of awareness and adoption of Bitcoin in Nigeria. The descriptive survey research design was used in this study in order to ascertain the levels of awareness and adoption of Bitcoin in Ibadan, South-west, Nigeria. A convenience sampling technique was used to select three hundred and four (304) respondents owing to the fact that accurate information about the population of the study was not known. A structured questionnaire was used for data collection which consisted of three (3) sections namely demographic characteristics, adoption, and awareness of Bitcoin innovation. The descriptive statistics such as frequencies was used to describe the demographics, level of awareness and the extent of adoption of Bitcoin in Nigeria. The study reported that the level of awareness of Bitcoin is low, thus resulting in a low level of adoption. Also, majority of those who claimed to be aware lacked proper understanding of the functionalities of Bitcoin. The need for extensive awareness and exhaustive training to potential users, as well as stipulated regulations to ensure safe transactions, were recommended by the study.

Keywords: Bitcoin; Awareness; Adoption; Currency, Nigeria, digital.