In a recent survey conducted by Binance in Ghana, 50% of respondents they are well aware of the fact that it is the latter – a digital currency that operates on decentralized blockchain networks.
Details
No one in Ghana thinks it is the same as paper money but 22% of respondents i thought the top three most popular cryptocurrencies are Akwaaba Cedi, Wasawasa, and JollofJumping (None of which are actually cryptocurrencies)
The first three are actually Bitcoin, Ethereum and Rope. Bitcoin was launched in 2009 and was initially worth less than a dollar, and as of 2024, it is worth just over $51,000.
In 2013, Ethereum hit the market and has achieved an all-time high of nearly $5,000. Then there is Tether. This cryptocurrency was introduced in 2014, just a year after Ethereum, and has since reached a peak price of just $1.
Bitcoin mining
The next question was about Bitcoin mining. Do Ghanaians believe it is the process by which cryptocurrency transactions between users are verified and added to the public blockchain ledger? Or is it the computational process by which powerful computers (miners) solve complex mathematical puzzles to validate transactions on the Bitcoin network?
The answer is… of course, the latter. It’s certainly not the miners who go into digital mines with virtual picks (which 37% of respondents it is believed) nor is it the last. It is actually the verification of cryptocurrency transactions.
Blockchain vs. Bitcoin
They also knew that blockchain and Bitcoin are not the same. Yes, it is easy to confuse the two because the media has talked about these two technologies simultaneously and in the same context. However, where Bitcoin uses blockchain to operate – blockchain is the digital foundation of cryptocurrency – blockchain is its own, smart, unique technology that offers huge security and privacy benefits.
Tax on Bitcoin
Now, the important question for those who were smart enough to catch an early ride on the Bitcoin train, is whether or not you should pay tax on your Bitcoins.
Is it a source of income that needs to be taxed, are there no cryptocurrency taxes or is it up to the Ghanaian government? The answer is actually the latter – it depends on how each government envisions the crypto market functioning in their country’s economy.
This is a question that most people have misunderstood, which is, however, 38%, It doesn’t matter, governments may not be sure how to get a whole new digital currency early either.
Frequent questions
Q: How did Binance collect the data?
ONE: Binance ran a successful quiz on the Pulse Ghana website from January 19 to 24, 2024. To gather more accurate results, the quiz was then shared on Instagram stories to encourage more audience interaction.
Q: How many people were interviewed?
ONE: Average over 400 people answered the questions on the Pulse Ghana website and Instagram stories
Q: What were the demographics of the survey participants?
A: Most people who answered the questions were millennials and have a basic understanding of what crypto is and how it works.
Q: How long did the investigation take?
ONE: The survey was conducted over a period of one week.
Q: How do the results affect Binance?
ONE: The results provide Binance with a clear understanding of the level of cryptocurrency knowledge in the Ghanaian market. It is obvious that some people are unsure about the three main cryptocurrencies, creating an opportunity for education through the content we provide
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