Adoption and sustainability of bitcoin and the blockchain technology in Nigeria.

Abstract

The rise of cryptocurrency, especially bitcoin, has opened up a lot of doors in the world of Financial Technology (FinTech) by attracting investors, media, and financial industry regulators. Bitcoin operates on blockchain technology, and its value is not a determinant of the value of a tangible asset, an organisation, or a country's economy. Instead, it relies on an encryption technique that allows tracking of all transactions. Globally, over $2 trillion has been generated through cryptocurrency trading. Due to these financial prospects, the youths in Nigeria have cashed in on this virtual currency to create employment and wealth. This research investigates the adoption and sustainability of bitcoin and blockchain in Nigeria. A survey method with a non-probability purposive sampling technique and a homogeneous approach was employed to collect 320 responses via an online survey. Descriptive and correlational analysis in IBM SPSS version 25 was used to analyse the collected data. According to the findings, bitcoin is the most popular cryptocurrency, with 97.5% acceptance, and is expected to be the leading virtual currency in the next five years. The research findings will help researchers and authorities comprehend the need for cryptocurrency adoption, leading to its sustainability.