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How Iranians Use Bitcoin: An Inside Look Through Data

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According to a survey conducted by the analysis firm Gate Trade, of 1,650 Iranian Bitcoin users surveyed in Persian Telegram groups, 25% earned monthly among $ 500 to $ 3,000 from working with cryptocurrencies. These data reflect, without a doubt, how the Iranian Bitcoin community has evolved.

About the source of such income, 35% of the respondents obtained it through mining, and 58% through trade, both by exchange platforms and by local money changers.

At the same time, the survey also revealed that 70% of respondents showed interest in learning more about local mining companies, which can translate into strong growth in the Iranian mining industry.

On the other hand, a spokesman for Gate Trade said that many Iranians, in order to use bitcoins and avoid discrimination at the same time, use VPNs and foreign ID cards purchased on the black market.

Iran isn’t the only country where the use of bitcoins is done with some secrecy. According to Bitcoin developer and educator Jimmy Song, similar patterns have been seen in other regions. “In China, there are WeChat groups for traders because they don’t have so much direct access to exchanges,” he said.

However, Iran’s climate of censorship has helped local demand to separate itself from global factors such as the dollar or stock markets. According to 60% of respondents, these external conditions had little or no impact on their Bitcoin investments. It should be noted that most of the interviewees were long-term holders, who make investments in Bitcoin with the intention of keeping them for more than a year.

For the Teheran-based blockchain developer Mahmoud Eshandari, more and more people are using Bitcoin today. He also said: “Bitcoin has not had a profound impact on the population of Iran, but it is visible that its use among people is growing.”

Other data taken from the survey shows that 29% of respondents have more than $ 5,000 in cryptocurrencies, especially in Bitcoin. It should be noted that Iranians store greater wealth in bitcoins. In fact, 14% of respondents earned more than $ 10,000 a year.

According to Jimmy Song, the demand for Bitcoin will be more palpable in countries with distressed economies than in the first world economies. “That is expected to happen because they feel the impact of inflation much more,” he said.

Source Link: https://www.coindesk.com/new-data-gives-unprecedented-insight-into-how-iranians-are-using-bitcoin

About the author

Jhon Fernando Maldonado

Jhon Fernando Maldonado

Internet marketing and cripto currency journalist / writer. He has a degree in Linguistics from Universidad de Los Andes, in Venezuela. Passionate about digital marketing, with knowledge in topics related to technology and web positioning.

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