New Data Gives Unprecedented Insight Into How Iranians Use Bitcoin

shutterstock 1161394468 e1568192128730 860x430 1

Out of 1,650 Iranian bitcoiners surveyed in Persian Telegram groups, 25 percent earned $500 to $3,000 a month from working with cryptocurrency, according to a survey conducted by the analytics firm Gate Trade.This data offers an exclusive peek inside the evolution of the Iranian bitcoin community, and so far it looks like the classic “store of value” investment thesis can hold water.More than a third of respondents, 35 percent, earned that income by mining, while 58 percent earned income through trading, both via exchange platforms and grassroots networks of local money changers providing liquidity with Iranian rials.The survey indicated strong growth in the domestic mining industry, with 70 percent of respondents expressing interest in learning more about local mining businesses.The Iranian crypto market is shifting its dominant focus from global exchange platforms to local exchanges and miners, because most centralized exchanges with know-your-customer (KYC) compliance exclude Iranians. Roughly 83 percent…

Read the original article here