The MyBroadband 2018 Cryptocurrency Survey has revealed that Bitcoin was the cryptocurrency of choice when it came to making a profit on an investment.

It was also the token through which owners made the biggest loss.

The survey was completed by 1,244 MyBroadband readers in April, and is a good representation of the sentiment of tech-savvy South Africans towards cryptocurrencies.

The findings come after a roller coaster performance by cryptocurrencies over the past 12 months, with huge highs and fast dips.

Profit and loss

The survey found that 78% of respondents own or have owned cryptocurrency. Of those who own or have owned cryptocurrency, 57% have made a profit from their investment.

The large majority of profit makers earned R50,000 or less, however, so there is little chance they will be retiring after their efforts.

Of the respondents who made a loss, the damage was relatively small – with the majority not losing more than R50,000 due to failed cryptocurrency investments.

In both camps – those who made a profit or a loss – Bitcoin was by far the most popular cryptocurrency.

It stood at over 50% share in both cases, with Ethereum trailing far behind in second place.

The results of the survey are detailed in the infographic below.