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Bitcoin transaction volume explodes on P2P platforms

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Bitcoin transaction volume explodes on P2P platforms


Last week, the Bitcoin (BTC) offered an explosive record in terms of transaction volumes on the platforms peer to peer in Africa.

Holders of cryptocurrencies Africans apparently see it as a safe haven currency.

A most remarkable upward trend

According to data from the Useful Tulips analysis site, the combo of crypto merchants PaxfulLocalBitcoins totals more than $ 14 million on exchanges between BTC and 18 African currencies during this period.

This is a remarkable leap. Because the last peak of activity in Africa, which took place during the bull run of 2017, posted approximately 10 million dollars of transactions. Which equals 30% less than today.

Leading the race, the Nigeria, thereSouth Africa and the Kenya won the gold, silver and bronze medals respectively.

Nigeria alone recorded more than half of this traffic, or nearly $ 9.3 million. This greatly exceeds the sum of the movements in the 3 countries that follow it in the ranking.

Consequently, Nigeria is a key player in the popularization of bitcoin with its few million crypto-users.

Africa Volume Paxful LocalBitcoins

History of the volume of P2P bitcoin exchanges in South Saharan Africa – Source: Useful Tulips

👉 To read on the same subject: Africa: Binance adds Nigerian naira and wants to open up to other economies on the continent

A catalyst not least

The rise of the market at the local level reflects an increased craze for cryptocurrencies in Africa.

The economic unrest in the region could be the catalyst.

If we believe this report obtained on the International Monetary Fund (IMF) website, annual inflation rates in Africa are between 6% and 10%, and the economic uncertainties resulting from the coronavirus crisis are of great concern.

In addition, if we combine this with an imminent global economic crisis, we can understand that a significant number of traders on the continent see Bitcoin as a store of lasting value.

As the figures suggest, the popularity of Bitcoin in Africa is growing exponentially.

Besides, according to a published report by Arcane Research in collaboration with Luno, the cradle of humanity is fast becoming the home of adoption in cryptocurrencies:

“Africa is one of the most promising, if not the most promising, regions for the adoption of cryptocurrencies. East of to the unique combination of economic and demographic trends. If overall adoption is relatively low, the potential is enormous, growth is rapid and development is likely to become critical to the cryptocurrency industry in the future. “

👉 You may be interested in: Amazon Prime: documentary illustrates how Bitcoin is changing Africa

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About the Author : Junie Maffock

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Driven by curiosity, I discovered a passion for cryptocurrencies and Blockchain technology. The crypto-enthusiast that I am likes to observe attentively the world of cryptos.
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