Join 41,174 users and earn money for participation

Bitcoin Trading In Africa Takes Giant Leap

39 65 boost
Avatar for Olad
Written by   91
6 months ago

Africa has witnessed an upsurge of growth among peer-to-peer Bitcoin traders within the last month.

Bitcoin traders in Africa have their feet on the rocket speed, with no intention of slowing down any time soon.

Africans prefer p2p trading because it reduces commissions and allows for a direct relationship with other customers.

Less than two weeks after registering all-time high p2p trading volumes at the regional level; Africa has done it again. According to data from analytics site, Useful Tulips, Bitcoin traders in Africa exchanged the equivalent of more than $15.5m across p2p platforms such as LocalBitcoins and Paxful.

With this development, Bitcoin trading volume in Africa is currently outpacing local trading in Latin America, a region often taken as reference point when examining regional p2p volumes. Just over $11m worth of Bitcoin was trading through Latin America over the last one week.

The growth in local trading reflects the increased interest in cryptocurrency within the continent, as local inflation rates range between 4% and 7% year-on-year and economic uncertainty stemming from the Covid-19 outbreak combined with with a widespread economic recession.

In a swift response, a growing number of African traders view Bitcoin as a viable store of value.

From further analysis of the continent's breakdown, Nigeria saw considerable growth; registering more than $9.3m in weekly trading volume, 400% more than South Africa, its closest competitor.

Sponsors of Olad
empty
empty

17
$ 0.25
$ 0.25 from @Koush
Avatar for Olad
Written by   91
6 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

Nice article here OLAD ,great see my country on the front line

$ 0.00
6 months ago

Thank you for the comment. I am encouraged to write more articles. My appreciation is endless. Thanks.

$ 0.00
6 months ago

Any article you post is always an educative one,seriously have learned a lot in your writer up

$ 0.00
6 months ago

Thank you my brother, you really encouraged me in all your comments. I will keep trying my best and learn from you people as well. Nobody is an highland of knowledge. Thanks and good night.

$ 0.00
6 months ago

That very interesting post about Bitcoin Trading In Africa thank you for this post and waiting for more !

$ 0.00
6 months ago

I truly appreciate your comment on my article. You have encouraged me to write more articles. Thank you a lot.

$ 0.00
6 months ago

Most Africans up till this moment have no clue about cryptocurrencies. They are like local traders not willing to trust the banks with their money. It's left for us to create this awareness

$ 0.00
6 months ago

Yes, I agree with you. That's why they need enlightenment about cryptocurrency. That is the future of money and business, and it will boost African economy. Thank you for the comment.

$ 0.00
6 months ago

Its just recently that Africans are beginning to see the advantages of crypto currencies. Am sure before the pandemic most Africans didn't take it seriously

$ 0.00
6 months ago

Thank you for making a comment on my article. It is well appreciated. Yes, the awareness is just coming up coupled with economic factors a shift to crypto is now working. Thanks.

$ 0.00
6 months ago

I have not such good idea about bitcoins. All i was known that its a type of virtual cryptocurrency. After using this site i'm having some idea about that.

$ 0.00
6 months ago

Thank you for your comment. Once you are always on read.cash a lot of useful information concerning cryptocurrency will be written which you can make use of. Thank you and have nice week.

$ 0.00
6 months ago

I think you have to write [Sponsors] for it to work. You are missing an 's'. Or alternatively you can activate the sponsors board to always be active, in your profile settings. good luck!

$ 0.00
6 months ago

Thank you for your advice. You are always there to lift people to higher height. I appreciate it a lot, and will act accordingly. Thank you sir.

$ 0.00
6 months ago

I appreciate your upvoting. It is an encouragement for me to be more active on read.cash. I will work on the sponsors as you've advised. Thanks a lot.

$ 0.00
6 months ago

Hmm. Maybe you have to put the [Sponsors] tag at the end of the article for it to work.

$ 0.00
6 months ago

OK sir. I always appreciate your guidance. You are such a visionary leader and mentor to work with. Thank you for the supports. I will effect the corrections right away . Thanks.

$ 0.00
6 months ago

It's a nice article... This information is very important and helpful for people.. Keep it up.. Hope to see your more impressive articles

$ 0.00
6 months ago

Thank you for your comment on my article. I appreciate it a lot. It is an encouragement for me to be more active on read.cash. Thanks, nice day to you.

$ 0.00
6 months ago

Yes..your idea is positive. I hope you are alright.Thats really a good thing to do something.Keep trying...thanks

$ 0.00
6 months ago

Thank you for appreciating my work. It is a great encouragement for me to be more active on read.cash. I will always be ready to read your articles as well. Thanks.

$ 0.00
6 months ago

Wow i have less idea about africa and bitcoin. Thabk you for sharing such important information

$ 0.00
6 months ago

Your comment is an encouragement for me to write more useful articles on read.cash. Thank you a lot. I look forward to seeing your articles. Thanks.

$ 0.00
6 months ago

Yes, now that there is no much work to do, so many people now are now interested in crypto

$ 0.00
6 months ago

Thank you for your comment on my article. I appreciate it a lot. You've encouraged me to write more articles on read.cash. Thanks a lot.

$ 0.00
6 months ago

In Bangladesh Financial institutions are not allowed to facilitate bitcoin transactions In September 2014.

$ 0.00
6 months ago

Most governments don't allow bitcoin trading, but people still do it, since it is online transaction and anonymous.

$ 0.00
6 months ago

Yes.. i did research on it last night. It's a one kind of money which we can't touch. just only send through online devices.

$ 0.00
6 months ago

Still Amazed that Nigeria is leading the way on crypto adoption in Africa. I always thought us South Africans would take the lead. Nevertheless Great to see Nigeria accelerating adoption. What are the main cryptos that Nigerians and other Africans prefer??

$ 0.00
User's avatar Jae
6 months ago

Thank you very much for your comment on my article. I appreciate it a lot. That is the position of things in Africa now. Thank you and have a wonderful week.

$ 0.00
6 months ago

Thats a good news that nigeria saw some considerable growth and having a good compitition. Hope something better is going to happen there. And africa! And actually dont know what to comment about it!

$ 0.00
6 months ago

Thank you for your comments regarding my article. I show my appreciation for that. I hope to read more articles from you soon. Have a nice day.

$ 0.00
6 months ago

You are always welcome to read my article.I will come soon with a new article.Hope to make some improvement of myself.

$ 0.00
6 months ago

Thank you sister. You are always a source of encouragement to me. I appreciate it. Keep moving. Nice day to you.

$ 0.00
6 months ago