The largest volume of Bitcoin Peer-to-Peer exchanges in Africa

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Africa has emerged as the continent with the largest volume of peer-to-peer bitcoin trading in the world, according to data from the UsefulTulips analytics platform. In the past seven days, the continent’s $ 18,073,777 traded in LocalBitcoins and Paxful overtook the previous leader, North America, which traded $ 17,540,134 in bitcoin on peer-to-peer platforms.

Although the data is collected in absolute numbers, without weighting it for individual and collective measures of wealth for each region, it shows how much bitcoin adoption is increasing in emerging markets. While financially privileged investors in developed countries often reject the use of bitcoin as a currency or view it only as a store of value, those in less privileged regions who typically face severe currency degradation or access limited to the traditional financial system show just how vital bitcoin can be. and the real world problems it can solve.

Trade volume of Bitcoin, in Paxful and LocalBitcoins combined, on continents in 7-day periods. Solid colored bars represent the most recent period, while faded bars represent the previous period. Source: Useful Tulips.

This reality is further reiterated by the recently released Chainalysis Global Bitcoin Adoption Index, which demonstrated how bitcoin is taking hold in the countries that need it most – not those who see it as an opportunity to earn money. ‘money. By weighting each country’s Bitcoin activity to keep it from skewing in favor of the huge volume of institutional trading in developed countries, the index found that the biggest jump in adoption by ordinary people is in emerging economies – which focus on saving and trading with bitcoin.

There are three African countries in the Top 10 of the index: Kenya, Nigeria and Togo. Since the index weights each country’s on-chain value received and transferred and the volume of P2P trade at their purchasing power parity (PPP) per capita, it found that Africans use Bitcoin for many cases of ‘use, including daily storage and exchange of value. The study also found that the institutional players were the ones who mainly promoted adoption in North America, Western Europe and East Asia.

The inevitable benefits of bitcoin adoption for a nation state and the increase in bitcoin adoption and trade volume in Africa make the continent ripe for an embargo on a Bitcoin standard. As more and more people and their countries realize the anti-fragility, scarcity, decentralization, non-discrimination, resistance to censorship, predictable monetary policy and the open code source of Bitcoin, we can expect various use cases to arise in all five edges of the globe and countries to adopt it as their base currency – for the sake of their people and theirs.

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