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Africa Leads Global Bitcoin Peer-to-Peer Trading Volume

  • Emerging economies are more focused on adopting BTC than industrialized ones.
  • However, the use of cryptocurrencies continues to grow on all continents.
  • Nigeria outperforms the US in relative use and possession of BTC by users.

Africa leads the world in Bitcoin peer-to-peer exchange volume, according to UsefulTulips data. In the last seven days, the Sub-Saharan Africa region bought $ 18,195,505 in LocalBitcoins and Paxful, beating the North American region that acquired $ 17,840,565 in BTC at P2P outlets. 

These figures indicate the extent to which the adoption of cryptocurrencies is progressing in developing nations. Although the information is expressed in maximum volumes and not in individual acquisition averages, the figures are considerable.

In more developed countries, Bitcoin and other digital currencies are seen more as a valuable asset rather than a bargaining chip. In contrast, in less advanced nations, digital money is fulfilling the dual function of a payment instrument and a store of value. In addition, it is a credit instrument and a source of regular passive income.

BTC Gains Ground on All Continents

Recently, Chainalysis has shown how Bitcoin is gaining ground in the US, Asia, Latin America and Europe. Emerging economies are more focused on adopting BTC than industrialized ones. El Salvador, for example, recently passed the Bitcoin law.

However, the G7 economies are beginning to be convinced of their potential as sources of tax revenue and as purchasing instruments. Not for nothing has a strong regulatory wave started on Bitcoin and other cryptos around the world as governments pursue control. 

However, at the same time, banks and companies are also embracing digital money to capture the expanding crypto market. Every day there are more large companies (Visa, PayPal) incorporating cryptos to their range of options to carry out purchases or, as in the case for Amazon, companies that could soon follow suit.

Kenya is in the top ten for global cryptocurrency use, according to the Statista Global Consumer Survey, followed by Nigeria and Togo. As in other developing countries, Africans use crypto because transactions are cheap and to hedge against inflation.

In the case of Nigeria, one of the largest economies in Africa, 32% of those surveyed said they had used or owned some type of cryptocurrency in 2020. While in the US only 6% of Americans said they had done so. 

On The Flipside

  • Poverty is the common denominator in all the top ten nations that use cryptocurrencies the most, except the US. 
  • There is a clear trend for developing nations to raise and use more cryptocurrencies than countries in Europe, North America, or Australia.

Why You Should Care?

The use of Bitcoin and other digital currencies continues to spread throughout the world. According to Chainalysis, from the third quarter of last year to the end of the second quarter of 2021, the global adoption of digital currencies has grown 2,300%, exceeding 880% in the last year.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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