Home Bitcoin News Does Africa Lead the World in Peer-to-Peer Bitcoin (BTC) Trading Volume Growth

Does Africa Lead the World in Peer-to-Peer Bitcoin (BTC) Trading Volume Growth

bitcoin africa

Documenting Bitcoin points to how Africa leads the world in peer-to-peer Bitcoin trading volume growth so far this year. Africa has been dreaming about financial freedom and so Bitcoin is making their dream comes true.

Someone asked for the source of this statement:  Nairametrics reports:  “President Buhari can no longer ignore Africa’s largest crypto market.  Nigeria is Africa’s largest economy, and home to over 200 million people, boasting one of Africa’s greatest number of young and tech-savvy people. It is, therefore, unsurprising to see an entrepreneurial country as Nigeria recording the largest Bitcoin trading volume; according to data collated from UsefulTulips.org, which gathers trading volume from the world’s leading Bitcoin peer-to-peer crypto exchanges.”

Some were like:  This is because peer-to-peer sales of Bitcoin is effectively outlawed elsewhere. In the U.S. you will be accused of banking without a license if you facilitate buying of crypto peer to peer on any scale.

A crypto enthusiast published a statement:  Looking at that Crypto was banned in Nigeria this year by the Central Bank. Carrying out crypto related transactions would get one’s account frozen, but Nigeria is still leading in the p2p space. There’s always a way.

However, someone gave a correction to the statement:  Financial institutions were banned from officially carrying out crypto transactions. You can still trade outside the banks.  Bitcoin can be the prosperity of Africa if the leaders are smart enough to legalize it early.

It just looks like after El Salvador adopted Bitcoin as a legal tender, many small and developing countries are going to legalize or at least bring rules around Crypto.

Following the pandemic there has been a rapid increase in the unemployment rates. There are increasing numbers of Nigerians working remotely.  They are earning in foreign currency and are hedging the volatile local market. Socio-economic gains the crypto market brings to Africa’s most populous country is truly beneficial.

Africa will be a huge impact in safety Decentralized finance projects like DeFi enabled BTC.  The synthetic stocks on the DEX are in coming and is valued at over 300 million dollars.  African citizens are indeed waiting for better days to increase success.  Bitcoin Layer 2 Lightning network transactions which is what this is all about are pretty close to free. I find it weird that Congo doesn’t have any activity.

Critics are like:  You underestimate the power of the developed countries. They will continue to exploit the underdeveloped in the long run. In 100 years from now, this map will change for the worse of the African nations. May be we wish it didn’t, but unfortunately the current power imbalance says otherwise.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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