Welcome to the new Bitcoin Eldorado! – It’s the incredible news of this late summer: Africa has just overtaken North America in terms of Bitcoin (BTC
) exchange volume. But how far will the African continent go?
A volume of bitcoin exchange that exploded
First of all, it is
important to specify that this is the largest volume
(P2P) bitcoin exchange. This clarification is necessary because peer-to-peer defines a peer-to-peer network model, which distributes and receives data (in our case, BTC), without the need for a central authority.
To summarize, Africa is the number one continent to use bitcoin for its initial value transfer function, without going through a centralized exchange. For example, according to data
from analytics platform UsefulTulips, in the last seven days, $18 million was reportedly exchanged on P2P platforms LocalBitcoins and Paxful <img width=”853″ height=”406″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20853%20406’%3E%3C/svg%3E” alt=’Volume of P2P bitcoin exchange worldwide, showing strong gains on the African continent’ /><img width=”853″ height=”406″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/image-51..png” alt=’P2P bitcoin exchange volume across the world, showing strong gains on the African continent” />P2Pbitcoin exchange volumeacross the world – Source: Usefultulips
While the majority of investors continue to favor developed countries for investment and often reject the use of bitcoin as a currency or view it only as a store of value, this data confirms how much bitcoin adoption is growing in emerging markets
Indeed, less privileged regions typically face a sharp deterioration in their currencies: such as Turkey, which has seen its Turkish lira plummet against the dollar and a bitcoin temporarily reach $100,000 (at local, necessarily exaggerated, exchange rates
). This shows how useful bitcoin can actually be, in degraded situations.
Looking at the numbers in more detail, there are 3 African countries in the top 10: Kenya, Nigeria and Togo. Africans use
ntake bitcoin for many uses, including storing and exchanging value on a daily basis.
As more and more people realize Bitcoin’s scarcity, decentralization, non-discrimination, and resistance to censorship, it’s safe to predict that the king of cryptos will be used even more around the world, and no longer just as a speculation tool. Today, for example, PayPal wants to democratize BTC and has landed in the UK.
While the use of Bitcoin is gradually growing, learn more about BTC, Ethereum and cryptocurrencies every day! And start accumulating and trading your first BTC and ETH by registering on the reference platform FTX and get a lifetime discount on your trading fees (affiliate link).