The continent recently surpassed North America in bitcoin P2P trading volume, having transacted $18,073,777 worth of BTC in the last seven days.
The continent recently surpassed North America in bitcoin P2P trading volume, having transacted $18,073,777 worth of BTC in the last seven days.
Africa has become the continent with the largest volume of bitcoin peer-to-peer trading in the world, according to data from analytics platform UsefulTulips[2]. In the past seven days, the continent's $18,073,777 negotiated in LocalBitcoins and Paxful surpassed North America, the previous leader, that traded $17,540,134 worth of bitcoin in peer-to-peer platforms.
Although the data is harvested in absolute numbers, not weighting it for each region's individual and collective wealth measures, it shows how strongly bitcoin adoption is increasing in emerging markets. While financially privileged investors in developed countries often dismiss bitcoin's usage as a currency[3] or see it solely as a store of value[4], those in less-privileged regions who usually face strong currency debasement or limited access to the traditional financial system show how vital bitcoin can be and the real-world problems it can solve.
This reality is further reiterated by Chainalysis' recently released global bitcoin adoption index[5], which demonstrated how bitcoin is entrenching into the countries that actually need it the most – not the ones that see a money-making opportunity in it. By weighting each country's Bitcoin activity to prevent it from skewing to favor developed countries' huge institutional trading volume, the index found that the greatest leap in adoption by ordinary people
