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- Over the last three months, peer to peer bitcoin trading in Africa has appreciated by a massive 22%
- Bitcoin, Akoin and Ubuntu are some of the prevalent cryptocurrencies among Africa’s netizens
- Transfers worth $10000 and less spiked by a massive 55% from June 2019 to June 2020 in Africa
Bitcoin adoption has been tremendously boosted since the start of 2021. With bitcoin and several other cryptocurrencies reaching their all-time high, people started investing more and more of them. However, peer-to-peer bitcoin trading is immensely growing in Africa as it leads to P2P BTC trading.
Sub-Saharan Region Records Volume Change of 79%
Over the last three months, peer to peer bitcoin trading in Africa has appreciated by a massive 22%. The number of people using cryptocurrency has also increased significantly. According to the data from useful tulips, the last two periods volume change of the Sub-Saharan region amounts to 79% on 365 days. At the same time, the volume change for the Middle East North Africa is 47%.
Cryptocurrency is Very Convenient and Promotes Easy Cross Border Transfers
Africa’s love for cryptocurrency is ever-growing. Bitcoin, Akoin and Ubuntu are some of the prevalent cryptocurrencies among Africa’s netizens. The popularity of cryptocurrencies in this particular region can be primarily held accountable for their very low or negligible involvement in banking. Since most countries in Africa are still facing an unstable economy, cryptocurrencies promise them a haven. Moreover, international transfers of money using crypto is much easier and convenient.
Chainanalysis, a US-based crypto firm, suggests that transfers worth $10000 and less spiked by a massive 55% from June 2019 to June 2020 in Africa. Moreover, in 2020, mobile money transactions increased by 15% in the Sub-Saharan Africa region. E-wallets are becoming highly famous among African individuals. This is because buying or selling crypto through mobile is much more convenient. An African photographer Paul Mutamba to CNN, said that he would never consider going back to the traditional banking system since he has access to digital banking.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
