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Nairaland Forum / Nairaland / General / Business / Peer-to-Peer Trade: Nigeria Is D 2nd Most Active Country Where Bitcoin Is Traded (614 Views)
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|Peer-to-Peer Trade: Nigeria Is D 2nd Most Active Country Where Bitcoin Is Traded by rodeo0070(m): 1:53pm On Dec 14, 2017|
Peer-to-Peer Trade: NIGERIA IS THE 2ND MOST ACTIVE COUNTRY WHERE BITCOIN IS TRADED GLOBALLY, AFTER CHINA
Bitcoin trading expanded faster this year in emerging markets than developed ones — and quickest of all in places where authorities tried to crack down. Somewhere, Satoshi Nakamoto is smiling.
After all, avoiding bank and government oversight, and sidestepping the eroding effects of inflation, was what Nakamoto had in mind when he (or she, or they) created bitcoin in 2008.
Google Trends data also hints at growing interest from emerging-market users, according to Bogart. Five out of the six countries where “bitcoin” has the most search interest are developing nations, he says.
Nigeria, which sits atop the Trends’ list, saw peer-to-peer transactions rise almost 1,500 percent this year, as the country went through a foreign exchange market overhaul that led the naira to weaken 12.4 percent this year. An almost 1,000 percent rise came in Venezuela, where bitcoin provided a way to skirt the government’s tightening controls on access to U.S. dollars and spiraling inflation that slashes the value of the bolivar.
Peer-to-peer bitcoin trading in major developing nations outpaced the U.S., the world’s biggest market, according to data from LocalBitcoins. Demand surged in China and Russia, where central banks put a stop to local exchange trading; in Venezuela, where authorities cracked down on bitcoin mining even as hyperinflation drove up demand; and in Brazil and Colombia, where citizens heard dire warnings of cryptocurrencies’ risks.
“The strong interest from emerging-market countries could be reflective of relatively less stable local currencies or a byproduct of greater exposure to financial and economic crises that makes an alternative system like bitcoin relatively appealing,” Spencer Bogart, head of research at Blockchain Capital LLC in San Francisco said.
Cryptocurrencies don’t rely on central banks or financial institutions and are traded on online exchanges and transferred anywhere in the world, allowing holders to skirt currency controls. Bitcoin’s creators also set a limit to the amount of currency that could be created to avoid the inflation that ensues when central banks print money.
Trading volume in such places remains a fraction of larger markets, even after such explosive growth, amounting to about $115 million in Nigeria and $50 million in Venezuela. Global trading stood at $1.9 billion last year, according to LocalBitcoins.
Emerging markets’ share of total trading volume in LocalBitcoins is increasing. China and Russia combined account for about 40 percent of the market.
|Re: Peer-to-Peer Trade: Nigeria Is D 2nd Most Active Country Where Bitcoin Is Traded by yesloaded: 1:55pm On Dec 14, 2017|
|Re: Peer-to-Peer Trade: Nigeria Is D 2nd Most Active Country Where Bitcoin Is Traded by ThundrCork(m): 3:31pm On Dec 14, 2017|
As Buhari will not allow all the polithieves and criminals in Nigeria enjoy their bank accounts where else do you expect them to hide their money?
|Re: Peer-to-Peer Trade: Nigeria Is D 2nd Most Active Country Where Bitcoin Is Traded by wesley80(m): 3:41pm On Dec 14, 2017|
The title is misleading and is certainly not true as the bolded clearly states. Nigeria only places second in terms of Year -on - Year "Growth Rate". Some of you need to start learning to read for yourselves.
The figures are interesting nevertheless.
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