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Nigeria is Paxful’s second largest P2P Bitcoin market, with a transaction volume of US$566 million in five years

Nigeria is the largest economy and most populous country in Africa. Bitcoin transactions between 2015 and 2020 exceed 566 million U.S. dollars, making it the second largest peer-to-peer (P2P) bitcoin market in the world after the United States. The transaction volume reached 3.75 billion US dollars. During the review.

According to an analysis of the database of the Bitcoin trading platform Paxful shared with news.Bitcoin.com, Nigeria’s transaction volume is equivalent to 60,215.7 BTC-more than any other country in the world. Only the United States exchanged more bitcoins-535,660.3 BTC.

Kenya’s transaction volume is US$55.3 million (5,894.8 BTC), making it the eighth largest active bitcoin market in the world and the second largest bitcoin market in Africa. South Africa traded $18.9 million worth of Bitcoin, becoming the tenth largest trader in the world and the third largest trader in Africa.

Paxful CEO and co-founder Ray Yussef said that cross-border liquidity challenges have inspired Nigeria’s BTC’s success: “Africa’s largest economy has problems and restrictions on sending and receiving funds within and outside the country.” He He added that the gift card of his organization helps increase Bitcoin’s liquidity.

Nigeria is Paxful's second largest P2P Bitcoin market, with a transaction volume of US$566 million in five years

According to Paxful data, the United States reported that the number of bitcoin transactions executed in 2020 fell by 32%, while the Philippines had the largest increase. Compared with 2019, the number of BTC transactions in 2020 increased by 7339%. Vietnam’s BTC transaction volume fell by 58%, the biggest drop this year.

China has traded USD 181.3 million worth of Bitcoin in the past five years, Canada has traded USD 131.1 million, or 15,367.4 BTC, and the UK has traded USD 119.4 million (11,168.5 BTC) to complete the world’s top five Bitcoin trading economies .

Brian McCabe, head of market insights at Paxful, attributed a large number of BTC transactions to the Covid-19 recession, which made cryptocurrencies an alternative to earning income, transferring funds and storing value. McCabe said: “There are also analysts who believe that countries with debt denominated in dollars, especially emerging economies, may suffer economic pain.”

“A country like Argentina that can only borrow dollars will need to repay more debts because the value of its currency has depreciated against the dollar. As you can see, most of Argentina’s debt is denominated in dollars.” He explained. Argentina traded BTC at a price of US$1,771,398 in 2020, an increase of 18,641% since 2019.

“The problem for them is that if the coronavirus continues to weaken their currencies and increase the value of the U.S. dollar, money will continue to flow out of these economies, and their relative debt will increase. If emerging currencies continue to bear the pressure, if people cannot use their own currency Save wealth and Bitcoin will once again become an alternative currency.”

What do you think of the booming Bitcoin transaction in Nigeria? Let us know in the comments section below.

Tags in this story

Bitcoin trading, Brian McCabe, BTC, Nigeria BTC, Canada, China, the most active BTC market, Nigeria, Nigerian Bitcoin, p2p, Paxful, Ray Yussef, United Kingdom, United States

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