Dec 19, · Nigeria continues to record massive Bitcoin interest as recent data shows the country is the world’s second-larget BTC P2P market after the United States. Nigeria is the world’s second-largest Bitcoin peer-to-peer market, according to recent information curated from . Dec 17, · Only the U.S. exchanged more bitcoin – , BTC. With trades of $ million or 5, BTC, Kenya comes on as the world’s eighth most active bitcoin market and Africa’s second-biggest. 1 day ago · Bitcoin trade had its highest spike of 30% this year during the national lockdown in the country and the highest volume traded during the peak of the pandemic. Between January and September, Paxful reported a % increase in new registrations in Nigeria. Read more: Nigeria is No.2 bitcoin market after the US on Paxful – Quartz Africa.
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Read more: Nigeria is No. Email Address:. All Rights Reserved. African Business Central is the go-to spot for comprehensive, high-quality, and timely coverage of African business news.
Within the context of Africa, we provide news on: emerging and frontier markets, business, technology, headline, political, small business, personal finance, private equity, venture capital, stock markets, bond markets, and capital markets; all available on africanbusinesscentral. Peer-to-peer P2P exchanges, which are decentralized platforms that directly connects buyers and sellers without third parties are the most popular way to buy bitcoin in Africa because users do not have to worry about cryptocurrency regulation by the government.
The company says Nigerians make up around a quarter of its customer base with 1. The growing uncertainty and instability around the Nigerian naira, which has had increasingly divergent official and parallel exchange rates with the US dollar, has created an opportunity and practical use case for bitcoin trade in Nigeria. In the last couple of years, other African countries, most prominently Zimbabwe, have seen a spike in cryptocurrency trade led by bitcoin, due to currency fluctuations and uncertain monetary policy.
In some cases limits to the trade has been prompted by a lack of reliable local platforms. Nigerians are often restricted on international platforms such as PayPal, which does not allow payment to Nigeria, and local banks place a cap on international transactions and charge high fees for transactions due to dollar deficiency. If you block the exchange it moves to Peer-to-peer platforms that are non-custodial. The increased awareness and availability of easy-to-use bitcoin platforms to Nigerians have largely increased bitcoin liquidity in the country, therefore solving the first problem hindering adoption.
Nigerians now have several formal and semiformal bitcoin platforms to use, ranging from international platforms including Paxful, Binance, and Luno, and local ones such as Quidax, Busha, and BuyCoins. However, long-term watchers say most trading in the country is done on informal channels such as Telegram, WhatsApp, and WeChat.
I think this shift was inevitable, and it is not a temporary pandemic boost.