According to a new study seen by DiutoCoinNews, Nigeria recorded the largest peer-to-peer crypto transactions in the month of October.
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While other African countries race alongside Nigeria under bitcoin peer-to-peer transactions, Nigeria has consistently maintained this position for a very long time trading shocking volumes.
Aside volumes traded on formal exchanges including P2P platforms, reports as seen by DiutoCoinNews shows that informal volumes traded across Nigeria is as far more surprising that what is recorded on formal exchanges.
Reports show that Nigerians move more bitcoin through P2P platforms using platforms like WhatsApp groups or Telegram groups including Facebook groups than using bitcoin p2p exchanges.
Points to know
A recent statistics report from Usefultulips, a BTC analytic data provider, showed Nigeria leads Africa’s peer to peer transactions in the last 30 days. Nigeria leads with a monthly P2P volume between $32.3million, followed by the South African and Kenyans, each posting about $9.3 million and $8 million respectively.
In May, 2020, sub-saharan africa bitcoin p2p weekly trades recorded a new all-time high of $10M trading volume.
Matt suggests that Africa might have already taken over from Latin America as the epicenter of utility Bitcoin usage globally, with Nigeria at the fore-front.
“Given all of these facts, Africa may have already taken over Latin America as the epicenter of utility Bitcoin usage globally. If you aren’t paying attention to this market, you are WRONG!”
Nigerian youths are leveraging on Bitcoin to sustain and drive their earnings working remotely and getting paid with a universal transactional currency. Bitcoin offers the cheapest medium of moving money across borders unlike the traditional borderless means of payments done in dollars.