Out of the five largest regions reporting the largest number of Bitcoin trading(BTC), three are from Africa. It is Nigeria, South Africa and Ghana.
Crypto-currencies are now everywhere including in Africa. For example, since October 2018, Nigerians can buy in a few clicks the famous Bitcoin, the most famous cryptocurrency in the world. Tim Akinbo, creator of the platform Tanjalo is even convinced that Bitcoin will facilitate trade.More than that, according to Google Trends, while global research around the word “Bitcoin” has peaked over three months, Africa is leading.
South Africa: A sharp increase in Trading
The Paxful trading platform said in a statement released on October 28, 2019 that “the number of trades across the African continent has increased by 64% over the same period.” This figure explodes in South Africa. Paxful noted “a massive 2,800% increase in trade from South Africa this month compared to October 2018”. Among the South African cities with the most volume around trading Bitcoin and Altcoins, we noticed Johannesburg, Pretoria and Cape Town.
The reason for this increase can only be that it is a way to access financial services.Therefore, the African population is more and more interested in crypto-currencies as well because we could trade cryptos with anyone in the world. The process would be easy and cheaper than the traditional methods available on the continent.
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