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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Nigerians Move Almost $40 Million In P2P Bitcoin Trading In A Month

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin standing on top of other bitcoins with a Nigerian flag in the background

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Bitcoin trading has always seen high adoption in countries with currencies that are depreciating fast. The West African country of Nigeria has always been at the forefront of BTC adoption in the region. A combination of a large youth population, the growing popularity of tech, and a fast depreciating currency have seen citizens of the most populated African country turning to another option for value storage.

Related Reading | On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet

Earlier in the year, the government of Nigeria announced a country-wide ban on cryptocurrencies. Instructing banking and payment institutions to stop facilitating the buying and selling of digital assets. But despite the ban, bitcoin adoption continues to be on the rise in the country. In 2020, Paxful released numbers that showed that Nigerians made up the second-largest BTC market, only coming behind the United States.

This growth of Bitcoin has continued in the country. With exchanges like Binance, Buycoins, LocalBitcoins, Paxful, and a whole host of others providing an avenue for the citizens to trade BTC through P2P. Nigeria continues to lead the continent in BTC adoption.

Booming P2P Market

The ban does not seem to have had much effect on the momentum of bitcoin adoption in the country. Data from UsefulTulips shows that Nigerians alone traded and moved almost $40 million in BTC P2P trading in the span of 30 days.

Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst

The data which was taken from July 4th to August 4th showed that the P2P value of BTC traded in Nigerian Naira (NGN) came out to $38,083,688 in 30 days. This number was taken from two prominent P2P services used in the country, Paxful, and LocalBitcoins. While the previous 30-day period had seen over $37 million traded and moved in the top P2P platforms.

Bitcoin price chart from TradingView.com

BTC price breaks $40,000 for the second time in a 7-day period | Source: BTCUSD on TradingView.com

Kenyans came in second place to Nigeria on the volume of BTC traded on P2P, with $14,054,477. Less than half the volume was moved by Nigerians alone. But still slightly higher than the amount moved in the country in the previous 30-day period, which came out to a little over $13 million.

Reasons For Growing Bitcoin Adoption

Bitcoin adoption in Africa is on the rise. Using BTC as a way to send remittances back home is becoming increasingly popular in the continent. In countries like Nigeria, remittances to loved ones back home can be a tiring and grueling process. With regulations making the changing of dollars into Naira a hard process.

Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients

Bitcoin provides fast and efficient transactions for people who are sending money back home. With their loved ones getting the coins sent in minutes. And swapping the coins for local currency in a couple of steps using P2P BTC trading.

With currency devaluations, citizens have now turned to digital assets as the new store of value. Nigeria’s inflation rate has now reached as high as 20%, hence the buying power of the local currency has gone down tremendously. Bitcoin provides a viable alternative to the falling currency.

Featured image from Bitcoinist, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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