|||

Bitcoin Trading Volume in South Africa Is Surging

This is the chart depicting the cumulative trading volume on the P2P platforms LocalBitcoins and Paxful in South Africa from 2016 to 2020.

There are steady ups and downs, peaking in 2016, 2018 and 2019, with an all-time high recently in September 2020. The trend shows an overall increase in volume of bitcoin trading. The blue bars stand for LocalBitcoins’ volume and the purples are for Paxful.

Combined bitcoin trading volume Source: usefultulips, Nov 2020

Notice the change in mid-2020, which analysts attribute to the Covid-19 crisis.

The overall trend shows that more and more people are starting to use bitcoin in South Africa. If they find it useful for their purposes, not only will they to continue using it, but they will also tell their friends and family about it. Their business partners will start using it and the network effect will set in. First time users will become regular users. This forms a solid basis upon which new users will join.

What I have learned while traveling through southern Africa is big chunks of trading goes on with WhatsApp and Facebook groups, which is P2P without a centralized platform. This means that true trading volume can not be known.

Up next Major European Stock Exchange Lists First Bitcoin Product Bitcoin Treasuries in Publicly Traded Companies Waiting for companies to use bitcoin? Not seeing adoption, because you can not pay your groceries with bitcoin? On the surface it might look like
Latest posts Bitcoin Price Surges During a War on Cash in Nigeria Donate and Receive a Bitcoiner for Fairness Outfit (L)earn Bitcoin Audiobook First Bitcoin and Lightning Node in Zambia Bitcoin and Human Rights Article Goes International Bitcoin, Das Geld Der Menschen Podcast: How Bitcoin Solves Financial Apartheid Podcast: 2022 - a Year in Grassroots Bitcoin Adoption for Africa Podcast: Mining Bitcoin With Solar in Zimbabwe 5th Bitcoin for Fairness Meetup in Lusaka, Zambia Video Documentary: How Bitcoin Enforces Human Rights Hosted a Bitcoin for Fairness Meetup in Accra, Ghana Bitcoin Technology Center “Btc” in Edwinase Community Near Kumasi First African Bitcoin Only Conference Sowing the Seeds for Further Adoption Bitcoin Flyer in Luganda Podcast: How Bitcoin Enforces Human Rights Countries Where People Suffer the Most From Currency Depreciation Opposing the Corruptible Fiat System, Bitcoin Enforces Universal Human Rights Lightning Node in a Browser Bitcoin Meetup Zambia Nr. 4 Bitcoin Flyer in Swahili Bitcoin.com Launches Verse Token Empowering Female Bitcoin Educators in Africa Earn Bitcoin on Stacker News: People Asked and I Answered “In Conversation With Trevor” the First Zimbabwean Podcast to Receive Bitcoin Payments Podcast: Introducing Bitcoin to Zimbabwe Privacy Talk Mit OrangedMike Message to Zimbabweans: “Bitcoin Should Be the Currency of Choice” The Bitcoin Myth Busters Anita Posch on Techtrends Zambia Paying Your Groceries With Bitcoin in South Africa


Contact & Imprint | Privacy Policy