|||

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
Latest posts # 24: Bitcoin Is an Alternative #23: Kleptocrats, Bitcoin Will Make You Obsolete #22: Banning Bitcoin? Au Contraire #21: Towards a Circular Bitcoin Economy #20: Bitcoin Is Maturing #19: The Bitcoin Energy Debate #18: NFTs and Decentralization FM4 Radio: Crypto Art - What Is an NFT? Bitcoin and Institutions Feb. 2021 #17: Hyperinflation in Germany and Austria 100 Years Ago Anita Posch About Podcasting 2.0 on the Bitcoin Magazine Podcast #16: Not Having Bitcoin Would Be the Net Waste #15: Bitcoin Has No Top How to Get a Secure Bitcoin Wallet: Blockstream Green Wallet Tutorial Transaction Fees and Mempool #14: Bitcoin Not Blockchain #13: Integrity #12: Bitcoin FUD and Tool for Freeing Humanity Documentation of My RaspiBlitz 1.6.3 Upgrade #11: Own Your Digital Assets #10: Bitcoin Has Settled Almost $10 TRILLION #9: Price Predictions My Independent Podcast Setup Podcasting 2.0: How to Earn Bitcoin With Content Creation #8: The Ledger Hack II #7: Bitcoin Use-Age Around the World #6: The Ledger Hack I #5: Protect Yourself Financial Inclusion and Democratizing Money - Beyond the Chain #4: Buy the Dip Why Bitcoin Now? Differences to 2017


Imprint | Privacy Policy