Africa still leading in BTC trading despite government policies

KaliLinux

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

This shouldn't be. The youths of the country are vibrant people and the Government has failed in their own obligation to create employment to this thriving population and here is Cryptocurrency where you can be your own Boss and make your own money with the limitation being only YOU. If you have the will to learn and make the right investment you can gain that financial freedom and the youths know this Hence the mass adoption in replacement for the lack of employment even the employed now too are engaged because it is clear what comes with Bitcoin Investment.

Wexnident

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Quote from: kotajikikox on May 04, 2021, 04:03:48 AM

Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

Since you mentioned documentation then why not post a document here proving what you say is true? Africa to be the Leading BTC trading country? I doubt that there is any proof of this.
I admit that Africa is one of the Biggest continent and largest population but we also Knew how they are struggling in their economic status so how come that they can Lead the trading crypto when they are not having a bigger amount to use as trading material?

https://twitter.com/DocumentingBTC/status/1389205292047638530 (Not actually sure if same as OP, just looked up "DocumentingBTC")
Here you go
(Source for graph is in the comments)
They're basically seeing Bitcoin as a method to actually escape from the stupid policies in their country that basically makes them poor, and it's working well judging from the fact that they're currently the leading country for peer-to-peer trading. Goodluck to the government trying to stop them from escaping, people will always find a way to actually live, and Bitcoin seems like a pretty good method from their eyes. Not to mention that the government has already failed seeing the result right now, I don't really expect them to even succeed even in the future.

kotajikikox

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

Since you mentioned documentation then why not post a document here proving what you say is true? Africa to be the Leading BTC trading country? I doubt that there is any proof of this.
I admit that Africa is one of the Biggest continent and largest population but we also Knew how they are struggling in their economic status so how come that they can Lead the trading crypto when they are not having a bigger amount to use as trading material?

maxreish

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When it comes to optimism, Africa has a good attitude towards crypto trading. But that also one of the reasons why the government tend to control their actions. They can see how much growth crypto traders and how many % of the population are into the trading.

As you have noticed, the regulations always rely to the things or a particular activity that are hype or trending today. Trying to imposed such regulations on the cryptocurrency related thing to minimize the fraud or illegal actions as we all know that scammers, money laundering and other frauds are also increasing with crypto related activity.

Kakmakr

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I am not really sold on the concept that African countries are the current "leader" in the market for Bitcoin (Crypto currency) trading. It will be nice if you can post a link to your source for that information. Wink

I think the global leaders in Bitcoin trading is centered in the USA / UK / China ....but that can only be proven, if we get reliable data from Exchanges. (I am saying reliable for a reason, because some Asian markets manipulate trading volumes on their platforms) Angry

btc78

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

Because African people knows that they need and will survive with crypto than trusting their Corrupt government .
so even how Bad their ads is yet people care nothing and continue spreading the trading of cryptocurrencies.
No wonder Why african People are now making it differ living from what they are before Bitcoin comes to their life.

davis196

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

African countries are not like European or Asian countries.
The people in Africa aren't very strict,when it comes to following rules and abiding by the law.This is usually bad for the society,but when the rules and regulations are dumb,like in the case with crypto restrictions,this is actually good for the people and the economy.
The governments of the African countries don't have the power to impose effective crypto trading restrictions.
Africa will slowly become more technologically advanced and more people will gain access to the internet.Therefore the crypto industry will have a great future in Africa.

yazher

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

I'm sure that not all of them are African who are doing trade there or the data is just a cover-up for the others who are actually not African. Actually, data such as that can be doctored nowadays and real things could not be traced. I mean, the real data that has the real statistic of the world in peer-to-peer bitcoin trading volume should come from not only one source. If that condition has been met, then you can tell the data is legit and if not, then more likely it's just a one-man show.

iv4n

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Quote from: vennali on May 03, 2021, 05:12:12 PM

Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

I was just looking through the numbers and Nigeria does have some unbelievable statistics when it comes to trading Bitcoins. According to statista.com, Nigeria had taken 3rd spot with almost double the trading volume of China. However, even if trading does get banned in Nigeria, there are a few more african countries that have been flourishing in Crypto Trading. Such as Kenya, which has more online Bitcoin trading than India and Canada. These stats are from 2020 though, so there might be a few changes since. Also, Even if the govt. stops Crypto to cash exchanges, P2P exchanges can still thrive and are almost unstoppable.

Interesting numbers, a bit surprise for me! I knew that Nigeria and Kenya have active crypto communities, but I didn't know they are so highly ranked in trading volume! Especially with all those bans and regulations over there, we have some long topics about it here in the economic section!
Surprise, a pleasant surprise I must say! And I hope people there will endure, it's never easy to go against government rules, but people there will have to find a way and stay active in crypto... it's the only way for them to win that battle and make African governments to start changing their opinion and policies regarding crypto!

Poker Player

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This is another reason to think that Bitcoin is unstoppable. The clearest reason lately is the institutional adoption and the rise in price, with the consequent rise in market cap. But if there was any doubt about the effect that supposed bans could have, this makes it clear that they could not kill it.

Jaycee99

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

Despite being banned in a specific country when the opportunity they would not stop and I don't see that anything wrong with it? why bitcoin is not some kind of drug.

Also, I want to add, I remember something way back in 2018 I think as far as I remember there was a news Bitcoin was banned in this country and even it is banned there is some user here who still gets bitcoin.

I don't know and don't have any news about what happened to them but as far as I know, even if it is banned they will still find a way. Like others said people in African are great and have away when it comes to trading so they won't be stopped and not get caught.

Rruchi man

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Because Africa is a continent blessed with resources but cursed with its corrupt leaders in most places, the rate of poverty in the continent is greater than in any other continent. We have read both in this forum and elsewhere about some strange overnight policies propagated by the government clearly as a scheme to keep its people in poverty and frustrate their efforts at a better life. Before the government started paying attention to bitcoin and crypto currency, the early birds from africa that joined in have been able to break free from the government's strong hold of poverty and now have a better life. Others who have heard, seen or witnessed the transformation of these individuals' life for the better are now more resolved at fighting for a better life knowing that the government of their country has no interest of theirs at heart (A very sad situation).
Having identified btc trading as a way to liberate themselves from this hold of poverty unto a better life, many have zeroed their mind to follow it up to the later even if it means going against government policies in their country. So "poverty" is the major reason for this.

cabron

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You have to be looking at the future if you are one of those who see Africa be the next big revolution because they're developing and adopting newer technology. Nigeria is just one of the countries that need to adopt decentralization because of the bad government. In that sense, its not surprising at all that trading BTC in the area is booming. Unbanked people now find freedom in crypto.

Emmychris

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Yes the rate of African countries trading bitcoin will keep increasing no matter the law been placed against crypto reason being that most of the countries are still developing or undeveloped, in some of the countries life isn't that easy for them, even the hankworking and educated ones still find it difficult to get jobs and on the other hand crypto is offering an opportunity of making cool cash with no stress just only to learn and gather much knowledge about crypto then your good to go. So tell me why there would see an opportunity like this and wouldn't want to jump in.

Baofeng

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It just really shows that bitcoin is really unstoppable despite government's blanket ban and tough regulations. So now bitcoin has evolved so much, as it is now:

(a) companies are holding it on their balance sheet (Tesla and Nexon)
(b) hedge against bad governance (I think this is the case for most in South African nation and then Venezuela).

akm3535

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the reason for this may be the following. The interest in bitcoin is extremely high in underdeveloped countries, especially in places with economic difficulties. This means that citizens, who find it difficult to reach economic prosperity in the country by their own efforts or other means, have recently found the solution in bitcoin. Bitcoin sounds like a quick get-rich-quick tool to most people. Many people also invest in bitcoin for this purpose. especially those who live in places with economic difficulties. I also attribute this situation to this. it may be wrong, this is just my opinion.

sunsilk

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Yes, it was recorded that there's a surge in volume on Nigeria for trading bitcoin through P2P. I think the government has to reconsider their tightened policies about crypto or bitcoin trading on those affected countries and regions in Africa.

Quote from: vennali on May 03, 2021, 05:12:12 PM

Also, Even if the govt. stops Crypto to cash exchanges, P2P exchanges can still thrive and are almost unstoppable.

That's right, it will just to keep on existing and that's why they should just allow their people to trade bitcoin.

vennali

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Quote from: Nickbryan10 on May 03, 2021, 04:45:54 PM

Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

I was just looking through the numbers and Nigeria does have some unbelievable statistics when it comes to trading Bitcoins. According to statista.com, Nigeria had taken 3rd spot with almost double the trading volume of China. However, even if trading does get banned in Nigeria, there are a few more african countries that have been flourishing in Crypto Trading. Such as Kenya, which has more online Bitcoin trading than India and Canada. These stats are from 2020 though, so there might be a few changes since. Also, Even if the govt. stops Crypto to cash exchanges, P2P exchanges can still thrive and are almost unstoppable.

Nickbryan10

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Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.

Topic: Africa still leading in BTC trading despite government policies (Read 157 times)