Nigeria leads sub-Saharan Africa’s P2P bitcoin trade

jaberwock

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Quote from: Sithara007 on September 01, 2021, 11:00:41 PM

El Slavador is just another third world country with corrupt officials. But the new president has been able to implement a lot of radical changes ever since he took office in 2019. He even ordered the arrests of corrupt judges in the supreme court and this was a step which was unimaginable earlier. And naturally, he has created a lot of powerful enemies in the last two years and they will use any of his mistakes to attack him. That's why his announcement to make Bitcoin as the legal tender is very significant. One small mistake and it is all over for him. But can the same be repeated in countries such as Nigeria? I am doubtful.

When you are a very very corrupted nation, nobody "good" at heart could become a big name let alone be president right away. It would require another corrupt person to get high level at any office, otherwise other corrupt people would get ahead of you if you are just a good person. Look at Bernie Sanders, dude has been fighting the good fight for 50 years, and only recently he has been getting love for maybe just 10 years, probably less, still not enough to be president but at least came in second twice in a row now, 50 years ago he was seen as a radical crazy commie.

El Salvador president is not the nicest guy ever, you can't be nicest guy ever and get to be president in a corrupt nation, but at least he did something nice for crypto community, and he paved the way for future good people as well, less corruption each decade means eventually there could be a very nice person that becomes president.

CaptainCrapper

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Quote from: Gozie51 on August 25, 2021, 09:46:13 AM

Quote

Since the Central Bank of Nigeria banned cryptocurrency in Nigeria in February, P2P trading has surged in the country.

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

Link here

Naziraia is the maddest county in the world lots of poor people is leave them but they can hard work lots of people can hard work so everybody can try to make new digitalization for the new world.p2p BTC trade will very helpful for their county.

Sithara007

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Quote from: Kittygalore on August 31, 2021, 10:12:28 AM

I do agree with you, third world countries have a hard time accepting bitcoin and cryptocurrencies because they know it's power and that they will lose it if they let it go free, to be honest third world countries have the most corrupt government there is. I do hope that the El Salvador experiment succeeds but the problem is that we mostly see negative news in some threads in this forum regarding bitcoin in El Salvador.

This is why Nayib Bukele stands out. El Slavador is just another third world country with corrupt officials. But the new president has been able to implement a lot of radical changes ever since he took office in 2019. He even ordered the arrests of corrupt judges in the supreme court and this was a step which was unimaginable earlier. And naturally, he has created a lot of powerful enemies in the last two years and they will use any of his mistakes to attack him. That's why his announcement to make Bitcoin as the legal tender is very significant. One small mistake and it is all over for him. But can the same be repeated in countries such as Nigeria? I am doubtful.

Gases

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Because Nigeria has a large number of young people, quick acceptance, and faster digital currency promotion.
There are many people in Nigeria doing business abroad, and the cost of remittance to domestic banks is very high. And the transfer speed is slow.
Government supervision is only to prevent illegal activities such as money laundering through digital currency transactions from causing losses to the country.

SirLancelot

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Quote from: Gozie51 on August 25, 2021, 09:46:13 AM

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

It makes sense because even though it is not perfectly banned just yet, there are still a bit of a question marks over it and that is why companies are having hard time starting a crypto exchange there with the fiat currency integrated, you could have some crypto to crypto exchange if you want to there but when the banks get involved then it becomes a bit of a problem and nobody wants to deal with banks who do not want to work with crypto and start an exchange based on that bank. This is why we are talking about a lot of trouble for Nigerians who end up using p2p trading in the end. They just do not have any other option, that is the core problem about this.

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Quote from: Kittygalore on August 31, 2021, 10:12:28 AM

Quote from: bryant.coleman on August 31, 2021, 08:38:30 AM

Quote from: Kittygalore on August 31, 2021, 07:30:34 AM

~

Correct. The central bank had a banking ban in place until very recently and even now Bitcoin is in the grey sector and not 100% legal in Nigeria. And I am not surprised by the hostility shown by the Nigerian central bank. In most of the third world countries, it is like that. In fact in countries such as Bangladesh, the situation is even worse. If the El Salvador experiment succeeds, then we can expect a profound change in the attitudes of the central banks in the next 1-2 years. But if it fails, then the future prospects will get more difficult for the users.

I do agree with you, third world countries have a hard time accepting bitcoin and cryptocurrencies because they know it's power and that they will lose it if they let it go free, to be honest third world countries have the most corrupt government there is. I do hope that the El Salvador experiment succeeds but the problem is that we mostly see negative news in some threads in this forum regarding bitcoin in El Salvador.

Third world countries in the Asian region are more acceptable in crypto. But anyway, the introduction of bitcoin as legal tender in El Salvador will for sure be contradicted by some people in their country. There will always somebody that will find it negative. And most of them are usually have no idea how to deal with crypto, they just blindly contradict the concept of it. And in terms of increasing p2p in the African region, I guess, sooner or later, their governments will finally regulate the use of crypto, so they can also get the share from this business. Because if not, this p2p trading will still exist.

mu_enrico

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It seems P2P is the only way of trading BTC there at the moment because of bans. IMO it doesn't show a surge in use/activity etc., it just a consequence of the ban. Anyway, I hope there won't be further law that makes ownership of BTC or P2P trading illegal (or the law already exist?). People should be free to own/buy/trade BTC though, but you know authoritarian government can do whatever they want.

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Quote from: bryant.coleman on August 31, 2021, 08:38:30 AM

Quote from: Kittygalore on August 31, 2021, 07:30:34 AM

~

Correct. The central bank had a banking ban in place until very recently and even now Bitcoin is in the grey sector and not 100% legal in Nigeria. And I am not surprised by the hostility shown by the Nigerian central bank. In most of the third world countries, it is like that. In fact in countries such as Bangladesh, the situation is even worse. If the El Salvador experiment succeeds, then we can expect a profound change in the attitudes of the central banks in the next 1-2 years. But if it fails, then the future prospects will get more difficult for the users.

I do agree with you, third world countries have a hard time accepting bitcoin and cryptocurrencies because they know it's power and that they will lose it if they let it go free, to be honest third world countries have the most corrupt government there is. I do hope that the El Salvador experiment succeeds but the problem is that we mostly see negative news in some threads in this forum regarding bitcoin in El Salvador.

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Quote from: Kittygalore on August 31, 2021, 07:30:34 AM

Quote from: ljubomir821 on August 31, 2021, 06:35:39 AM

Nigeria can serve as an excellent example for the rest of Africa. If they choose the right path of development, of course.

It seems that they're not on the right path because they're central bank is the current antagonist of cryptocurrency in that country and you know that when it's the central bank then they also have the government as a backer for their decisions.

Correct. The central bank had a banking ban in place until very recently and even now Bitcoin is in the grey sector and not 100% legal in Nigeria. And I am not surprised by the hostility shown by the Nigerian central bank. In most of the third world countries, it is like that. In fact in countries such as Bangladesh, the situation is even worse. If the El Salvador experiment succeeds, then we can expect a profound change in the attitudes of the central banks in the next 1-2 years. But if it fails, then the future prospects will get more difficult for the users.

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Quote from: Vishnu.Reang on August 29, 2021, 08:13:14 AM

LOL.. people are free to claim whatever they like. Who in their right mind will claim that the trade volumes in Nigeria can be compared to those in the United States?

You would be amazed how many come with random stupid ideas!

Also, seems like I made a mess of the previous post and I don't understand why I missed and not posted a paragraph in my previous answer, so here it goes:

Quote from: Gozie51 link=topic=5356456.msg57804119#msg57804119

If you compare that percentage with the population of other sub saharan countries and relate it to their percentage of active participant in bitcoin trading, then you see that the number is high in Nigeria.

Yeah, let's do that:

Quote

Nigeria led sub-Saharan charge with $8,761,051 in BTC traded volume. Kenya and Ghana were distant second and third with $3,613,004 and $2,882,710 in traded BTC volume for the period

So,
Nigeria $8,761,051 , 211,400,708 population , 4.1 cents per citizen per week.
Kenya $3,613,004, 54,985,698 population, 6.5 cents per citizen per week.
Ghana $2,882,710, 31,072,940 population, 9.2 cents per citizen per week.

How does this look percentage-wise?

Kittygalore

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Quote from: ljubomir821 on August 31, 2021, 06:35:39 AM

Nigeria can serve as an excellent example for the rest of Africa. If they choose the right path of development, of course.

It seems that they're not on the right path because they're central bank is the current antagonist of cryptocurrency in that country and you know that when it's the central bank then they also have the government as a backer for their decisions.

ljubomir821

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Nigeria can serve as an excellent example for the rest of Africa. If they choose the right path of development, of course.

bryant.coleman

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Quote from: fiulpro on August 29, 2021, 06:03:51 PM

The funny thing is that the government made it harder for them to even try and track the people, with p2p it's always too hard to get locations and at the same time they can also do it internationally with the Nigerians living outside the country, which I have seen personally. So the government indirectly made sure that people use Bitcoins independently and don't rely on any third party apps too. So therefore I do think in few years the government might have to try and reincorporate the bitcoins and other cryptocurrencies because banning is clearly not working out for them in a healthy way. Let's see how long they might have to wait for something like that to happen.

A number of countries tried to ban Bitcoin previously. Some of them still have the ban in place, such as Bangladesh. But how effective have been these bans? I have heard about a few traders getting arrested in Bangladesh. But that didn't forced the Bitcoiners to stop their activity. The trading simply moved underground, using various P2P platforms and DEX sites. In most of the third world countries, it is the same story. On the other hand, the Western nations tried to regulate the market, and were successful to some extent.

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In other circumstances, I would congratulate all Nigerian nationals and residents for achieving that marvellous record. The reason why I cannot do that is that usually bitcoin is mostly used and traded outstandingly or in a larger proportion compared to the economy of the country, in countries where the governments are acting so irresponsibly in monetary and fiscal terms that people just choose to accept the volatility of bitcoin rather than just experience the volatility of their own currencies.

fiulpro

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Quote from: Porfirii on August 25, 2021, 10:25:53 AM

This is a clear example of what we usually say about authoritarian Governments trying to ban cryptocurrencies: that it ends up useless to try to stem the tide.

BTW, does anybody know which African country has more P2P bitcoin trade than Nigeria? as title says sub-Saharan, it implies that there may be some other countries from other regions in Africa where this kind of trade is even more common?

The funny thing is that the government made it harder for them to even try and track the people, with p2p it's always too hard to get locations and at the same time they can also do it internationally with the Nigerians living outside the country, which I have seen personally. So the government indirectly made sure that people use Bitcoins independently and don't rely on any third party apps too. So therefore I do think in few years the government might have to try and reincorporate the bitcoins and other cryptocurrencies because banning is clearly not working out for them in a healthy way. Let's see how long they might have to wait for something like that to happen.

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Quote from: Gozie51 on August 25, 2021, 09:46:13 AM

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

In a case like this the government are the ones that are losing and not the people. They might think that they have won, but now they will be surprised how everything has turned out. Their intention was to stop the people from making use of cryptocurrency, and they ended being the foolish ones in this case.

I have seen this news before, and this happened immediately they banned cryptocurrency, people started rushing into P2P platforms, such as Paxful which recorded high number of traders coming from Nigeria to trade on their platform. This is the same thing that will happen in other countries where the government decides to ban cryptocurrencies, people will switch immediately to P2P.

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Quote from: stompix on August 29, 2021, 02:58:31 AM

You are free to come with the other dozens of p2p platforms that are used in Nigeria and have the same volume as Paxful does, as I work with the data people are publishing and drawing conclusions from that, So, if you want to challenge my assumption, come with data.
If people in Nigeria would indeed use bitcoin on the par of the US as they claim, probably there won't be a difference of volume in LN channels of 1,049.709162220 BTC to 0.00356253 between those, right?

LOL.. people are free to claim whatever they like. Who in their right mind will claim that the trade volumes in Nigeria can be compared to those in the United States? That is just deranged. For starters, the monthly salary in Nigeria is around 1/50th of those in the United States. And I am really skeptical whether the internet penetration and technological know-how in Nigeria is as good as that in the US. But it is entirely another topic, when you compare Nigeria with the other countries in the neighborhood.

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Quote from: Gozie51 on August 28, 2021, 10:39:26 AM

If you compare that percentage with the population of other sub saharan countries and relate it to their percentage of active participant in bitcoin trading, then you see that the number is high in Nigeria. The information put out through the link is obviously well researched and from physical overview in Nigeria, I know many job seekers are now finding success in bitcoin trading.

It doesn't matter!
What I pointed out was the ridiculousness in claiming Nigerians are avoiding the bank ban through p2p and that the volume shows record signs of people dealing with BTC daily. Compared to another ridiculous statement that 20% of the Nigerian population owns BTC it means that the average is 10$ per year or that in 10 years from now on every Nigerian user will have on average 100$ worth of Bitcoin. If you want another comparison, as you people like to compare yourself with the US, keeping the same pace assuming NO coin is sold twice so every single one on Paxful will be directly sent to cold storage, it will take all Nigerian traders 12 years to reach the holdings of MicroStrategy.

Quote from: Sithara007 on August 29, 2021, 12:10:39 AM

How can we be sure that these are the real volumes? There are dozens (if not hundreds) of P2P platforms, and it is very difficult to get a clear picture on a country-by-country basis. Also, not many of the P2P platforms publish these sort of trade volumes.

You are free to come with the other dozens of p2p platforms that are used in Nigeria and have the same volume as Paxful does, as I work with the data people are publishing and drawing conclusions from that, So, if you want to challenge my assumption, come with data.
If people in Nigeria would indeed use bitcoin on the par of the US as they claim, probably there won't be a difference of volume in LN channels of 1,049.709162220 BTC to 0.00356253 between those, right?

timerland

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Trying to ban bitcoin and other decentralised crypto is a futile exercise.

It's like wack-a-mole. If you try to limit centralised exchanges then exchange activity will simply pop up in other places such as P2P. We've seen this happen in Venezuela and India and we're now seeing it happen in Nigeria. Not surprising whatsoever.

The more productive thing to do is obviously to increase positive regulation in this field so that there's more tax revenue collected. It's as simple as that.

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Quote from: Gozie51 on August 25, 2021, 09:46:13 AM

Quote

Since the Central Bank of Nigeria banned cryptocurrency in Nigeria in February, P2P trading has surged in the country.

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

Link here

P2P trade that means sell & buy very helpful to all of the users I think it needs for all supports county where we can very easy sell buy and can cash out very easy.so I strongly support it I think it will very help in the crypto world.

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Quote from: stompix on August 27, 2021, 12:16:00 AM

Reality check:

Quote

In the last trading week, a total of $17,599,679 was traded in BTC volume from sub-Saharan Africa.
Nigeria led sub-Saharan charge with $8,761,051 in BTC traded volume.

That comes to $1.25m a day, or to help you visualize the amount of revenue a Walmart superstore or a Costco generates a day, now, since we're talking about a country of 200 million, how does this volume of 20 cents per citizen per month sound like?

How can we be sure that these are the real volumes? There are dozens (if not hundreds) of P2P platforms, and it is very difficult to get a clear picture on a country-by-country basis. Also, not many of the P2P platforms publish these sort of trade volumes. Some like Localbitcoins do, but they now require KYC verification and many of the users don't even consider them as P2P. And in a country like Nigeria, where the government is openly hostile towards cryptocurrency, I am sure that the users will try to hide their real identity and volumes as much as possible (as I have seen here in India as well).

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Quote from: Darker45 on August 25, 2021, 11:21:59 AM

I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.

Even if they get aware of it, I doubt that they will made a U-turn, on the contrary, they might get stricter by the day.

Quote from: Darker45 on August 25, 2021, 11:21:59 AM

Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.

I agree, and it's borderless as well, so I don't know how the government are going to counter it, unless they've change their mind, regulate it and put a tax on it. It's better that way, I believed, still a win-win for Nigeria's crypto enthusiast.

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Quote from: stompix on August 27, 2021, 12:16:00 AM

That comes to $1.25m a day, or to help you visualize the amount of revenue a Walmart superstore or a Costco generates a day, now, since we're talking about a country of 200 million, how does this volume of 20 cents per citizen per month sound like?

If you compare that percentage with the population of other sub saharan countries and relate it to their percentage of active participant in bitcoin trading, then you see that the number is high in Nigeria. The information put out through the link is obviously well researched and from physical overview in Nigeria, I know many job seekers are now finding success in bitcoin trading.

stompix

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Reality check:

Quote

In the last trading week, a total of $17,599,679 was traded in BTC volume from sub-Saharan Africa.
Nigeria led sub-Saharan charge with $8,761,051 in BTC traded volume.

That comes to $1.25m a day, or to help you visualize the amount of revenue a Walmart superstore or a Costco generates a day, now, since we're talking about a country of 200 million, how does this volume of 20 cents per citizen per month sound like?

Sithara007

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Quote from: ?? on ??

It might be the reason but for some countries it might not be, remember that the ban was coincidentally happened when there was a rally or something so the public is still angry about their government but the central banks did the ban which lead to more public clamor.

In the third world countries, the governments have this habit of banning anything that they can't control. These politicians have a belief that ordinary citizens should dance to their whims and fancies. Bitcoin is something that they can't control and therefore they are trying to ban it. But after a while, they will understand that it is not something that can't be banned by a government decree. If they want to ban Bitcoin, then they need to shut down internet permanently, because BTC will exist as long as internet is there.

Princejebs

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The Nigerian central Bank is rule with primitive set of people, they thought the world still revolve round their old system where they issued ban at every small thing that don't benefit them.
I have been using p2p even before the ban of financial installations and I have never experienced any form of disappointment except sometimes when there is network issue in making fiat transfer between two people and it's normal thing in banking systems.
Operating banks to make transaction of crypto without their knowledge has been the best merit of p2p so far.

semobo

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Quote from: Gozie51 on August 25, 2021, 09:46:13 AM

Quote

Since the Central Bank of Nigeria banned cryptocurrency in Nigeria in February, P2P trading has surged in the country.

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

Link here

Governments are on the losing side here, if they regulate instead of banning then they can make income in the various forms of taxes but why their central bank is strictly opposing the bitcoin. The government itself encouraging the users to do illegal things by banning the opportunities from their citizen while does not giving any opportunity by the government itself.

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Quote from: Porfirii on August 25, 2021, 10:25:53 AM

This is a clear example of what we usually say about authoritarian Governments trying to ban cryptocurrencies: that it ends up useless to try to stem the tide.

BTW, does anybody know which African country has more P2P bitcoin trade than Nigeria? as title says sub-Saharan, it implies that there may be some other countries from other regions in Africa where this kind of trade is even more common?

Governments should be learning about this for hundreds of years. When you restrict or try to control something your people want, they go underground, they do it with more risk. We've seen it with gambling, with alcohol.

But this isn't even about what people want, but what people need also. Nigerians and others need this new form of money because they know the current one is weakening.

About your question, I would suggest like Yogee South Africa is the most obvious? I know Binance tried to go there because of huge demand. But I think even Morocco and Egypt it is rising up, just I'm not sure if they are also considered Sub-Saharan?

Sithara007

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LOL.. this is why I always say that any action against cryptocurrencies by the central banks ultimately result in a boost for crypto. Look at what happened in Nigeria. When the central bank implemented a banking ban, it just created a lot of negative publicity, and eventually a lot of users (who were otherwise not aware of cryptocurrency) decided to invest in Bitcoin. BTW, it is not surprising that Nigeria is leading in P2P volumes. Nigeria is the most populous country in that region and centralized exchanges are not available after Binance closed it's door to users from that country recently.

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Quote from: AmoreJaz on August 25, 2021, 04:33:06 PM

Quote from: Darker45 on August 25, 2021, 11:21:59 AM

I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.

Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.

they should have just legalised the crypto-exchange business, at least get the tax from these platforms. because with p2p, they are not getting anything. i guess, they will realised it soon about the repercussion of their strict approach towards crypto. crypto users will always find a way how to encash their money.

Exactly. After all, if they are monitoring the figures, they should have already been enlightened that they cannot kill cryptocurrency. And the government shouldn't be unfriendly toward a neutral technology which they couldn't kill. They'd rather legalize and milk it.

Quote

btw, aside from Nigeria, Kenya is reported to be leading in p2p trade as well . Togo, Tanzania, and Ghana are in the top positions also in terms of p2p trade according to this article.

In a continent where fiat currencies are fast depreciating and where remittance plays a major role, crypto is a blessing indeed. It keeps the value of the African people's savings over time, if not increase it, and provides them a cheaper and faster way to transact globally.

Kyraishi

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All of these news are somewhat misleading in my opinion.

The volume of p2p bitcoin trading is bound to go up due to the fact that bitcoin itself has went up, and the fiat currencies domestically have appreciated.

Whilst it is clear that Nigeria is leading the way in terms of trading volume, I don't necessarily think that it's an accurate indicator for whether or not adoption has actually occurred. We'll need to see bitcoin used as a store of value/actual medium of exchange for that and not just speculation.

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Quote from: Darker45 on August 25, 2021, 11:21:59 AM

I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.

Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.

they should have just legalised the crypto-exchange business, at least get the tax from these platforms. because with p2p, they are not getting anything. i guess, they will realised it soon about the repercussion of their strict approach towards crypto. crypto users will always find a way how to encash their money.
btw, aside from Nigeria, Kenya is reported to be leading in p2p trade as well . Togo, Tanzania, and Ghana are in the top positions also in terms of p2p trade according to this article.

Darker45

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I hope the government of Nigeria has been made aware of this so that they will realize that they are actually not in a good position to partially ban the cryptocurrency in the country.

Bitcoin is designed for P2P transactions. And as an antagonist of Bitcoin, Nigeria is actually fulfilling the goal of Bitcoin. The government could remain adamant in the face of what appears to be a futile action against Bitcoin or acknowledge it as a rising technology and start regulating and taxing related transactions with financial institutions.

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Quote from: Porfirii on August 25, 2021, 10:25:53 AM

...BTW, does anybody know which African country has more P2P bitcoin trade than Nigeria? as title says sub-Saharan, it implies that there may be some other countries from other regions in Africa where this kind of trade is even more common?

I was thinking of South Africa since it's the most crypto friendly country in the continent but that's also the reason why there's less P2P trades. There are probably more transactions done on custodial platforms there so the country with most P2P trades will remain Nigeria for a long time.

Porfirii

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This is a clear example of what we usually say about authoritarian Governments trying to ban cryptocurrencies: that it ends up useless to try to stem the tide.

BTW, does anybody know which African country has more P2P bitcoin trade than Nigeria? as title says sub-Saharan, it implies that there may be some other countries from other regions in Africa where this kind of trade is even more common?

Gozie51

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Quote

Since the Central Bank of Nigeria banned cryptocurrency in Nigeria in February, P2P trading has surged in the country.

It is evident with the speed of Nigeria youths getting more attracted on online businesses, bitcoin trading is one sure angle to look into for investment with the rate of volatility. Nigeria is therefore increasing in bitcoin popularity which P2P is relied on heavily for transaction because of the CBN on accounts connected to banks and cryptocurrency exchanges. This is having more positive outlook for the bitcoin crypto economy.

Link here

Topic: Nigeria leads sub-Saharan Africa’s P2P bitcoin trade (Read 271 times)