One of the strengths of cryptocurrency is that it is accessible to everyone. To cope with inflation or protect capital, cryptos are widely used in countries facing a major economic crisis. This is how we observe a significant use of crypto in Africa, for example. As the head of the gondola, Bitcoin is increasingly democratizing in this continent. Back to the recent ranking of the most Bitcoin friendly African countries!
The Paxful exchange platform
The Paxful exchange platform was launched in 2015. Since October 2019, the growth of number of transactions recordeds on the platform turns around 25%! The majority of transactions concern the African crypto market, with Nigeria being the leader in this market.
Paxful's main mission is to provide banking solutions to populations outside the system. Today, Paxful has over 4.5 million users worldwide. The platform allows you to instantly buy and sell Bitcoin (BTC) and Tether (USDT). To be lat more accessible as possible, the Paxful company brings together more than 300 payment solutions such as BuyCoins, Bitsika and Carbon.
The most Bitcoin friendly countries in Africa
Recently, the Paxful company released data on the African crypto market. It was clear that the Nigeria was the leading country in Africa for Bitcoin transactions. Paxful thus indicated that the Nigeria represented a monthly transaction volume of around $ 66 million! A record for the volume of Bitcoin transactions was even reached in 2020. Thus, in April 2020, the platform recorded more than $ 15 million in transactions! At present, the Paxful platform has around 620,000 users in Nigelaughed.
Behind the Nigeria, what are the other African countries that use Bitcoin a lot? According to data from Paxful, the Nigeria is followed by the following trio: Ghana, Kenya and South Africa.
Emerging markets in Africa, the future of Bitcoin?
This data confirms how good many investors think about cryptocurrency. Thanks to the decentralization of their system, cryptocurrencies and Bitcoin first represent a real solution for struggling economies. It is even in these countries that the future of cryptos is played out for many investors.
“Nigeria, Ghana, Kenya and South Africa are our main markets in Africa. There is no doubt that these emerging markets represent the future of the crypto economy. This daily data confirms what we have long believed in, which is that tech-savvy Africans are using Bitcoin to invest, trade, send money abroad and build capital. "
Ray Youssef, CEO of Paxful