Peer-to-peer (P2P) payment logistics platform Paxful has recorded a huge swell in Bitcoin transactions from the African continent in 2018.
With an average of 17, 351 transactions a day being made by African users, this took the increase in trade volume to over 130% over the course of last year, echoing many analysts’ claims that Africa will be the next major cryptocurrency market.
Paxful itself has gained in popularity on the continent principally due to P2P becoming the preferred trading method and the multitude of ways cryptocurrencies can be purchased on the platform, even my using iTunes gift cards. Also unlike many other regions around the globe cryptocurrencies such as Bitcoin have very little speculative value; with local currencies often struggling, cryptocurrencies are often simply used as payment for goods or transferring funds as a more viable and reliable alternative to local fiat.
The biggest notable spike in crypto volume occurred last November, according to Paxful’s team, although this could have been partly due to the Christmas period. However, in general, Paxful see the rise in volume as an indication that as local currencies lose value, cryptocurrencies such as Bitcoin become the obvious alternative, particularly given the large population of unbanked users on the continent who only have access to cash.
The current situation in hyperinflated Zimbabwe is driving nationals towards seeking other methods in order to find some financial stability. It is a situation mirrored in Venezuela, where Bitcoin has gained in popularity as an alternative currency to the struggling bolivar.
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