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Peer-to-peer Bitcoin trading is on fire. This week, India, Ghana, Philippines, Argentina, Mexico, and Egypt all hit new all-time highs in BTC trading volume.
In brief
P2P Bitcoin trading hit all-time highs this week in India, Ghana, Philippines, Argentina, Mexico, and Egypt.
BTC trading continues to rise in Africa and Latin America.
Bitcoin exchanges LocalBitcoins and Paxful saw more growth in Q2 2020 than in the previous year and a half.
Something very special is happening in the world of peer-to-peer Bitcoin trading.
According to data compiled by analytics site Useful Tulips, developing regions throughout the world have recently seen an explosion of interest in crypto, particularly in Latin America and Africa.
And as demonstrated in tweet from independent crypto researcher Kevin Rooke, six countries struck all-time high Bitcoin trading volumes earlier this week: India ($3.4 million), Ghana ($1.7 million), Philippines ($1 million), Argentina ($1 million), Mexico ($700,000) and Egypt ($150,000).
The data demonstrates a continuation of a trend that has been building up since the beginning of the year. Africa is emerging as the next big hub of Bitcoin P2P trading, and trading volume in Latin America continues to increase as well.
India's more recent rise to prominence in the P2P trading world could be due to the government's new favorable stance on crypto. In early June, Decrypt reported that India was experiencing substantial growth in Bitcoin trading, reaching $2.7 million, very close to the previous all-time high of $2.9 million recorded in 2017.
For its part, Mexico is strengthening its position in the crypto ecosystem thanks to the efforts of several fintechs that seek to take advantage of the country's potential as a destination for international remittances, using cryptocurrencies as a way of sending and receiving value.
Bitcoin trading in Argentina is also growing. Trading activity has emerged in much the same way as Bitcoin's beginnings in Venezuela. Rising inflation, financial controls, and difficulty in accessing foreign currency have given Bitcoin a particular appeal among Argentines as a store of value in the face of a crisis that shows no signs of improving any time soon.
Peer-to-peer trading is popular in these regions because it makes it easier to do business in sanctioned countries where a centralized exchange will find it difficult to provide ordinary services. In other instances, traders might also simply just prefer this more personalized style of doing business.
Bitcoin trading in Argentina is also growing. Trading activity has emerged in much the same way as Bitcoin's beginnings in Venezuela. Rising inflation, financial controls, and difficulty in accessing foreign currency have given Bitcoin a particular appeal among Argentines as a store of value in the face of a crisis that shows no signs of improving any time soon.
Peer-to-peer trading is popular in these regions because it makes it easier to do business in sanctioned countries where a centralized exchange will find it difficult to provide ordinary services. In other instances, traders might also simply just prefer this more personalized style of doing business.
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