Yesterday, LocalBitcoins released a report that shows the growth of Bitcoin bought and sold in every country. The results painted an interesting landscape of the bitcoin adoption around the world. According to BBC, the countries that experienced more bitcoin exchange growth were China (as expected) and Nigeria, with a growth of 2000% and 1400%, respectively.
The countries that follow in the growth index are Colombia, one of the most important incumbent economies of the area; and Venezuela, a struggling country with an exchange control since 2003. These two nations experienced a growth of 1200% and 700% each one.
While it is clear that cryptocurrencies are booming everywhere, two of the four countries listed have special characteristics that make cryptocurrency trading especially interesting for them. Nigeria is experimenting a deep inflationary crisis, with its official coin (the Naira) artificially pegged to the dollar by its central bank. Nigerians are the best users of LocalBitcoins, because they can use their local currency to protect themselves from inflation, and sell bitcoins from remittances to obtain fiat money for their daily expenses
In the same way, Venezuela has experienced an inflationary explosion derived from an unofficial devaluation, even when officially there is an exchange control. Much like in India, Venezuelans have fled their country to find better living conditions; and now remittances are a great part of their income. One of the best ways to send money at low fees is using cryptocurrencies.
With all this being said, it is clear that the cryptomarket is still in its infant stages, and can’t be ignored. No other market can experience growths of more than 500% even in struggling economies. This shows that investing in crypto exchanges and businesses that use cryptos can be a profitable thing even in emerging markets. LocalBitcoins gives people the means of using their own currency to buy cryptocurrencies with an escrow system and KYC rules that bring security to exchangers and buyers alike.