Tuesday, February 25, 2020

Report: Peru Records the Highest Bitcoin Trading Volume on LocalBitcoins

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Longhash, a data journalism platform which helps a user to make informed decisions on January 16 released a report. This report suggests that Peru has recorded the highest trading volume in 2018. However, countries like the United States, China, United Kingdom, Venezuela, and Nigeria still make up a large part of the global Bitcoin trading market.

Venezuela and Nigeria Joins Five Top Trading Bitcoin Countries

Based on the report, the U.S, China, and the UK in 2017, made up 61 percent of countries transacting the digital asset across the world. But in 2018, Venezuela and Nigeria are now among the top countries trading the digital asset; thus this gives South America and Africa more recognition on the Bitcoin trading map. Venezuela, in this case, has been tagged ” 2018’s fastest-growing LocalBitcoins power nation”.

Longhash arrived at this conclusion by analyzing the data provided by LocalBitcoins, a Bitcoin cryptocurrency exchange. In their analysis, they found out that the trading volume in the U.S. declined by 73.3%, China -72.9%, UK -64.6 %, and Nigeria -34.5%. However, Venezuela’s Bitcoin trading volume in 2018 saw a 63.7% increment.

 Peru Records the Highest Trading Volume in 2018

Although Venezuela’s performance is remarkable, there are other countries contending with it. These are countries who do not make up a large part of the global market, but its citizens have massively adopted Bitcoin. They are Peru (250%), Iran, and Tanzania. Therefore, this makes Peru the country with the highest adoption rate.

On the other hand, the report notes that 70% of countries which were captured in LocalBitcoin’s data have seen a decline in trades. Europe and North America, which made a larger part of the market in 2017, also recorded a downward trend in 2018. Localhash attributes this decline to the fact that developing countries in these continents were the driving force of the growth. However, this is not the case in recent times, says the report.

G20 Countries Trading Volume OutPerform Non-G20 Countries

Asides from that, a comparison was also made between the adoption in G20 countries and non-G20 countries. The result is that the former is still topping the chart, even though the latter has shown a significant improvement. In Longhash’s opinion, this is because “G20 members are the most influential countries in the world”.

BTCNN on December 19 also reported of Longhash’s data which reveals that the Bitcoin Trading volume in South America has increased significantly. In this case, Peru and Columbia have been rated the top Latin American countries where the digital asset gained massive adoption.

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