P2P transactions in Bitcoin has grown massively in Africa with the “giants of Africa”, Nigeria taking the lead as it recorded monthly P2P volumes of about $32.3million.
According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer to peer transactions in the month of October.
While bitcoin’s usage has been rising steadily in markets like Europe and America, the speed at which Nigerians are switching more into crypto payment has gained so much traction across the board that transactional volume combines other African nations in relation to bitcoin P2P.
Statistics seen from Usefultulips, a BTC analytic data provider, showed Nigeria leads Africa’s peer to peer transactions in the last 30 days, as it posted a monthly P2P volumes of between $32.3million, followed by the South African and Kenyans, each posting about $9.3 million and $8 million respectively.
Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos – most especially Bitcoin, to Nigeria’s demographic structure.
“Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.
It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.
Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”
Internet-savvy Nigerians are leveraging on Bitcoin to sustain and drive their earnings, as it offers the cheapest medium of moving capital in relation to other traditional means of payments.
This article is sourced from:https://nairametrics.com