Paxful, Africa’s largest P2P bitcoin marketplace, has said that Nigeria accounts for a quarter of the company’s customer base with 1.3 million registered accounts.
Nigeria is the most populous country in Africa and makes up the largest economy on the continent. According to Nena Nwachukwu, Paxful Nigeria Regional Manager:
“They mostly use the platform for peer-to-peer and arbitrage trading. Remittnces is also a popular use case.”
– Paxful Nigeria
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Below are November 2020 bitcoin trading stats on Paxful:
- Nigeria – $3.6 million
- Kenya – $1.67 million
- Ghana – $1.63 million
- South Africa – $600, 000
Nigeria also happens to be the second largest bitcoin market on Paxful globally after the United States as shown below:
With the Nigerian economy taking a heavy hit due to the Covid-19 pandemic, many Nigerians have resorted to bitcoin trading as a way of earning revenue while also enabling them to escape the devaluation and instability of the Nigerian Naira.
In addition, capital controls limiting access to dollars in the country have resulted in many people using bitcoin to bypass these restrictions in order to keep their businesses and livelihoods operational.
Nigeria’s use case for bitcoin is a classic example of how cryptocurrencies can be used to solve a real problem, both as a store of value and as a means of value transfer.
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