LocalBitcoins, one of the largest Bitcoin P2P marketplaces in Africa, has revealed that South Africa is one of its largest markets with over $57 million having been traded in 2020 alone.
The platform experienced impressive growth on the platform in South Africa as more people have continued to adopt crypto in the country.
Below are some of the stats from LocalBitcoins in South Africa:
- South Africa is among the top 3 markets in Africa besides Kenya and Nigeria
- In 2020, over 37, 000 new registrations from South Africa – 14% more compared to 2019
- Over $57 million worth of Bitcoins were traded in 2020 – 25% more compared to 2019
- Weekly all-time high was in August 2020 when R40 million ($2.8M) was traded
- The most popular payment method is national bank transfers and specific banks
- In 2020, youth unemployment in South Africa was over 55% – overwhelming majority are below 34 years old
- Majority of users are below 34 years and use bitcoin to trade and invest
- Remittance payments are a significant use case for bitcoin
- 27% of users in South Africa are women
- On average, 55% trade at least once a month
- On average, 40% of users trade at least once a week
LocalBitcoins transactions between 2 wallets on the platform are instant and free regardless of your location in the world.
Signup for a LocalBitcoins account here to get started trading bitcoin today!
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