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.
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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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RECOMMENDED READING: [WATCH] How to Buy Bitcoins in Kenya Using MPESA on Bitzlato
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