[WATCH] We Got Over 37K Registrations in 2020 – 27% of Our Users in South Africa are Women, Says LocalBitcoins

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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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SEE ALSO[WATCH] Bitcoin is Trading at Premiums Above $60K in Egypt as Volumes Hit All-Time Highs in 2021, Says LocalBitcoins

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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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