Bitcoin (BTC) is indeed going strong across the world. However, it has made major gains in the Asian countries where virtual currencies are now almost similar to big assets of high value. It is also gaining popularity in Europe and North America but mostly it is restricted to highly industrialized countries.
Things, however, seem to be changing according to P2P exchange, Paxful which says that digital currencies are fast catching up in the developing nations as well and there is a strong possibility that Africa will become the next Bitcoin hotspot.
Africa’s High Population Can Boost Transaction Volume
According to the P2P Finance exchange, one of the biggest reasons why Bitcoin’s popularity can explode in the African continent is its population. A high volume of transactions is carried out on the peer-to-peer cryptocurrency exchange’s North American platform. In Canada alone, more than $526,000 transactions were carried out for the week of April 14. During the same period, the United States Paxful’s charts showed transaction volume of $14 million. Elsewhere the African countries, Nigeria and Kenya showed a remarkable growth in Bitcoin transaction during the same period with Nigeria reaching over $4.3 million and Kenya reaching to an astounding total of $332, 990 in Bitcoin transaction.
Now when the population of both the countries is compared, the United States has a higher population with a total count of 325.7 million individuals whereas Canada has a population of 36.29 million. And compared to both the countries Africa has a staggering population of 1.2 billion people. This market is yet to be tapped and has a big potential of becoming the future crypto market. So when the remaining population of Africa starts trading on Bitcoin, no one will be able to stop it from becoming the next hottest Bitcoin hub.
Shaky Economy Caused By Centralized Financial System
Nigeria and Kenya are the few countries that have been having a shaky economic system since their national financial systems are under the control of the government. That is why citizens in these countries have put more faith in the P2P finance services like Pax Exchanges for Bitcoin trading to gain some stability. And the trend is sure to explode in the coming days.