South Africa Has Most Trading Volume on LocalBitcoins Exchange

Localbitcoins

South Africa has more trading volume on LocalBitcoins than any other country in the world. Globally there is a definite growing interest in Bitcoin, as more people begin to trade, more often than not, new traders will choose peer-to-peer trading over centralized alternatives.

LocalBitcoins popularity has been steadily rising month on month, especially in the last 18 months. This is illustrated in the graph below which shows global statistics for trading volumes on the platform.

Credits: coin.dance

Credits: coin.dance

 

New users find the platform much easier to use and there is a lot less hassle involved in Purchasing your first Bitcoin. This is because registration is easy and one is able to purchase Bitcoins within minutes of first registering on the site. The site uses a reputation system which allows traders to rate on another an leave feedback after a successful (Or unsuccessful) trade.

LocalBitcoins offers traders the opportunity to buy and sell Bitcoin in almost every country in the world. Not only that they allow traders to choose their preferred payment methods. This is very different from traditional exchanges due to the P2P manner in which the platform operates.

localbitcoins

Source: coin.dance

It seems to be the platform of choice for South African users especially, February and March of 2016 saw over R17 Million rand weekly traded on the platform (Roughly 18% of all trading volume on Localbitcoins was in South Africa).

It is an open market solution to meet the needs of the free market community which is Bitcoin trading.

 

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About the author

Shane Maguire

Bitcoin enthusiast, have been trading and following Bitcoin since 2012. Director at 45ive Media, a small digital marketing agency based in Margate, South Africa.

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