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Special Bitcoin News

P2P Bitcoin Trading: Venezuela, Colombia Account for Over 23% of Total Localbitcoins Volume

A study revealed a rising trend in bitcoin (btc) volume
trading across Latin America amid the coronavirus pandemic and
rising inflation, pushing the figures to record highs and putting
Venezuela and Colombia at the top of the ranking.

Latin America Sees a Bullish Trend in Bitcoin P2P Trading Volume

According to
Localbitcoins
, a peer-to-peer (P2P) bitcoin marketplace, both
Venezuela – remaining as the second-largest bitcoin trader
globally with 12.3% – and Colombia (11.3%) accounted for over 23%
of the total trading volume on the platform during 2020.

However, Russia is still the leader as it holds the biggest
Localbitcoins trading volume portion in the world, with a share of
17.4%.

Although all three countries experience different economic
realities, the report pointed out that their populations share a
strong interest in bitcoin – something witnessed already in
crypto adoption figures by related studies.

In Venezuela’s case, the country has been facing
hyperinflation, leading to a depreciation in fiat currency value
and, in consequence, a boost of interest for cryptocurrency among
citizens. Localbitcoins claims that such factors influence
Colombia’s trading volume, which in turned has helped to boost
bitcoin interest in the country even further.

Other Latin American Countries Seeing a Boost in Bitcoin Trading
Volume

The report also mentions Argentina, Chile, and Brazil, where the
volume of bitcoin exchange through the P2P marketplace has been on
the rise due to uncertainty surrounding their economies, mainly due
to the ongoing lockdowns.

Colombia is witnessing a surge in the number of installed
bitcoin ATMs. According to recent statistics unveiled
by Coin ATM Radar, the country has 60 ATMs, placing it at the top
as the nation with the largest number of bitcoin ATMs in Latin
America as of press time.

Venezuela has been making headlines recently in the crypto
community after Cryptobuyer
announced
on November 28 that all Pizza Hut restaurants in the
nation now accept cryptocurrencies.

However, the overall economic situation in Venezuela is still
rather grim, as according to the latest data compiled by
Statista
, the country ranked first in the global inflation
ranking of 2019 with more than 19,000% yearly inflation.

What are your thoughts on the figures presented in the
study? Let us know in the comments section below.

Also, be sure to check local.Bitcoin.com, a private
peer-to-peer platform where you can find others who are interested
in trading BCH
for local currencies via a blind escrow smart
contract.

The post
P2P Bitcoin Trading: Venezuela, Colombia Account for Over 23% of
Total Localbitcoins Volume
appeared first on Bitcoin News.

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Translator / 翻译者 / Traductor