Nigeria holds the aces in the peer to peer use of Bitcoin

Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat.

Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider).

Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $35, 147, 166

South Africa – $7, 130, 711

Kenya – $6, 904, 750

Ghana – $4, 007,376

Central African Republic – $336, 579

Tanzania – $220, 463

In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579) 

What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority.

This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins  between individuals and groups.

It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin. 


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments