Africa

Bitcoin Experiences Rapid Growth and High Trading in Africa

South Africa has already witnessed a surge of bitcoin interest and activity as the digital currency has taken a foothold in the country. It now appears bitcoin is seeing rapid growth in other areas of Africa. Razor-Forex recently posted data from Coin Dance suggesting Tanzania and Nigeria have both seen increased bitcoin trading. 

Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month

According to coin.dance, which is one of the largest online portals for bitcoin-based data, Localbitcoin trading has been proliferating in Tanzania and Nigeria since July. The Forex website echoed that sentiment: “Recent data from Coin.dance, a blockchain information portal that provides up-to-date metrics on various sectors of the Bitcoin ecosystem, suggest interest in the digital currency is rising in Tanzania and Nigeria. ”

Bitcoin growth in Nigeria

Bitcoin trading with the Nigerian naira hit record highs at 971,829,166 worth of Nigerian naira exchanged, which is the equivalent of about $3 million USD. There is not one specific reason why the Nigerian bitcoin trade has grown so rapidly, but there are clues. The Nigerian people do not necessarily have faith in fiat currency anymore. They also desire more economic freedom. A Quartz article expanded:

In Nigeria, local traders and activists believe this new money presents an opportunity to democratize the economy. This is propelled by the fact that people in Nigeria have been failed by conventional money.

Bitcoin Experiences Rapid Growth and High Trading in Africa
Nigeria Naira to Bitcoin Trading

Tanzania Embraces Bitcoin Fever

Many African countries like Nigeria are growing more rapidly than others like Tanzania. However, Tanzania appears to be just now embracing the bitcoin fever. Trading via localbitcoin.com has skyrocketed. A little over 83 billion Tanzanian Shillings have been traded this month. Previous months of bitcoin trading only floated between 10 and 20k.

This suggests Tanzania may be joining the rest of Africa in embracing bitcoin as the better or most useful form of currency.

Bitcoin Experiences Rapid Growth and High Trading in Africa
TZS to bitcoin trading

Do you believe bitcoin will continue growing in Africa? Let us know in the comments below.


Images via Shutterstock and coin.dance


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  • Felix Oyo

    Mr. Lujan, I think the photo on this article is propagates the false outlook of Africa; It is a shame and ignorance to bring such a foolish depiction of Africa; Africa is modern and developed;

    • your comment is as much as wrong as the foto, dear Felix. That Africa you are talking about is that minority like Zebras in the specific limited regions. Hope you understand the point by smashing 57 nations and its 1000s of tribes into one word of one continent that diverse some must be totally stupid considering everything the same. (Americans love to do that tho). The article missed a number of points like Kenia, which is doing a third of its GDP already on encripted currencies……and so on. Le Blanche also does not know that the Nigerians are much smarter when preferring decentralized money resources instead of that mafia money we do call FIAT currency system. For me its simply a revolution made by blockchain and not by bullets and yes, those Africans representing it that way of equal wealth and oportunity distribution have understood economy for real. And that was about the time. On global scale. Regards

    • Liberty88

      Foolish depiction? I think you’re trying to be P.C.

      • Senator Felix Oyo

        He must be running for office or something…

    • Really?

    • It’s a picture dude, get over yourself.

  • If you have lived in Africa (I Do) and travelled africa (I Have) you will notice that africa is underdeveloped ( No Shit) as a whole… sure we have cities that are well developed for example JHB, but in comparison to other cities in Europe, USA, EAST est…they lack behind….I also believe that the picture used in the article has no to little influence on the content, so please just get over yourself, It’s a F%$$ picture Dude!!! (It irritates me so much when Africans say stupid shit). The QUESTION whether you think BTC will grow in AFRICA?… In my believe YES….Why? Africa is corrupt as hell and governments steal everything…. Crypto is going to solve a lot of problems over here….and also create a lot of problems, its going to catch on in a BIG way!

    • Emmanuel Eshete

      If you think JHB is developed, why shouldn’t they put a picture of JHB and advertise Bitcoin using that? The guy only have a problem with the photo they used, not the content.