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According to data specialist Matt Ahlborg, LocalBitcoins' commercial data concludes that Venezuela has made more Bitcoin POS transactions in 2018 than Canada, India and Australia. Venezuelan trade reached 235 million dollars. For its part, the United States has generated only $ 373 million, and it is the largest economy in the world. In total, peers traded $ 3.1 billion during the year.
One factor limiting trade in the most advanced countries is the price differential observed on LocalBitcoins. To buy Bitcoin on this site, you will invariably pay several percent above the market rate. A bonus is also obtained when selling on the site, but the only way to get the most out is to create your own sales announcement. In areas where users can obtain accounts from companies such as Simplex or Coinbase, these centralized services make more sense.
Russia has more than double the volume of US trade
The financial sanctions imposed on Russia because of its Ukrainian policy have led to a mbadive increase in the local currency trade in that country. The regulatory uncertainty in Russia regarding Bitcoin also makes LocalBitcoins one of the best options for people looking to buy and sell Bitcoin in the region. As a result, the data show that more than the majority of all LocalBitcoins volumes were made by Russian accounts. Russia has spent $ 756 million, more than double what the United States has done.
These figures are derisory compared to the global commercial average of Bitcoin. Every day, the world negotiates $ 5 billion in Bitcoin transactions.
Usage by economic person (online)
Ahlborg introduces a new metric in order to facilitate the understanding of trading data, a metric called "Use per economic person (online)".
The figure represents Internet connectivity in a given country, Bitcoin exchanges and the country's economic freedom score. The UP (O) EP is equal to 1000 (or more), while the United States and Canada are under 20 years old. This figure is only 220 in Russia, where the majority of the total volume in LocalBitcoins has taken place.
Economic freedom plays an important role in choosing to use LocalBitcoins.
The economic freedom of a given country plays heavily in its use by LocalBitcoins. As Ahlborg writes:
Countries with low economic freedom and UP (O) EP (countries located below the trend line and right) like Iran and Bangladesh which have only recently started trading and which are not Have not yet reached their cruising speed (O) EP (country above the line and left) as New Zealand and the United Kingdom also have their own specific factors. In the future, I will be incorporating new layers of data to take into account these outliers to strengthen the fit of these data to the trend line.
Other factors affecting local bits
Unlike Binance or other large exchanges, LocalBitcoins negotiates almost exclusively Fiat and Bitcoin. "The first reason why I chose LBC is that, unlike other inexpensive or no-cost exchanges, exchanging Bitcoin via LBC is expensive," says Ahlborg. "In addition, unlike other exchanges that publish large volumes of crypto-crypto encryption, the trading volume on LBC is almost exclusively fiat-to-crypto."
However, LocalBitcoins is not the only platform of this type. Alternative Paxful is also an interesting case study for the Bitcoin trade in developing countries. On Paxful, an important volume of exchanges takes place on the market of gift cards BTC / iTunes. People in developing markets are using gift cards to buy BTC, which is a noticeable trend.
LocalBitcoins and Paxful remain among the strongest ways to acquire Bitcoin without using centralized trading. Ahlborg says:
The last story of this badysis is that, in total, nearly six years of global data describe the utility of bitcoin and its promise begins to be realized for the types of people Satoshi promised.
True to the peer-to-peer nature of Bitcoin, LocalBitcoins allows people without a traditional bank account to acquire cryptocurrency. They can use cash transactions or alternative electronic methods, such as gift cards.
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