Adebayo Obajemu

That cryptocurrency has come to stay and that Nigerians have increased their use of BTC is no longer news, but what is becoming mind- bungling is the sheer volume that Nigerians transacted with BTCs in Q2 2020, compared to other African countries.

Data gleaned by Business Hallmark revealed that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run and becoming a common feature.

Statistics obtained from usefultulips, a BTC analytic data provider, revealed that Nigeria led the bunch with more than $34.4 million, while the closest rival, South Africa, had a transactional value of just $15.2 million during the last 90 days.

Among top countries in the last 90 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $34.4 million
South Africa – $15.2 million
Kenya – $7.8 million
Ghana – $640,000
Tanzania – $600,000

In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.