Bitcoin Forum

On some country all over the world, the volume of P2P Bictcoin Volume keeps creating a new all-time-high. Especially in some ccountries that Bitcoin is still not that so popular, I am proud that Philippines is also there, which the volume is extremely bullish, a new all-time-high on the volume.

Can we can consider that this increase of volume or a new all-time-high will make Bitcoin will become more popular and we can say the adoption is increasing?

-Source (https://www.reddit.com/r/Bitcoin/comments/j50ggw/bitcoin_is_a_global_south_safe_haven/)

It's hitting all-time high in certain countries, while in other countries the all time high was in the end of 2017 or beginning of 2018. And Bitcoin is still a new thing that gets adopted, so having an all time high isn't very impressive - it's actually bad when the volume isn't an all time high right now, because it means that it was popular in the past than it is now.

I doubt that this is the case especially for the countries given in the illustration. For example in India Bitcoin is not recognized as some kind of legal tender and is only allowed to be traded in exchanges and P2P so you can rule them out of being one of the countries that is going to the adoption. For the other countries mentioned they are still a developing country and I have not seen any major news regarding them having some kind of adoption to crypto nor any commercial companies taking a step forward on accepting them so no I don't think this is a sign of adoption happening but I think we can consider this as people are getting more and more aware of Bitcoin as an investment opportunity rather as some kind of  mode of payment. 

We can see that the Bitcoin trading volume has increased so highly in several countries, as seen on the chart.
However, in several other countries, the ATH happened in 2018 and some are this year (on July and August) as seen here (https://coin.dance/volume/paxful).
Well, it means that the popularity of P2P trading Bitcoin depends on each country. We can say that there is an increase and decrease of P2P Bitcoin trading during this time.

Well, let's see the chart below.
https://i.imgur.com/KlGN9VD.png

Globally, the increase happens during July 2020 to August 2020 and has been dropped in September. It happened due to the plummets amid the crypto crash. Moreover in several countries, the decrease dropped by almost 50%.
Some regions also faced a decline of more than 30% on the P2P.

But, aside from the decline that happened in most regions in September, we can say that the people in the world have been ready with the Bitcoin, by both P2P and also common exchanges. The world has been ready for the adoption, we can wait for how it will be developing after this pandemic.

Source:
https://coin.dance/volume/paxful
https://cointelegraph.com/news/dsfghjkl

As we can see from the OP chart, the highest volume was in Indian and Nigerian using P2P exchange because those countries' Bitcoin/Cryptocurrencies have restrictions upon using it, they were banned Bitcoin. That's why it might the reason for increasing volume usage on this exchange.

Look at the Philippines, (my country) since our government has a neutral treat of cryptocurrencies and Bitcoin usage, people have a choice to trade in a centralized exchange since it is allowed to operate here in my country.

Good to see that there is an ATH on this exchange and I think the only solution of continued scamming CEX exchange.

Total demands and volume on P2P marketplaces have been on uptrend, per data analysis and time series charts. P2P marketplaces has a very important role for remittances in nations where economy or governments are nearly broken down. Economic crisis can force more people to use P2P marketplaces as per data and raw linear regression (see image)

Specifically, in the Asian-Pacific region, there are a few nations in which total trading volume on P2P marketplaces have significant increases this year.

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Some good articles and pages on which you can keep your follow-ups on P2P markeplace growths.

• Nuanced Analysis of LocalBitcoins Data Suggests Bitcoin is Working as Satoshi Intended (https://medium.com/@mattahlborg/nuanced-analysis-of-localbitcoins-data-suggests-bitcoin-is-working-as-satoshi-intended-d8b04d3ac7b2)
• Latin American Bitcoin Trading Follows the Heartbeat of Venezuela (https://medium.com/open-money-initiative/latin-american-bitcoin-trading-follows-the-heartbeat-of-venezuela-71a28cb86ba0)

Data for specific nations:

• Philipine (https://www.usefultulips.org/combined_PHP_Page.html)
• India (https://www.usefultulips.org/combined_INR_Page.html)
• Vietnam (https://www.usefultulips.org/combined_VND_Page.html)
• Bangladesh (https://www.usefultulips.org/combined_BDT_Page.html)
• Nepal (https://www.usefultulips.org/combined_NPR_Page.html)

Even if this does not represent growth of bitcoin as a whole, I welcome any and all growth in the peer-to-peer space. It means more and more people are getting fed up with centralized exchanges invading their privacy and stealing their coins. The sooner we move away from relying on these exchanges, who are more and more turning themselves in to "crypto banks", the better.

Not necessarily. All it means is that there was more being traded in the past than right now. Perhaps more people are buying and holding for the future rather than trading. Perhaps more people are using their bitcoin directly for other goods or services rather than trading. Perhaps the bitcoin ecosystem is growing and allowing people to stay in bitcoin, buy things in bitcoin, spend bitcoin, without having to convert back and forth on an exchange.

I do think we have to actually consider few things here:

Due to the  Pandemic people are moving towards a more sustainable and more different approach when it comes to investments and selling/buying their cryptocurrencies. If you are involved in a P2P transaction, I do believe this it the time when you are using bitcoins for real, you also don't have to pay fee time and again , you can get a fair price, therefore this is actually a good deal.

At the same time the exchanges are becoming a little bit difficult for the people to trust and therefore in the end with frauds and scams, people are taking over their freedom in their hands, no doubt there are amazing exchanges with 1 second process time, but their charges are also different.

This means not only the popularity of bitcoins have increased, but also bitcoins is being used P2P without any middle man.

By any means of transactions using Bitcoin, If it's continuing to increase, then that means Bitcoin adoption globally is increasing as well.
Increase in volume for P2P transactions means people are gradually using and considering Bitcoin as a currency. It would always be great if people is actually using Bitcoin to pay for something or a service. I know there were few major factors to consider why it isn't always good to use Bitcoin to pay for something and volatility will be the main reason, but at least we should try to use it once in a while.

I started a thread about governments requiring tax info from exchanges, and how this may cause an increase in P2P trading.
https://bitcointalk.org/index.php?topic=5280069.0
I posted on the political board, as I thought it reflected political decisions.

The probable outcome of this change would be an increasing unreliability in the trading stats derived from these exchanges. Whilst it is possible to track the movement of Bitcoin, it doesn't seem easy to include P2P prices, especially if they are used to purchase gold or other assets.

This is amazing to see and adoption will definitely be going up even more. It's also great to see people doing more P2P trades where they can avoid being taxed by governments.

And this is why I'm never worried about Bitcoin. You can go crazy over smart contracts, wrapped nonsense, Defi, etc but Bitcoin is the only one for certain to keep remaining relevant to actual utility and actual real world solutions. Every fundamental keeps going up, volume on P2P, hard to track the full extent too, but even from apparent numbers, it's always, always up.

This shows to me,that people in the third world countries are becoming desperate and looking for a financial alternative.Just because BTC P2P trading volume has reached ATH in countries like Philippines,Nigeria,India,Ghana and South Africa,that doesn't mean that Bitcoin will reach it's new ATH soon.
We need countries like USA,UK and Japan to join this trend of achieving All-Time-Highs in their BTC trading volume,in order to pump the Bitcoin price.

It's hard to conclude what exactly the reason is, but glad to see nonetheless. I can't recall any new government decision that makes buying Bitcoin more difficult in CEX in those countries (maybe the tax issue mentioned above?). Either people are moving away from CEX or those are the same people with more volume because they trust the platform.

Government's newest restrictions on crypto (maybe), better awareness on advantages of CEX, try to not submit identity documents for KYCs on DEX, just one of potential reasons.

I'd prefer to move further and mention about payment methods that are important to attract new users on CEX or P2P markeplaces. Paxful, ie. has 300+ payment methods for their users and recent months, the platform has been upgraded a lot. They have huge trading volume in giftcard payment method. Furthermore, promotions and advertisements are other factors that help them to attract new users, expand to new nations and increase their total trading volume.


We are talking about bitcoin adoption and it is not only related to bitcoin adoption (buy BTC, trade it, hold it), it needs other payment methods to help it invades deeper in lives. P2P marketplaces help people to get it well.

The pandemic can have its impact somewhat. People have to work at home, online more than before the pandemic. It in turn possibly triggered more people to work online and consider make-money-online as their main job or temporary part-time job. P2P marketplaces meet their demands in the pandemic.

Bitcoin's P2P transaction volume is high in some countries, not globally. So we cannot expect bitcoin to rapidly appreciate compared to 2017.
The number of people searching for bitcoin is no longer as high as before. People are grappling with the epidemic rather than investing money in bitcoin. Bitcoin will probably go up in price but I don't think it will happen this year.

that is part of the allure. when the government of a country has not yet accepted something that other countries have accepted, that thing could become popular. specially when it is something like bitcoin that has been performing very well over the years and people would start feeling like they are missing out. as the result P2P trades increase.

     It is always good news when it mentions bitcoins and hitting new records. No doubt about that. Although it may not be the case for all countries but at least in some countries bitcoin is doing well. I am really expecting more good news to surface as the year end approaches

I don't know about other countries but that doesn't seem to be the case here in the Philippines. In June 12, 2020 (our National Independence Day too), Binance announced its support of the Philippine Peso for peer-to-peer trading. That's probably the reason why the increase in volume in our case.

Prior to that, most bitcoin trades are done on centralized platforms which is almost monopolized by coinsph. The better rates offered in Binance P2P and the ease of doing trades is encouraging.

It has not increased in all countries. P2P has increased in some countries because there are government restrictions on the use of cryptocurrency in these countries or there are tax problems. For these reasons they are very interested in using p2p exchange. This does not mean that these countries are increasing bitcoin adoption.

By the way, the chart volume in the first post is from Paxful Peer-to-peer buy/sell Bitcoin. Which I am really amazed since I already can see new face in terms of Peer-to-peer buy/sell Bitcoin which back in the days, what can I always see is the Localbitcoins only. Atleast now we have now lot of choices in different countries.

Agree on @Bttzed03 and I disagree on davis196 if you are including Philippines as third world country, since for me, Philippines is a developing country  ;)

South Africa is a big market and if there’s more investors from them we can expect a great pump. The mass adoption will happen, and we are slowly getting there some countries are silently adopting bitcoin and time will come that every country will support bitcoin. Philippines might be late on adoption but the good thing here is that, the government is supportive to bitcoin and some local banks already used blockchain technology.

It's still good to see that other countries besides the large countries is showing the adoption rate of Bitcoin being spread out and being developed which is always a good thing even though it won't really pump the price of Bitcoin, Bitcoins price comes later. Unless you want a pump and dump scenario to always take places.

You know, quite ironic, the data from this so-called P2P deals is coming still from semi-centralized platforms, in this case, paxful or in many of those reports LocalBitcoins.
And it's quite amazing that people still use them and not only that, the volume in some countries keeps going up although complaints continue to pile up.


People in those countries trade more paxful or LocalBitcoins because they lack alternatives.
If all of Africa has a robust banking system like SEPA and bank access to all its citizens it would have reported way lower numbers in p2p deals.

And even if that ATH happens it doesn't mean we're going to see a spike again, for example in the US the ATH happend at the end of 2018 which was a pretty bad period, for every buyer, there is a seller also ;)

I feel that covid 19 played a big role for the increase in the trading volume on such countie and maybe on lot more other countries as well, people lost jobs and not much options for people to choose and few people might heard that they can trade bitcoins and other cryptos to make money in short time so they went for it and the people who got successful with the crypto trading will keep doing this been after the pandemic ends.

Doesn't Paxful also require KYC though? I mean I guess you can go unverified, but you're going to be incredibly limited. They also keep your money for you, which isn't much different from centralized exchanges.

All that being said, the most likely reason people are using it is probably because they can get better rates than on centralized exchanges. P2P is better, but at the end of the day, trading on platforms like Paxful aren't truly P2P, because they act as 3rd parties.

The same can be said of any centralized exchange. Yeah, these platforms are far from ideal, but they at least a step in the right direction towards decentralized trading. Ideally, everyone would just use Bisq, but I know that's just my wishful thinking.

Paxful is not a platform which lends itself to day trading for profit. As with all peer-to-peer exchanges (centralized and decentralized), the buying and selling spread is usually too large to be able to day trade for a meaningful profit, and even if it weren't, it takes far too long to process a trade because the fiat banking system is slow. If I want to transfer fiat to someone's bank account, for example, it usually takes at least a few hours to process, but sometimes up to a few days. It is impossible to try to day trade with that kind of delay.

I would still refer to Paxful as peer to peer, in that you trading with other users instead of a central order book, but it isn't decentralized like a good peer to peer exchange should be, because as you say, there is still a trusted third party in the middle.

Normally people on LBC and Paxful are going to trade with someone  who is from the same country so banking transaction will not take that much longer and there are other payment modes are available here which is almost instant but highly risky compared to banking transactions.There are traders who is making decent profits from trading on peer to peer as long as they are not getting trapped into the sudden dump.

I know, if one person need a truly CEX, let go ahead with https://bisq.network/

With phone and email verifications, people can trade up to $1000 (that is a truly low limitations) and sure I can not call it as CEX with phone and email verifications for the lowest mandatory requirement to be trade on Paxful.

I also mentioned about some other reasons: find a new horizon with payment methods, pandemic, switch/ change on global jobs, etc.

Sure. Paxful is a P2P marketplace. It is emphasized on their website.

You are not totally safe even with the bank transfer. Because if you are greed, you will choose offers with too high discount rates -- that obviously unrealistic if your mind is fresh and you are not greed, then you will go to choose trade partners with limited trade history. They can be hackers or use stolen fiats to do money laundering through Bitcoin. They use stolen fiats to buy bitcoin, and go ahead.

The rule #1: choose old, reputable, high past trading volume with acceptable, realistic discount rate in their offers. You will be fine.
The rule #2: Don't forget or break rule #1 because you are greed.

About other payment methods, like giftcards, they are more risky and you need to be experienced to trade with such payment methods. Anyway, the rule #1 is still applicable.

I am fully aware of what you are saying because having year of experience already on LBC and I even mentioned the same advice on many threads for the people who are trading and looking for better price on peer to peer exchange.Even the traders with huge trading volumes are not to be trusted if they are not have trusted feedback in the recent time.Bank transfer is somewhat safer than other because we can file a charge back in case of scam and if we are buying bitcoins but when selling we need to be more careful.

We can call it adoption but what i see is that there are more platforms opening up so that users can easily sent fiat currencies to these exchanges and purchase the coins, earlier it was not that easy to send money to exchanges but now things have change and now i can purchase bitcoin instantly as i can credit my account with fiat currency without any additional charges and that will have an impact on the market and the halving is attracting more users expecting a rally.

Hmm, trading on Paxful and making fast money in a short time can be achieved only in one way, find people desperate enough to sell or buy coins with a real big difference on the price on other exchanges, which also means taking advantage of people who are forced to trade there and have no option. Sorry, but labeling trading there and making money in those times as a solution is not really working, the same way you could paint pawnshop as angels during a crisis when everybody is desperate for money and selling everything from their house.
Trading at a profit means someone sold at a loss, and you won't be able to get more money than what people lose.


Yup, wishful thinking, it's not going to happen, and I have a feeling that not only we're not going in that direction but the total opposite, no matter how much people say p2p trade is growing I feel that in terms of percentage the share is dropping like a stone. That being said, I've never used bisq either  :)

I was delighted to see the chart showing P2P exchanges being used more and more and their volumes are reaching an all time high.
But unfortunately only happens to countries that prohibit Bitcoin transactions, This is because countries whose governments accept
Bitcoin still prefer to use centralized exchanges instead of using P2P exchanges. I agree that any country with an increasing volume
of user P2P exchanges, there has been an increase in Bitcoin adoption.

Day trading is profitable and highly risky thing so it is not possible for anyone to start making money from the day 1 but they are forced to do that since they literally can't do anything probably due to loss of jobs and there is no stimulus like what happened in the developed countries.If you have $1000 as capital and literally it is possible to make at least $20 or $30 which is really big amount in the third world countries and it is even higher than daily wages of most of the jobs there.

the p2p that the op mean is an exchange? because he didnt write it on the first post but he only said p2p bitcoin , so im confused but moving on  , its no surprise that p2p exchange is growing because people can save more on using them than on using a traditional exchange because of the fees and afaik p2p exchange does not also need a kyc . this makes attracts more traders and traders that trade higher volumes per day but dont want to comply with a kyc . nice to know that p2p exchange are back on track because its been a long time that they became slient .

Goes to show that P2P trading isn’t truly dead. There are still quite a considerable amount of people interested in P2P trades, or there really are just some gaps that are so big and so profitable that day traders capitalize on it and bought those coins. It could be anything, really, but with the emergence of these new volumes in an age where centralized exchanges are the norm gives me hope that DEX platforms would soon get the love the it deserves. It may start on these small countries, but any start is still a start nonetheless.

A global chart can be a great indicator to predict Bitcoin's next move, even in Western countries many Institutional Investors has taken interest in Cryptocurrency, we can see in the coinmarketcap a spike in market cap, even some DEFI coins blowing up. It'd be a best to accumulate, while the BTC is still cheap, also in according in Plan B's stock to flow model it will hit to $100k next year.

Actually, the wording would be more like it not possible for everyone to make a profit, in a market where the price is not increasing someone is going to lose for the ones making gains, if you're selling at a profit someone is buying at a loss and with no price increase if he ever wants to liquidate he will lose money. Of course, I'm not a trader and I've not yet been in such a situation but from my current point of view, I would not take this path, you take risks, you need capital, and if you're on your last money in the pocket are you going to risk a few weeks of good and utilities in which you can get a job for the possibility of having an income? What if Paxful is shut down tomorrow, what happens if they freeze your funds? I see trading the same as gambling, don't risk it with more than you can afford to lose, and for a guy that has just lost its job and he is on his last savings that sum is near zero. Of course, that's just my opinion.

Since the price is still holding at $10,000+ these past months, there are some possibilities that the investors were also increasing this year that triggered the increasing volume of the BTC trading and also it records an All-Time High this year. This is a good indication since we are now 10 years after the launch of BTC and most of the allegations and the misconceptions have been cleared. Now we can see the number of people increasing day by day to get their first BTC. some of them are influencer that is popular in their own field which will promote some of their supporters. No wonder we see this new positive records this year.

It was good to see that bitcoin is keep on increasing and hitting new ATH, although it will not the same in every country but it is still good for bitcoin. It also prove that the mass adoption in bitcoin will increasing slowly. Hoping before end of this year it will soar high again.




 

A dropping percentage share doesn't mean it isn't growing, just that it is growing more slowly than centralized exchanges. This is likely going to be the case for a long time yet. Very few people who are new to crypto go straight for a DEX. The vast majority will start with a centralized exchange such as Coinbase or Binance, particularly given how much these exchanges advertise themselves both online and in the real world. When was the last time you ever saw an advert for Bisq? Such is the nature of DEXs without a centralized pool of profit to promote themselves.

Given how centralized exchanges become more and more draconian every time they are in the news - ever more invasive KYC, handing details over to governments/tax agencies/law enforcement, locking accounts, seizing coins, etc. (not to mention all the hacks) - then I think DEXs will continue to grow in popularity.