Bitcoin Forum

What is the best way to see historic Bitcoin trading voumes (by value) by Country?

Hi
I do not know about the best way but I do think you will be able to find information on google itself for example:-
 https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/ (https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/)
In the article above you can compare the trading volumes by countries. The US is ofc on the top and there are actually 44 entries which I do think is adequate. At the same time there are graphical representations on some sites like :- https://coin.dance/volume/localbitcoins (https://coin.dance/volume/localbitcoins)
But this is something that keeps changing way fast and therefore you should expect +/- and always take chances with it. Plus I do not think it would be 100% accurate. Best of luck with your research.

I am not sure if it also displays historic volumes but there is this one website which shows the globe and trading volume in real time, but I don't remember the name. Years ago I I last visited it.

And what is the point of assessing trading volumes by country? It makes sense to look at the overall dynamics of trades with a monthly step. This will be much more useful for analysis and predictions. Also, I'm not sure that we can trace any clear connection between, for example, trade in China or the United States of America. Why waste time on such an analysis if it does not help in predicting the market situation?

I visited your Provide website Link but I don't find anything details about Bitcoin trading volumes in a certain countries. I don't find my country name and trading volumes here.

There is no way of finding that out.
Every single method has a lot of flaws.
The data from coindance comes only for localbitcoins and paxfull, many don't use those at all and the volume as a percentage of the global trade including centralized exchanges is just a drop in the ocean.
The locations of the exchange is again misleading, how do we count what's traded on Binance?
The currency pairs are also not a real source, you don't have to be a citizen of us to trade in $.
And more importantly, every single damn exchange is faking volumes big time to attract customers, especially the ones that focus on the country their reside in to claim the title of biggest exchange in x.

So, it's a quest that will lead to nowhere if you want accuracy.

There is no way to have a precise stastitics. There are exchange willing to provide region volume but others are unlikely let anyone having their data. The only data we have is the overall volume, the number of transaction and the move-in/move-out-exchange transaction.

News is also a good source for you to analyze.

This website gives you that data but only for few exchanges.

https://coin.dance/volume

If that's still not the data that you need but at least you get the idea per country for this very known platform and, there's no other website that I know of that gives that data you want.

I don't think the country is relevant, the important thing to see about the history is the general markets, the capitalization, and the volume traded day by day. If you want to see it by country is predictable that the big countries like US or China have the biggest trading volume, and the poor countries have just a small percentage.

If you are looking for trading volumes by Country. Forget about it. You will never get an accurate result and the main reason is some countries have been banned by some exchanges so the resort to using VPNs to trade on platforms that don't have complete KYC enforcement. The Biggest example is the traders from the US using derivatives exchanges that via VPN because they have ban to trade crypto derivatives.

The exchanges only report their statistics including their daily trading volume as a whole not based on their users or their geographic location. A bitcoin exchange can have many users coming from numerous countries while reporting (a single) daily volume.
The OTC market where people do P2P trading also doesn't leave any public information for us to use. Services like localbitcoins.com report it which most of the links above are using which is very inaccurate because that only covers a small portion of the P2P market and that also shrank when they started limiting functionality and enforced KYC.

Okay so with the anonymity that Bitcoin offers, does that mean there is no chance for us to know which countries are the ones who hold a sizable amount of Bitcoin? Yah, I think there would not be a chance for us to know whose country has the largest amount of Bitcoin. But of course one guess that we could make is that the country with a lot of Bitcoin might be the United States and China. As for the others, of course we have no other way of checking that. So sad.

I think that they can do that though, I mean they are operating the back-end then they have the ability to do it, maybe they just don't find listing demographics that important. And @pooya87 is right that the data is inaccurate.

Asia countries will be in the first place, for sure. In USA and Russia it should be popular too

Now I am thinking of it I remember reading even in 2019/20 about some of these oracle bridges that would be tracking metrics like this on-chain, using IP information to aggregate data. Seems like it still hasn't happened yet or maybe it's still too big and useless of an effort to make?

Quite surprised also Binance hasn't done something like this.

In Binance exchange, Asian country Indonesia is leading in the trading volume as of this morning, its current trading volume is about $112b in the fiat market, but most of the time Nigeria volume do supersede sometimes.

Binance exchange do not take that as their responsibility but you can check high trading volume in the fiat market but it records only 24 hrs volume.

That information may be hard to find because most exchanges will prefer to hide the personal information of the users from various countries and regions.

You can’t get an accurate figure of trading volumes from all the exchanges because the centralized exchanges published users’ details. What about decentralized exchanges?

Important news pages share in a way that some countries are ranked. I don't know where they get this information. I think they decide according to the countries that search mostly crypto and bitcoin on google. This method can give us information indirectly.

Is it even possible to get trading volume separation by country when a lot use vpn and try to be anonymous? What do you even need that info? I think it will be not much different from regular goods trades volume? Same top Asia, US, Europe.

As of the moment, Localbitcoins per country is kinda available and able to see, but I am sure that there are some specific countries that using Localbitcoins for buying/selling Bitcoin is very low volume, so using LocalBitcoins data for some countries may not useful at all.

For OP. My advice is also to try to use Binance, there are some pairs with BITCOIN to some fiat.
In Binance, there are lot of pegged fiat currency, like BIDR for Indonesian Rupiah or IDRT for Indonesian rupiah. They are limited, and as of the moment, there are still few listed fiat pairs.

Another way to look at it is to filter exchange based on their country/targeted country. At least for Asia it is quite easy to do so, but for Europe it might be difficult since most exchanges accept registration from any country as long as it's within the continent.

Yeah, I know, that's why I asked or rather thought it was strange that they already record data from customers, and I bet you they record IP addresses because when I login and get the emails I see it stamped all over with the time.

Shouldn't be difficult to pull out metrics of volume attached to IP locations from all their users. They already own CMC why didn't they do that (with permissions of course).

If is that is easy to do so why aren't you showing us how the volume is looking for those countries?
Maybe because in reality nobody but the exchanges themselves know what numbers are reported?
And maybe even those numbers are fake as a lot are hiding under volumes that require KYC, VPN or even fake documents?


There is zero difference other than the fact that some of the countries use the same currency.
Europe is by no means different than Asia, there is an exchange that doesn't accept certain countries like Kosovo or Albania, there are countries outside the SEPA program, there are countries with no financial regulation, don't look at Europe as a block, it's by no means such a thing.


And how you quantify for example the 1.3 trillion in the ETH/BTC pair?
As for the NGN, where did you get those billions in trade for the NGN?
BTC/NGN volume si 33BTC a day...

As privacy is the most important thing for most bitcoiners, even if you manage to see trading volume by country wise, I will doubt about the credibility of such data. If you refer centralized exchanges and their location then you may get chances to get historic trading volume still most exchanges are accepting people from around the globe hence accuracy will be again a big question.

Only these days binance kind of exchanges are offering same services country specifically but in old days we had bittrex/cryptsy/yobit etc but they offer same services to all country people. Due to later regulation on crypto related services, enforced binance kind of service providers to go country specific. If you manage that kind of exchanges to provide you historic volume then you may get what you asked for.

Does localbitcoins even offer precise statistics? Those are only the p2p physical transactions that are organized via localbitcoins right? There may be much more in person trading going on than is displayed by the statistics of localbitcoins. Especially in countries where it is prohibited you definitely don't want your trade or your nickname be shown on a website.

Even if he does his homework, he will still get just the rough estimate. This kind of stats is hard to get in accurate figures. However, in 2020, based from statista website, you can get approximate btc trading volume, in millions of $s. It is clear that US is the leading country, in terms of bitcoin trading, followed by Russia and Nigeria (not expecting this though).

https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/

https://i.ibb.co/FbmWT6D/Screen-Shot-2021-05-19-at-6-38-55-AM.png

In fact, China is not at the top, where in 2018 it seemed as if China was in control of bitcoin, but we can still see the United State that dominates it. of course, the policies implemented in the USA will have a big influence on the development of bitcoin

Maybe some websites will share their data but not all of the exchanges will share their data so all the records and data you see can be deceptive. There are many reasons why such data can be incorrect

1- A lot of traders and investors use VPN to hide their identities.
2- Some exchanges won't give their data to be announced publicly.
3- A lot of DEX are being used now days which again means the data would be incomplete because you cannot count the trading volume by country on these decentralized exchanges.

There are various other reasons and it's really hard to get average numbers, let alone accurate stats.

One of the countries that has the best volume in Bitcoin is Venezuela, the number of negotiations are impressive despite the country's situation, many are dedicated to trading Bitcoin and this graph shows it, in Venezuela the local currency is called Bolívares ( Bs.). and according to localbitcoins.com Venezuela handles a considerable amount of voume:


https://i.imgur.com/MQEeIAA.png

Source: https://coin.dance/volume/localbitcoins/VES (https://coin.dance/volume/localbitcoins/VES)

Many times the volume of BTC negotiations for countries with high inflation is impressive, the reason is simple, Bitcoin for these countries is much more valuable than gold, now when comparing it with other countries worldwide, I think that Venezuela is one of the that handle a lot of business volume.