Bitcoin Forum

Bitcoin trading mainstream in China, however Nigeria is not among the top 10 countries trading Bitcoin , could it be that Nigeria government have not legalize Bitcoin?why is China among the top 10, but Nigeria isn't?

AFAIK Nigeria doesn't ban Bitcoin but the central Bank on Nigeria could freeze your account if they detect the funds came from Bitcoin, high inflation rate, still a third world countries means not prosperous yet. That's why the trading volume of Nigeria can't be compared to first or second world countries, however there's an article said Nigeria become the top 2nd Bitcoin trading volume but keep in mind it's only on Paxful [1] not an entire exchanges.

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[1] https://www.theguardian.com/technology/2021/jul/31/out-of-control-and-rising-why-bitcoin-has-nigerias-government-in-a-panic

Bitcoin trading isn't mainstream in China. The CCP has pretty much banned bitcoin mining and isn't very thrilled about their people having anything to do with BTC. They want them to use their centrally issued CBDC so that they can keep track of every single payment and embark on to a perfect, utopian society where everyone only takes and spends what they need. For the benefit of the society, you know.

Apparently, a lot of BTC trading happens in China but I have no idea what is the basis of this perception. I don't know where do people get that data from considering the restrictions. And now that BTC miners have been unwelcome, whatever volume resulted from the miners trading their BTC would also be gone now.

Compared to that, Nigeria is still struggling with defining Bitcoin while their central bank parrots whatever the "international managers" say. This is the same case as with India. Its unfortunate that intellectuals and economists in countries like Nigeria and India continue to remain beholden to the views of IMF and other western nations. This slave mentality ingrained due to centuries of imperialism just doesn't seem to go away. I wish all of these people actually sat down and did an unbiased assessment of actual impact of cryptocurrencies in their countries. They'd be pleasantly surprised to find that it has been mostly positive.

Any sources? And what does Bitcoin trading volumes in China have to do with trading volumes in Nigeria? They aren't even allies or something.

Why was China even mentioned anyway? Is this a comparison of how Nigeria and China both have bans (or at least, something of similar) on Bitcoin? From a simple lookup even with the ban on Bitcoin by the CBN, the cryptocurrency scene is still growing pretty well due to the existence of p2p trades. I'm not particularly sure how well, though it isn't on the level of Bitcoin being completely non-existent in their country I'd suppose.

There's a crackdown that's happening in China and you'll see that there will be a drop in volume there. And in Nigeria, AFAIK, there's also a problem that makes them stop most crypto transactions. It isn't important if they're from the top 10 or not that has the most volume.
Both countries are known to have huge volumes but also have complicated status about their insight towards bitcoin.

We cannot compare the experiences of Bitcoin between China and Nigeria as the cultures are totally different from each other. China might have banned Bitcoin mining but people are still able to do their daily crypto activities without being harassed or regulated. I think same is also true in Nigeria. Nigeria is slowly becoming a dominant player in Africa and that would also make Bitcoin investment a profitable activity among many middle class and wealthy Nigerians.

It's P2P for Nigeria so they're not included in the countries with the biggest trading volume. If you can consider P2P a trading then probably they might be part of that list and it's understandable that China ranks the highest because they have the biggest population, what baffles me is that they're still going strong even though there's a ban on mining there.

Why bitcoin trading in Nigeria needs to be in top 10? Legality of bitcoin in Nigeria is still in grey area as far I know. Here is a breakdown of bitcoin adoption (not trading though).

https://i.imgur.com/8aO4qwt.png

https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index

There you can see both China and Nigeria on the list.

 IMO, the comparison between China and Nigeria in terms of trading activity is not proper to me firstly because the two countries are not on the same level in terms of civilization and digitalisation.

In a country like Nigeria, people are still coming to terms with what trading is, the prospect and how you can make some money online at your home's comfort from it. The country is still plagued with some barriers that do not encourage trading activities like high cost of data, epileptic power supply/no power in some places yet, poor internet connectivity, poverty and others. Whereas China being more industrialised, digitalized and not having many of the issues plaguing Nigeria, the statistics of traders is definitely going to surmount that of those in Nigeria.

First,if you have a legit Top 10 list about Bitcoin trading could you please share it with us and leave a link.
Second,what makes you think that the information of this Top 10 list is legit?Can you verify it somehow?
Why are you comparing Nigeria with China?Why not USA vs.China or England vs. Nigeria?
China is about to become the biggest economy in the world and China has the biggest population in the world.It's pretty normal to have lots of Bitcoin traders in China,despite the hostile "anti-Bitcoin" environment created by the Chinese government.
AFAIK,Bitcoin is in the "grey area" in terms of legislation and regulations in both China and Nigeria.

it’s just unfortunate that Nigeria isn’t yet Bitcoin or crypto friendly, however, they don’t ban it when it comes to P2P trading. I don’t agree about China trading broadly on Bitcoin because they are having the largest crackdown on Bitcoin mining and restricts their citizens from fully engaging on crypto trading. They even ban financial institutions in China to adopt cryptocurrencies. So many restrictions in China nowadays, and it’s gonna be hard for us to live there.

Where did you read that Nigeria is not part of the first 10 in P2P trading?

I thought the data was both on Paxful and Localbitcoins, correct me if wrong. Nigerians have significantly also making use of Binance recently.

You are right, the CBN banned bitcoin, but the use of P2P is effective, no account freeze if P2P is used, while direct bitcoin or crypto to bank transactions have been blocked, so nothing like freezing of account.

I do not think this bring the perfect picture of crypto trading volume per country, why also PPP was used for the three calculation. Check the P2P, how is Togo ranked 2nd while Kenya ranked 1st? How is that possible.

I don't know how this comparison is even possible but with a fact that we all know about China having a much larger population than Nigeria, the odds of china having more traders than Nigeria will also certainly stand in favor of China becauseof the huge population difference.
Regulation might seem to be a factor for both countries but still the technology and infrastructure will favor China in this comparison.

I haven't seen comprehensive data of trading volumes by country yet. There are various websites operating different arrays of data, and they reach different results. Maybe China is higher on the list than Nigeria in some of them, but Nigeria is sometimes somewhere around #2-#3 in others. I guess it's hard to evaluate the real deal properly because people often use international exchanges for their transactions, and may use things like VPN to hide their location. If even US as #1 is disputed, no wonder we can't know if China is higher than Nigeria. In any case, they are both significant, and both currently have policies that aren't very crypto-friendly.

Something that makes me wonder is when China and Nigeria can play a role in the context of Bitcoin growth? while China is done with its new rule of closing Bitcoin. So there are some overlapping Bitcoin policy issues in the two countries. Then it would be very inappropriate, because in the end both countries have a bad reputation for the sustainability of Bitcoin in the future.

The Nigerian government have decided to put a lot of hurdles for Bitcoins in the past and people as well, people who are engaged with Bitcoins, therefore I think it's all about missed opportunities.

There are definitely more applications in Nigeria and people do need it more than ever but I do think you realize that, bitcoins, to be accepted worldwide does need a lot of support from not only the government but the laws too. Therefore I do feel like even though in both the countries it's not an ideal situation but Chinese people are much more accustomed to using bitcoins during such times. Therefore even if they might not have much options, they know how to use it well, whereas for Nigeria the people are still looking for the support of the government.

There is no comparison between the two. China used to be the location of the largest mine, and the founder of Biance came from China, which contributed to the publicity and development of the cryptocurrency industry and laid a good foundation. Although China's mining ban this year has affected the change of miners' business places, it has not reduced people's enthusiasm for cryptocurrency.

this is something I just discovered now because I only know that China still bans btc trading and started introducing CDBC but from this I just found out that there is still trading there. can this be trusted mate? and if this is true of course this will make the Chinese government really firm it seems because we know the firmness of this government and indirectly this can lead to polemics between the Chinese government and the btc holders there (if it is still there and is still transacting via btc).

China has more population than Nigeria, so it makes sense that China has more traders. After all, China is one of the leading countries in
terms of technology, as evidenced by many coins and exchanges whose creators are Chinese. So I'm not surprised that trading crypto is
quite popular in China compared to Nigeria, unfortunately the Chinese and Nigerian governments don't support cryptocurrencies.
Even though a country as big as China if the government can support crypto, I believe the development of crypto will be more rapid.
Because it can convince other Asian countries to legalize crypto as well.

I don't think the Chinese government will easily express its support for cryptocurrency. At the same time, it does not explicitly prohibit bitcoin. In fact, it is a kind of support. At least the Chinese people can trade.

This comparison tho. Nigeria might not be on the top 10 list but the volumes of trades carried out in the country despite the ban is impressive.

Commonsensically the metrics involved in both countries should tell you that China can’t and shouldn’t be compared to Nigeria when it comes to cryptocurrency trading and mostly anything else. They are in different regions and the dynamics are just too unique to for any comparison.

this year, let's say we compare the recorded population - china vs nigera : 1.408B (https://www.statista.com/statistics/263765/total-population-of-china/) vs. 212M  (https://www.worldometers.info/world-population/nigeria-population/#:~:text=The%20current%20population%20of%20Nigeria,the%20latest%20United%20Nations%20data.). so the population of nigeria is only about 15% of china. despite of banning btc miners in china, still crypto tradings are allowed in this country. so no wonder, their volume is still much higher than most countries including nigeria.  you may have read the news regarding the situation of crypto in china but still their trading is still alive.

What is prohibited by the Chinese government is only Bitcoin mining, but trading is still allowed. Because the Chinese government may also realize
that it is useless to ban Bitcoin trading,  because Chinese residents can still trade Bitcoin even if it is prohibited. There are some countries
whose countries completely ban Bitcoin, but still residents can use Bitcoin. The most important thing is that now residents of China and Nigeria
can trade Bitcoin, so it doesn't really matter which country trades Bitcoin more.

Take a look at the population, economic size, number of cities and occupational diversity between the two countries. We can see that China is far ahead of Nigeria in every way. The Chinese people got into crypto very early and they are still quietly involved in crypto activities. We can't tell how far apart the numbers and reality are.

I think that OP should have considered that but I am still surprised at how they're still the biggest even though the government antagonizes the crypto market there and at the same time they're spreading propaganda and their people are just following what they say in almost about anything.

The government of Nigeria should be talking to the president of El Salvador so they can learn the reasons why that small country already legalized Bitcoin and made its official tender. But I guess, the political scene in Nigeria is not yet ripe for the full coming in of cryptocurrency as they might be looking at it as  a tool that can undermine their grip on power...which is actually true in many other countries as well. Bitcoin and crypto as a whole is looked upon as a threat and not as an ally for economic progress of the people. This can be the same mindset in China which recently acted to totally eradicate the presence of cryptocurrency in their big land. Hope that eventually Nigeria will not be doing the China thing and it will instead regulate Bitcoin which they can even gain tax revenues if they wanted to - similar to what the USA had done lately with that debated bill in Congress.

China is bitcoin's largest mining center so natural that the Chinese market is wider than any other country in terms of cryptocurrrency. Because lately the largest cryptocurrency mining company was revealed to be in the company after it will be moved because China prohibits the existence of bitcoin.

There is a big difference between China and Nigeria, as far as I know people in Nigeria are not as enthusiastic about Bitcoin and Cryptocurrency trading when compared to other countries.
In China, although we often hear that the government forbids it, we know that in China there are very large Bitcoin mining companies and the people there have also been deeply involved in cryptocurrency trading.
Therefore, I think it is very reasonable and reasonable that China is superior to Nigeria.

Yes, with the country's governmental instability people who are fortunate enough to be able to use BTC and similar blockchains will definitely use it over the fiat alternative.

China on the other hand has more regulation than Nigeria, and not only that but the numbers reported can also be biased, though we do know that BTC can be common in African countries

When is the difference between banning and freezing your account if you deal with bitcoin? The government of Nigeria did ban Bitcoin. They are just too controlling and that is the freedom Bitcoin brings. They also banned twitter, citizens of that country cannot currently access twitter (unless using a VPN as I heard). But eventually, Nigeria will remove the ban. I have seen how much Nigerians are doing crypto and that number can only grow.

We cannot deny that china has a very large population and china also has a big percentage of cryptocurrency of bitcoin possesion currently.
There many big exchanges are from china or at least has chinese owner.
Also when we heard news from china, fud or good news. There must be a big sudden market movement. So that's how impactful china in cryptocurrency.
I don't think china's goverment are legalize bitcoin also, there so many banning crypto news in china but it i think the people are just using cryptocurrency for investment not for daily use

China has already banned mining and will gradually ban cryptocurrencies. However, it is not ruled out that cryptocurrencies will be re-accepted. I believe that in the future, cryptocurrency will be accepted globally, and now the government is suppressing it because cryptocurrency is out of control. Many scammers defraud Bitcoin and cannot get it back.
When China accepts cryptocurrency, the transaction volume may reach the top three. There are also many cryptocurrency enthusiasts in China.

The only P2P tracking I know is Localbitcoins and everything else is going to be hard to track especially because none of it happens on chain.

But I suppose Defi/DEX trading is all onchain and that is easier to look for analysis, but Bitcoin represents less than 10% of DEX trading, as far as I can look?

The country that doesn't allow you to be socially interacting with eachother and have put bans on social media platforms and media is also central owned which always applause the government and people fear to speak against them how come they can make usage of decentralised crypto bitcoin freely trade in the country? The CCP is full authority over china and kind of dictator democracy is prevailing there like you can speak but no one listens or cares.

But what impact does china have over bitcoin? Nill according to me as miners movement across the shores and hashrate recovery is the sign for it.Every country has it's own perspective of regulating bitcoin and they are trying to compete with some CDBC which have no utility like other shitcoins so bitcoin is going to be above all this.