GreatArkansas (OP)
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October 04, 2020, 10:13:07 PM |
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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
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hatshepsut93
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October 04, 2020, 10:35:05 PM |
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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.
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Harlot
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October 04, 2020, 11:13:33 PM |
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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?
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.
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Rengga Jati
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October 04, 2020, 11:16:16 PM |
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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. 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://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FKlGN9VD.png&t=665&c=pCI6lp4fc2_-6A) 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/paxfulhttps://cointelegraph.com/news/dsfghjkl
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sheenshane
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October 04, 2020, 11:52:08 PM |
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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.
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tranthidung
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October 05, 2020, 04:49:17 AM |
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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) Additionally, I showed that P2P BTC traders were increasingly coming from economically oppressed economies. How is that not a case study?
Specifically, in the Asian-Pacific region, there are a few nations in which total trading volume on P2P marketplaces have significant increases this year.
Some good articles and pages on which you can keep your follow-ups on P2P markeplace growths. Data for specific nations:
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o_e_l_e_o
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October 05, 2020, 09:28:52 AM |
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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? 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. 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. 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.
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fiulpro
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October 05, 2020, 09:36:53 AM |
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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.
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Oasisman
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October 05, 2020, 10:06:44 AM |
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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.
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Jet Cash
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October 05, 2020, 10:18:14 AM |
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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=5280069.0I 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.
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claire_lovely
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October 05, 2020, 10:54:29 AM |
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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.
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buwaytress
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October 05, 2020, 10:57:53 AM |
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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.
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davis196
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October 05, 2020, 12:05:06 PM |
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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.
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joniboini
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October 05, 2020, 12:31:18 PM |
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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.
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tranthidung
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October 05, 2020, 02:19:16 PM |
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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.
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noorammak
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October 05, 2020, 03:54:00 PM |
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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.
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BrewMaster
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October 05, 2020, 03:54:25 PM |
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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.
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.
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There is a FOMO brewing...
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Vatimins
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October 05, 2020, 04:10:38 PM |
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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
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Bttzed03
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October 05, 2020, 04:20:29 PM |
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This shows to me,that people in the third world countries are becoming desperate and looking for a financial alternative.~
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.
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Swordsoffreedom
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October 05, 2020, 07:11:51 PM |
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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.
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