Obtaining Bitcoin can be done through a variety of ways. Most people prefer buying from an exchange or broker, whereas others use peer-to-peer solutions. The Paxful trading volume in the Middle East and North Africa is picking up significantly in recent months.
A Growing Demand for Bitcoin Through Paxful
Gauging the global demand for Bitcoin is always a complex procedure. The trading volumes reported by exchanges are only one part of the story. Moreover, there are still concerns of wash trading, as not all exchanges are transparent. Even if they were, it is often impossible to tell which countries show an increasing demand for cryptocurrency.
Looking at statistics from peer-to-peer platforms often tells a more complete tale. Both Paxful and LocalBitcoins are very powerful and popular options for those engaging in peer-to-peer Bitcoin trading. The most recent statistics by Paxful in the Middle East and North Africa confirm things are heading in the right direction.
There is a genuine increase in trading volume in Turkey, the UAE, and Saudi Arabia. All of these countries can play a growing role of importance in the cryptocurrency world. Particularly the increase in volume in Saudi Arabian Riyal is impressive. It has more than doubled in the past week. Despite this growth, it still represents $87,770 in total volume, which might not impress too many people.
Overall growth in Turkey is also worth keeping an eye on. An increase from $15,839 to $28,467 is significant, albeit it only represents one extra Bitcoin being bought in an entire week. Any growth is beneficial to the cryptocurrency industry, however. It also shows that more people are finding out about Paxful in general.
LocalBitcoins Volume Decreases Slightly
It is interesting to note how the Paxful and LocalBitcoins volumes often tend to look very differently. Although the volume gap is not all that great right now, it is a remarkable trend. Overall, LocalBitcoins notes much greater volume compared to Paxful, but that also means potential drops in volume will be a lot steeper.
In the past two weeks, the LocalBitcoins volume has declined across the board, except for Egypt. That is the only region across the Middle east and North Africa to note a minor increase in volume. An increase from $99,244 to $111,332 is more than respectable. Given the current Bitcoin price, this is a difference of just over 1 extra BTC being traded.
All other countries, however, show less of an appetite for Bitcoin right now. This applies as much to the UAE as it does to Morocco, Saudi Arabia, Turkey, Kuwait, Jordan, and so forth. The biggest decline can be found in Morocco, as the LocalBitcoins volume decreased by nearly 37%.
Such a dip in volume is nothing to be too concerned about. A rising Bitcoin price can make the asset less appealing to those diversifying their portfolio with limited financial assets. Moreover, the trends can look very different in a few weeks from today. Raising more awareness about Bitcoin in the Middle East and North America remains a priority. There is still a lot of work to be done.