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Crypto Payment Firm: ‘Volume of Transactions in Africa Has Risen 130 percent in 2018’

Crypto Payment Firm: ‘Volume of Transactions in Africa Has Risen 130 percent in 2018’
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A site enabling consumers to buy Bitcoin using hundreds of different payment methods says demand is thriving despite declining cryptocurrency prices — with Africa being its biggest market.

Paxful says the volume of transactions it has processed from the continent has risen by more than 130 percent — and now, an average of 17,351 trades per day are being made by its users in Africa.

As well as enabling consumers to buy crypto using debit cards and platforms such as PayPal, the company has carved a niche in the market by allowing users to exchange gift cards and vouchers for Bitcoin. Indeed, Paxful says that this was the most popular payment method for crypto last year in terms of trading volume.

The website’s team says a recent spike in activity began toward the end of November. Although it is possible that Christmas contributed to the rising demand, with visitors opting to exchange their unwanted presents for digital assets, Paxful believes that the spike is due to the current climate — with crypto enthusiasts choosing to hold their Bitcoins during the bull market and sell during the bear market.

Bitcoin: An alternative currency

Cryptocurrency has been thriving in Africa for a simple reason: Many currencies on the continent have suffered unprecedented levels of instability for years, with little sign of improvement. Back in October, the South African rand suffered its steepest drop in a decade — amid a backdrop of political infighting.
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