Bitcoin adoption keeps growing as trading volume hits $4 billion
Australia's trading volume on Paxful
Ecuador, a country where bitcoin was banned back in 2014 by the then/president so that national electronic money could take its place, seems to be having new volume heights with the cryptocurrency.
According to Bitcoin.com, the government-s digital currency, Dinero Electrónico, pegged one-to-one with the U.S. dollar, isn’t trusted by the citizens. Alternatively, bitcoin keeps getting new users as even on LocalBitcoins users keep on trading right under the nose of authorities who neglect to punish these actions. Some businesses even risk accepting bitcoin!
Brazil's trading volume on LocallBitcoins
Meanwhile, according to data from Coin.Dance, trading volume on LocalBitcoins and Paul has been skyrocketing in countries like Brazil, Australia, and India – the country that asked its people whether or not it should legalize digital currencies.
The total cryptocurrency trading volume has recently hit $4 billion, making it as large as that of some of the smaller stock exchanges out there, including that of Australia, for example. Major stock exchanges reach $1 trillion in volume and even though we aren’t there yet, it’s just a matter of time.
Yes, everybody is watching the $200+ moves in daily increments so naturally they want in on that action. It's human nature of course. :-) I'm hoping that the U.S. exchange traded bitcoin tracker GBTC continues to show increased volume. It "obviously" makes more sense to trade it than "actual" bitcoin becuz you will never have problems gettting out of it within a few seconds. With bitcoin you may not even be able to log into the exchange to execute your sell order. Here's what the bitcoin addicts "need to" trade instead of actual bitcoin...the ones that aren't long term holders of course. Most of the new buyers will likely not be long term holders as they will certainly panic out on any move lower to a new low since the high was set. Specially if it comes in $200/day increments.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=gbtc&x=49&y=12&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9
Very nice post. Ecuador is great example how goverments try to force or ban assets, but market always wins at the end. The funny thing is that their electronic currency has got almost no positive features of cryptocurrencies so it is natural for market inside country to adapt BTC instead.