BITCOIN TRADING

According to data scientist Matt Ahlborg, LocalBitcoins trading data concludes that Venezuela did more peer-to-peer Bitcoin trading in 2018 than Canada, India, and Australia combined. Venezuelan trading topped $235 million. For perspective, the United States only clocked in $373 million, and it is the largest economy in the world. In total, peers traded $3.1 billion over the course of the year.

One factor that limits trading in more advanced countries is the price spreads seen on LocalBitcoins. To buy Bitcoin there, one will invariably pay several percent above the market rate. A premium is also had when selling on the site, but the only way to obtain the maximum is to create your own selling ad. In regions where people can obtain accounts with companies like Simplex or Coinbase, these centralized services make more sense.