Úno 19

Bitcoin TX Volume Up 55% as Grexit Looms Again

· February 19, 2017 · 7:00 am

Bitcoin’s transaction volume for 2017 has increased 55% as optimism and dissatisfaction with fiat alternatives fuel investment and trading.


Bitcoin’s Sustainable Growth

Figures republished by ARK Invest’s product lead Chris Burniske show impressive yet sustained growth in volume compared to the 2015-16 jump of 118%.

“…This is transactional volume using (bitcoin) as a means of exchange, very different from trading volume within exchanges,” he noted.

Aside from the repercussions of China’s regulatory shake-ups, there is now a growing number of countries worldwide where deep-seated problems with fiat are driving uptake of Bitcoin as a safe haven investment or transaction method.

Venezuela, India, and Mexico have all made the headlines in recent months, and now a fresh Greek debt crisis is leading commentators to suggest that country’s disgruntled citizens could soon join them in the rush for Bitcoin.

Demand Outweighs Supply

At the same time, Burniske notes the consequences of Bitcoin’s annual rate of supply inflation dropping to 4% last summer may only now be showing.

He quoted entrepreneur and investor Alistair Milne, who tweeted earlier Saturday that “it seems possible that for the first time in its history, Bitcoin’s daily mined supply can no longer meet the demand from new users.”

Demand outpacing supply is music to the ears of the endless investors, Milne also noting major US exchange Coinbase had achieved 300,000 new user signups in the past 15 days. In fact, Coinbase total accounts will soon hit 6 million according to their stats:coinbase

Greece Buzzword Again

All eyes meanwhile will be on Greece Monday as representatives gather with the European Central Bank and International Monetary Fund, ostensibly as Greece pays back €7.5 billion as part of a previously agreed debt arrangement.

However, renewed warning signs from the country’s government suggest that not only is Greece unwilling to repay on time, but may also run out of cash completely by July, thus defaulting on the remainder of its €31.7 EU bailout.

US-ECONOMY-LAGARDE

Nonetheless, it is likely the IMF will contribute to a further €5 billion loan as an interim measure, with a spokesperson telling Reuters, “We will not comment on speculation. The Fund’s position is well known and hasn’t changed.”

So too, it appears, is the opinion of currency speculators and others perceptibly affected by any jitters from Greece.

“Foreseen financial troubles in Greece and Italy could also shore up demand for the cryptocurrency in the coming weeks,” FXDailyReport’s forecast for Thursday reads.

What do you think about Bitcoin’s growth this year? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter, Coinbase

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Úno 29

LocalBitcoins Volume In South Africa Shows 50-fold Growth In One Year

Source: bitcoin

Bitcoinist_South Africa

The concept of Bitcoin has been attracting attention from all over the world in recent years. Digital currency provides a way to achieve financial freedom regardless of one’s location or access to existing services and platforms. South Africa seems to be taking a serious liking to Bitcoin in recent weeks, as the LocalBitcoins trading volume keeps spiking week over week.

Also read: London Bitcoin Forum – The Conference for Bitcoin & Blockchain Innovations – Kicks Off March 23rd

South Africa Goes Through Financial Turmoil

Historically speaking, the increase in trading volume on LocalBitcoins in South Africa has been taking place since April of 2015. Even though a small increase is nothing to make note of these days, the volume has been steadily increasing ever since that time. Or to be more precise, the LocalBitcoins volume has grown by almost 5,000 percent in the past eleven months.

Financial trouble has been brewing in South Africa for quite some time now, as the country has gone through no less than three different finance ministers in less than a week in December of 2015. Even though Pravin Gordhan had served as a finance minister from 2009 to 2014, his appointment at the end of 2015 was a drastic move to put investors’ minds at ease.

The previous finance ministers between the end of 2014 and December 2015 have been able to reign in state spending, which was a cause for great joy among South African citizens. However, the South African Rand fell to record lows during this same period, part of which could be blamed on the increasing USD value.

A weak Rand is creating financial instability in the country, forcing residents and investors to look for other options. Bitcoin seems to prevent the answer to the problem, as this popular digital currency is available to anyone in the world, without oversight from banks or governments.

However, obtaining Bitcoin can be a bit of a problem for novice users. Luckily, there are platforms like LocalBitcoins, which connects buyers and sellers of digital currency with each other. Unlike traditional Bitcoin exchanges, LocalBitcoins will not touch customer funds at any step along the way, as they just act as a platform to connect interested parties and create a reputation system for individual users.

LocalBitcoins Usage On The Rise

It should come as no surprise to find out the Bitcoin volume against the South African Rand is seeing a healthy boost on LocalBitcoins. The transaction volume has been increasing month over month since April of 2015, and business has seriously picked up as of November of last year. This surge in Bitcoin volume appeared around the same time the country when through three ministers of finance, so there might be a correlation there.

At the time of publication, LocalBitcoins reached a weekly volume of 12 million South African Rand in the past week. This is quite an increase compared to the last week of February in 2015, as the volume then was sitting at 251,254 Rand. To put this into numbers people can relate to, the LocalBitcoins volume in ZAR increased from US$16,624.66 per week to US$746,240.43 in less than one year.

What are your thoughts on this major LocalBitcoins trading volume in South Africa? Will this trend continue? Let us know in the comments below!

Source: Coin Dance

Images courtesy of LocalBitcoins, Shutterstock

The post LocalBitcoins Volume In South Africa Shows 50-fold Growth In One Year appeared first on Bitcoinist.net.

LocalBitcoins Volume In South Africa Shows 50-fold Growth In One Year

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