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From Brazil to Nigeria, people turn to Bitcoin for different reasons than most of their speculating counterparts in North America.
Such is the case with a 28-year-old poker player in Brazil who simply goes by Felipe, for safety.
“Bitcoin is the best medium of money exchange in the poker community,” Felipe said.
Back in 1992, President Fernando Collor de Mello was impeached after confiscating millions of civilian savings accounts to offset national debts.
“It’s very difficult to get Bitcoin, because we don’t have access to any exchanges and there are a lot of scams.
For residents in many emerging markets, demand for Bitcoin is driven by concerns about the overall health of their national economies, not pure speculation.
Unlike North America and Europe, many emerging-market crypto communities only use cell phones for everything from research and trading to storage.
On the other hand, it would be a mistake to assume most emerging-market Bitcoin users are marginalized by the global banking system.
Meanwhile, in Africa, Nigerian P2P Bitcoin volumes dwarf those numbers with a cool $357 million.
Likewise, BuyCoins co-founder Tomiwa Lasebikan said his Nigerian cryptocurrency exchange ballooned from an average of $5 million in monthly volume in December 2019 to $21 million by December 2020.
Nearby, Binance communications lead in Nigeria, Damilola Odufuwa, said her global exchange company facilitated hundreds of virtual events for 17,000 Nigerian crypto beginners in 2020.
“I began using Bitcoin because it let me protect against the bolivar’s devaluation, even without a dollar bank account.”All things considered, Odufuwa said emerging markets saw “tremendous” growth since the pandemic began.
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