A new research suggests that Russia currently dominates LocalBitcoins volumes with 26.5 percent followed by Venezuela’s 12.2 percent. This establishes the fact that Russia is having many traders compared to Venezuela and other countries. In 2013, it was revealed that 90 percent of the volume came from the United States, Australia and the United Kingdom, and now it is interesting to see they have a just 19 percent altogether of the present market.
An augmentation in the production percentage of world’s largest cryptocurrency indicates that the nation is presently utilizing more Bitcoin than before. China’s name is not on the list due to its strict regulations on cryptocurrencies although the blockchain technology is highly accepted in the country.
The research report says that if the volume of LocalBitcoins rises, it is undoubtedly a very good indicator of amplified demand for Bitcoin in Russia followed by Venezuela. However, the data has some important issues, which says that there lies no option to switch volumes to USD from the local currency and, on the other hand, there is no way to weight the volume per the population of each nation.
It directly means if Russia appears in the first place for having a lot of people, Venezuela comes in the second rank due to the inflation. The research revealed by The Block says that almost all the South American nations are confronting growth due to Venezuela’s hyperinflation that is currently expected to be near to 200,000 percent annually. The International Monetary Fund (IMF) estimated its growth to touch 1,000,000 percent by the completion of 2018, the economical state that took place in Weimar Germany and Zimbabwe in 1920 and 2000 respectively.
CoinDance shows weekly LocalBitcoins volumes in the Venezuelan Bolivar have gone parabolic since the end of March 2018. “Although the US sanctions are not yet prohibiting dealings with an average Venezuelan citizen, we tread carefully because US companies are barred from dealing with specially designated Venezuelan nationals,” Galiano Tiramani, CEO of US-based Tirex Trading, as reported by Forbes.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]