Bitcoin Search Interest Peaking in Africa and South America

June 19, 2020

Blockchaincenter.net has compiled Google Trends data and concluded that the search interest for Bitcoin (BTC) is highest in South America (Brazil) and Africa (Kenya).

An interactive map posted by blockchaincenter.net shows that Brazil and Kenya are currently dominating the bitcoin search interest on Google. This information comes from Google’s very own tool Google Trends, which features how frequently a given term is entered into the Google search engine about the total number of searches over a given period.

The data shows that almost every cryptocurrency search in Africa is connected to Bitcoin. This may be anything from BTC, Bitcoin Cash (BCH), Dogecoin (DOGE), Cardano (ADA), Ethereum (ETH), IOTA, Litecoin (LTC), XRP, Litecoin (LTC), and Tron (TRX).

Particularly in Kenya, 94.7% of all searches include Bitcoin in comparison to its neighbors Nigeria and South Africa where the percentages peak at 89.4% and 89%.

It is worth noting that some of these searches are using VPNs since trading in cryptocurrency is outlawed in a lot of countries people try to search for the data using the Virtual Private Network providers to reduce the chances of landing on the local government’s radar.

This is commonly utilized in countries like New Zealand where people trade with cryptocurrency and then use online casino slots in New Zealand (NZ) to deposit and exchange their winnings into local currency.

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The casino industry in NZ is monopolized by the government.

In general, gambling is illegal unless it is authorized by or under the Gambling Act 2003.

This means that people who want to continue their online gambling adventures have to resort to using VPNs, seek out foreign online casinos, and then deposit money using cryptocurrency to keep their anonymity.

Their winnings can be exchanged back into their local currency at the online casino itself. This results in an increased interest in Bitcoin and other cryptocurrencies in less regulated regions of the world like Kenya and Brazil.

It is also worth noting that cryptocurrency adoption is happening in developing countries at much higher rates than in developed ones due to their economy not being set in stone yet, which gives natural flexibility to the government to adopt new and experimental methods.

Cryptos in Africa

The Google Trends pattern creates a strong wind towards the idea that African countries are slowly becoming key cryptocurrency players in the whole world. The speaker of the Nigerian House of Representatives called for a legal framework for cryptocurrencies back in July 2019.

This has shifted the interest from the whole government into developing new regulations towards said currencies. The main interest in such countries as the inflow of money coming from local traders.

When a Nigerian person starts trading and accumulating money it is then transferred into the local currency, thus, creating a steady stream of income pouring into the country. The best part is that there is a very minimum infrastructure required to enable the citizens to start trading.

The requirement is internet penetration, which is increasing anyway since it is a requirement in the 21st century. According to Internet World Stats information since 2011, internet penetration has been steadily increasing due to the overall development of the country.

South Africa has 13% of cryptocurrency ownership in Africa, which is the highest in the whole region. In April 2020 the country’s financial regulator issued a new statement concerning the regulations of the crypto assets.

It has been highlighted that the regulation of the crypto assets will start as soon as possible because crypto-assets and activities “can no longer remain outside of the regulatory perimeter.”

As to what kind of effect this is going to have on the overall market remains to be seen.

Pandemic and Bitcoin

Bitcoin has been used as a response to the novel coronavirus pandemic to give the economies some kind of a breathing ground for lots of countries all across the world. Out of the top 10 most bitcoin maximalist countries, South America has 4 spots in comparison to Africa’s 3, with Brazil leading the race with the highest search interest for bitcoin on the continent netting 92.6% with Ecuador and Chile coming in close with 89% and Argentina slacking behind but firmly sitting at 87.7%.

The coronavirus pandemic has sparked a huge interest in cryptocurrencies and bitcoin in particular. The ongoing political processes also reinforce this pattern. BTC has peaked at $10,500 per bitcoin, which is one of the highest at this moment.

This fact is also hardened by the data of peer-to-peer trading peaking in Argentina, Chile, and Venezuela.

Venezuela has been pushing its cryptocurrency, Petro, for the last couple of years to try and get out of the crisis. Although, the government plan didn’t work as intended with President Maduro announcing the Petrol-powered casino from which the profits will allegedly finance the health and education programs.

This recent growth in interest may be due to the suspension of the country’s national banking system indefinitely.

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Benefits of trading crypto through an FX broker

Cryptocurrency is similar to digital money, also called virtual currency or cryptocurrency. That means that every financial operation is online and physical coins or bills are not needed. Bitcoin is the most popular crypto, however, there are already many other kinds of cryptocurrencies. You can trade with crypto to make quick transactions and avoid additional charges. Cryptocurrency may be gained as an investment to be increased in value. Cryptocurrencies can be bought with a banking card or through the process named “mining”. Before you start trading crypto, there are several important facts you need to know, for example, that it does not have the same protections as, for example, US dollars and that there are many scammers you need to be careful about. Trading crypto through a broker The most common way to obtain crypto is through exchanges. They can also be purchased at the special ATMs that exist for cryptocurrencies or someone can send them directly to your electronic wallet. Choosing an exchange is a very delicate issue since some of them are not protected technologically speaking. Many have a low level of security, which makes them easy targets for hackers, resulting in you losing your coins, without the possibility of recovering them since they do not have guaranteed funds to back up your investment. Others have been created by skilled scammers, who seek to attract novice investors who are looking for where to buy cryptocurrencies, to disappear at some point once they have your money. On the other hand, there are currently a large number of exchanges or brokerage houses in the crypto-asset market, and exchange and storage houses, which have the trust of a large number of people who have benefited from their services. They are also backed by the experience provided by thousands of successful operations in the digital market. So, you can trade with crypto through the broker, for example, through an FX broker. A broker is a person who negotiates for the traders on their behalf. In other words, a trader deposits money to the broker, who offers them different products. The trader does not have to trade his own deposited crypto or fiat money, but they can choose a separate dealing pair. The broker will find a counterparty for the purchase or even perform the trade. Benefits of crypto trading Crypto is not protected by the government like bank deposits, however, it has a decentralized nature and is out of government control, so third parties can not interfere with your transactions. One more benefit of trading cryptocurrencies is that there is no need for physical assets. Unlike cash, it does not require a bank account. When the exchange rate changes between two currencies, the value will change according to market fluctuations. It is a way of creating a way for people who are new to the world of commerce to get started at little or no cost. The use of cryptocurrencies also has a series of advantages for investors, including the speed of your transactions, low costs in your operations, and anonymity allows operations to be carried out incognito. According to financial experts, reproduction or duplication is because of the sophisticated combination of proven cryptographic techniques, which means that each trader has personal keys that are necessary to make any type of financial operation. Cryptocurrencies have irreversible transactions, meaning that third parties are not able to cancel or modify the transactions that are already performed with crypto as there is no third regulative body to regulate the operations. Another advantage for crypto is that they are defined by their immediacy. For example, if we have foreign customers, this payment technique could considerably fasten the trade process, particularly between banks in states that do not have international treaties with each other, and payment processes might be late for a long time. The advantages of cryptocurrencies should soon outweigh their disadvantages thanks to a regulation that is gaining traction. The arrival of institutions would give enormous exposure to the market and accelerate the integration of solutions in our daily lives. Source: topratedforexbrokers.com
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Binance Issues Risk Warnings for 10 Cryptocurrencies Including Travala and IOTA

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IOTA, which was initially designed for Internet of Things (IoT) applications, has undergone several changes in its monetary policy that have raised concerns about its long-term sustainability. Other tokens that have been added to Binance’s risk list include: Chiliz (CHZ): A token that powers fan engagement in sports and entertainment. Enjin Coin (ENJ): A platform focused on blockchain-based gaming. Lisk (LSK): A decentralized platform that enables developers to build blockchain applications. Metal DAO (MTL): A platform that rewards users with crypto for converting fiat to digital assets. Orion (ORN): A decentralized liquidity aggregator. Self Chain (SLF): A relatively new project aiming to create an ecosystem for decentralized applications. Solar (SXP): A decentralized blockchain project with a focus on governance. Vanar Chain (VANRY): A blockchain network that recently gained attention but also raised concerns over its tokenomics. These tokens have been identified by Binance for closer monitoring due to significant changes in their supply or monetary policies. While some of these projects have gained attention for their innovative use cases, the adjustments in their tokenomics have raised flags for potential risk, leading to Binance’s decision to introduce a warning system. Binance’s Risk Management Strategy To ensure that users are well-informed, Binance will display a risk warning banner and a pop-up notification whenever users attempt to trade or invest in any of the flagged tokens. The goal is to provide transparency and caution users about potential risks related to the assets they are considering. Binance has emphasized that this new policy is not just limited to the 10 cryptocurrencies currently under observation. Any token listed on Binance in the future that undergoes substantial changes in its tokenomics or experiences a significant increase in supply will also be subject to these risk warnings. This move comes at a time when the cryptocurrency market is becoming increasingly complex, and users are seeking more guidance in navigating the rapidly evolving landscape. By adding this layer of transparency, Binance is positioning itself as a platform that prioritizes user protection and informed decision-making. Impact on the Cryptocurrency Market The introduction of Binance’s risk warning system is expected to have a ripple effect throughout the cryptocurrency market. For traders and investors, these warnings can serve as a valuable tool for assessing the risks associated with specific assets. With the cryptocurrency market known for its volatility, having access to clear and transparent information about potential risks is crucial for making informed investment decisions. For the projects affected by Binance’s new policy, this could have both positive and negative implications. On one hand, being flagged as a “risky” asset could deter some investors, leading to reduced trading volumes and downward pressure on the price. On the other hand, this transparency could also prompt these projects to make adjustments in their tokenomics or increase communication with their communities to address concerns, potentially leading to a more sustainable long-term outlook. Travala, for example, has been actively expanding its partnerships, including its collaboration with SkyScanner. The increased use of AVA tokens in the travel industry could bolster its value proposition in the long run. However, with Binance’s risk warning in place, Travala may need to work harder to reassure its users and investors about the stability and future of the AVA token. Similarly, IOTA’s evolving infrastructure and recent network updates may be promising in terms of technology, but investors will likely be cautious until there is more clarity on its monetary policy and supply dynamics. Binance’s Commitment to Transparency and User Protection Binance has long positioned itself as a platform that prioritizes user protection and transparency. The introduction of risk warnings for specific tokens is in line with this philosophy. By providing users with detailed information about potential risks, Binance aims to empower its community to make better-informed decisions. The exchange’s decision to implement these risk warnings was partly driven by feedback from its user base. In recent months, Binance has faced criticism from some corners of the crypto community for not providing enough information about the risks associated with certain tokens. This new policy addresses those concerns and sets a precedent for how cryptocurrency exchanges can manage risk in an increasingly complex market. As Binance continues to grow and evolve, it is clear that the exchange is taking steps to ensure that it remains a trusted and reliable platform for cryptocurrency trading. The introduction of risk warnings is a significant >>Read more
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Bitcoin Search Interest Peaking in Africa and South America

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