Weekly LocalBitcoins Volume In India Doubles Amid Currency And Gold Crackdown
In the end, it doesn't really matter where people are buying their cryptocurrency from. The demand for Bitcoin is surging, as many people had predicted it would. Over the past week, there have been many news stories about Bitcoin in India. After the rupee note ban, the government started targeting gold supplies as well. All of these changes are driving people to Bitcoin, as can be seen on the Coin Dance charts. In fact, the amount of Bitcoin bought and sold through LocalBitcoins has virtually doubled in a week. Surging demand for Bitcoin in India was only a matter of time at this rate.....
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The latest figures from LocalBitcoins show that there has been an increase in the number of users as well as the use of the world’s top digital currency, Bitcoin, in India. According to Coin Dance, weekly LocalBitcoins volume for Bitcoin rose by over 100 percent in the week of Nov. 26 compared to the previous week - that is 27.7 mln Indian Rupee (INR) in the week of Nov. 26 compared to 16.3 mln INR in the week of Nov. 19. Demonetization effect. Several factors could have been responsible for this surge. Top among them is the recent demonetization of certain denominations in India’s....
For those interested in tracking the progress of bitcoin as a true form of money, an interesting data point to watch is the global Localbitcoins volume. There are a variety of different metrics people use to track the adoption of Bitcoin. Some simply track the bitcoin price in terms of US dollars, while others prefer to watch the number of on-blockchain....
Just last weekend, LocalBitcoins set its weekly record trading volume. Across disparate regions, there seems to be a unifying trend: volume is increasing on LocalBitcoins. But this has left some wondering: how much of this trading volume is due to fraud? Most of the transactions done on LocalBitcoins are not done via peer-to-peer cash transactions, but instead on transactions based around intermediary financial institutions. Does this mean that more and more people are dealing in bitcoins by depositing money in other individuals accounts? Nonetheless, it appears on LocalBitcoins, at least,....
The demand for Bitcoin in Colombia seems to be skyrocketing over the past few weeks. Bitcoin trading continues to pique the interest of consumers all over the world. Particularly LocalBitcoins is one of the platforms where new record high weekly Bitcoin volumes can be found on a regular basis. Over the past week, BTC was quite popular in regions such as Colombia, Saudi Arabia, and Thailand. A positive sign for Bitcoin overall, that much is certain. Considering how the Bitcoin exchange situation in Canada is evolving, it’s no surprise to see more interest in LocalBitcoins. The platform has....
Indian mainstream media outlets, including The Times of India and India Today, have begun to extensively cover Bitcoin amid the ongoing crackdown on gold holdings and importation. Some news networks have also expressed their optimism towards the increasing demand for Bitcoin as it is helping the government realize its failing initiative. To the credit of the Indian government, the confiscation, restriction and ban on the importation of gold and the demonetization of banknotes were imposed for the purpose of decreasing criminal activities within India. The initial thought process behind....