Click here to get this post in PDF
Bitcoin trading is gaining popularity in Sudan, as the country’s economic situation continues to deteriorate.
The Sudanese pound has lost more than half of its value against the US dollar since December, and inflation is now running at over 70%.
This has made it difficult for Sudanese people to buy basic goods and services, and many are turning to Bitcoin as a way to preserve their wealth. You can also explore Today Profit for more information
Bitcoin trading platforms like LocalBitcoins are seeing record levels of activity in Sudan, with trade volumes rising sharply in recent months.
The majority of Bitcoin trades in Sudan are being conducted using the Chinese yuan, as most Sudanese traders do not have access to US dollars.
There is also a growing market for Bitcoin in Sudan for remittances, as many Sudanese people have family members living abroad.
Bitcoin offers a way to send money internationally without having to go through traditional banking channels, which can be slow and expensive.
The use of Bitcoin is also growing in Sudan for online payments, as many Sudanese businesses do not have access to credit card payment processors.
Overall, the use of Bitcoin is still relatively small in Sudan, but its popularity is growing rapidly as the country’s economic situation deteriorates.
Bitcoin trading in Sudan has seen a significant surge in popularity in recent years. This is largely due to the country’s economic crisis, which has made Bitcoin a more attractive investment option than traditional fiat currencies.
However, there is still a lack of regulation surrounding Bitcoin trading in Sudan. This makes it a risky investment, as there is no guarantee that you will be able to cash out your Bitcoins when you want to.
If you are considering investing in Bitcoin, it is important to do your research and understand the risks involved. However, if done carefully, Bitcoin trading can be a profitable way to make money.
The past year has seen a surge in Bitcoin trading activity in Sudan. This is largely due to the country’s economic crisis, which has made the Sudanese Pound (SDG) lose over half of its value against the US dollar. As a result, many Sudanese have turned to Bitcoin as a way to preserve their savings.
According to data from LocalBitcoins, a peer-to-peer Bitcoin trading platform, the number of Bitcoin trades in Sudan increased from just over 100 in January 2017 to nearly 1,000 by December. The total volume of Bitcoin traded also rose from around $1 million in January to nearly $10 million by December.
The majority of Bitcoin trading in Sudan takes place on LocalBitcoins, where users can buy and sell Bitcoin using a variety of payment methods, including cash.
Paxful, another peer-to-peer Bitcoin trading platform, also saw an increase in activity from Sudanese users in 2017. The number of trades on Paxful increased from around 50 in January to nearly 500 by December.
The rise in Bitcoin trading activity in Sudan comes as the country is facing an economic crisis. Inflation in Sudan hit a record high of 70% in November 2017, and the value of the Sudanese Pound has plummeted against the US dollar.
As a result of the economic crisis, many Sudanese have turned to Bitcoin as a way to preserve their savings. Bitcoin offers a convenient and decentralized way to store and transfer value, which is particularly appealing in a country like Sudan where the banking system is not particularly reliable.
The rise in Bitcoin trading activity in Sudan is also likely to be driven by the fact that the country has one of the highest mobile penetration rates in Africa. According to data from the International Telecommunication Union, there are over 70 million mobile phone subscriptions in Sudan, which is equivalent to a mobile penetration rate of around 90%.
This high level of mobile penetration means that Sudanese users are able to trade Bitcoin using their phones, which makes it a convenient and accessible way to buy and sell the digital currency.
Looking ahead, it is likely that Bitcoin trading activity in Sudan will continue to grow as the economic crisis deepens.
Bitcoin trading in Sudan has increased exponentially in recent months, as the country’s economic crisis has deepened.
The Sudanese Pound has lost over half of its value against the US Dollar since December 2019, and inflation is now running at over 70%.
As a result, many Sudanese have turned to Bitcoin as a way to preserve their wealth.
Bitcoin trading volume on LocalBitcoins, a peer-to-peer Bitcoin trading platform, has surged in recent months.
In January 2020, Sudanese traders bought and sold around $1.4 million worth of Bitcoin on LocalBitcoins.
You may also like: Bitcoin Traders and Its Role In The Cryptocurrency Economy
Image source: Shutterstock.com
