P2P Bitcoin Trading Grows For Bisq And Paxful, LocalBitcoin Drops

P2P bitcoin trading activity continues growing especially for platforms such as Bisq and Paxful as we are reading further in the Bitcoin news updates.

P2P bitcoin trading for the Bisq platform shows that there’s an increasing amount of Bitcoin traders that prefer to trade on a private peer-to-peer basis. Bisq is an open-source decentralized peer-to-peer trading app that allows the users to buy and sell bitcoin with the key difference between it and other P2P marketplaces being the trading application not requiring users to undergo ID verification process. The platform also doesn’t store the users’ funds and it is built on top of Tor to enhance transaction privacy for the users.

Bisq had a great year in 2019 since its highest volume week saw about $9 million worth of BTC traded and in total the trading volumes increased in 2019 compared to 2018 amounting to more than $112 million. While Bisq has low trading volumes than other P2P bitcoin exchanges, it is increasingly popular for individuals who prefer their privacy and financial sovereignty.

The trading volumes are now down on P2P trading platforms such as localBitcoins compared to 2018 which was the year when the KYC was introduced. However, LocalBitcoins still plays a fundamental role for the traders in emerging markets that are suffering from economic downturns and in places where people cannot use local exchanges. The exchange experienced record trading volumes in Colombia, India, Egypt, and Mexico most of which are countries that are suffering from economic turmoil in 2019.

The US-based P2P bitcoin exchange Paxful had its best year regarding the trading volumes since its launch in 2015. According to the trading volume by Coin Dance, Paxful experienced a steady increase in volumes in 2019. Similarly to LocalBitcoins, a lot of the trading activity on the P2P marketplace came from emerging markets such as China, Kenya, India, and the UAE.
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The company stated that Nigeria and Ghana were its two largest markets. It is important to note that Paxful’s trading volumes grew in developed markets such as Europe, Australia, the UK, and the US. Paxful traded more than $1 billion in crypto over 2019 according to the data.