In March 2019, the Bitcoin trading volume in Benin reached an all-time high of $5 million. The country is home to a number of Bitcoin trading platforms, including LocalBitcoins, Remitano, and Paxful. Explore BitiCodes review for gaining proper tips and tricks of bitcoin trading.
While the majority of Bitcoin trading in Benin takes place on LocalBitcoins, there is a growing interest in other platforms as well. In particular, Paxful has seen a significant increase in users from the country.
The popularity of Bitcoin in Benin can be attributed to a number of factors. First, the country has a large population of unbanked individuals. According to the World Bank, only 28 percent of the population has access to formal financial services.
This creates a demand for alternative financial services, which Bitcoin trading platforms can provide.
Second, Benin is plagued by a number of economic problems. Inflation is high, and the currency is unstable. As a result, many residents are looking for ways to protect their savings from devaluation.
Bitcoin can offer a solution to this problem as it is not subject to the same economic conditions as fiat currencies.
Third, Benin is located in a region of Africa that is rife with conflict. This makes it difficult for residents to send and receive money using traditional methods.
Bitcoin trading platforms provide a way for people to transact without having to worry about being caught in the crossfire of a conflict.
Fourth, the use of Bitcoin is not yet regulated in Benin. This means that there is no government interference or restrictions on how people can use the digital currency.
Finally, a number of Bitcoin trading platforms offer attractive features that appeal to users in Benin. For example, LocalBitcoins allows users to trade in person or online.
Remitano offers escrow services to protect buyers and sellers from fraud. And Paxful provides a peer-to-peer marketplace that allows users to buy and sell Bitcoin using a variety of payment methods.
The combination of these factors has made Bitcoin trading very popular in Benin. As the country’s economy continues to struggle, it is likely that the demand for Bitcoin will only increase.
Bitcoin trading has become increasingly popular in recent years, particularly in countries like Benin where the local currency is not always stable. Bitcoin offers an alternative way to store and transfer value, and can be used to make purchases both online and in person.
There are a few different ways to buy Bitcoin in Benin. LocalBitcoins is one option, allowing users to find others in their area who are willing to trade Bitcoin for cash or other payment methods. There are also a number of Bitcoin ATMs located throughout the country.
Another option is to use a peer-to-peer exchange like Paxful or Bisq, which allow users to trade directly with each other. These platforms usually offer a wider range of payment methods than LocalBitcoins, including bank transfers, gift cards, and even PayPal.
Once you have obtained some Bitcoin, you will need a place to store it. A Bitcoin wallet is a digital piece of software that allows you to store, send, and receive Bitcoin. There are a variety of different wallets available, and which one you choose will depend on your needs and preferences.
If you want to use Bitcoin to make purchases online or in person, then you will need a wallet that supports this functionality. Some popular options include Breadwallet, Copay, and Electrum.
If you are simply looking for a place to store your Bitcoin long-term, then a more basic option like a paper wallet or brain wallet may be sufficient.
Once you have chosen a wallet, you will need to obtain some Bitcoin to put in it. One way to do this is by purchasing Bitcoin from an exchange. Another option is to accept Bitcoin as payment for goods or services that you provide.
Once you have some Bitcoin, you can start using it to make payments or purchases online. Many businesses now accept Bitcoin as a form of payment, and more and more merchants are beginning to accept it every day.
You can also use Bitcoin to send money to friends or family members who live in different countries. This can be a cheaper and faster way to send money than using traditional methods like banks or money transfer services.