Bitcoin Usage up in Vietnam, Bangladesh & South Africa
The total number of bitcoin (BTC) wallet transactions has spiked in Vietnam, Bangladesh, and South Africa, with monthly activity figures up 25%, 16% and 15.9% respectively on major wallet and exchange platforms.
The company shared the news in a blog post, adding that although BTC experienced a drop in market capitalization for June 2020 (down 2.8% from May to USD 168.47 billion), the total number of confirmed BTC transactions on the platform rose by 1.1% to 9.2 million.
The three states topped the company’s “top-10 list of countries showing increasing use of Blockchain.com products,” and were followed by Argentina, Bulgaria, Nigeria, Japan, the Dominican Republic, Switzerland, and Pakistan.
There were falls in China, Latvia, and Belarus, the top three countries where Blockchain.com wallet transactions decreased month-on-month – down 39.2%, 19.7%, and 16.6%, respectively.
There were also falls in other traditionally crypto-keen nations, with Kazakhstan, Belgium, Morocco, Mexico, Hong Kong, Moldova and Singapore making up the rest of the top-10 countries where Blockchain.com transaction volumes have fallen.
The company added that BTC ownership concentration “continued to widen” last month, with a 1.3% rise in the number of wallets holding at least BTC 0.1 (USD 923). There was also an increase of just under 0.5% in the number of wallets with BTC 1 or above.
Data from other crypto companies appears to suggest that crypto users in some nations may not be as bullish as Blockchain.com’s figures seem to suggest.
Data from the LocalBitcoins platform on June performance show that peer-to-peer (P2P) bitcoin trading on the platform actually dropped in Vietnam last month when compared to May 2020 volumes.