TOP > News > [Report] Peer-to-Peer Bitcoin Transaction in the Philippines Surges in 2018
January 31, 2019 Published

Despite the price correction of bitcoin, LocalBitcoins still recorded a surge of transactions in 2018 versus the previous years.




January 31, 2019: Data from LocalBitcoins has shown decreased peer-to-peer bitcoin transaction activity in the Philippines during the 4th quarter of 2018. Upon looking at the big data, however, the records show that bitcoin transactions in the Philippines have drastically increased in 2018 compared to previous years.

LocalBitcoins (Weekly Q4 2018)

The table above shows bitcoin transactions (Philippines) at LocalBitcoins as recorded by Coin Dance. While there was an uptick in transactions in November 2018, it went flat immediately by December 2018. The highest recorded volume was on the week of November 11, 2018 at Php 20,022,000 and the lowest volume was recorded at the tail end of 2018 at Php 1,586.026.

It is interesting to note that the weeks that record the lowest volumes are also weeks where there are holidays in the Philippines.

It also coincided as well with the steep drop of bitcoin’s market cap and price per USD at the beginning of December 2018.

LocalBitcoins Philippines (Quarterly 2018)

The table above shows the total worth of bitcoin transactions every quarter as recorded by Coin Dance. Interesting to see that despite the bitcoin craze in Q1 2018, there are more bitcoin transactions in Q3 2018. Q3 2018 is when bitcoin suddenly spiked to USD 8,000 by August 2018. A recognized mini bull run, it was noted previously on BitPinas that it was possible people were chasing the bull run during that month.

Transactions exceeded Php 240,000,000 in Q3 2018. Q2 has the lowest output at Php 87,000,000, around the time when bitcoin slid steeply down from its all-time high of near USD 20,000 (Php 1,000.000). (Check out our complete guide on how to buy cryptocurrency in the Philippines.)

LocalBitcoins Volume Philippines Yearly

The table above shows an increasing number of bitcoin transactions in the Philippines since 2013. It was in 2017 when transactions recorded an uptick. Remember that 2017 ended with a wild uphill bitcoin price trend that all came down by March 2018.

Yet, despite the price correction of bitcoin, LocalBitcoins still recorded a surge of transactions in 2018 versus the previous years. The record shows an almost twice the worth of transactions in 2017. (Read More: Cryptocurrency Wallet Philippines Guide.)

It is also interesting that despite the addition of companies legally allowed to facilitate crypt to fiat transactions, peer-to-peer still thrives very well in the Philippines.

This article originally appeared on BitPinas: [Report] Peer-to-Peer Bitcoin Transaction in the Philippines Surges in 2018

Note: The data retrieved from Coin Dance shows the total worth of volume transactions and does not show the comparison between the worth of buying and worth of selling.

Photo by SpaceX on Unsplash

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