Erroneous Data on LocalBitcoins undermine the claims of increasing crypto use – Cryptocu…

LocalBitcoins, the peer-to-peer exchange that matches buyers and sellers of bitcoin in almost 250 countries, is under speculations of providing erroneous data. The network publishes the weekly volume data for every region where it has users. A closer look shows flaws in the data that calls into question the claims of regional adoption.

As analyzed, LocalBitcoins data framed increased volumes of crypto adoption in HongKong during the protests; however, a member of the city’s bitcoin community revealed to Coindesk that there was no increase in bitcoin awareness among the protestors. Also, Matt Ahlborg, a Researcher, reported that the volume spike in Hong Kong was produced by a single trader presenting roughly 30 transactions to move a significant, disclosed amount of bitcoin silently.

Veruscka Xavier Filgueira, LocalBitcoins spokeswoman, stated that some trading activity, especially for smaller amounts, can be and presumably is miscategorized in regional data. She also commented,…