It isn't hard for Bitcoin detractors to find arguments against its utility, and it is true that many of Bitcoin's promises have failed to materialize in any substantial way to this day.

But I think Localbitcoins.com is the one example that is really hard to argue against. We are seeing sustained, rapid growth in many countries across all continents, even in light of the exorbitant spreads in their ask/bid. This week LBC did the equivalent of $32M USD in transactions, and that doesn't count the volumes of face-to-face trades that are precipitated by the website but not recorded on it.

I posted about this topic 1.5 years ago on this subreddit and its volume was dismissed as a drop in the bucket to the overall speculative volume. On slow volume days it now creeps into the top 10 volumed exchanges. At what point does it become meaningful? How long until we can admit that Bitcoin is becoming useful to people in many countries?

Hiding US Dollars, Euros, and Gold under the mattress was the traditional way to store value in developing countries. But you couldn't electronically transfer them. You couldn't store them on your phone or in your mind. You couldn't go outside of your banks. You couldn't do it anonymously.

Additionally, in certain countries, the traditional financial system has ignored many consumers due to the risk and stability issues of their respective governments. Bitcoin has stepped in to fill the gap and is now seeing greater use in e-commerce, where before there were no options.

I would like to hear some intelligent members of this subreddit argue as to why they think LocalBitcoins volume isn't compelling evidence of global Bitcoin adoption.