Topic: Nigeria p2p Crisis The way Forward. (Read 229 times)

Normally, me I get direct Chinese vendors wey go help trade my assets and that’s na if the worst don finally happen like, government don finally cramp down the system for here which I know say, no fit work.
After me personally don look the whole matter with cryptocurrency and government and I Dey see am say government actually Dey para and the major reason for their para na say, how crypto go Dey make Al the kind money wey dem Dey make without paying commissions in form of taxes but I no blame the government but rather I believe say then no know say, the whole concept of crypto na decentralization.

Right now, I already Dey two telegram groups wey Dey carry on p2p and that at some point, go be one of the safest haven for now

A lot of possibilities Dey especially with their recent actions and remember say, then been don first bring the Enaira and that na when them been wan join the moving train but e no been favour them, so they have to come fight back

Me I Dey run my own mini exchange and I also get people wey Dey trade me confidently, so I support face to face deal if you trust the vendor.

The next strategy now, now to begin dey trade the real P2P wey no involved any third party. We been dey do am before the centralized exchanges hijack P2P come dey make people dey do kyc and deposit Bitcoin to their exchange. We get crypto merchants for your different areas wey dey trustworthy wey we fit dey transact with and dem dey get means wey dem dey use trade their crypto to Naira wey we no know. E get some wey dey sell to chinese merchants and them get enough Naira to satisfy any orders wey you bring come their table.


E dey very possible since dem wan dey control everything and if them see say by licencing exchanges, dem go loyal to dem and dem fit control dem, dem go do am. I think wetin Nigerian government dey wait for na for a very strong oyinbo country to start am and them go follow. You know say our country na follow follow dem be, just see after US attack Binance exchange, na now Nigerian governments know say dem too need to go after Binance so every possibility dey and e go make sense somehow sha because dem dey frustrates us to involve for this industry.


I no support face to face transaction oh because person fit set you up and kidnap you too. E better we do am through WhatsApp and calls provided say you dey trusted and I know person wey know you and them dun verify say your deals dey always pull through and no dey die for Aza.

Normally p2p no fit stop na, how they wan take stop am wey Dey never get evidence, no matter how the government try wan stop am they will not see the way to do that kind thing because as the government Dey like this the government Dey confuse, the government no know the truth exactly thing wey Dey happen and waiting be the problem of the country, did we know that some people Dey now wey be the leader of the our country and they get dollars for their hand presently? I don see them no be one or two person, even from the beginning wey the government Dey para, I just tell my guy say make he no worry na just two days them go and everything will be okay.

Presently now as government they para for cryptocurrency now there are many exchanges wey they are opening new and also some exchanges Dey ground that they run 24 hours p2p transaction and no matter how government wan do they can never find out, as far as say na Naija we Dey boys and youth get many way to survive for the country wey government will never know about it.

The way forward is for us all to embark on the use of a decentralized exchange, this is going to be what will safe us from the effects of the governments regulations, we need to have this in mind that when we continue to make use of these centralized exchanges, things like this will continue to happen, in this case, Nigeria is not the only government or country taking it hard on exchanges, you can consider US and some other few countries as well in this regard, but when every bitcoiner make use of a decentralized exchange, there is no how government will be able to reach on us with through their reckless regulations on CEX.

Maybe for di main time na to revert to trading on Whatsapp and telegram because no much activity dey for DEXs like Bisq but if di outright ban of crypto go help increase trading activities on DEXs, na to spread mat there.

With di way awa government dey go back and forth on their words, I go avoid such exchange especially if na Nigerian exchange because e go dey easy to force their hands collect data of traders.

I neva run F2P before and I know say e pose security risk but if I get a friend wey I know very well wey dey buy and sell crypto, I fit trade with am.

That is what the government wants. There are others also like Chipper cash. Some exchanges have them. If P2P is banned on those centralized exchanges by the government and Nigerians are unable to go for P2P on the centralized exchanges, some people will not have option than to use this method like Chippercash which their rates are significantly unfavorable just like an extortion or scam.

For me, if P2P for naira finally before impossible, I'll retire to using foreign platforms like barter or chippercash to get my payment in dollars, then withdraw to my naira account.

If them bring am, me sef no go use am because them fit rise up one day find one reason or the other way them go use clamp people money and tracing your financial activities go dey very much easier for them, unless na the notable platforms like Binance  and co way we know their patterns of engagement wey them grant license and not a new Nigerian made exchange. Na setup that one be as far as I'm concerned.


I no support an at all, them go rob people wetin no good and em go give government the impression say anywhere guys gather, na P2P transactions them they do, so police fit dey pack boys anyhow they place crypto trading allegations for them head to facilitate their illegal choppings.

Sincerely, I do not have a strategy to use to trade my cryptocurrencies to my local fiat currently because of the new policies by CBN whereby Fintech banks are strictly regulated and limited from offering services to cryptocurrency merchants and traders in the country.

I do however think that things will get better hopefully, otherwise, as Nigerians, we would surely improvise or device new ways to trade P2p without being limited by Fintech or commercial Banks.

If the government regulators decide to accept a payment of fine and it's negotiated with the current exchange's management under fire, am referring to Binance, am sure there won't be need for a new exchange licenced by the government to take over, unless things get worse, Binance leaves with other exchanges, then it could happen.

I trust Nigerians, they will always finds a means to neutralized the strict prohibited rules executed. Come to think of it, why is the current government fighting against cryptocurrency? The former government did the exact thing and implementing a ban on cryptocurrency which also affects most crypto related activities, today we're watching how the current government that uplifts the ban on cryptocurrency have also been the ones banning crypto top exchanges and also the P2P which is crucially important. Verified P2P merchants have lost their jobs and this is disheartened for Nigerians.

The banks are the least of our problem right now, we've been bypassing the banks since 2021 when the restrictions was first enforced and secondly the FG have every power to go after every centralized exchange using it Naira and proving services to Nigerians. And it doesn't seems like they're stopping till every exchange running p2p marketplace for Nigerians are totally dealt with.

I provided some steps to bypass banks here. https://bitcointalksearch.org/topic/crypto-transactions-restrictions-banks-tracking-algorithm-exposed-5495289

I don't think the govt can pressure all major crypto Exchange to ban Naira P2P transactions. What we should be focusing on is how to outsmart the banks from detecting crypto related transactions in our accounts.I strongly belif say naija no dey carry-Last,no matter wetin dem go do,Bitcoin have come to stay in Nigeria.

If there is a DNS level ban, there are many ways to get around it; the FG is aware of this, which is why they are taking their time removing NGN from these platforms. Restricting access to these exchanges without removing the Naira pairs will result in nothing because most of these exchanges can be accessed via VPN as long as Nigeria is still on their service list.

We live in a country where many business owners require FX for their business, banks cannot meet these demands, and there are people willing to exchange their USD for Naira, so there will always be a trade.  Many countries have regulated peer-to-peer exchanges, and Nigeria is due for one. Regulated by SEC.


What's the use of DEX if none of them offers Bitcoin to Naira? You're only going to waste your time. And those with small bags can't even afford the security deposit. At least we trade $5, $10 $20, $50 on CEX but unfortunately you need a bigger bag to trade on DEX. One one is stopping you I'm just stating the obvious. 

Let us only keep our eyes on watching the move I don't even see reasons to panic or shake, the way out must surely emerge one problem about our government they are touching everything around them and this is the problem that is coursing the to to solve challenges facing them.

No body that run after everything around you make a good results before when the ban the crypto before the introduction of P2P people where shaking them but P2P come in and become the best so it will also be in this case as they are not sleeping some will investor also, we should remember nothing this our government touches hand and get a good results they still end half way without result, example they arrested biance official for devaluation but today naira keep falling they will regret at the end why we scale through.

I've  always heard of Agoradesk actually  but I've  not tried it for exchange...maybe a trial will convince .
I think people need to de aware of decentralized  exchanges in Nigeria, atleast government can't  come after the decentralized  because  I think the government has some personal issues  with crypto space itself    .

What they don't know is that most of the real investors uses non custodial wallets , they just use this exchange wallets as a means of trading and maybe part of bridge to their non custodial  wallets.

When they finally archive what they want, maybe then... they will eventually see what's really causing the inflation in the country and by then they would have forced a lot of crypto investors to learning all about decentralized markets. Let's see what they will go after then

Some vendors may advertise on social media. There is possibility of arrest and alleges that the vendors are responsible for naira manipulation. Let us wish it will not go up to that stage. But we can see the warning Opay, Moniepoint, Kuda and other fintech sent to their customers. We need to be careful at this point and be private as possible. Let us also hope that Binance will not give the government the names of the Nigerian users that they had in naira P2P on their exchange which can lead to easy tracking. The other exchanges can not do that because they are not even ready to send any of their officials to Nigeria like Binance did.

They are many. Bisq (only available on desktop), Robosats, Agoradesk, Hodlhodl and many other ones that you can see on this link using the exchange category:

https://kycnot.me/

No naira P2P ads on Robosats. Bisq is good also but maybe because it is desktop only and not little processing power and little RAM friendly which could possibly be the reason it not good for naira P2P. Bisq would have been the exchanges that I would have recommended but Nigerians are not using it.

You can see ads on Hodlhodl. Not many and this makes the rate to favour the ad owners and not the people that want to buy or sell immediately. This is the reason I do not like the exchange. Presently I saw just 3 ads there. 1 ad for buying and 2 ads for selling with bad rates that is not favorable, especially the selling ads

The two decentralized exchanges that I see more ads are Agoradesk (for bitcoin and monero) and LocalMonero (for monero). Both exchanges have many ads for naira P2P. But the disadvantage is the rate also. It is better but not that good and the rates on centralized exchanges are much more preferable.

I believe if the government ban centralized exchanges in a way Nigerians can no longer access it, Nigerians will turn to decentralized exchanges. I believe some people that are using these decentralized exchanges will tell the people they know to join. But we need to avoid scam. Scam is easy to avoid on P2P but it is good for newbies to learn how to avoid it.

You speak like someone who doesn't know Nigerian government. There nothing that they won't do to archive their goals. Time like this when everything is going bazeir, we will have to stay low and use decentralized exchanges since we don't have to provide any personal information or data before we run our transaction.

Haven't you seen how they've implemented all their new policies on banks? Any slight mistake your account will be frozen. You might feel it cannot happen but mistake does. A trader might connect your transaction somehow to crypto and then you are in trouble. To avoid such mistakes, we have to start looking to the other available options and get used to them asap.


 
What popular decentralized exchange do you use? We have to share as many good ones as possible to help our selfs.

I will see where you will move to if Nigeria government tell Google and App store to remove the exchanges app. Also tell exchanges not to allow Nigerians to have access to their exchange products and services. Although, I am not expecting that. But if it happens, you will get acquainted with decentralized exchanges. Decentralized exchanges is the way forward during crypto crackdown, provided if the government knows how to make sure all Nigerians will not be able to access the centralized exchanges and also monitoring it.

What is the traditional P2P method? Vendors? Yes vendors will increase. But also expect some people like me to use decentralized exchanges. Which Dex are you using that you have to wait for days? Unless you create your own ads. There are some ads available on decentralized exchanges which you can click on if you like the fee rate. You can also see the last time the ad creators last visited the exchange for P2P.

Like I have posted before, if government banned all those centralized exchanges in such a way that Nigerians can not longer access them, expect the trading volume on decentralized exchanges to increase.

That's a very big trap of the federal government against the crypto enthusiasts, if in anyway they succeeded in blocking all p2p means for us then partially we're termed to be astray with your assets during when we needed to trade in exchange of the digital assets to the fiat.
Op having the face-face trading as an alternative would be more of danger to the risks we fears when the government finally have control over our crypto assets.
In the first place, how do you think of finding a reputable vendor to execute your transaction? How safe would your and your assets be after being exposed that you're a crypto Investor? 😏.
Let's think about it.

If we're not comfortable with the government orders which by means no means to manipulate the p2p transaction, we'd be left with just one alternative to find reputable persons outside Nigeria which the situated country are not bound to crytop or p2p restrictions.
So we can either send the value of asset we needed to trade to them definitely after converting the asset to the USDT so that we can prevent volatility of the actual amount of asset we needed to sell and then send it over to them abroad to trade and send the money over to our bank accounts on a fiat system.

This is the only way and it's going to be a much luxurious expenses and delays of time for a transaction to succeedingly matured. This too would cause so many Investors to lost of funds.
Definitely non of it sounds good but this is the only option if the government locks every Memepool by which we can transact our p2p.
So Op, let's not doubt what the government are capable of doing. They've the power to frustrate us in this crytop margin. So don't underrate impossibilities.
We the Crypto enthusiasts can't successfully manipulate the financial regulatory network with our own self capacities to develop the means of possible p2p without the authorization of the governments.

Let us not gaslight ourselves nobody is going to use decentralized exchange its the worst place for p2p unless you have a lot of money to waste on on-chain fees ( crazy mempool at the moment) and security deposit ( must be 15% of your total trade ) and after the whole payment you still gonna wait days or hrs to get orders picked up and most times 3-4 days to get your fiat. Most people only use DEX exchanges to buy Non-KYC'd coins and Bitcoin to fiat marketplace are mostly for US and Asian users. There is no single Africa fiat marketplace on bisq and others.

Dex is not ready for adoption yet and CEX will always be better let's not lie to ourselves.  If Nigerians are not allowed on CEX they would return to the traditional p2p method I'm sure about this.

This na di second time this thing dey happen and first time too people were using the p2p and di different was dat dem no stop p2p at dat dat but only stopped banks to do transactions but dis time dem come dey stop exchange. But yet exchange go dey. There are some Centralized Exchanges that dey  do business underground with a coded way. When di time come dey go come up. Aside dat there are too options we get say na sure p. Decentralized Exchange, we go use am do our trading, and why ppl no dey use am now because to use e dey some difficult nd di price e dey lower.
Then di second one na di original p2p in which we go call any vendor on phone or on Whatsapp or telegram groups and trading go fo well. Di price go good pass now sef. Nigerian government for look into their economic policies and regulate am well instead hunting dis exchange. If people survived in the first banned we go still survive am.

Decentralized exchanges. If there is no centralized exchanges providing naira P2P, probably more Nigerians will move to decentralized exchanges.

Government will give some exchanges license? Who knows.

No. For physical harm avoidance.

Reserve for updates

My people I greet una, e no longer be new thing again say our government done carry the fight against dollars vs naira enter cryptocurrency and the matter come dey very worrisome because lately banks done dey warn us say if we involved accounts with cryptocurrency trading them go block the account come send our information to regulators, this one for one side na insult upon the right of the citizen's but when you leave for country where right of citizen's no the respected,  you can expect anything like make e happen so for sake of our safety I come create this thread make we discuss what possible way to say save while going along with our normal life as the top Naija cryptocurrency community.

The aim of the thread na make we chuck mouth share our safety strategy,  as we go on with our cryptocurrency life and how we fit trade our bitcoin without any issue from government.

Me I dey 100% sure say government can never stop p2p, if them like make them ask countries like US and other countries that have strong regulations how p2p us the real cryptocurrency decentralisation that we are talking about and in fact exchange p2p no be real p2p see sake of say for you to use centralized exchange you go still need to verify your account which is a high secure risk for us, but because of eas and volume people still dey use amm.

Questions:
1: What is you next strategy as regards trading your asset to local currency?

2: waiten be the possibility say government go bring licenced cryptocurrency exchange?

3: do you support face to face bitcoin/cryptocurrency p2p deals or waiten you think be the most decentralised mean of p2p?