Nigeria will overtake India in P2P | Bitcointalksearch.org

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Quote from: cytpoway121 on February 20, 2021, 06:04:23 AM

Quote from: Gozie51 on February 20, 2021, 05:17:44 AM

It is no secret that India is currently leading P2P among emerging markets or countries traded bitcoin in a restricted environment. Countries as India, Ghana, the Philippines, Argentina, Mexico and Egypt are all relying majorly on peer-to-peer, my thought therefore is that with the ban from open dealings and transactions from bitcoin in Nigerian banks , Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.

I do not know much about the volumes of p2p in India, Ghana, the Philippines, Argentina, Mexico and Egypt; but NIGERIA holds the biggest blockchain market in Africa; be it p2p or trades; or itself bitcoin and crypto currency adoption. And it is sad the government has refused to embrace bitcoin; because if they did; it could make Nigeria the blockchain hub for Africa; the ban meanwhile will increase the p2p market trading volume definitely.

You should look for more information about the country but it is true that it is very sad if that country will ban Bitcoin there. But is there clear information with all this truth? anyone can confirm or see information from the news in that country. Many countries accept virtual currency in their country and sometimes I see in the government, many are investing in Bitcoin and other coins. It becomes a real and profitable investment if patience is near you.

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Quote from: Gozie51 on February 20, 2021, 05:17:44 AM

It is no secret that India is currently leading P2P among emerging markets or countries traded bitcoin in a restricted environment. Countries as India, Ghana, the Philippines, Argentina, Mexico and Egypt are all relying majorly on peer-to-peer, my thought therefore is that with the ban from open dealings and transactions from bitcoin in Nigerian banks , Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.

Mate it's possible for those countries you mentioned to take over the level of p2p transaction of cryptocurrency, currently I can't directly mention any country because I don't have the statistics of their transaction daily or weekly, I have noticed that Nigeria of a country really like cryptocurrency and other things involves in cryptocurrency so from the scenario transaction rate might increase for Nigeria but I can't compare to India because i don't know their statistics or measure.

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Quote from: Gozie51 on February 20, 2021, 05:17:44 AM

It is no secret that India is currently leading P2P among emerging markets or countries traded bitcoin in a restricted environment. Countries as India, Ghana, the Philippines, Argentina, Mexico and Egypt are all relying majorly on peer-to-peer, my thought therefore is that with the ban from open dealings and transactions from bitcoin in Nigerian banks , Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.

When the ban was placed on the use of cryptocurrencies in Nigeria, it became a known fact that Peer-to-Peer transactions is going to increase significantly. This is actually because they don't have any other means of exchanging cryptocurrencies to fiat and vice versa which leaves P2P as the only option.
Now, I don't know how large the P2P market in India is but I believed that Nigeria would have overtaken them.
I, however, learnt that the ban has been lifted. In that case, I'm not so sure that would still happen since they have several options now.

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Quote from: Gozie51 on February 20, 2021, 05:17:44 AM

It is no secret that India is currently leading P2P among emerging markets or countries traded bitcoin in a restricted environment. Countries as India, Ghana, the Philippines, Argentina, Mexico and Egypt are all relying majorly on peer-to-peer, my thought therefore is that with the ban from open dealings and transactions from bitcoin in Nigerian banks , Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.

Since government of this country don't want crypto to be traded openly and put a ban on it, the only reasonable option is to sell using p2p, that way government don't have control of what is happening and also losing out on tax from banks in this regards,
P2p is a good alternative but has it's limitations, unlike selling directly to exchange, p2p price are very different, compare to actual conversion rate.

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Quote from: el kaka22 on May 06, 2021, 03:07:10 PM

Nigeria do not have a small population neither. I get that India is probably either the most populated nation in the world or second, it is a head to head between them and china, however Nigeria also has 200 million people as well. That is not something small to handle and that is a big deal. I do not know the laws in both nations very well, I can't speak on what is the situation in neither but I think if Nigeria went full p2p they could overtake any nation and be at the head, as far as I know India hasn't totally banned crypto payments just yet.

There is no ban in India but some of the banks are rejecting cryptocurrency payments, some of the exchanges were forced to change their banking accounts recently and ICICI bank recently started to reject cryptocurrency transactions and if that happens people will turn to P2P trading and India does have 1.4 billion population and billions in daily trading volume and if everyone shifts their focus on P2P trading because of the uncertainty from banks even though there are no ban right now the volume will explode.

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Nigeria do not have a small population neither. I get that India is probably either the most populated nation in the world or second, it is a head to head between them and china, however Nigeria also has 200 million people as well. That is not something small to handle and that is a big deal. I do not know the laws in both nations very well, I can't speak on what is the situation in neither but I think if Nigeria went full p2p they could overtake any nation and be at the head, as far as I know India hasn't totally banned crypto payments just yet.

This is why I do not believe that it is out of question. Think about USA banning banking for crypto? That would surpass any other nation as well, would make them super high. Long story short this is not about population but more about laws, according to laws of that nation p2p increases or decreases.

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Quote from: bryant.coleman on May 05, 2021, 11:42:52 PM

Quote from: satsmainman on May 05, 2021, 08:15:17 AM

I agree with you that the adoption of Cryptocurrency in Nigeria is to a very large extent greater than what is obtainable in India, but looking at the economic and population size of India, one can confidently agree that p2p trading volume in India cannot be overtaken by that of the Nigerian populace.

Nigeria is also one of the most populous countries in the world, with a total population of 200 million. If population was the sole basis of cryptocurrency adoption, then India and China would be having the largest number of cryptocurrency users in the world. That is not the case, as the US is dominating this sector. The unclear legal status of cryptocurrency and economic downturn may negatively impact the users in India. Once there is clarification regarding the status of cryptocurrency in India, then things will get easier for the users there.

It seems that for countries that have not made allowances for cryptocurrency, over time it will be cornered and provide concessions, at least there is no prohibition on owning crypto for every citizen. We know that at present conditions with the development of crypto, it will have a euphoric impact on the whole society, especially for people who have a large population like Nigeria.

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Quote from: KaliLinux on May 06, 2021, 03:09:03 AM

Quote from: Obi theo on April 15, 2021, 11:13:28 AM

Let's not forget that Nigeria banks, CBN , banned financial institutions from helping in crypto transaction and it's not a huge surprise to me because in Nigeria 70%of the population get their daily bread from crypto and they have to adopt the p2p method

Lets not forget that even before this whole FG and CBN fiasco on cryptocurrency trading people where already trading p2p but it is now just more official and this even shows how all the people in Government dont know nothing about crypto trading because they would have known for a fact that the policy did not change any serious thing just the way of Direct bank deposit.

Till date the only effect to that political decision is the direct bank deposit that is connected to an exchange, no other limited is felt by the Nigerian crypto community. P2P has always existed and made more popular by such. The decision was done against the #endSars conveners just to get to them. Is unfortunate that government that takes one sided decision without looking out for both advantage and disadvantage does not accommodate all opinion and that means a serious lapse in the democracy.

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Quote from: Obi theo on April 15, 2021, 11:13:28 AM

Let's not forget that Nigeria banks, CBN , banned financial institutions from helping in crypto transaction and it's not a huge surprise to me because in Nigeria 70%of the population get their daily bread from crypto and they have to adopt the p2p method

Lets not forget that even before this whole FG and CBN fiasco on cryptocurrency trading people where already trading p2p but it is now just more official and this even shows how all the people in Government dont know nothing about crypto trading because they would have known for a fact that the policy did not change any serious thing just the way of Direct bank deposit.

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Quote from: satsmainman on May 05, 2021, 08:15:17 AM

I agree with you that the adoption of Cryptocurrency in Nigeria is to a very large extent greater than what is obtainable in India, but looking at the economic and population size of India, one can confidently agree that p2p trading volume in India cannot be overtaken by that of the Nigerian populace.

Nigeria is also one of the most populous countries in the world, with a total population of 200 million. If population was the sole basis of cryptocurrency adoption, then India and China would be having the largest number of cryptocurrency users in the world. That is not the case, as the US is dominating this sector. The unclear legal status of cryptocurrency and economic downturn may negatively impact the users in India. Once there is clarification regarding the status of cryptocurrency in India, then things will get easier for the users there.

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Last year Nigeria was ranked 2nd in crypto trading market, but with the federal government policy on Crypto trading in Nigeria February this year I know is going to have a little effect on the market trade but I don't see it having an enormous effect on the ranked at all. I don't really see the point of dragging who overtakes who as long as everybody is happy with the market.

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Quote from: Obi theo on April 15, 2021, 11:13:28 AM

Let's not forget that Nigeria banks, CBN , banned financial institutions from helping in crypto transaction and it's not a huge surprise to me because in Nigeria 70%of the population get their daily bread from crypto and they have to adopt the p2p method

70%! thats quite a high number of people engaged in crypto in Nigeria (if it is true), didn't know people in Nigeria are aware of crypto this much, this is actually good to have more people aware and understand crypto and the power it gives to the masses,
i bet the government never anticipated that p2p will be a huge alternative after their irrational ban of crypto in the country, the ban create an opportunity for p2p awareness and usage.

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Quote from: int03h on April 15, 2021, 08:37:33 AM

The governments of both these countries have frequent tension with cryptocurrencies. That drives P2P transactions in these countries soaring. India has a large population and larger economic size so it will not be inferior to Nigeria in P2P transactions.
The adoption of cryptocurrencies in Nigeria is greater than in India, but it is unlikely that P2P transactions in this country could be larger.

I agree with you that the adoption of Cryptocurrency in Nigeria is to a very large extent greater than what is obtainable in India, but looking at the economic and population size of India, one can confidently agree that p2p trading volume in India cannot be overtaken by that of the Nigerian populace.

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Quote from: logfiles on April 15, 2021, 05:49:14 PM

Quote from: Sithara007 on April 14, 2021, 11:18:45 PM

Don't go by the numbers. Less than 5% of Indian population have ever heard about cryptocurrency and those living in the smaller cities and rural areas are completely unaware of it. There are less than 10 million users in local cryptocurrency exchanges. If you add the P2P users as well, then the figure may come to 20-25 million. But still there is a good chance that there are more users in Nigeria (at least in terms of number of active users).

Where are you getting your numbers from?
Less than 5%? You make it look like India is a real shithole where people are so ignorant about tech leaps and cryptocurrencies unlike Nigeria but you will be shocked.

I am from India and therefore I have a fair idea about the situation here. There is a lot of hype among the youth regarding cryptocurrency in the urban areas, but those in their 50s and 60s still regard Bitcoin as some sort of a Ponzi. And the knowledge about cryptocurrency in most of the rural areas (perhaps with the exception of South India) is very low. But the real issue is with the government approach to Bitcoin. Some of the bureaucrats and government officials still would like to treat cryptocurrency users on par with criminals. They can't digest the fact that cryptocurrency can give financial freedom to ordinary people. That will reduce their power.

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Quote from: Sithara007 on April 14, 2021, 11:18:45 PM

Don't go by the numbers. Less than 5% of Indian population have ever heard about cryptocurrency and those living in the smaller cities and rural areas are completely unaware of it. There are less than 10 million users in local cryptocurrency exchanges. If you add the P2P users as well, then the figure may come to 20-25 million. But still there is a good chance that there are more users in Nigeria (at least in terms of number of active users).

Where are you getting your numbers from?
Less than 5%? You make it look like India is a real shithole where people are so ignorant about tech leaps and cryptocurrencies unlike Nigeria but you will be shocked.

Quote from: Obi theo on April 15, 2021, 11:13:28 AM

Let's not forget that Nigeria banks, CBN , banned financial institutions from helping in crypto transaction and it's not a huge surprise to me because in Nigeria 70%of the population get their daily bread from crypto and they have to adopt the p2p method

Last time I heard there were bans in India too. If I am not mistaken the bans were first heard of in India, so I wouldn't be surprised that we have so many of our brother and sisters from India using p2p too in a bid to bypass the bans.

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Quote from: Similificator on April 15, 2021, 12:31:55 PM

We can only expect the numbers to go up more and more without the country benefiting because of these P2P transactions. And all these waste in effort and opportunity for economical growth is because of the Nigerian banks and government themselves. Because of being selfish, the country will be the one to suffer. Shame on these people.

Yeah the real loser here must be the government. They ban cryptos which simply lead people into P2P trading which means government cannot benefit anything from such transactions in terms of taxation. It means people are able to enjoy crypto space even after government restrictions but government is losing their tax part. Hence, there will be no wonder some governments will be learning lessons out of these. I guess Nigeria government and Nigerian people are providing a real time case study for both government and people to face similar situations.

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The argument is quite feasible. Indeed, no matter how you restrict someone, if he wants it he will do his best to find a way to get his way. And this is exactly the case for Nigerian people who are in love with bitcoins or altcoins. We can only expect the numbers to go up more and more without the country benefiting because of these P2P transactions. And all these waste in effort and opportunity for economical growth is because of the Nigerian banks and government themselves. Because of being selfish, the country will be the one to suffer. Shame on these people.

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Let's not forget that Nigeria banks, CBN , banned financial institutions from helping in crypto transaction and it's not a huge surprise to me because in Nigeria 70%of the population get their daily bread from crypto and they have to adopt the p2p method

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Quote from: int03h on April 15, 2021, 08:37:33 AM

The governments of both these countries have frequent tension with cryptocurrencies. That drives P2P transactions in these countries soaring. India has a large population and larger economic size so it will not be inferior to Nigeria in P2P transactions.
The adoption of cryptocurrencies in Nigeria is greater than in India, but it is unlikely that P2P transactions in this country could be larger.

It can be, because India has lot of local exchanges where most people trading so the activities on p2p platforms might get reduced but in Nigeria the condition is exact opposite. AFAIK, central bank ban is still in the place so there is no way other than p2p platforms to buy and sell bitcoins and other cryptos for Nigerian citizens.

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Quote from: logfiles on April 14, 2021, 02:46:31 PM

This should be self-explanatory.
According to worldometer

India's current population - 1,390,834,742
Nigeria's current population - 210,323,275

Even if the rate of crypto adoption was quite high in Nigeria, I don't think they can beat India's numbers in the near future. Population numbers play a much bigger role.

true what you say...
of the total population, Nigeria is far behind India, and there are more highly educated people in India than Nigeria then it is very unlikely that Nigeria will outperform P2P in India.

Topic: Nigeria will overtake India in P2P (Read 698 times)