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.
Topic: Nigeria will overtake India in P2P - page 2. (Read 698 times)
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).
The daily trading volume of wazirx alone is $229 million and there are other exchanges and i not sure about the P2P volume but i think it is the over all volume and i wont be surprised if the daily volume crosses a billion dollar in the near future combined.I seriously do not care if Nigeria over takes India or any other country for that matter and i do not see it as a competition, people tend to use P2P if they think that they cannot trust the government and we know the situation in India is not that promising as we hear different stories every day on what the regulation would be.
Yes, there's no reason for competition here. It is better if more countries will be more open-minded when it comes to crypto. Also, the population in India is like about 7 times of Nigeria. So if you will account the trading volume, I believe, India will be so much ahead of Nigeria. But in any case, we are all wishing that crypto regulations in each country should be fair with crypto users. We would like to hear more countries to be more crypto friendly and that will aid in more adoption.
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.
One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.
Because the Central Bank of Nigeria has banned banks from transacting or dealing with crypto exchanges, it leads them to go P2P. It’s still a good thing for the Nigerian community because P2P is still in play and they were not yet banned from doing that. They are not giving up in making a living with crypto. The Central Bank of Nigeria has failed in their attempt to dump Bitcoin because of their dumb move, and now it got even higher.
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).
The daily trading volume of wazirx alone is $229 million and there are other exchanges and i not sure about the P2P volume but i think it is the over all volume and i wont be surprised if the daily volume crosses a billion dollar in the near future combined.I seriously do not care if Nigeria over takes India or any other country for that matter and i do not see it as a competition, people tend to use P2P if they think that they cannot trust the government and we know the situation in India is not that promising as we hear different stories every day on what the regulation would be.
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 don't know the statement is true or not. But it is not surprising to me. Because, Cryptocurrency is also banned in Bangladesh and here, in Bangladesh, we are also transferring our funds through using Crypto. Nowadays, the network fees are getting high so people are mostly using P2P method to transfer their funds. I am also using it. Any country can cross another country in terms of volume. One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.
Nigeria has a very high volume of individuals trading bitcoin and the population keeps growing, the central bank of Nigeria made a very wrong decision banning crypto transactions via bank accounts, but so bad for them thier plan failed because they couldn't even stop the Nigerian citizens from making transactions, instead it turned out to be more Nigerians coming into crypto and using the p2p system, if all Nigerian who hodl or trade bitcoin uses the p2p system surely there will over take India, but the main thing here is not all of them knows about p2p system, I got to find out that the ones who knows about the p2p system are now using it a as a business to buy and sell to their fellow citizens who doesn't know about the p2p system.
At least the Nigerian authorities realized that banning the ownership of cryptocurrency is not possible. Here (in India) some of the bureaucrats wanted to send cryptocurrency users to jail, for up to 10 years. Their proposal caused a lot of confusion here in India and pulled the cryptocurrency sector here backward by at least a decade. Fortunately, saner voices seems to be prevailing now. The finance ministry has so far refused to implement this lunatic proposal.
Nigeria has a very high volume of individuals trading bitcoin and the population keeps growing, the central bank of Nigeria made a very wrong decision banning crypto transactions via bank accounts, but so bad for them thier plan failed because they couldn't even stop the Nigerian citizens from making transactions, instead it turned out to be more Nigerians coming into crypto and using the p2p system, if all Nigerian who hodl or trade bitcoin uses the p2p system surely there will over take India, but the main thing here is not all of them knows about p2p system, I got to find out that the ones who knows about the p2p system are now using it a as a business to buy and sell to their fellow citizens who doesn't know about the p2p system.
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 think the data varies from one p2p platform to another, but if we’re going to base this on a particular, let’s say Paxful which became the largest p2p platform in the world, then Nigeria is already the number two largest p2p bitcoin market in the world, while the US stays as the number one.One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.
So India is not the second largest market, and moreover I don’t think I have heard about India being the second largest, I have always thought another country was the second largest market there is.But we can’t be hundred percent certain about these stats until we have gotten stats from lots of p2p exchanges and then combine the results to verify it.
I don't think that will happen because India has so much population and the news and information about crypto and Bitcoin is really growing viral and more people are getting into it 
but at the same time, the ban on exchanges are lifted by the Supreme Court so there are official exchanges which might reduce the P2P transaction if India goes more into pro-crypto. Let's see, what the future holds for countries and their P2P and crypto population 
but at the same time, the ban on exchanges are lifted by the Supreme Court so there are official exchanges which might reduce the P2P transaction if India goes more into pro-crypto. Let's see, what the future holds for countries and their P2P and crypto population You don't think it will happen and it already happening my friend. You are comparing population of India to that of Nigeria but we are talking about people that are using and embracing the technology of bitcoin. Nigeria is one of the top countries that are into bitcoin and crypto trading and now that funding of wallet through normal exchange with financial institutions, the next available option is p2p which has increased by 15% since the action of central bank months ago.
Nigeria youths love opportunities and freedom, this is why they love bitcoin and cryptocurrencies.
Well, I guess it was wrong of me to assume that bigger the population, higher will be the number of users, because even if China has largest population, they aren't top at everything, like YouTube or even crypto. You are right, the youth of Nigeria is heavily getting into crypto, I would be worried about them because the government I heard there is very anti-crypto. I think India will not be very behind either, as most students here take engineering as a career option and government is introducing blockchain as a course slowly, I think the youth of here will engage in crypto as well in high numbers
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.
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.
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).
Nigeria Central bank governor is a confused he ban open bitcoin market and decided to incentivize direct remittance through cash, this is to attract more FX into the dubious fx market in Nigeria, but guess what? people still choose to settle remittance via P2p, people now understand that the government is enemy of the people when it comes to financial freedom.
Very true OP, the Nigerian p2p market volume is seriously skyrocketing and is believed to be fueled by the recent restriction by the central bank. With the rate at which the penetration of bitcoin awareness is deepening in Nigeria, i would totally agree that in no time, the country will surpass India in p2p trading volume.
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.
Yes, maybe in terms of population India should be very superior when compared to Nigeria, but several other determining factors such as government regulations are very important. I see that India still has a few difficulties in implementing good crypto regulations, whereas Nigeria has found it easier. From the perspective of technology itself India should also be superior seeing the number of "big tech" that is there, it's just that the rather complicated regulations make Nigeria currently superior in their adoption 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.
If nigeria over take india then it won'r be a shocking news because India recently got bitcoin using right in their country where Nigeria already a country where bitcoin was legal before India. Well Nigeria now doing p2p transaction more because of their government recent step which was ban from bank transaction. Where India was doing p2p transaction when India was an irregulated country about bitcoin. And now Nigeria got the same mark. They got banned from bank transaction. Thats is why they are using p2p transaction. And thats why i think its a normal matter.
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.
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.
Well, it just might be to early to tell, lets, see how the next few years goes
You don't think it will happen and it already happening my friend. You are comparing population of India to that of Nigeria but we are talking about people that are using and embracing the technology of bitcoin. Nigeria is one of the top countries that are into bitcoin and crypto trading and now that funding of wallet through normal exchange with financial institutions, the next available option is p2p which has increased by 15% since the action of central bank months ago.
Nigeria youths love opportunities and freedom, this is why they love bitcoin and cryptocurrencies.
Nigeria youths love opportunities and freedom, this is why they love bitcoin and cryptocurrencies.
Nigerian population is around 200 million, which makes it one of the most populous countries in the world. And at the same time, the cryptocurrency penetration rate is much higher than the case with India. In India, the users are mostly confined to a handful of metro cities and a few tier-2/tier-3 cities in South India. But from what I have heard, in Nigeria the coverage is much more uniform with large number of users even in smaller cities and towns.
I don't think that will happen because India has so much population and the news and information about crypto and Bitcoin is really growing viral and more people are getting into it but at the same time, the ban on exchanges are lifted by the Supreme Court so there are official exchanges which might reduce the P2P transaction if India goes more into pro-crypto. Let's see, what the future holds for countries and their P2P and crypto population
but at the same time, the ban on exchanges are lifted by the Supreme Court so there are official exchanges which might reduce the P2P transaction if India goes more into pro-crypto. Let's see, what the future holds for countries and their P2P and crypto population You don't think it will happen and it already happening my friend. You are comparing population of India to that of Nigeria but we are talking about people that are using and embracing the technology of bitcoin. Nigeria is one of the top countries that are into bitcoin and crypto trading and now that funding of wallet through normal exchange with financial institutions, the next available option is p2p which has increased by 15% since the action of central bank months ago.
Nigeria youths love opportunities and freedom, this is why they love bitcoin and cryptocurrencies.
No wonder for one more reason, India has not banned the crypto in full fledged or at least they have not published such bill in the budget. They reconsidered the 2021 bill last month too and crypto will be worked out in legal way, thats what statement was.
This led to the operating exchangers in right direction and thus big players like WazirX, ZebPay are still operating in legal ways within India. This directly affects the P2P market and people don't risk their money over p2p transactions.
In Nigeria the reverse is true. The ban led people to use more P2P.
This led to the operating exchangers in right direction and thus big players like WazirX, ZebPay are still operating in legal ways within India. This directly affects the P2P market and people don't risk their money over p2p transactions.
In Nigeria the reverse is true. The ban led people to use more P2P.
I doubt they would. Being the 2nd most populated country in the world means many people there are holding crypto as of now specially that India's government withdraw the restrictions of holding cryptocurrency in their country and that was in 2020. More and more will probably be seeing now the future of cryptocurrency due to the effects of pandemic.
Even when the government was threatening to jail anyone who are holding Bitcoin in India, the local cryptocurrency exchanges were witnessing millions newly registering to their platforms. Now the government seems to have toned down their stance. But overall, their hostility just ended up in making Bitcoin more popular among the Indians (and probably some of the government members took notice of that). Actually government is not the problem. The main issue lies with the bureaucrats, who have been pushing for these anti-Bitcoin measures.
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