Nigeria will overtake India in P2P - page 3.

Snappycoco

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Quote from: Pokapoka124 on April 13, 2021, 09:04:42 PM

As for Nigeria overtaking India in the crypto space, that is very possible. I think the ban on Bitcoin by the Nigerian government only helped push more Nigerians into asking questions about crypto currency. The people are already of resentful of the government and don't trust them. Hence the refusal of Nigerians to quit using crypto. The only challenge right now is some of the exchanges that have users money locked in. I read the ban has been lifted but apps like luno still withhold withdrawal options.

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.

Pokapoka124

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As for Nigeria overtaking India in the crypto space, that is very possible. I think the ban on Bitcoin by the Nigerian government only helped push more Nigerians into asking questions about crypto currency. The people are already of resentful of the government and don't trust them. Hence the refusal of Nigerians to quit using crypto. The only challenge right now is some of the exchanges that have users money locked in. I read the ban has been lifted but apps like luno still withhold withdrawal options.

Vishnu.Reang

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Quote from: Clement Kaliyar on February 28, 2021, 11:24:40 AM

I can resonate with your sentiment as the BJP government are willing to fool the poor and the way they are killing the democracy is by purchasing the power in many states. They either sent investigating teams to frighten the opposition and give them the option to shift to their party or else face imprisonment. Unless these idiots are removed from power we cannot foresee a promising future.

I don't have much hope. The opposition parties are a hopeless bunch, and rather than taking on the government they are busy with infighting. On the other hand, the ruling party now enjoys 40%-50% support, thanks to their freebie distribution. In India a lot of people live in poverty, and for them freebies worth $10 or $20 per month matters a lot.

Their strategy is very simple. They will increase taxes on the 3% salaried class, and from that tax money they will provide freebies to the remaining 97%. This method has been a phenomenal success so far. And this is one of the reasons why they want to confiscate wealth from the cryptocurrency users. There are only around 15 million cryptocurrency users in India (1% of the population). So they can be ignored.

Clement Kaliyar

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Quote from: bryant.coleman on February 24, 2021, 01:31:01 AM

The Indian government is composed of some illiterate idiots who were elected to power just because they enjoy widespread support in the slum areas. A lot of illiterates in India support them, because of the freebie culture. And now coming to usage of PayPal in India, the government made it almost impossible for PayPal to operate and therefore they closed down the operations inside India.

I can resonate with your sentiment as the BJP government are willing to fool the poor and the way they are killing the democracy is by purchasing the power in many states. They either sent investigating teams to frighten the opposition and give them the option to shift to their party or else face imprisonment. Unless these idiots are removed from power we cannot foresee a promising future.

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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.

Yes you’re right about that, because Nigeria has the biggest market in Africa, and from what I have read it is the number two in the world in trading cryptocurrencies. Although for now it might slow since most of them might only know how to use centralized exchanges, but as time goes on and when they all understand how P2P works and how they can be safe while making use of P2P platforms, they will all definitely jump on it and that will cause a spike in the trading.

The reason I said most of them will be making use of centralized exchanges back then is because I think the calculations that were made was with centralized exchanges and has nothing to do with DEXes.

Vishnu.Reang

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Here is the latest news from India:

https://wap.business-standard.com/article-amp/economy-policy/cryptocurrency-bill-may-not-be-tabled-in-the-current-parliament-session-121022600068_1.html

Media is claiming that the proposed bill may not be tabled during this budget session. It may be postponed to the Monsoon session (August-September 2021). This news is like a slight relief for the Indian Bitcoiners. They were facing a lot of difficulty, due to certain draconian clauses in this bill. Hopefully when the monsoon session starts, the bill will once again get delayed.

The Bitcoiners here in India were very vocal about their opposition to the bill, which probably forced the government to postpone implementing it.

romero121

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Whether it is India in the second position or Nigeria in the second position doesn't gonna make any changes in the market. Right now both the countries that are into discussion are highly corrupt and the Governments were against the usage of cryptocurrency. Maybe when the government comes in support of cryptocurrency usage we can expect the volume to peak high and might overcome the leading countries at present.

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Quote from: iamsheikhadil on February 25, 2021, 11:38:55 PM

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 Grin

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 Cheesy

Population doesn't really matter in cryptocurrency adoption on a country. You may have too high population but the majority of the population don't adopt the idea of cryptocurrency. In Nigeria as of now, many youth take care of themselves and they find a means of survival which one of it is cryptocurrency because the government don't provide jobs. The youth keep introducing their friends and that is already showing in the record as Nigeria being the largest bitcoin user in Africa and second in the world.

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Quote from: Obito on February 24, 2021, 01:42:12 AM

No doubt that it will overtake India because there are far more crypto users in Nigeria than in India right now. It could change but we all know that Nigeria is a forefront in the African continent when it comes to cryptocurrency and this ban from central banks will only stoke the flames that will cause the people to go for cryptocurrency more than the central banks.

I don't know but I think there more Indians using crypto than Nigerians it just so happen that there are some issues regarding crypto in India correct me if I'm wrong, I have a lot of friend from India and if you will notice some of them in bounties are indians so if Nigeria overtake the p2p of India I think it can affect somehow to the economy of India. When the issue gets cooler and if government no longer prohibits its people to use crypto I think it would be great to have their own p2p.

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Quote from: Vishnu.Reang on February 26, 2021, 12:24:06 AM

Quote from: iamsheikhadil on February 25, 2021, 11:38:55 PM

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 Grin

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 Cheesy

The government has come up with a bill to ban the ownership and trade of cryptocurrency. Most of the exchanges in India are on the verge of closing down and some of them have moved their operations overseas. And the users have gone in the stealth mode, using apps such as Telegram to communicate among themselves and depending on the P2P platforms to purchase or sell cryptocurrency.

The government has tried many times to ban it but couldn't really do much, specially when Supreme Court lifted all restrictions, the government could do nothing and I believe that it won't be able to do any damage to crypto, because regulators know, people would get into crypto even if it's banned because of anonymous character and decentralization feature. I don't think they will really pass the bill as well but let's see what the future holds, the suspense is nice Wink

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Quote from: iamsheikhadil on February 25, 2021, 11:38:55 PM

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 Grin

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 Cheesy

You can't disregard the fact that Nigeria is also the second biggest community of crypto users in the world and they have around 20-30 percent of their population using cryptocurrency. If that were India's number then I would gladly say that this topic is nonsense because there are more people in India but the statistics shows that Nigeria is higher than India. I admit that there is an advantage in the population but there isn't enough people that will introduce a lot of people to cryptocurrency, like in my country, there are a lot of people but there isn't enough of a community to introduce and the cryptocurrency is widely stigmatized as a medium for scams.

Vishnu.Reang

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Quote from: iamsheikhadil on February 25, 2021, 11:38:55 PM

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 Grin

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 Cheesy

The government has come up with a bill to ban the ownership and trade of cryptocurrency. Most of the exchanges in India are on the verge of closing down and some of them have moved their operations overseas. And the users have gone in the stealth mode, using apps such as Telegram to communicate among themselves and depending on the P2P platforms to purchase or sell cryptocurrency.

iamsheikhadil

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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 Grin

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 Cheesy

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Quote from: Obito on February 24, 2021, 01:42:12 AM

No doubt that it will overtake India because there are far more crypto users in Nigeria than in India right now. It could change but we all know that Nigeria is a forefront in the African continent when it comes to cryptocurrency and this ban from central banks will only stoke the flames that will cause the people to go for cryptocurrency more than the central banks.

That is simply not true. According to conservative estimates, India is having 5 million to 10 million users of the cryptocurrency. The real numbers are difficulty to come by, because most of the users depend on the P2P platforms due to governmental harassment. I really doubt whether the number of users in Nigeria is this high. Also, a large part of P2P trade in India is conducted using physical cash and gift cards. This makes it difficult to calculate the volumes as well.

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Quote from: Obito on February 24, 2021, 01:42:12 AM

No doubt that it will overtake India because there are far more crypto users in Nigeria than in India right now. It could change but we all know that Nigeria is a forefront in the African continent when it comes to cryptocurrency and this ban from central banks will only stoke the flames that will cause the people to go for cryptocurrency more than the central banks.

Google says Nigeria is in the second place in terms of number of crypto users but its actually impossible to fin the number of crypto users and their origin because everything is decentralized, and the metric used to calculate are only from the people who use centralized services like exchanges. Ofcourse ban announced by Nigeria central bank is going to boost up the p2p and its time to make revenue by LBC and similar platforms.

Obito

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No doubt that it will overtake India because there are far more crypto users in Nigeria than in India right now. It could change but we all know that Nigeria is a forefront in the African continent when it comes to cryptocurrency and this ban from central banks will only stoke the flames that will cause the people to go for cryptocurrency more than the central banks.

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Quote from: darewaller on February 22, 2021, 12:10:23 PM

Not saying that Nigeria is richer than India because that is easily disputable, however it is clear that Nigeria relies on Bitcoin a lot more, India has been in the online work force industry for decades now and they are awesome at it, whereas Nigeria is great in bitcoin but not so much in other payment options, hence I think India can always go back to paypal when Nigeria will keep focusing on bitcoin.

The Indian government is composed of some illiterate idiots who were elected to power just because they enjoy widespread support in the slum areas. A lot of illiterates in India support them, because of the freebie culture. And now coming to usage of PayPal in India, the government made it almost impossible for PayPal to operate and therefore they closed down the operations inside India.

https://www.businesstoday.in/current/corporate/paypal-to-shut-domestic-payments-business-in-india/story/430349.html

Quote

PayPal Holdings Inc will wind down its domestic payments business in India from April 1, the company said in a statement on Friday. San Jose, California-based PayPal will instead focus on its cross-border payments business, which means global customers will still be able to pay Indian merchants using the service.

Findingnemo

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Quote from: Haunebu on February 21, 2021, 01:20:16 PM

Quote from: Findingnemo on February 21, 2021, 10:34:45 AM

You are not supposed to use your bank account to buy or sell cryptos and that is the actual result of this ban but most of you guys misinformed about this which created FUD in the community.

I disagree. I use my bank account to buy and sell cryptocurrencies on a regular basis though I do utilise several security measures while executing these transactions online.

If you are a Nigerian Citizen then you are not supposed to use your ban account for dealing with cryptos because we are talking about the central bank of Nigeria ban on cryptos and nothing else. I do use my bank accounts for crypto purchase just because in my country there is no such restrictions on place at the moment. Roll Eyes

darewaller

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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.

I mean sure it is really not a small difference between India and Nigeria when it comes to population but Nigeria is not a nation of 10 million people, it is a nation of 200+ million people, so they do have a lot of people. Also this is not about being more in numbers, it is about being more in amounts. So let's say UK bans bitcoin trading and exchanges one day, they have less than 70 million people and they could still do 10x more than Nigeria and India combined, why? Because they are fairly rich.

Not saying that Nigeria is richer than India because that is easily disputable, however it is clear that Nigeria relies on Bitcoin a lot more, India has been in the online work force industry for decades now and they are awesome at it, whereas Nigeria is great in bitcoin but not so much in other payment options, hence I think India can always go back to paypal when Nigeria will keep focusing on bitcoin.

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I am still questioning why Nigeria is so amazing to be able to adopt crypto and even beat India? I am still curious about who is behind it, it seems that in Nigeria crypto can be successful

No need to question, the Nigerian Government has failed the people and there is no job for the masses Hence the masses resulted to what can get then to having a proper life for themself. Crypto adoption in Nigeria wouldn't have been this high if most of the youths where fully employed so it is because of the high unemployment that actually fulled the demand for crypto trading in the country and for now, people can still trade only that the Banks are the ones that have been restricted from facilitating crypto transactions.

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