Nigeria will overtake India in P2P - page 4.

Vishnu.Reang

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Quote from: Pokapoka124 on February 21, 2021, 04:38:57 PM

I thought bitcoin was illegal in Nigeria? And India doesn't have s firm stand on crypto...they are quite the pair

Using your bank account to trade in Bitcoin is now illegal in Nigeria. On the other hand, ownership of Bitcoin is going to be a criminal offense in India. There is a huge difference between these two. Nigerian users may need to shift from fiat currency to stablecoins if the government is serious about the banking ban. Indian users on the other hand, are caught between a rock and a hard place and the only options are to migrate to some other country or risk going to the jail.

VanDeinsberg12

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I mean if indian government really seriously banning crypto and the enforcement is not some fear mongering then I guess it's obvious what's the outcome, however, I hope that these countries that lead in P2P could somehow innovate to perfect the curent P2P considering they are the one who uses that method a lot, maybe to somehow avoid the govt ridiculous human right breaking law.

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I thought bitcoin was illegal in Nigeria? And India doesn't have s firm stand on crypto...they are quite the pair

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This is a very critical issue that should not be decided with just mere count. We need fact and figure to be able to dec- ide this. I will like to take two countries for case study here , India and Nigeria. These two countries are so far apart from each other and also on different continents. India in Asia and Nigeria in Africa. Let's get to the main point here. The current population of India is over 1 billion now and Nigeria on the other hand still have a population less than 250 million maximum. That's almost times four of Nigeria population, that will be a ratio of 4:1. So if we are to look very carefully, there is no way Nigeria is going to overtake India in p2p. I think they will always take the lead.

Theb

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Quote from: https://www.mondaq.com/nigeria/fin-tech/1036556/prohibition-of-cryptocurrency-transactions-by-the-central-bank-of-nigeria

In response to the CBN's directive, banks have begun to identify and deactivate the account of individuals with inflows/outflows from/to cryptocurrency exchanges. It is unclear if affected individuals would be able to reopen accounts with these banks in future.

I haven't focused one news about Nigeria this much since we have countries like India and Russia heading the headlines but I never thought that Nigeria is also in the same if not far more worse situation than India. If you think that P2P trading will bloom in this situation I don't think it will since the regulation ordered by the central bank of Nigeria covers all kinds of crypto related transactions may it be from a crypto exchange or just depositing/withdrawing money for a crypto related trade. The news is clear on this that banks are ordered to investigate the inflows and outflows of cash from their clients. With people who can't use their money inside the banks or used it as a way for receiving money I don't think P2P trading is something that will grow substantially without their Citizens having another mode of alternative in their transactions.

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Quote from: cheezcarls on February 20, 2021, 07:47:22 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.

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.

This is the thing, they believe that if they do not allow people to make transactions with their bank accounts somehow this is going to stop them, but no, what this has done is simply move the market to P2P which is in fact the correct way to use bitcoin, so not only they are losing clients they are not getting any profits from those trades at all, to me this is great news, but I can assure you that once the realize their mistake they will either try to ban cryptocurrencies or they will push the government to allow them to get those clients back since they do not want to lose on any of that money they are making.

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

Quote from: Coyster on February 21, 2021, 09:01:01 AM

The Nigerian government have banned the usage of cryptocurrencies,

Quote from: blackened515 on February 21, 2021, 09:47:23 AM

I don't know the number of India that fell victim of scammers in the name of p2p transactions immediately the news if crypto ban hits on them,

Guys, FYI both these governments never banned bitcoins and crypto currencies until now. Central ban restriction doesn't mean they can't use or hold bitcoins in their country. 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.

If it was possible for them -the Central Bank- to ban personal owning of Bitcoin or Bitcoin wallet then the government would have done so, now placing an ban on using bank account to run crypto-currency, is almost a way of showing their distastefully nature for Bitcoin, it's not a FUD in my country even with the ban Bitcoiners are holding and some using peer2peer.

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I disagree op. The primary reason why I feel that India will continue to stay in top in the P2P rankings is due to their population count. There is a huge difference between the population sizes of India and Nigeria.

Pointless bills regarding cryptocurrency bans will keep coming and disappearing, but new and old crypto investors will continue investing primarily due to the rising prices of popular cryptocurrencies like BTC, ETH etc.

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.

Findingnemo

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Quote from: Coyster on February 21, 2021, 09:01:01 AM

The Nigerian government have banned the usage of cryptocurrencies,

Quote from: blackened515 on February 21, 2021, 09:47:23 AM

I don't know the number of India that fell victim of scammers in the name of p2p transactions immediately the news if crypto ban hits on them,

Guys, FYI both these governments never banned bitcoins and crypto currencies until now. Central ban restriction doesn't mean they can't use or hold bitcoins in their country. 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.

blackened515

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Quote from: Coyster on February 21, 2021, 09:01:01 AM

the newcomers who'll have to buy Btc via P2p understand the risks inherent in it, as well as learn what the security protocols are, cause P2p is somewhat risky for newbies.

I don't know the number of India that fell victim of scammers in the name of p2p transactions immediately the news if crypto ban hits on them, so many cases happened which resulted them to be vigilant in the best p2p transaction and also to undergo F2F for local region. This same case might happen to Nigerians because so many newbies might fail to understand what escrow is all about, I'm sure they might have had complaints on some number of scammers that had duped them one way or the other in the name of p2p. It'd would better if a video or a short brief lecture be taking on how to perform peer to peer transaction through a a trusted middle man called escrow. Such thing might help them a lot in this.

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Quote from: Coyster on February 21, 2021, 09:01:01 AM

Cause P2p is somewhat risky for newbies.

P2P is dangerous for people who don't understand it and don't want to learn it. For me, p2p is no different from going through an exchanger. Even with p2p we can control our own money without having to fear unilateral blocking. I don't think Nigeria will surpass India considering the vast number of occupations but it doesn't really matter what matters is that crypto is accepted by everyone.

Coyster

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The Nigerian government have banned the usage of cryptocurrencies, and the only good thing for the crypto community in Nigeria is that they have to fall back to P2p, and thus they do not have to submit KYC details to exchanges, and they'd also not leave their funds on exchange wallets, which is 'sinful' to do.

Having said that, the number of crypto users in both Nigeria and India is growing at a pretty fast rate, and imo, it matter less which is leading in P2p usage, as long as, the demand for Bitcoin appreciates in the two countries, adding to adoption; what's most important is that the newcomers who'll have to buy Btc via P2p understand the risks inherent in it, as well as learn what the security protocols are, cause P2p is somewhat risky for newbies.

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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 think underground Nigeria should have passed India in peer2peer exchange of Bitcoin, many Nigerians are also almost in every countries and many of them into, crypto-currency do peer2peer, I think peer2peer has not been a dead skeleton brought up by, the ban placed on Nigerian Central Bank, peer2peer has been used, especially for Nigerian than don't want formalities of exchanges.

Findingnemo

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Central bank restrictions on crypto has been lifted by their court order in India so the exchanges started to resume their work in 2020 itself even Binance bought one of their local exchange called Wazirx and addred many trading pairs with lot of contests and the one of the early exchange called Zebpay also working so crypto people moved to trading on exchanges that is why the volume is low on p2p.

By the way, crypto currencies have no borders! Cheesy

so98nn

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Hmm, definitely not. Nigerian population is too less as compared to Indian. Though not all of the Indians know about bitcoin or use it actually then also that P2P number gonna be huge.

Moreover, there is still option for Indian to trade the normal way. RBI has just given draft notice that they will ban the crypto operations completely but please note that there is still no firm decision and it’s been month since the Budget is our.

The day they will ban it completely India will triplet the current p2p rate and still be leading country to use such platform of transaction.

Vishnu.Reang

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I won't be much surprised if countries such as Nigeria overtake India. We have a lot of skilled and talented people here in India, but all their skills are of no use when we are being governed by an authoritarian regime which is under the control of criminals and illiterate mafia dons. The government did the same mistake in the 1990s, during the time of dot com boom. If not for their mistake, India would have been one of the top technology hubs in the world. But the regime want people not to use modern innovation and remain in poverty for their entire lives. It helps them to stay in power by giving out handouts.

The good thing with Nigeria is that they didn't banned Bitcoin as such. They only banned the banking connection. P2P sites are free to operate in that country. That is not the case in India, as there is a blanket ban. According to one of the provisions, anyone holding cryptocurrency in their wallets can be sent to 10 years in jail (which is higher than the punishment for murder attempt or rape).

Clement Kaliyar

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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.

The theory of Nigeria overtaking India as the leading P2P market stays true if the number of new users does not change in the next couple of years and you need to take into account the billion population India have and you cannot determine how many new investors will be investing in the market in the next two years Wink

.

If there is any restrictions from the government people will find a way to trade as there is no other market that could give the same profit.

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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.

India has over 7m crypto population. It is much higher than Nigeria. Bitcoin ban in India will only going to increase p2p trading. Only difference will be now it will take place in some other ways.
People will stop using popular exchanges but trading will continue.

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

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

The bulk of Nigerians that had built a business around the cryptocurrency framework and had a good amount of crypto in their wallets before the were hit with the sudden sanctions and bans, will not easily just let it go. Especially when most see it as a move to hold them down in poverty.

With Nigeria having a hood statistics already in the btc market, overtaking India in P2P, a move to keep their businesses and investment going, is very possible within a short time frame.

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Quote from: Twinkledoe on February 20, 2021, 11:31:17 PM

Compare it to 1.38B population of India vs 206M in Nigeria, I guess, it is hard to overtake the p2p market in india.

The point isn't just about the population alone. Quite alright India has an advantage of population over Nigeria but what we are looking at is the adventurous nature of Nigerians. What number of Indians would want to take business risks like Nigerians do? That's what I am looking at. Indians are a conservative set of people who may be skeptical trying new stuff and tech unlike Nigerians who are always out to try new stuff. The Indian population is over a billion people but how many of them are tech inquisitive? That's the basic question.

Topic: Nigeria will overtake India in P2P - page 4. (Read 696 times)