Nigeria will overtake India in P2P - page 5.

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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 really do not know the actual volumes of p2p trading in these countries. However, with the recent ban on cryptocurrency by Nigerian Central Bank, p2p trading was destined to increase. The same will happen for every country where cryptos will be legally banned. The beautiful part is that, you don't really need any website for such p2p trading. A telegram group, or a discord channel or even a small whatsapp group will suffice. I am sure India will see a similar practice when cryptocurrencies will be legally banned in India.
These countries are considered as 3rd world for genuine reasons!

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Quote from: Mpamaegbu on February 20, 2021, 11:03:32 PM

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

Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

India has a huge population far much more than Nigeria but I get your optimism as the operative word is "May". As a Nigerian, I will love for that to happen. At least, it will put my country out there on the global space as a case study of why countries shouldn't ban Bitcoin in comparative analysis of before and after the ban by the CBN.

Quote from: Porfirii on February 20, 2021, 07:57:37 AM

But, could the ban make people use P2P at least 7 times more in Nigeria than in India? If that is the case, it may overtake it. Not impossible, >200 million Nigerians is nothing to despise.

Yes, this is the expectation and I have noticed it to as many PSP channels have swelled up with new members. Some of them have wondered why they even traded crypto directly with their banks in the first place because P2P is as effective as it can get.

Compare it to 1.38B population of India vs 206M in Nigeria, I guess, it is hard to overtake the p2p market in india. However, if we will consider the percent p2p population adoption, maybe. But still early to assume that. If Nigeria will be more open arms in crypto projects as compared to India, this will give Nigeria the advantage in terms of percent adoption. I think, the declaration of top companies like Tesla and PayPal to join the crypto race, is giving good impulse to these communities.

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

Nigeria may overtake the India record of leading the P2P emerging market in a year or two.

India has a huge population far much more than Nigeria but I get your optimism as the operative word is "May". As a Nigerian, I will love for that to happen. At least, it will put my country out there on the global space as a case study of why countries shouldn't ban Bitcoin in comparative analysis of before and after the ban by the CBN.

Quote from: Porfirii on February 20, 2021, 07:57:37 AM

But, could the ban make people use P2P at least 7 times more in Nigeria than in India? If that is the case, it may overtake it. Not impossible, >200 million Nigerians is nothing to despise.

Yes, this is the expectation and I have noticed it to as many PSP channels have swelled up with new members. Some of them have wondered why they even traded crypto directly with their banks in the first place because P2P is as effective as it can get.

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Quote from: Porfirii on February 20, 2021, 07:57:37 AM

Taking into account that India has almost seven times the population of Nigeria, this is quite extreme.

But, could the ban make people use P2P at least 7 times more in Nigeria than in India? If that is the case, it may overtake it. Not impossible, >200 million Nigerians is nothing to despise.

Having a population of 1.4 billion is of no use, if it is not tech savyy. According to the mainstream exchanges in India (such as ZebPay and WazirX), the total number of active users currently stand at 7 million. But as far as I know, the majority of the users don't trust these exchanges, because they have to undergo KYC. They mostly use P2P platforms or global exchanges where it is not mandatory to go through KYC. So the actual number of users in India may be at least 14 million. I really doubt whether there are that many users in Nigeria. But from what I have heard, the growth in users is very impressive there.

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I also see the list of top countries issued by Binance and I’m shock that Nigeria was on the top list and happy as well that my own country was on the top list. India is a great country and many crypto enthusiast are from there but this market is growing, and some are adopting massively. Now that Nigeria was on the list, I do hope that many will start to adopt bitcoin, P2P are the easiest way to have bitcoin and thanks for Binance to make it possible.

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I am glad that Nigeria is leaning on the P2P trading bitcoin market. Because it is a solution when you live in a country with economic problems and that the rulers do not provide support to the community without a bank. That is why bitcoin is widely accepted and a solution for many, especially young people who want to secure their future.
The statistics indicate this and the response of Nigerians to the most recent ban to bitcoin by the Central Bank of Nigeria.
One possible solution that Nigerians found is not to use centralized exchanges.

https://www.coindesk.com/bitcoin-cant-be-stopped-nigerians-look-to-p2p-exchanges-after-crypto-ban

magneto

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Or perhaps it's just that Indian trading volumes are simply obscured by the fact that a lot of them occur off platform?

Due to the shenanigans of the RBI, people are forced away from trading p2p into OTC or completely anonymous markets.

Nigeria is a growing market for sure, but nowhere to the extent of the Indian economy both in population and in the fervour that they have demonstrated for the crypto markets. It's super important to remember that recorded volume =/= actual volume.

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You make a reasonable point and I also believe the Nigerian peer to peer market will dethrone India record since Nigerian was among the top countries which is involved in cryptocurrency activities last year before the Central Bank ban financial and bank institution from dealing with crypto exchange but the last time I check most people in Nigeria seem to have already loose hope so it will take some time before the Nigerian will dethrone India record cause almost 50% of crypto activities done by the Nigerian are through p2p right from the get-go while remaining 50% only trust centralized exchange.

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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.

Yeah and we Asians are real p2p even, using wechat or Whatsapp or Yahoo. Total trust reliant, not even doing all on localbitcoins. Now it's a message on whatsapp. Confirm the rates and handshake.

All these bans the govts should realize are just going to push people downwards to underground markets.

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You're right, maybe the only way for Nigeria right now is by p2p. although still it indicates a Bitcoin transaction. whereas we all know that regulation in Nigeria is very unfortunate. must receive quite heavy sanctions, if the government detects an exchange. so as much as possible Nigeria should be able to learn what India is currently doing to overcome obstacles in Bitcoin transactions.

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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.

It might happen but for a while should we stop thinking about the competition ? Focus more on the whole economic system ? If Nigeria takes over the p2p transactions as compared to India it's amazing for us ! For each and everyone of us. This would not only mean that the Bitcoins is getting adopted more and more but at the same time it's working best in the restricted environment. The government might try and control but the people have a way to get over that also. I do believe that India would soon be able to bend the governmental restrictions ( I hope they do) since the people are not fighting for Bitcoins, for their rights , the Nigerian banks are following suit from India, trying to restrict people from using Cryptos but at the same time I kind of sell my btc here to people and 80% of them are from Nigeria !
For Nigeria it's essential that people try and tackle the governmental restrictions in their own way but it's not a competition!! It's the whole ecosystem that we are talking about.

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Quote from: masterzino on February 20, 2021, 10:05:57 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.

Yeah, but I read that they are paying up to 50% premium over the current price!?

Is it true? Is it because of the Nigerian Central Bank ban on crypto trading, or is there something else?

They don't need to pay 50% premium if they are going P2P. And if indeed the price is at a premium in Nigeria because of the ban, for sure there will still be bitcoin enthusiast who are willing to buy. Just like any commodities in our history, people are going to buy when they know they can still make a lot of profits, Gold, Oil and other precious metals are just example.

As far as overtaking India, it's possible, as bitcoin is really growing not just in Nigeria but in the rest of the world, specially third world countries.

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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.

Yeah, but I read that they are paying up to 50% premium over the current price!?

Is it true? Is it because of the Nigerian Central Bank ban on crypto trading, or is there something else?

Porfirii

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Taking into account that India has almost seven times the population of Nigeria, this is quite extreme.

But, could the ban make people use P2P at least 7 times more in Nigeria than in India? If that is the case, it may overtake it. Not impossible, >200 million Nigerians is nothing to despise.

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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.

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.

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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 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.

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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.

Topic: Nigeria will overtake India in P2P - page 5. (Read 696 times)