Topic: Who has tried buying via Bank (Read 258 times)

Oh yeah really, thanks for recalling to my attentions @ OP. I haven't come across one testifying to had purchased Bitcoin or any related cryptocurrencies there in the banks since and after the ban was lifted. At my end of view, i am expecting the banks to sell below the P2P exchanges of transactions as maybe called "the black market" but I wonder what the dividend would be because Bitcoin is not a negotiable assets exchange.
But I am also thinking, who would just walk up to the bank and request for the purchase of Bitcoin when it is security conciously advised to stay anonymous due to the attractiveness of bitcoins values in the industry.
I Know this our trickish country very well. Despites the anonymity I'm Bitcoin holding, this people would still insist to know what you needed the Bitcoin for. And that is to keep an indirect tracts on the individuals couples with the conciousness that the Bitcoin might silent the traditional currency somedays due to its invaluable rate in exchange to the USD.

Don't try to buy bitcoin with your ATM card from the Cex exchange because commercial banks are not given authorization to facilitate the payment of bitcoin or cryptocurrencies, and if you are caught doing that, your bank account will be blocked and you will not have access to your money. The ban on bitcoin was only lifted for citizens to freely engage in bitcoin. Buying bitcoin with your ATM card is good because it will prevent you from falling for scams because you will be provided with an account number and bank name where you will transfer the fiat that is worth the bitcoin you want to buy, and when Binance receives your fiat payment, they will credit the bitcoin in your account. This was before they banned bitcoin, and not now.

I nor even dey see lifting d ban as something positive. For my mind, government wan use as trap those of us wey dey into cryptos so dat we go loose guard. Make una nor slack oh. Continue to dey do d wan wey dey work for you, especially if you dey use P2P. Dem sey no need to change a winning team in the middle of a game.

Na dis wan I nor dey wan do. Most of d P2P guys dey take style drop dem numbers for chat sey if you wan make dem pay you fast fast make you chat dem up on WhatsApp or give dem direct call. Nor try am. Me, I dey lock up. I nor dey answer dem and dem go quickly respond and transact with me. Just make sure to confirm payment once dem sey dem don send am. You nor need to know anybody personally or exchange contact to transact for P2P. Avoid doing dat bc na so scam dey take start. D next thing, dem go wan begin chat you outside dat exchange wey you meet dem.

Well is a matter of choice but almost everybody I know is making use of P2P, as the best medium though all you need in every thing is to be careful and smart after all scam is everywhere in the bank, scam is still there I don't want to call name of Bank my brother was victim of bank scam which we fight but could not conquer do to some factor where the higher authority use their power to subdue issue that will tannish their image.

Cryptocurrencies have not yet been institutionalized in Nigeria and you cannot use it as a means of payment or even something that you can use for any direct transactions within banks in Nigeria. I think the government just wants to open corridors of opportunity for average Nigerians that are already within the cryptocurrencies system so that they can make use of the technology in a more comfortable way and legal way.

Let it not be like a crime that you are engaged in cryptocurrency even though in the whole world is tuning into the direction. So, I think that is the major reason why the government lifted the ban on cryptocurrency so people can go ahead with the day to day activities using the cryptocurrencies at their own discretions, to be precised.

What I expect from us now is that we need to prove the government right and explore the opportunities that are bound in cryptocurrency so that government can see more opportunities in it and reasons why they should institutionalized bitcoin as some countries have started doing already like the El Salvador and the Argentina president was also advocating for the adoption of Bitcoin, in a way.

Nigeria can also leverage in that opportunity because we are looking for all-encompassing strategies that we can use to boost the economy within the country and our international trade market (forex)

Banks no get Bitcoin, at least them no Dey claim say them get am, neither have any bank come out publicly to say, them Dey sell and buy Bitcoin. That go mean a betrayal to the fiat currency which they sort to preserve, the central bank and them product way be the fiat currency.
If you see person way talk say e buy Bitcoin via bank, it’s either the person Dey lie or e no know watin e Dey talk ad that go be a big misconception. I no know for nations way don legalize Bitcoin shah.

The best you fit do na p2p normal of which, you go exchange Bitcoin with fiat and at other times, you fit still deal am with altcoins.
When you buy Bitcoin with fiat, even with you transferring the money from your bank or mobile app, e no mean say you buy from bank o, e simply means say, you pay for service, product or even just transfer money to person via whatever and that’s all.
In these practices, on me thing you need to Dey avoid na to write every every for narration, that na bad idea.

Do you go risk yourself?

How can anyone possibly try to buy? Crypto via banks in Nigeria even if the banks offer such services, its charges will be high.

And who will even consider using a bank when you can easily go on P2P and remain anonymous for life with with low to no fees?

Avoid any bank that give you the chance to use their direct can't crypto windows that is if there is any at all.

I no know the kind spirit wey dey inside Naija people way everybody the like dodge paying of taxes, this ban way the government don lift if no be the tax side of it wey follow I know say by now plenty persons go don the use their bank cards and cheque books to the wire transaction of bitcoin for bank. I no go blame the people on one side, the government no the try sef, nothing for the economy and welfare services and infrastructures wey go suppose motivate person to pay tax nothing like that wey dey for the country from even the VAT and other indirect taxes we the pay. As for me say the p2p still dey working then I no see the use of bank as a more suitable alternative to me in my bitcoin transactions.

This is something I've never done before and I don't think I'll ever buy bitcoin or any crypto asset using my card even after CBN has lifted the ban. Aside the government writing to the exchange to get the comprehensive list of crypto users so that they can be taxed, I also feel buying crypto with my card also reveals to the government that I'm a crypto user. I could be wrong, but for dis reason ah no go like use card bcuz ah no wan pay tax.

Let's get this straight and be guided.

Never in your life trust government, they will stab you in the back and when I mean stab, they will stab you to your inner flesh. You can see that the government is already frustrated looking for alternatives to stabilized the NGN to USD, some of them like CBN are angry that remittance aren't coming to the country, majority are going through unlicensed remittances and crypto p2p, so if you think because they have uplifted ban and you want them to use your funds for lab rat, you will see the consequences when they ban your account without any explanation.

It doesn't cost anything to continue to use p2p. In fact, it's more easy to buy and sell using p2p without even the bank and the government knowing that you bought crypto than for you to go to their gate, knock on them that you want to buy crypto and these is how you do it, be smart my friend.

After the uplift of ban of cryptocurrency in Nigeria, I am not still convinced to use any other method to purchase cryptocurrencies through the bank. The method we are use to now, the p2p system has become a part of us and it’s transaction is very fast and transparent just like what the bank might actually look like too. For the fear of it not working out, or experiencing some delay or bug in the process of purchasing, I will keep my purchase through the method I am used to as it hasn’t failed me before. Also, with the regulations that may come after making bitcoin and other cryptocurrencies a legal tender in the country, it is better I don’t disclose myself too early that I am into crypto. You’ll be surprised to see the regulations getting more strict for old term users than the new users coming into it.


I can still recall that while it was stopped, many banks had to write it as a disclaimer on their forms in banks not to involve in any cryptocurrency transaction as the CBN has banned banks from involving in it and your account will be at risk if found wanting. Uplifting the ban hasn’t allowed them to still get involved in the transaction of cryptocurrency but it was a direct message to crypto holders to keep them at their own peril. If today, banks are allowed to transact cryptocurrencies, I won’t still feel oblige to use them.

Yes you correct we country no strong for reality!
I also remembered as them announced the price of cement that year abi 2022 or 2023 where every body don happy say price don come down but e stil shock me say people no dey bring their price down even if you go buy self them go say e neva reflect to the price, at some point self dem con bring news say dangote don follow bring him price down. Na so dis news spread everywhere but when i go watch on tv my dear i listen from the company's manager dem say notin like that say price never reduce say those people just dey speculate on their own make price reduce but nothing much.

Even the bua cements self that company no fit carry the demand, imagine where you place order it would take you about 2 to 3 months to get to your turns meaning say the supply dey very low where as the demand don pass production this con make me think say BUA cement no fit handle the operation. Hence them suppose employ more work force to further expedite the processing speed for people to receive their orders.

Wetting you talk here na truth but I never know wether the phone number given to the client you wan release asset to dey risky? Because most times if we want to sell coin for P2P the person we wan sell coin to, go talk say make we drop phone number asap and sometimes E fit be the phone number we carry register for our play or BVN so I no no how sensitive this thing fit be , but I believe say E no good atol. Base on security level.


You are actually Wright. You know say Nigeria no dey dey serious for whatever thing them dey do. Dem fit talk sometime today and you rush go so that thing the next day police go still arest you say who tell you? Meaning the sector's for government no dey in union or unity to know update on the country. If them talk anything for news and you no use your brain you go be the first victim of that thing.
Nigeria no dey effective for making law and standing by it. All are just words to sugarcoat and make the country have a good reputation where as nothing of such occurred.

If you guys remember last year we celebrated on issue of bua cement selling for as low as #3500 to fight again Dangote expensive cement. And now if you check out there was no effort made to make that dream come true but wrong speculation dey say price don come down and no where wey dey sell for such price.

So for this issue of lifting ban on crypto currency E fit be trapped or not to see people behind crypto currency. So make we just dey use the normal perttern we don dey use for long now. Make we no go use excitement go do wetting no nice because Nigeria good for news but in reality is the opposite.

Not tried it because, despite the ban lift I am not 100% convinced that this new improvement will work perfectly without banks having network issues or delay in confirmation. This issue is well know for users of our traditional banks, most time the banks have this delay in processing transactions. I remember perfectly well In the year 2020 when I tried using bank card to fund my FX trading app, the transaction delayed for up a week before it reflected. I prefer using P2P which I'm used to, and very fast and reliable than taking another option that can end up causing delay, however not all banks have this issue but the bank I'm using can sometimes act as a weirdo.

I haven't tried it but with my little research I have got to know that it's that possible to buy Bitcoin direct from a bank, just like how Charles-Tim already make it known earlier.
When the government lifted the ban on crypto currency they didn't make in a way that we can buy bitcoin or any other crypto currencies directly from a bank but I can testify that they did it in a way that people should feel free while using it like on their business and daily trades.
Government have seen that they can not hold it back, and they just have to make it legal for us, the more they restrict Bitcoin from us, that the more we get adopted to it, just look, how we are among the 2nd countries that make research about Bitcoin and the more we Nigerians are searching about crypto currencies the more we keep on adopting it, even the governments have no other choice than to lift the ban om crypto currency.
Let's just make the good out of it instead of watching how Bitcoin grow in price and do not invest, it's good when we invest and watch the price of Bitcoin grow.

I got your point here, but let's try to expand the view and discuss it broader, right before the ban on the use of crypto, the government supported everyone using it and they can go through the banks as well, now after the ban in 2021, the banks where affected and the government only make a release that using cryptocurrency could be dangerous for it's citizens and advise them to stay away, it's not a legal endorsement anymore for anyone to use it since the government is not approving it then, but it's not also an illegal act then for someone to use bitcoin.

Just that you're on your own risk doing something the government doesn't support even though it's not against the law as at the time of the ban, the only restrictions made is limited to the banks and government itself to abstain from using it, any citizens may choose to go by such warning or not, as for some of us that are still using it as at then, we also go on a low key for security reasons.

The lifting of ban no mean say banks should be hodling btc or hodling it for you. It means say government no stop anybody again to hodl or buy and pay from their account number that is connected to exchange. Nothing much about the lifting just to say you can freely transact or hodl btc for your wallet or exchange. I believe say before the lifting, men dey code the btc wey dem get for wallet but e no be like that again. You fit buy from binance and use your bank account do payment and bank no go begin run investigation on you. I think na the simple understanding on dat. But guys dey prefer P2P despite.

Thank you for the answer. I still don't get
Even with the ban of 2021, individuals have already been using p2p
I see no changes with the ban lift according to what you said. 
What I read is that banks are banned from transacting and holding cryptocurrency on their own behalf (meaning banks can't buy and sell cryptos for themselves)
But I don't really see where the it was stated that individuals can't buy through their bank.

Further clarity would be appreciated.

I am already used to p2p trading so using my card is like someone who trying to violate the rules and regulation that governs us before despite they have lifted the ban but i still feels guilt of using it to buy cryptocurrency, Because Nigerian tins na for brain e dey worry them. I no even sure say na dem take that talk into their mind self because anytin fit happened anytime na wetin make me still dey fear even as i don dey use with the p2p i no fit go touch my card to use am buy any digital currency before dem go trace me or even me say na we dey still prove stubborn dey use am trade.

We suppose watch we country very well before we jump tinking say everywhere don cool without know saying area never balance till now, we go try dey cautious of wetin we dey do abege if you still feels safe wit they p2p funding den you go ahead than to go use card direct dem give you restrictions.

The lift is just to allow the citizens use bitcoin or any other cryptocurrencies at their own risk, however, the banks were not allowed to get involved in any of these, it could be recalled that before the ban, banks were permitted to engage in cryptocurrencies until the announcement was made to stop them, so as at now, you can't use the p2p network through the banks they are still under ban, but every individual can choose to engage it on their own self.