You fit trust Bureau de change operators if they start exchanging btc?

Lightmanalmani

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

Well..I understand the risk involved in doing a physical transaction on bitcoin with the bureau de change, the p2p feels more comfortable.

But imagin if we have bitcoin as means of exchange which can be handled physically, in tiny fractions, honestly I will be comfortable trading it with the bureau the change than the banks even. In my location they have a more secure environment funny enough.

Wolf of One Street

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I see it as a risk, doing p2p physically is a great risk especially in this country where all the financial policies is growing greatly against crypto.
I will advice you mind your business and forget that person.

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

For me I no see any reason person wan dey change bitcoin to fiat physically to this bereu the change guys. For me bereu the change for just make sense if them only use am for physical cash like pounds, dollars, Euro and any other hard earn currency, but to exchange bitcoin for fiat Naim be wetting me I no see to much important because we get centralised P2P exchange wey person fit sell bitcoin to USDT then sell am to fiat with any current price if fiat and bitcoin. But this people go wan make profit from you, and your money no go complete after the exchange. For me the best time I fit say people fit exchange bitcoin from this bereu the change na if you need cash seriously and you no wan stress yourself to sell for exchange come do withdraw from POS, then you ft just send bitcoin directly to those guys and get cash. Or the best time to do transaction with them na maybe those periods wey dem delist NGN P2P from most exchange dem.

Mpamaegbu

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Quote from: CryptopreneurBrainboss on October 31, 2024, 01:33:33 PM

Yes those guys do trade Bitcoin and I have done some transactions with them. If you fit trust them to trade your hard currency then why not Bitcoin.

I dey get a lot of dem for P2P on Cexs wey dey ask for physical exchange and dem dey offer higher rates pass. I dey dey weary of exchanging wit dem. I neva try am once. Shey ur own experience na online wit dem abi you run am face to face? I go like read from you on dis.

Coyster

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Centralized exchanges still dey offer p2p trading in Naira, so i never really think about this one, no be something wey i go like do sha, except it is the only option or the last resort. Instead of trading this way, i go prefer to trade with reputable Naija online vendors, i know say e hard to find one wey dey legit, but if you find, you fit just dey trade small amounts with them, na when you wan trade big money you go come get problem.

SmartCharpa

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

Waiting go even person think of physical exchanges when the normal p2p wey we dey do gat us cover? Even the p2p that we regularly do dey risky talk more about physical exchanges, I never think about any physical exchanges, perhaps they fail to function properly for my side. Op, you are not new to this forum and you should come across something like this, where people has been complaining say dem get scam during the physical exchanges and am sure that one no happened in this country, so how did you think our country own go will take end?

Honestly, I will not advise anyone to engage in any physical exchanges since there is enough to teach person lesson from what is happening in this country, people don't really care, they do everything for money, you fit do physical exchanges with good rate and believe say them be trustworthy people while your life is at stake. I believe that a trustworthy person will not be on the street calling for people to bring their currency to be changed for another; there is a saying that good things do not promote itself at the market; people ask for it. Let's be safe out there.

MrEazyLife

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As much as I’ll like the idea of trading bitcoin with them. Because you’re physically trading so fear of being duped. And also you they might as well want to give the best rate tho, since tax doesn’t play any role here in physical transaction. But then it’s still not safe because you might get ambushed and robbed off your money after transacting. It’s best to stay at the comfort of your home and then trade your bitcoin with a trusted source and you’ll be less worry.

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

My answer to this question at the end of the write before I give a general comment is yes. I fit trust them because the average hausa man is very honest. If you have lived among them you will know. Then to provide a general comment, it will be very stressful, dangerous and careless to do a physical crypto transactions. The probability of getting hurt is high. I do not recommend it. Although people carry $100 note and more to these guys and do their business safely and go.

Richbased

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Quote from: Mate2237 on November 01, 2024, 03:03:57 PM

Bitcoin is not for physical transaction but online. If Bureau de change want to deal in bitcoin exchange then they have to create an centralized exchange for people to use their platform. If they are accepting bitcoin in physical in your locations, by individual, and since they are dealing on different currency, I will still not do the exchange because they are government agency and working for the government so they can leak your Banking information to the government.

Anyone who dey deal with them na their own risk. There are many online exchange on ground. Though people go still run am. But instead of creating another one why dem no quick ma use Enaira for the swapping and changing and trading at once.

Apart from even revealing their customers personal information if they decides to create a centralized exchange, any platform they create cannot be authentic like the foreign exchanges we use normally because we know how anything that is initiated by a Nigerian is always not stable because there's gonna be a lot of complaints from people.

People should know that bitcoin is in digital form, it's not in notes as Fiats are so anyone dealing with any transactions about bitcoin should remain anonymous by only performing operations on p2p platforms from trusted and reliable exchanges like BITGET, BYBIT, and some other trusted exchanges.

HajiBagi

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

You thank God say you no trust and your mind direct you to the right way, physical exchange na very risky because you don't know who they are, them fit be arm robbers or police wey dey find person wey them go arrest or see something collect from your hand, na Nigeria you dey na you suppose know how the thing dey be here, if you say na office you go I will believe say na better people but this one wey be say them dey they even patronize make people come na better set up.

Physical exchange Don lead many of to death and it is high time to be careful with people, About this people wey you dey talk now, them fit be police or Efcc wey dey arrest people wey dey deal with cryptocurrency or them fit be criminal wey be say if you do exchange with them they will find person make they get your location and at the end they will find you come in the night and Robbed you and if care is not taking they will end your life there, my brother it will be better if you do your thing online, online na understanding place where be say if you no see your money you no go release your coin and even the person go understand.

Mate2237

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Bitcoin is not for physical transaction but online. If Bureau de change want to deal in bitcoin exchange then they have to create an centralized exchange for people to use their platform. If they are accepting bitcoin in physical in your locations, by individual, and since they are dealing on different currency, I will still not do the exchange because they are government agency and working for the government so they can leak your Banking information to the government.

Anyone who dey deal with them na their own risk. There are many online exchange on ground. Though people go still run am. But instead of creating another one why dem no quick ma use Enaira for the swapping and changing and trading at once.

Spaceman1000$

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

Baba I no fit oh, I like the anonymity that comes with online vendors, because it helps protects my image and it saves me the stress of walking and looking for a physical vendor. Baba I don see where aboki way dey change dollar, return person dollar say the person bring fake dollar after him enter inside him shop go change the dollar way the person give am to fake dollar and came back and started claiming say the person give am fake dollar, so all this back and forth arguments will be avoided using P2P to make your bitcoin transactions.

Smartvirus

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Quote from: Charles-Tim on October 30, 2024, 03:15:50 AM

P2P on crypto exchanges are like the Bureau De Change. I mean their rate will be very similar if it exists. People that are dealing with cryptocurrencies are people that can trade online. They can not leave a comfort zone for the one that reduces privacy further like physical trading of bitcoin.

Nigeria government (and some regulators like CBN) will against it. But they should not worry, we are better the way that we are. No physical location necessary.

When the service doesn’t exists, it feels like a wrong thing to do simply because, e no Dey traditional.

One of the trade make of cryptocurrency na, privacy and if Bureau De Change suddenly start to Dey swap cryptos for Naira, Omo, people go patronize o. E no go hard people to use their services via say, no be plenty people way Dey concerned about the privacy nature for our naija. Some people just see the crypto for a means of survival and to escape the harsh economy and government policies.

Mind you, p2p leaves you without any contact as it should be but, with Bureau De Change, you fit even get contact way be say, if e wan lead to questioning on business transaction way make you receive certain money, you fit link your Bureau De Change plug and package your matter well. That kind thing.

The truth remain say, I no go like this means until, it’s entirely necessary via government policies not agreeing much to cryptos. However, such location go be hot spot and e go cast.

Truthlovecoins

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

It is a popular occurrence to have bureau de change operators hang around popular spots in towns expecting to have people come over to them to change one hard currency to another. While passing through one of the popular junctions in my city, what I could hear was, change dollar, change gold, change pounds, I get all the currency. Small thing nai remain for me to ask am say if e fit change bitcoin as play play, but I did not and have been reasoning to myself if I go fit trust these guys enough to come dey do physical bitcoin transaction with them? You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

If e dey possible, why not? If I fit trust them with my hard currency, why not BTC. As long as they understand how cryptocurrency works and are knowledgeable enough to know the right fees and exchange rate and can accept any means of receiving the BTC, I would trust them to do my exchange for me.

Stepstowealth

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Quote from: SmartGold01 on October 31, 2024, 09:30:17 PM

Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

What then now happened to cryptocurrency exchange or forum p2p?

Banks sometimes can change dollars and other foreign currency, but upon that people still dey prefer say dem collect the dollars go meet all these aboki's for corner for exchange based on say their rate fit dey better. E dey possible say aboki fit start to dey offer better rate pass exchange or even forum p2p, people try am once and the thing go smoothly without any crime, the person go tell others, and still try am again. I dey also reason say if plenty start to dey run am like that without any challenge, e go turn normal thing.

SmartGold01

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Quote from: Stepstowealth on October 29, 2024, 06:50:33 PM

You fit run bitcoin transaction physically with these kind people if e happen say dem still agree say dem fit change your bitcoin for you?

What then now happened to cryptocurrency exchange or forum p2p?
Sincerely it's more dangerous to showcase yourself with physical bitcoin trading, even though they do exchange all forms of currency, and as we know our government can never be trusted because they could likely set some agency to monitor those with Bitcoin trading within the street.

nelson4lov

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Imo, the best thing is just to avoid it. Prevention has always been better than cure. If this was 5-8 years ago when there were barely any Bitcoin merchants or online P2p markets, I would've considered the risks as acceptable but not now that everyone knows what Bitcoin is. Even if the BDC guys don't do anything, there are always dangerous people lurking around such places looking for preys.

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Quote from: CryptopreneurBrainboss on October 31, 2024, 01:33:33 PM

Yes those guys do trade Bitcoin and I have done some transactions with them. If you fit trust them to trade your hard currency then why not Bitcoin.

The same risk dey for all of them. With dollars, them fit run you street and there has been report of scams happening. Some of them fit arrange for you to be rob after them done give you your dollars or any currency wey you need.

At the very least, the chances of Bitcoin being stolen from a wallet are low when compared to physical foreign currencies. It is also easier to track down Bureau de change scam agents than trading with a random person physically, as most Bybit vendors do. Given the actions of the CBN and EFCC, we may be forced to return to conventional physical p2p trading, with bureau de change agents serving as our final hope.

E dey risky normally but you still gas put eyes for ground, the only reason why we still dey debate this matter na be say CEX still dey offer Naira p2p - when everywhere go cast everyone go do physical trading normally.

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To dey safe, you shouldn't patronage those on the road side but walk into the office of the dealers (them get stations/offices) and no receive the Naira their if you want trade to Naira and if na dollars you wan receive no go alone.

Normally bad eggs dey always dey as long as say money dey involved, most of those hawking agents na fake currency den go run you normally.

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Risk dey for everything and although physical exchange dey risky, it's still something that you can do in a safe manner. If you go oga office you go know say that your money wey you want to trade na less for where them dey.

Na only $100 BTC wan make Alhaji comot for him shop? Lol men wey dey rack millions of Naira everybody. Grin

Jegileman

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Quote from: Hatchy on October 30, 2024, 01:00:46 AM

Physical exchange of coins is risky and you should avoid it as well. I've seen a lot of stories on the forum where people almost get robbed or some killed because of these physical meet ups. Again, imagne these guys decide to mark your face and trace you back home to where you live. You know how the country is now, they can do anything to make twice the profits they were supposed to make. After selling imagine they come back to attack you and steal your coins. Just avoid physical exchanges as it's risky. Exchange your coins the usual way so we can all be safe.

You have a very valid point here and it’s very important everyone gets to know this and try as much as possible to avoid this type of people and not to fall scam of their mischief. You are right that they can trace someone back home especially when you’re in that vicinity and always pass by there. They can even monitor you for a long time before taking actions so that you don’t feel like they’re the ones that came after you just the first time you exchanged your bitcoin with them. Physical exchanges is not good and the information is well circulated in the forum for a very long time now which I encourage all member to heed to that and use the normal process of exchanging cryptocurrency for better for all to be safe. Your life is more important than quickly risking to yet a physical exchange out.

Cryptoprincess101

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Bitcoin was born out of anonymity therefore whatever transactions about it should be done without getting physical with the other party except someone you know very well, and you have done several transactions with the person just like a forum member you became friends with, and you both trust each other if not i think exchanges are convenient enough to handle any p2p transaction from bitcoin to Fiats. Since i started using exchanges to perform p2p operations i haven't encountered any difficulty and i believe it will continue like that because with the way the system is being programmed, you are unlikely to get scammed or lose your assets except if the mistakes were done by you. Physical Merchants or bureau de change operators cannot be trusted because we are in a very unsafe society now where everything we are doing as related to money should be taken with adequate precaution.

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