You fit trust Bureau de change operators if they start exchanging btc? - page 2.

CryptopreneurBrainboss

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

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?

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.

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.

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.

DubemIfedigbo001

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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.

It is important you don't take you major holdings to the Bureau de change guys. you should split your coins across several addresses and have only the little you want to convert to cash or another currency in the exchange you would be using for the transaction, that way you are not being overly exposed to them. Again, it is small amounts that would require you meeting the Bureau de change guys since if you are transacting with a higher amount, you can send the person the coin directly or use P2P to get the funds and transfer to the person's account details.

I personally don't see the need for them since we can use the exchanges for P2P and go get cash equivalent from the banks, POS or big business owners that has much cash available. Going to Bureau de change is just like penny wise pound foolish and it's not worth the stress since there's a better and more secure way of trading your coins for fiat, you can still buy dollars with the fiat through secure apps like Bamboo, flutter, chippercash e.t.c.

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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?

I clearly don't see any reason why i should prefer visiting a random dude on the street to exchange my Bitcoin for cash, when I can easily do that at the comfort of my home. I won't even give that as an advice or trial either. Morever, I don't even use cash often, because it seems the cashless policy that was introduced a about one year ago has taught me enough lesson. If someone is very in need of cash, while don't he/she just do a quick p2p via exchange, receive the money on the same phone, and visit a nearby POS or bank.

Quote from: iBaba on October 30, 2024, 02:16:16 PM

Security na the second factor for here. Our security never ripe enough to withstand and fraudulent activity wey go happen during the cause of the transactions. We they get cases of robbery and other scams for the money wey we they transact now talk more of crypto currencies wey still be new? If person see say you come cash out big money, e fit send boys make them kpai you make him JAPA with the money o.

I think this is another problem. We all know how insecure the country is, especially in this current hardship where most people can go any length to get money (even if they have to take others down). Ideally, if someone has the intension of using a physical p2p, then it is likely that a massive amount is involved, which can be very dangerous when he/she visits the wrong place. So, like I've said, it's not a good idea.

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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.

Oboi. Nothing go fit make me to engage in any physical exchange of coins oo. Not in a place like my country self. Which insurance go cover you when you engage in such trades and it turns out negative. Imagine situation wey a bureau the change person go hand over counterfeit coins since they are oftentimes collectibles. Person fit just use fake wallets to transact with you and e fit end up as valueless. Who you go cry go meet.

Security na the second factor for here. Our security never ripe enough to withstand and fraudulent activity wey go happen during the cause of the transactions. We they get cases of robbery and other scams for the money wey we they transact now talk more of crypto currencies wey still be new? If person see say you come cash out big money, e fit send boys make them kpai you make him JAPA with the money o.

Antotena

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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?

There are different Bureau De Change, there are street vendors bureau De change, there official and recognize bureau De change and there Banks Bureue De change. The central bank of Nigeria supply dollars to only the recognized and approved ones and other commercial, so if there is going to be approval in the future, central bank of Nigeria is going to approve only the ones they recognize for the safety of the people and to avoid anything scam related.

Right now, the street Bureau Dchange are not even safe for you to trade foreign currency because they are not regulated and most often cheat people with counterfeit fiats money. We have seen many videos of victims online how they loss money to this street vendors that scam people and give them fake foreign currency, now imagine what they are going to be doing if Bitcoin is accepted by BDC, EFCC will have alot of work on their table when that's finally happen in Nigeria. Cheesy

CryptSafe

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Walking up to someone for the first time you have no knowledge about to exchange or discuss bitcoin about in such an environment is very risky to say. You can get attacked if care is taken because doing such already exposed you to danger which you have no thought about it.

If bureau de change begin exchange of bitcoin, I will be the last person to think of such because the government can easily work through them to get at bitcoin holders. They can easily give in to government pressure to make sure they are still in business of exchanging bitcoin and unknown to you, your wallet address is been taken note of by the government if they should bow to government pressure. It is not even to look towards their direction if you want to exchange your bitcoin and not even safe to discuss bitcoin matters with them or anyone you know that works with them.

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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.

These words are really true what happens to people who do not care enough about the security of their assets. Trading physical assets can be very risky when you go to exchange your assets with some unknown guys. Such incidents happen a lot and we get to know through the news. I am an eyewitness to one of the incidents. A group of boys standing separately on the side of the road stood for dollar exchange and tried to attract people and they got one and gang of boys took away all the dollars from that person and I as a passerby was powerless to stop them because they had sharp weapons.

When people intend to sell an asset, they should go to the designated location and decide to sell only after checking the price. Banks make people aware of the exchange rate of the dollar by scrolling to attract people to exchange.

Charles-Tim

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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.

If you need physical bitcoin trading, you can also still see that on P2P exchanges. You will meet on the exchange and ended the trade by meeting at a location. But this is not advisable at all as it can lead to physical attack directly or indirectly.

Ishicryptic

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Doing p2p transactions with strangers is risky, I have heard of many instances where people who holds Bitcoin are attacked, some were even killed in the process, so I wouldn't recommend doing p2p transactions with bureau de change operators if they offer the services. Some of them are criminal minded and it's not easy to know the reputable ones among them. I've heard an experience where I went to change dollar to naira and the experience wasn't good. We agreed on an amount to pay for the dollar in naira, I gave him the dollar and he handled me the naira instantly, I counted the money and it wasn't up to what we agreed, I complained and he gave me a fake dollar back. I was able to know that it wasn't my dollar that he gave back because I marked the dollar that I gave to him. I don't know how he managed to change the dollar I gave to him for a fake on because he was still holding it. I had to make an instant decision to collect the naira that wasn't complete instead of collecting the fake dollar because he will claim that it was the dollar that I gave him. If bureau de change operators starts to do p2p transactions, I don't think that I can patronize them. I can only do p2p transactions with reputable people that are trusted or through exchanges.

Hatchy

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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.

Stepstowealth

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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?

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