Investment Has the ban placed on crypto currencies in Nigeria affected traders?

[Kingsley]

The crypto currency market is one of the fastest growing market in the world, this market is been controlled by the forces of demand and supply. And the market is highly decentralized with little or no government regulations over the internal control systems of the market.

So many investors that muscled up the required strength to venture into the market has either some positive or negative story to tell, which depends on the level of ones understanding of the market operations.

So far so good it has been ban in Nigeria as it is impossible to fund your wallet directly from your bank or make withdrawals to your back account from your wallet this has made it difficult for investors and other intending investors.


What's your take?

 

[Chibson]

I can confidently tell you that binance peer-to-peer has definitely rendered the ban placed on cryptocurrency by the Nigerian government almost useless. I have been receiving payments on cryptocurrencies and we don't need them successfully to my local bank account. There are also other alternative payment gateways people use to receive their money.

 

[Wisdom01]

Although its the bank that actually banned it and one thing Is that it never affected traders since there was other options to trade and traders had to look into peer2peer to be able to easily convert their crypto currency into cash than waiting till the government actually makes a final decision on the ban on crypto currency

 

[Destinyfejiro]

Well at first I thought it would affect seriously but due to p-2-p on binance ...or even using escrow etc I don't see anything wrong...you could sell to people and get money transferred directly to your account using bnb u could buy directly on trust wallet with pancake etc ....

The crypto currency market is one of the fastest growing market in the world, this market is been controlled by the forces of demand and supply. And the market is highly decentralized with little or no government regulations over the internal control systems of the market.

So many investors that muscled up the required strength to venture into the market has either some positive or negative story to tell, which depends on the level of ones understanding of the market operations.

So far so good it has been ban in Nigeria as it is impossible to fund your wallet directly from your bank or make withdrawals to your back account from your wallet this has made it difficult for investors and other intending investors.


What's your take?

 

[sincerem]

During the first week when such decision was pronounced, it affected traders, but currently traders have found alternative that is just like the old days when we use to withdraw direct from exchanger to bank account and fund the wallet from the bank account to the wallet. Using binance, blockchain.com P2P method have eased the burden currently.

 

[Kingsley]

During the first week when such decision was pronounced, it affected traders, but currently traders have found alternative that is just like the old days when we use to withdraw direct from exchanger to bank account and fund the wallet from the bank account to the wallet. Using binance, blockchain.com P2P method have eased the burden currently.

My brother you are very correct, infact i had a similar shockwave runing through my spines when they placed the ban initially, I felt like that could be the end or I might need to leave the country. But in the end we discovered the other methods in getting the trade back on the right track. Like you have mentioned above already some of the ways.

 

[sincerem]

My brother you are very correct, infact i had a similar shockwave runing through my spines when they placed the ban initially, I felt like that could be the end or I might need to leave the country. But in the end we discovered the other methods in getting the trade back on the right track. Like you have mentioned above already some of the ways.

It felt really well that another alternative surfaced in order to transact around crypto to cash out my online earnings, and also buy coins to add up to my portfolio. Gradually moving it up through enough coins bought from merchant like me at binance. Since then, I've settled down using P2P method to transact tremendously around crypto.

 

[Wisdom01]

Well at first I thought it would affect seriously but due to p-2-p on binance ...or even using escrow etc I don't see anything wrong...you could sell to people and get money transferred directly to your account using bnb u could buy directly on trust wallet with pancake etc ....

The p2p was truly the best alternative for me , because even on binance there was a time where the deposit option on binance was closed and people could not deposit or withdraw , but the withdrawal option was only through p2p method and every users had to just make use of it , till maybe the government change plans

 

[Wisdom01]

Well at first I thought it would affect seriously but due to p-2-p on binance ...or even using escrow etc I don't see anything wrong...you could sell to people and get money transferred directly to your account using bnb u could buy directly on trust wallet with pancake etc ....

The p2p was truly the best alternative for me , because even on binance there was a time where the deposit option on binance was closed and people could not deposit or withdraw , but the withdrawal option was only through p2p method and every users had to just make use of it , till maybe the government change plans

 

[sincerem]

With what is going on with the CBN and the Nigerian government i see the ban coming to an end this year if CBDC is created. Since the news emanated that, the Central bank of Nigeria is planning to create their own digital currency in the crypto market. The case of lifting the ban on crypto to Naira exchange have surfaced again. Its looking promising that CBN might halt the ban in the coming months.

 

[Destinyfejiro]

The p2p was truly the best alternative for me , because even on binance there was a time where the deposit option on binance was closed and people could not deposit or withdraw , but the withdrawal option was only through p2p method and every users had to just make use of it , till maybe the government change plans

Yeah all we can do is wait and hope they reverse their irrational decision sooner than later...for now we make do with p2p...you could even sell to someone who's not on binance with your personal rate ...so far so good it's still moving well

 

[Wisdom01]

Yeah all we can do is wait and hope they reverse their irrational decision sooner than later...for now we make do with p2p...you could even sell to someone who's not on binance with your personal rate ...so far so good it's still moving well

Yeah this is true there are situation if you dont want to use the binance p2p you could easily sell to someone and get paid to your bank account , i think the introduction of p2p method have made things as an alternative but the only things is that you should be careful of those scammers that might be ready to rip off incase you are planning on doing trades

 

[Sherman198]

The ban really affected so many Nigerian traders, where some people's bank accounts were even affected. I think the CBN wants a tax on the crypto market generally which I think negates the doctrine of cryptocurrency. But with the insurgency of P2P, it really helped traders to continue with their trades without regrets.

But I think the ban will be lifted in a matter of time.

 

[btaliat]

I don't even see anybody that's feeling the pain. The peer to peer platform has cushioned the effects of the partial banning. To be candid, banks are not even designed to be involved in cryptocurrency in the first instance. So their absence means nothing. The only problem is how to find the trusted traders to deal with.

 

[Destinyfejiro]

Yeah , they are literally everywhere....saw a post of a guy who said he wanted to recieved 50$ through PayPal but he didn't have spoken he chatted someone he saw online and unfortunately for him he was scammed ....thanks fir the advise

Yeah this is true there are situation if you dont want to use the binance p2p you could easily sell to someone and get paid to your bank account , i think the introduction of p2p method have made things as an alternative but the only things is that you should be careful of those scammers that might be ready to rip off incase you are planning on doing trades

 

[Josemendez]

At first , I was scared that the ban will affect us drastically as we may not be able to buy or sell cryptocurrency ,but all thanks to Binance for making it possible for us to use peer to peer trading to buy and sell our coins.
We just hope that the government will not take any further actions against cryptocurrency as it is currently with Twitter.