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[SCAMEXPOSER]

Three months ago the Central Bank of Nigeria ordered that all commercial Banks in the country should desist from direct Crypto-fiat transactions .

The directive generate huge reactions from different stakeholders. Peer to peer became the safe heaven.

Data made available now shows that $103.5 million has been traded on Nigeria largest P2P market Paxful and local bitcoin Which is about 27% increase in trading.

 

[Niftyicon]

Well, I guess no stopping them in the crypto business. However, it is now bothersome the rate at which many are taking advantage of the ban to scam others especially those who are new to crypto.

 

[Fayiz]

Cryptoban is not Capable of Complete Restriction of Crypto.There is lot of ways are there to help crypto investors from CrptoBan Like Localbitcoin,Paxful etc

 

[SCAMEXPOSER]

Well, I guess no stopping them in the crypto business. However, it is now bothersome the rate at which many are taking advantage of the ban to scam others especially those who are new to crypto.

The new users most time are not settle when they want to invest in Crypto currencies, they do so mostly during bull run which they will be eager to buy and eventually fall to scammers.

 

[Wisdom01]

This is just the least am sure more is been traded daily on binance website and many more , because the CBN ban have made Nigerians look for an alternative

 

[SCAMEXPOSER]

This is just the least am sure more is been traded daily on binance website and many more , because the CBN ban have made Nigerians look for an alternative

I am sure if the data analyst had taken Binance into consideration the percentage will be more than 27 but they are more concern with paxful and local bitcoin, don't know why.

 

[mildredtabitha]

Three months ago the Central Bank of Nigeria ordered that all commercial Banks in the country should desist from direct Crypto-fiat transactions .

The directive generate huge reactions from different stakeholders. Peer to peer became the safe heaven.

Data made available now shows that $103.5 million has been traded on Nigeria largest P2P market Paxful and local bitcoin Which is about 27% increase in trading.

That's the same case for my country. Bitcoin trading is not allowed in my country. I don't know if there are people in my country dealing with crypto but I can see Nigeria is doing it without hiding even if crypto is not allowed. That's a risk.

 

[Wisdom01]

I am sure if the data analyst had taken Binance into consideration the percentage will be more than 27 but they are more concern with paxful and local bitcoin, don't know why.

I dont know why. Maybe its because its seen as a center hub for crypto currency ,that is the reason they are given more attention than others. Just my prediction

 

[SCAMEXPOSER]

I dont know why. Maybe its because its seen as a center hub for crypto currency ,that is the reason they are given more attention than others. Just my prediction

Probably, can't say , it is an assignment we can do more research about and share likely results here for others to contribute and also learn.

 

[SCAMEXPOSER]

Peer 2peer trading is the best alternative crypto traders have , you see so many on local bitcoin and others,if the India government do so too we will move for peer2peer

Every country where cryptocurrencies restrictions are currently make you of peer to peer to carry on their Crypto-fiat transactions without fear.

 

[Niftyicon]

The new users most time are not settle when they want to invest in Crypto currencies, they do so mostly during bull run which they will be eager to buy and eventually fall to scammers.

I agree with you absolutely. Naivety and lack of adequate information are usually the culprits. The best time from my observations to enter into the crypto markets is when the coins are mostly down.

 

[GoldenLady]

Three months ago the Central Bank of Nigeria ordered that all commercial Banks in the country should desist from direct Crypto-fiat transactions .

The directive generate huge reactions from different stakeholders. Peer to peer became the safe heaven.

Data made available now shows that $103.5 million has been traded on Nigeria largest P2P market Paxful and local bitcoin Which is about 27% increase in trading.

It's not surprising, and I'm sure triple that volume occurs on Binance, the main platform most Nigerians prefer. We are still hoping for a reversal though, as some of the p2p rates are too much.

 

[SCAMEXPOSER]

It's not surprising, and I'm sure triple that volume occurs on Binance, the main platform most Nigerians prefer. We are still hoping for a reversal though, as some of the p2p rates are too much.

Nigerians use more of Local bitcoin and Paxful than Binance that's why this statistics comes from the two most used platforms. Binance is also on top gear.

 

[Kennysplash]

I know the ban will have no effect on Nigerians, we are too smart for that. The government should just find a way to live with it, I am sure they are afraid of the Fiat money losing its value since many now prefer to save their money in cryptocurrency.

 

[SCAMEXPOSER]

I know the ban will have no effect on Nigerians, we are too smart for that. The government should just find a way to live with it, I am sure they are afraid of the Fiat money losing its value since many now prefer to save their money in cryptocurrency.

Fiat currency can't loose it value because the percentage of Nigerlans holding their funds in cryptocurrency are infinitesimal , money laundering and criminal activities is their concern.

 

[Razor1911]

Fiat currency can't loose it value because the percentage of Nigerlans holding their funds in cryptocurrency are infinitesimal , money laundering and criminal activities is their concern.

actually the main concern is about the laundering and criminal activities as you have said. Since the transactions remain anonymous, so it is difficult to trace the culprits. Giving an upper hand to the notorious scammers.

 

[Ranamal]

I don't know that why some countries are banning crypto? Why they are doing it and they will unban it for sure, same happened in my country too

 

[SCAMEXPOSER]

I don't know that why some countries are banning crypto? Why they are doing it and they will unban it for sure, same happened in my country too

They have their reasons which could be genuine or otherwise but I believe with time more countries will key into cryptocurrencies but certainly not all countries.