How’s it going guys, its Fisayo here and in this quick update video, we’re going to be talking about the aftermath of the Bitcoin Ban and how people are safely buying and selling, essentially trading Bitcoin in Nigeria after the crypto ban Now, if you’re watching this and you don’t know, the CBN, the Central Bank of Nigeria banned banks from participating in the trading of cryptocurrency especially through exchanges
I made a detailed video about that and I also made another video update on why banks could ban or block your account for trading cryptocurrency If you feel like you need a refresher, you can watch those videos before you watch this one but if you already know everything or have watched them, well let’s get into the gist I’ll show you safe ways to trade your cryptocurrency Also, this video isn’t financial advice, I’m not saying you should buy crypto I’m just detailing how one can essentially trade it if they want to Before we move on, I’d appreciate it if you could hit that like button so that more people can see the analysis in what we share and without further ado, let’s get to the video
BEFORE THE BAN Before the ban, people could easily buy bitcoin on exchanges People could go there on an app and just buy some bitcoin and resell them almost instantly with a fee You can still do that in more developed countries but Nigeria and some other countries don’t support this anymore Nigeria famously banned banks from even participating in this so it cut off the exchanges and now, people are forced to find other means I explained all of that in that bitcoin video linked down below
One of the things I said in that video was that people would start embracing P2P trade more and I was right A lot of the exchanges went further to build new methods of P2P trading on their existing apps, the ones I’ve used like BuyCoins and Quidax did new changes P2P EXPLAINED The first thing you want to know is that now, most platforms are going the traditional route, what do I mean by this? They are now trading P2P or Peer to Peer which basically means buying directly from people who have probably Bitcoin, Ethereum or any other cryptocurrency that you are interested in In this case , with regards to this video, there’s always a marketplace or a platform that hosts buyers and seller, where sellers put up an ad and says, hey we are selling bitcoin for this price and buyers are looking to buy bitcoin at a certain price so they match And a trade happens
Most P2P platforms use Escrow, so your money is safe and is held by the company or platforms and if there’s an issue nobody loses For instance, say you want to sell your bitcoin for cash in Naira Can do two things on a P2P platform One, you can search for ads and see the rate you want to sell at If you’re okay with the rate, you initiate a trade and what these platforms do is put your bitcoin in escrow or hold your bitcoin for you and when the buyer sends the Naira to your account, you tick that its been paid and you release the coins to them
Another way is to advertise that you’re selling bitcoin at a certain rate and wait for people to reach out and initiate trades The same thing happens with buying when you flip it Most platforms have time limit and There’s usually a dispute resolution staff or the timeline for the trade expires and people get their money after dispute has been settled Some of the best platforms to do this are, Paxful which I’ve made mention of before, Quidax which is also a platform I’ve done videos on, Binance which is arguably one of the most robust platforms, and BuyCoins There are of course many many others, feel free to mention the ones you have come in contact with and let’s chat about them but these ones are highly rated and they are the ones I have used and trust
I’ll link them all in the description below ADVANTAGES OF P2P A major benefit of buying P2P now is that there are almost no fees or if there are, they are quite little The platforms would take a cut but not as much as when they were the ones that directly sell the crypto to you Now, if you don’t like the rate at which someone is trading cryptocurrency, you can just opt out of the trade On P2P platforms there are many options to choose from and you can see different listings so you can just choose a price that’s suitable for you
I’ll leave links to the P2P apps Another advantage is security, many of the platforms that use this method of P2P, the ones I’ve mentioned at least have some sort of authentication that they have used to register the user verification and even address and photo verification, you can also see that some users have really high ratings which would put your mind at ease when you’re about to trade and you can pay in many many ways but this doesn’t mean it’s all rosy though THINGS TO LOOK FOR If you ever find your self in the position of wanting to purchase crypto, especially P2P, make sure you’re first of all using a trusted platform, like the ones I’ve mentioned Don’t go looking for cheap rates that would bite back at you and if you meet a seller or buyer on a platform, try to stick to the platform and don’t go off the platform because you can get scammed that way In my previous Finance Friday video I made mention of the money mistakes I made and how I lost some money and one of the mistakes was not maybe holding or trading crypto early
You can watch that video with the link in the description, I think it’s quite interesting but anyway, The thing is, I’ve made a mistake also on P2P trading myself when I’m looking for deals but I end up getting a little less price To curb this make sure you look really well at the listed rates on P2P platforms don’t go for something that seems too good to be true and don’t release your coin before you get money for it One major major point to note is that whenever people are sending money via Crypto, especially in Nigeria They shouldn’t put it in the description of narration of the transaction It can be left blank
The reference is what triggers banks and makes the banks ban people’s accounts If you want to watch me react to an actual account being banned because of crypto in Nigeria, I already made a video about that and you can watch it with my link in the description One of the best user interfaces I’ve seen is Binance especially for P2P, it’s quite robust and they have quite a lot of options I’ll leave a link to a video I think that explains in detail about Binance’s P2P trading well Another thing I came across in the crypto world that seemed fascinating to me is Xend
finance, they are a decentralized finance or DeFi platform on Uniswap that is meant to serve as a credit union or cooperative Which is basically a bunch of people pooling money together to save, and earn interest It’s a Nigerian company backed by Binance and they recently raised 1,5 million dollars, it’s something I’ve been looking into and I think it’s interesting to check out I’ll also leave a link in the description to that as well They aren’t sponsors or anything and I just thought I should shout them out
That’s pretty much it, I’m really curious to know how you trade your currencies apart from P2P There are many ways but I really think P2P is one of the safest methods, especially now that the country is the way it is If you’re Nigerian abroad you’re probably able to trade cryptocurrency normally but as far as the region is concerned, you don’t have that option to use your Naira to get Bitcoin without P2P Thank you so much for watching, I’ll see you in the next video
