Earn Money Effects of Ban on Crypto yields high P2P usage

[Kingstone]

It is no longer news that the federal government of Nigeria has placed a ban on cryptocurrency. Yet, the citizens have found a good and reasonable alternative that has now become recognized by all; Peer to peer trading.
The latest update says Nigeria has recorded a hike in the use of cryptocurrency despite the ban placed on it. According to stats, the region is only 2nd to the United States as the second-largest P2P user.
That is a massive development.

 

[kayode10]

That's the problem with Nigerian government they don't see potential in anything you are doing. They always think that majority of the things used are doing on the internet is coming which is often not the case. Those who are running the country still hold firm to the 80s believe which is no longer visible in the present days.

 

[Setho]

After the cryptocurrency ban there was a lot of panic about where people can buy and also sell their cryptocurrency holdings. Right now peer-to-peer method is the only option that people have and therefore the rise in the amount of adoption does not come as any surprise to me because it was always bound to happen.

 

[Sotherefore]

The Federal Government in Nigeria are trying to bann cryptocurrency an innovative technology that they do not have power over, after they have banned direct withdrawal of cryptocurrency from exchanges to bank account ,a lot of people are still engaging in cryptocurrency using the P2P and that is the surest way of transaction for now.

 

[btaliat]

It was like a shock when the federal government of Nigeria pronounced ban on any activity on crypto. Though government may have their valid reasons. But any reasons that may be raised against crypto, none is valid .

Fortunately, crypto is not even designed to have any intermediary, rather it was designed as a decentralized network where individuals only have to interact with his portfolio and his bank account alone. There is no provision for banking. So people rather went back to the old way of buying crypto which is peer to peer platoform.

Peer to peer platforms provide various service for its users. I don't know much about other platoforms peer to peer but I am very conversant with that of Binance platoforms. It is designed in a way that there is minimum if not impossible for criminal activities like fraudulent to be taken place.

However, someone that's not conversant with the way peer to peer platform works may still fall for some gimmicks that may want to be used by some criminals on the platform. I could remember when I wanted to used the platform for the first time and I was told to accept and transfer my usdt even when I have not received payment from my bank.

 

[Richee84]

The ban on cryptocurrency in some country have affected the trade and investment on cryptocurrence, it create a bad signal in the cryptocurrence world as many people are not able to withdraw their fund during that period. The ban lead to the option of p2p method of payment by crypto investors. It was very difficult to fund cryptocurrence wallet as all financial institutions have been restricted and not to allow any funding of wallet for cryptocurrence reason. P2p was introduce to breach the gap and allow investor to carry out their investment and trading of cryptocurrence. During the ban of cryptocurrence in my countr, I lost a significant sum of money cause it took me a very long way to get my money out. The out by most of those crypto investor has made those cryptocurrence company to adopt the option of p2p in order to satisfy their customers and to keep them in the crypto world. P2P still remain the only option available today in those country than have place ban on cryptocurrence. Without the advent of P2P it will be impossible to trade and invest in crypto im most of those country that place ban on cryptocurrence. Hence the rapid increase in P2P