What Will You Do If Binance Cut Down The Rope on P2p Transactions In Nigeria?
I actually thought it already happened, I even thought they have restricted us. Phew! it would have been worse than the twitter ban. Thirty minutes of trying to access the binance app, another thirty minutes of trying to convert my crypto to fiat. What could have happened to the binance app, could it be a sign that an alternative is needed. I'm asking you the same question I asked myself a few days ago. What will we do if binance cut the P2P transaction on the platform?
Some days ago, i was talking to a friend @edicted, when he asked how we Nigerians are able to change our crypto to fiat currency amidst the Cryptocurrency ban. Immediately, i replied binance helps Nigerians.
That got me thinking about what will happen if that help stops one day. Yes, i mean the "what if"
Binance Nigeria has been an immense help to crypto users in the country as they offer simplicity in peer to peer traansaction. it is done in a way that it allows the buyer and the seller to interact with a defined set of rules that allows a fair trade.
I know you might be thinking how then do you outsmart the government in this situation? Well it is simple, as long as the memo does not involve the word crypto, the government can not understand the bank transactions.
With that being said, Binance does it allow for us and you can see that from the stastistics of Nigerians who are on hive. Most of them exchange their hive through the binance paltform.
It important to note that our binance server for africa is different from the binance server for America, so it is easily possible that we can get cut off from binance. I remember when the Nigerian government ban crypto, it took less than two weeks for binance to remove the NGN/USDT pair, which restricted us from buying crypto with our debit cards. So i would not be surprised if one day we get cutoff from P2P transactions.
What alternatives do we have?
Well that is the purpose of writing this because i do not really know. Apart from binance p2p, i used some untrusted p2p to exchange some crypto because i wanted some quick funds. As we all know these telegram and WhatsApp group have been used to scam a lot of people. A friend of mine once lost about 250,000 Naira ($500) just because he wanted to buy the dip.
It is sad but true, that is why alternatives should really be considered early. THe chance of this happening might be below 50% but a chance is a chance. Still, in my conversation with Edicted, he recommended mandala. According to him, Mandala is the same thing with binance . It is underground and subvert regulations.
He even has a post about it here;
Mandala Exchange
However, i can't seem to find Nigerians making use of the platform. I have done some research and found some companies that might just help provide solution if binance abandon us. Example of those companies are Remitano, which I believe trading crypto on it should not be that difficult. Remitano charges users a 1% transaction fee for its services.
I have not done an extensive research on the others but i could list them, some of the company include OKEx, Reeedem, Local Bitcoins and even Nengi Exchange.
So if you have used any, feel free to share your thoughts in the comment section.
In conclusion...
Like I said earlier, this might probably never happen but yet it is important we plan ourselves because dealing with the government is one thing and letting the government win is another.
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It would be quite unfortunate if you guys got cut off, just like our Go games :D
However I have faith the people of Nigeria would find a solution.
Hahahaha yes! Nigerians would always find a way to put the government in Atari .
!PIZZA
https://twitter.com/samostically/status/1482856124915273734
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One thing is certain, when the Nigerian government banned her citizens from Crypto transactions, many alternative solutions were provided by local and international platforms. This is still running till date, amidst the ban still in full effect.
When the government banned twitter in Nigeria, within 1 hour of the ban I still had access to twitter via VPN (I was twitting from Germany 😅) in other words, an alternative means.
I believe it won't be a problem. The only disadvantage there will be the stress involved or/and the cost/charge.
For instance, you can even purchase Hive through Roqqu and send it to your Binance App (since Hive doesn't change for any transaction). I do this sometimes, especially when the the news came up that the Government infiltrated the P2p section of Binance in order to block the bank account of crypto users.
In all, I believe that if a law is made, alternatives laws will surely be formulated.
Men must Survive
Naija no dey carry last!
"" when he asked how we Nigerians are able to change our crypto to fiat currency amidst the Cryptocurrency ban. Immediately, i replied binance helps Nigerians.
That got me thinking about what will happen if that help stops one day. Yes, i mean the "what if"
It's good for us to be optimistic in case.. I also think Roqqu is a alternative as they have a good and functional p2p services in Nigeria even when crypto was banned earlier.
Good work @samostically @edicted
@samostically This is a good initiative you have here. It is good to always have a backup plan (plan B) incase a plan A. I will even check out this Mandala and other platforms.
I use @airhawk-project for hive to naira transactions when issues arise. At least they are traceable to their Hive account.
I use them to, but the truth is, can you trust them for hundreds of dollars?
Not really sha....I haven't that's just it...but they'll grow eventually...so eventually I should
There will always be a solution no matter the situation in Nigeria, that's what we are and that's whqt made us Nigerians.
The youths will definitely find an alternative.
Hehehehe, you are right. We definitely will come up with something.
Remember when Twitter was banned, we definitely came up the VPNs to tweet
Very helpful post. I hope the government isn’t malicious enough to block Nigerian P2P transactions because the protest will be resounding