Bitcoin Forum

Nigeria Bitcoin Community, a news platform in Nigeria, featured a new exchange that just launched in Nigeria.

"Guava Digital Asset Exchange is Nigeria’s premier digital asset marketplace where you can safely buy, sell and exchange Bitcoin, Ethereum and Ripple. You can deposit Naira from any bank account in Nigeria and complete a trade within a few minutes. Guava also provides a wallet for each of the assets on the platform."

Read the full news here: https://nigeriabitcoincommunity.com/guava-exchange/

I think it's about time that our African brethren join the markets, as it could potentially be a game-changer for their financial status and capabilities and to position themselves better on the economy. Not much is happening around Africa regarding cryptocurrencies and development of the said scene, and tbh this is the first time I have read about Africa meddling with crypto for months, so it's a good thing.

This is great news. Am really impressed... Its going to get massive support. So it better not be a scam... People want to believe in Nigeria !

Wow, so much support from the goverment, seems like good project

Interesting. I don't really think the government 'monetary' contributed to this project though. Nigeria particularly have been involving and investing in cryptocurrency even though the government made strict rule that it won't be an accepted as a national currency just like some countries did. But many people have been investing and using Bitcoin as personal payment method based on two party mutual agreement. Moreover,  there are many trusted local exchanges that are quite legit there too. 
It's exciting this is their first 'international' exchange (that is if they are going to make it go international) : they will really need to compete with international exchanges being used by Nigeria by building trust.

OP,  is the restriction placed on Bitcoin by the Nigeria government been lifted? If yes,  then this is another great news. It's nice to see that many countries especially Africa countries are embracing cryptocurrency.
We hope that them embracing cryptocurrency can help eliminate economic poverty and enhance public sectors transparency since this is what is majoring pulling some developing Africa countries down.

Nigeria is one among the country having good number of cryptocurrency users. A separate exchange for their community will let them have a successful trading experience, also it seems to provide good support with the cashing out of cryptocurrencies. Same time people need to be cautious to experiment it with a small fund, because Nigeria is a big hub for scammers.

Is that so? I mean, there will definitely be some form of demand for crypto in Nigeria, but other than some vague articles and low volume statistics there isn't much that indicates high levels of popularity.

Overall, I like the fact that there are more fiat entry points, and that's what matters here. Back in 2017 fiat couldn't enter quick enough, and it feels good seeing that people have now more options to choose from.

The only question is that we don't know how long it will take for the government there to step in. Nigeria hasn't exactly been all that crypto friendly according to news outlets, so we'll see where it goes from here.

I obviously hope that everything we read about Nigeria and crypto is exaggerated by news outlets to spice up their articles, but if it does turn out to contain a certain degree of factual information, it's going to be tough.

Hub for scammers then yes, Nigeria does really ring a bell but on the positive side this is really a good news where our fellow African citizens do really have the chance to embrace cryptocurrency
closer because of this thing. About popularity of crypto into this place it isnt really that high just like been said above by fellow member but this is a good step on such possible development.

There is no exaggeration any where concerning the crypto-world in Nigeria, news or articles written concerning Nigeria has never be over emphasis whatsoever but the true reflection of the giant. Am not a Nigeria but has been there for a decade and there demand for change in any sector is always second to non which i also vividly believe that in cryptocurrency there demand will be high too.

These statistics below has explained the stand of Nigeria in the world of cryptocurrency without any doubt or fear of favor from her equals.

https://i.imgur.com/TjRKW9y.png

https://i.imgur.com/oYjd7TK.png

Agreed with your opinion on Nigeria having a reasonable number of cryptocurrency enthusiasts which are in support of the cryptocurrency been a digital asset. "Guava digital asset exchange" will boost more demands from Nigeria's cryptocurrency enthusiast thereby adding up to the global demand of the said digital currency.

 Nigeria is a country as i have seen to have a minimal(small) individual who engage themselves with illicit activities like scamming but a big population of them are not, so, never judge by news forum on country "scammers rating online" because they will always give wrong notion about Nigerian's.

On African continent, countries such as Ningeria, South Africa, Kenya, Ghana ... like technology and use technology and this is very good, but still suffer from the old problem of Africa: "the interference of corrupt politicians in all sectors of the country" and this undermines the development of technology and freedom in Africa. I believe that as long as we do not hear some African government legalize bitcoin, then bitcoin will have a very slow adoption in Africa

Is good for an exchange site to be introduced for Nigerian because there are lots of crypto enthusiasts and this will help in live trading. I only heard p2p transactions before now.

I really agree with you.  We have enough potential to develop our economic.  Cryptocurrencies enable every country to be independent as it is decentralized and it will be very difficult for any other major currency to have dominion over a country economic.
A cryptocurrencies exchange platforms is one of the things we need in Africa as many people keep asking me on how they can sell their bitcoin or ethereum for the country currency.  I always refer them to open account with remitano but now that our is open I think it is wise we refer our own after testing their integrity.

@proTECH77

LB volumes of Nigera are ok, but nothing like what news outlets wanted you believe. Locally it might be seen as a lot, but it's peanuts in the grand scheme of things, and I don't see this change any time soon.

https://coin.dance/volume/localbitcoins/NGN

If you look at their volumes, it peaked in 2017 during the mania, but has been seeing a steady decline to where we are today. Other shaky countries see increasing LB volumes, Nigeria's volumes go down....

My point basically is that what news outlets say are crypto hotspots, in reality are not that at all.

Nigeria's local volumes going down could mean that the situation there is slightly improving and that people are moving towards centralized spot exchanges because it offers more convenience and is cheaper too.

Generally, due to hostile governments people shift to local markets, and when you don't have to worry about your government anymore, or much less, then what's the point of using a cumbersome way of buying/selling Bitcoin? I'm certain that there are a couple of fairly large exchanges there none of us has even heard of.

I agree sometimes you really have to check it out yourself to see the real picture. I try to search in Google Trends as well:

https://trends.google.com/trends/explore?geo=NG&q=bitcoin

So popularity of the term "bitcoin" has a mixed results as well.

Anyways, let's see how the trading exchanges in Nigeria will go, it's going to be interesting as the price is slowly picking up and its a good timing for the exchange to go live recently.

Africa is bigger cryptocurrency market than many think or have prejudice so new exchanges makes sense completely. I think it will have nice trading value and people always prefere local exchanges if they are available so if it will run business on proper and legitimate way success will follow, no doubt about it.

This should well affect the entire market as a whole, and I am glad that this country supports enthusiasts. Unfortunately, in my country, the cryptocurrency does not have a certain status, but I hope that this will be fixed.

It's perfect that Africa develops Blockchain technologies but many new exchanges are scammy now. We wish good luck to founders!

Very extraordinary and clear news is happy that a country like Nigeria can accept all forms of transactions related to bitcoin, it is not easy for a country to provide facilities like this because it will see the good and bad things that will happen if it provides facilities for all transactions. be happy if a country facilitates all bitcoin transactions, then that is also good news for crypto, because many begin to admit.

Nigeria is a top player and top participants in the cryptocurrency community it's just right that they should have their own exchange but their huge crypto users they should at least have two or three and I hope they will not be so regulated and the exchange has a good security, so we will never read any hacking incident there.

How ironic would it be if this Nigerian Exchanged exit scammed and stole money from the other Nigerian scammers that are all over the internet.  ;D

Scammers are every were why Nigerians? Hmmmm, Who ever thought that Cryptopia exchange be hack or exit scammed? Nigerians are not what you called them, things have changed for the better and old stuff behind. The newly launch exchange will receive huge investors from across the globe.

Whole globe is running fastly and it is really good seeing Nigeria launching their own exchanges. Mostly each country should start their own exchanges so that the whole community can exchange the cryptos at one click into their national fiat currency. Back some months, we could see that some countries banned decentralized exchanges and also the ICO sales but after this news, I think more and more peoples should surely get introduced towards the cryptocurrencies.

Yes, Nigeria truly is a ever developing nation with a lot of crypto enthusiasts so I think that launching their own exchange will bring the peoples from Nigeria more close to the cryptocurrencies and also some peoples who are yet unaware about the decentralized currencies might come to know about them which would rise the demand for the cryptocurrencies.

Nigeria has a majority of literate peoples who might surely be interested about the cryptocurrencies.

guy above you only refers to a nigerian based exchange  but we dont know if the hackers are really from nigeria   .cryptopia has been also hacked and we dont also know of the hackers are nigerian or not , so dont judge them easily  .

also  ,  new exchange wont get huge investors because most investors only trust old exchanges  .  though some new exchage can still have a chance to compete with other older exchange  , only if they will put more effort on promoting thier  service  .