As long as the transaction has not been confirmed by the network, we can cancel the transaction and change the bitcoin recipient address by increasing the transaction fee from before.
Change the Bitcoin address to what? I taught it only gives you room to replace the receiver address with the senders address where the sender also becomes the receiver and you can then increase the fee which will make it replace the first transaction to the new one and get it confirmed fast or are we also allowed to change go what ever wallet of our choice as a replacement address? I do not understand what you post but I just want you to know that PytagoraZ is correct. If you are sent bitcoin and the transaction has not be confirmed, wallet like Electrum will let you see the unconfirmed coin and also able to spend it. Assuming I send you bitcoin and it is unconfirmed, I can cancel the transaction by sending the unconfirmed coin in another transaction to one of my own addresses. Only what you will notice is that you do not see the unconfirmed transaction anymore. Assuming if you spend the unconfirmed coin, it will become invalid as I use replace-by-fee to cancel the transaction by sending the unconfirmed coin back to my own address. |
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• Irreversible: Most of us know that BTC transactions are final and not reversible, and as such, if you send to a wrong recipient or a wrong amount, it becomes a really sticky situation. A lot of people tend to keep their digital currency in a cryptocurrency wallet, which puts them at rusk of losing investments if there is no longer access to their private key.
Yes. But if the transaction is not yet confirmed, it can be reversed. •Volatility: Satoshi Nakamoto imposed a limit of 21million Bitcoins, and then, it was regarded as totally scarce. That contributed to Bitcoin's value. But also contributes to price volatility. Bitcoin's decentralization also implies that no minimum valuation is guaranteed, that is to say, if a large group of investors stops using Bitcoin, and sells them off, the value would significantly drop , and people with large amount of the coin will be affected
But it has been the opposite. People are buying and the price is increasing more than decreasing. Bitcoin is an appreciative asset. •No Government Regulations: While decentralization is considered as an advantage of crypto, it can be seen as a disadvantage of Bitcoin, given that it implies there is no investment regulations.
Unlike a currency regulated by a Central Bank, Bitcoin transactions are not accompanied with legal protection, and given it's irreversibility, makes it scam prone.
The reason it is not a depreciative asset, unlike the fiat control by the government which is a depreciative asset. •Not accepted everywhere: Even as the rise of cryptocurrency is upon us, Bitcoin, still isn't accepted just everywhere. Major companies now recognizes Bitcoin as a means if exchange, it's still not widely accepted. This puts a limit on where you can spend.
Bitcoin is decentralized. Do not be surprised that people in the countries it is not accepted are having it and trading it. |
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Do not let me repeat what I have posted before today. Let me just quote myself: Kucoin, Bybit, OKX, HTX, MEXC and many other exchanges have centralized P2P. There are decentralized exchanges also for privacy people https://kycnot.me/Many decentralized exchanges may support just bitcoin. For decentralized exchanges for privacy reasons: https://kycnot.me/ |
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I thought mexc exchange does not have p2p? I have been using it for sometime now, but the P2P option didn't work out well like binance or all other exchanges. The P2P that manage to pop up, does not have an NGN. so I am using kucoin now.
I did not see naira (NGN) under P2P on MEXC, but have you tried the express before? Naira (NGN) is included. Express has been the faster P2P means of getting good buyers or sellers fast without going though the stress of looking for buyer and seller. Or is it different on MEXC? Mexc P2P is frustrating in fact couldn’t find it on this my new upgraded app. Of all the exchanges mentioned above the one that I will greatly advice someone to use amongst them is KuCoin, even before the whole binance and Nigeria government saga KuCoin was the best to me because they answer to support swiftly too and the number of the vendor is displayed there. Another great alternative is Bybit because many Nigerians use this exchange to trade more so it’s P2P is also available but fill with scammers when compared to the likes of KuCoin
OKX is also recommended if you get it right. I also noticed many ads on HTX before with good trading volume. |
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but as e be now, di exchange rate don drop to approximately 1400 naira to 1 US dollar.
It is now around $1525. But the government are making exchanges to restrict people's ads. The CBN is selling at $1301 but the parallel rate is around $1525 as of now. It fell low below $1450 yesterday but increased today. So if naira continue to appreciate, you think say e go make prices of goods to de reduce?
As inflation has its own side effect, deflation also can have its side effect. The best is a stable economy. Do not expect people to reduce the price. They will have something to complain about like high cost of diesel. As of now, the prices are not decreasing. |
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You have to verify your account before you can make use of the P2P. You know how telegram may not care about your privacy, I will advice you to not use Telegram for currency exchanges. Also know that it is an online wallet and that is risky. And this time around we Nigerians facing this common issue, of no longer be able to access binance p2p and all that , so this time around we have to find some good alternative that may also help in adjusting to such term, That why I just decided to drop this .
Binance is not the only centralized exchange that is having centralized P2P. Also you can make use of decentralized P2P. If you insist and still want to use Binance: Another alternative |
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I am using version 4.5.2 and I clicked on 'check for update' and it showed me to https://electrum.org/#download and indicated also that the latest version is 4.5.3 which is normal. I clicked also on official website also from 'help' and it directed me to https://electrum.org/ which is the original office site. Make sure that you are using the original Electrum and make sure you update it always. You do not go to the fake URL and so no problem. Just download or update electrum only from the official website. https://electrum.org/ |
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The recent developments that has led to the controversy in binance P2P for Nigerians is very unfortunate because I know that binance is the most preferred exchange by Nigerians but however, when one door closes another opens so @ legendary Charles-tim, do you know any reliable exchange with higher rates that one can use to make p2p transactions?
Kucoin, Bybit, OKX, HTX MEXC and many other exchanges have centralized P2P. There are decentralized exchanges also for privacy people https://kycnot.me/ |
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First of all you have to swap your BTC for USDT, after that click on trade, then in the upper right corner on click fiat. Then you see sell crypto, click on it, you see USDT, tap it and put the figures you want to sell (and follow the prompts). You will be credited ASAP, but you will pay little money for transportation, maybe 1k or lesser.
Maybe this may change, but as of now, the centralized P2P on exchanges have better rate. You give out your privacy already and there are other exchanges that you can still use centralized P2P. |
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Everyone not want to sell? That is not possible. You will see people that want to sell. If the liquidity is reduced because of holding, the price will increase in a way you will see people that will continue to buy and sell. Know that some people are just traders and not holding all their coins or not holding anything coin at all but to just trade.
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Is this even a legal move of our government or they're just trying to bully binance?
It is not appropriate at all is all I think about it. They flew to the country immediately Nigeria Binance users were blocked to access the exchange on the web. They flew to Nigeria it discuss with the government and regulators. But what they could do to them is to detain them. With the news of their P2P already down on binance, it has already sent many users out of the platform and by the close of today many more people would leave binance and move to other exchanges where they can still trade their Bitcoin for naira.
Even if all centralized exchanges are banned, people will move to decentralized exchanges. If Binance bends to the government and submit a list of its users, it will further reduce the trust that other people in other countries who use their services have for the company. They will loose many customers.
Yes. But we all know that ones your personal identities are submitted on exchanges, no privacy. This is one of the disadvantages of using centralized exchanges. |
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About the Binance officials that Nigeria government detained, I have a topic about it not quite long and also about how the federal government are requesting for the lists of Nigerians using Binance: Government demanding from Binance the lists of its Nigerian users“In the last four years, more than $26 billion have been funnelled through Binance without trace.”
It is in the last one year. I saw some news sites making this mistake. In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions they have conducted on the Nigeria binance p2p platform which they want to benefit from that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.
Is Binance making money from P2P? I mean from people that are creating ads? Because Binance is not making money from those that are not creating ads because the trading is of zero ( ₦0) cost as fee. Know that government may demand for the list for investigation of illicit transactions. My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.
Crypto tax was just included in Financial act of 2023. No law to pay crypto tax before that time. Let us see what would happen next. Detaining Binance executive is wrong. If they want Binance to do something and Binance is not complying, they can sue Binance instead. |
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FG detains two Binance executives –ReportTwo senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app. The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.
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The main cause of the problem is because our government failed to make the country to be less relying on foreign products. We are importing goods more than necessary. In technology we lag behind and the foreign nations are innovating new products that we continue to import.
Federal government needs to tackle the reasons we rely on importing goods. We need ways they can encourage and create a good environment of increasing productivity in Nigeria. Electricity is bad and has gotten worse again during this dry season as usual. They should start by providing constant electricity. Many companies left the country because of bad electricity. There is much more to discuss about this than Electricity.
So the government are not solving the primary reasons but going for secondary reasons. They wanted to control the parallel market and which they have just achieved like the CBN rate. Exchanges and others are restricting people that have ads from selling if not following the rules of the CBN, making the CBN to be indirectly using the exchanges to control the P2P price. Naira has increased in price now, but things in the market are still expensive and not reducing in price at all.
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That is true. I noticed that now also. If you dey use Binance dey receive payment make una go change am now and move all the coin you get in Binance to another exchange before the story change.
What else again if no P2P trading on Binanace and other centralized exchanges anymore? I guess the regulators are reaching out to these exchanges one by one. Best to have all your coins on noncustodial wallet which we always advice. But I guess the regulators may be finding ways for naira unification and want to regulate the exchanges in a way they will not violate their policies. |
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Who knows what Cardoso said about $26 billion passing through Binanace result to people selling USDT and buying naira. Also that CBN will be selling dollar to BDC at $1301 and telling the operators not to sell for more than 1% profit. The government have attacked those places that are selling using parallel rate. The reason naira got stronger recently. It is a very nice one right but at first what should be considered is, this naira currency was lower than this before it came up to this amount now and since then we have been witnessing the up and down are you really happy about this or this is just a scam or do you think it will be better than this.
Government are able to see more money to pay their workers, but the government does not increase minimum wage. They have more money for budgets as they sell and earn naira in bigger amount. They make profit from this devaluation. When the naira price was decreasing, goods and services were increasing, let us see if they will also reduce as naira price increases recently. If government tried their efforts to make everything balance, it would be good. |
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What do you think, is there a liquidity crunch and it makes sense to sell now because sellers will come in soon to take advantage of these high prices? Or does it make sense to just hold at this point?
It is better yoy hold your coins. You will be happy when bitcoin reaches higher prices. I will advise anyone that want to sell to wait for at least six figures which starts from $100000. That would be when you want to sell fast because bitcoin will still go higher than that. If you are not in need of the money for now, just hold it on your noncustodial wallet and expect higher return. |
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In the light of the current volatility of the Naira,
We have disabled all trading & swapping of USDT with the Naira (NGN) on Roqqu with immediate effect.
Rubbish. Stupidity. There are far better exchanges than Roqqu that still allow P2P. Binance that was even the focus did not disable USDT/NGN. I want the dollar to crash to $1=#150 as it was in the period of former president of Nigeria Goodluck.
Since the naira price increase, are the goods and services reducing in price? What we need is a stable economy, not manipulation from the government. Don't you know that the government are manipulating the forex by arresting BDC operators, and making exchanges like Binanace to indirectly be controlling the price in P2P market. If the naira can be very stable to foreign currencies without manipulation from the government, that means a better economy. Let us see how this will later be. As this exchange platform disabled the use of naira, others will follow suit soon.
An exchange that is not (well) known. |
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its 24hrs high is $59,508.89 which 94,053,800.155 NGN probably see the ₦100 million before the weekends
Naira price is gradually appreciating. I checked it just now and I saw ₦1475. Bitcoin price is now around ₦87 million. Although, we like it or not, bitcoin will later surpass ₦100 million. It's really funny how the price of BTC is skyrocketing and Naira is also appreciating but the appreciation of Naira is a welcome development as we hope to experience the price of Bitcoin soaring more higher while our currency gains more value, at least the price of goods and commodity would start reducing gradually in other to make life more affordable for people in the country. As at the time of writing this, the price of naira to dollars is around #1630 while the price of BTC is fluctuating around $58,986
I saw it at ₦1475 just now. Deflation can not easily be achieved, but the government have done it in a way that naira price is manipulated by them is what I think. They arrested BDC operators and also go for exchanges and forex brokers. Now Binance is indirectly controlling P2P price. Do not be surprised if the price of goods and services do not come down. |
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