We all know the importance of centralise exchanges in our country, though they are not the best because the risks in it is greater than the benefits but when you get to understand a way of avoiding the risks then you can enjoy the benefits with having little worries. The two common we use CEX are trading and p2p but my focus today is the p2p.
We know the risks involve in buying and selling our bitcoin to vendors even sometimes the trusted still scam especially when the amount is huge or they know that you can`t catch/locate them, alot of people has fallen victim and many will still fall victim to these scammers. To avoid these issues many Nigerians have opt for using exchanges like binance, kucoin, remitano and others, which has trusted p2p transaction and this has really helps us well.
Aside this, the p2p exchange rate from the exchanges are better than the exchange rate of these vendors most times because some of them buy/sell from these exchanges and so will have to to make their gains. These exchanges doesn't stop the scam of p2p but just reduce the risk and also serves mediator to help you get your fund's in case the other party try to scam you but that's if it was done according to their terms and conditions.
some ways by which we avoid the risks involved in CEX include:
- Use exchanges with good reputation and always try to stay inform about the exchange
- Always remember the phrase Not Your Key Not Your Wallet
- Only keep few of your coin which you know you either use for trading/use frequently
- you don't have to store gains from trading there
Still yet we ought to be cautious when using p2p like addressed here:
Be smart while using a p2p exchanges and
Pay attention on xchange's P2P transactions.
Question:Aside all the dangers on these exchanges, there have been really helpful to us, How do think Nigeria would have gone in our bitcoin adoption without CEX and also how bad would be the scamming rate on p2p ?
ps, I notice that there have been some post from some users about the number of none bitcoin related post on the board which is good but the approach makes it more like you are spamming the board I guess that is the reason our seniors on this board use this
thread instead of creating two or more post like as been done by some others.