Why Nigerians buy bitcoin on loss?

[Lordhermes]

Now the average youth in Nigeria is entirely into cryprocurrency with the higher number of buyers and sellers, basically the dollar equivalent to 1USD=N450, this price fluctuates at all times.
In fact, in Nigeria, every buyers that don't want to trade on centralised exchange have their own negotiable price for buying and selling bitcoin, the only p2p exchange that have a fixed price are the Remitano, Patricia, Luno, and Binance, so instead of the sellers passing through some stress, they quickly sends out to individual buyer and bid in price negotiations, because of this incidence, people think Nigerians are buying bitcoin at loss. So basically, if buyer can negotiate properly with seller,  s(he) can sell with gain on the centralised exchange listed above.

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[CryptopreneurBrainboss]

From the above explanation I can understand arbitrage is the purpose of buying bitcoin on the loss but they can sell it to more better price which can cover the actual loss and transaction fee.This trick can be used on many countries where centralized exchanges doesn't have direct buying option for bitcoin with fiat.

The arbitrary aspect was well understood from your statement but it seems the buying at loss aspect is still been misunderstood as I read through the replies above. The price highlighted by the OP isn't a loss price, that's what the particular individuals is willing the sell his bitcoin on that peer2peer exchange and it's even a steal. The Naira rate per dollar for the cryptocurrencies market is totally different from that of the general market. That's just how it works in the country. Nobody can tell you this is the official buying or selling price of bitcoin when converting to Naira.

That's why we make our trades in dollars then negotiate what the price in Naira would be. There's no two exchange selling at exact same price, it varies. Not even the banks or payment options like Master and Visa buys and sells the naira at the official price displayed when you Google. So basically, the buyers isn't buying at loss because if he decides to sell, he most definitely would be making profit immediately.

[maxreish]

Basically you can make massive gains buying bitcoin and reselling almost instantly. Many buyers aren't interesting in going through all the stress of trading with this centralized exchanges out there so they look for alternative and easier ways to transaction which most peer2peer exchange offers.
 

 
 It was vague for me at first and wonder how those Nigerians are profiting if they buy bitcoin at loss. But after reading cryptopreneurboss explanations about how those transactions and trading works. Basically, makes sense why Nigerians are doing this.
 The firs thing that I thought of was, if they aren't gaining profits why are they still buying at loss?
 This peer2peer exchange offers actually gives them an instant profit, I understand it now. Hassle free +f fast profits.

[ekeh]

Bitcoin is a movement currency which no one can predict the actual amount price in the market, which is every profit make base on the level of understanding the market analysis made before start trading, Therefore no country is perfect on the market, because is centralized exchange platform.

[imstillthebest]

all of us buy bitcoins at a loss because of the fees of the exchange or on the wallet where we buy .

 thats a  first loss but theres also a second loss that we can experience and that is when the price of bitcoin goes down .reading earlier replies , i see that nigerian currency are complicated , this makes them look like they are buying at a loss but as what some user said , they can still sell at a high price on exchanges . why worry too much to them ? we should worry much on our own local currency

[usekevin]

Not only Nigerians,all the people around the world was buying bitcoin with a belief on it.The price may increase after some days,even in a week or in a year.It doesn't matter on time,you should need of patience at every moment in the trading. Don't panic,if the price reduced further.You should hold till the next rise.