Scam de for p2p transactions?

[Kelward]

I understand say based on the ban wey CBN impose on banks,  say make dem no exchange naira for bitcoin, di traders of bitcoin, come dey exchange for p2p. So I foda understand say a buyer go pay money into di account of a seller and di seller go transfer the cryptocurrency into the buyer wallet. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

Dis question na from information wey I gather from unreliable source, na im make I say as I don enter reliable bitcoin forum, make I ask di question? Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

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[Zaguru12]

This is definitely likely to happen, in fact it has happened in the past although it is minimal this days. If you use a top cryptocurrency exchange like binance ( I am not classifying that is good to use it because it is centralized exchange). The exchange normally confiscate your funds because both the seller and buyer must  present proves of payments and if truly the seller sent the money and the buyer denies. The exchange will advise the seller to go to his bank and get the confirmation, the exchange usually gives 48 hours for this and then if the seller doesn’t give bring much evidence the coin is sent to the buyer while freezing the remaining ones.

Note that the amount in transaction is what attract the exchange support attention. For small funds it usually takes more time to sort out because of lack of attention.

The best form of P2P is with someone you trust or when on the exchange try to look for buyers or sellers with reputation like the amount of transactions they have been involved in and also the ratings on them. But this still doesn’t take away the risk it just minimizes it.

[Charles-Tim]

And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

If bitcoin is not banned in our country, that does not mean scam will not exist either, it is you that needs to avoid scam.

So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

On p2p exchanges like Bisq, it makes use of 2-of-3 multisig. This makes scam not to be possible to some extent, just like on centralized exchanges too.

For naira exchange to bitcoin and other crypto and vice versa on centralized exchanges, the exchange serves as the middle man which can help mitigate scam.

But there is still possibility of scam if someone is not careful enough. Do not rely on alert, if you are paid, check your bank account balance and make sure the money reflect on your account before you proceed to release the coin from escrow.

Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

Nigeria government did not ban bitcoin and other cryptocurrencies, it is CBN that ban cryptocurrencies. If the government ban bitcoin, they can go to the extent of doing what they did to Twitter (when Twitter was banned in the country) to centralized exchanges to the extent that you will not have the option than to use vendor or decentralized exchanges.

[Doan9269]

Don't be misguided bitcoin is a p2p network and is not being manipulated and same also is the blockchain technology, everything is under the control of protocols that surrounds the p2p network, the blockchain is an open distributed ledger that cannot be altered which means it's immutable.

If your country ban bitcoin, I will advise you go low with using it privately such that they are not aware or being able to trace you and you can achieve this by distancing yourself from any form of online wallets as found with centralized exchanges.

[Adbitco]

Well I have rarely used someone to trade if not of brainboss p2p service that we know very in this forum, then the next place i do trade p2p is on Binance exchange and they function as an escrow whereby when you confirmed that you have gotten alert before you could released their payment. With them it's very easy to eliminate being scammed while trading over there.

The worse place is dealing with people in a particular crypto group or telegram because such persons may only want you to send them the bitcoin without them sending you the required funds in fiat. So it's advisable to avoid such trade rather than used a trusted and reliable platform to trade, you can use brainboss services to exchange your bitcoin if you weren't comfortable with others.

[sokani]

I go try minimize de use of de word *cam because na public forum we dey and make some people no come dey reason left left. No wia wey dem no go fit run you street but in platforms like binance, Retimo etc wey dey run P2P services e dey very minimal because dem don institute measures to checkmate stuffs like dis. If one person send crypto or fiat and de oda person claim say him no receive de fund, there's always de blockchain or bank statement of account to confirm de transaction to know who's lying or telling de truth. But to perform P2P transactions on platforms like telegram or Whatsapp I no go advise any person becus de chances of you entering one chance dey very high and even if you kno de person, no be something wey u go fit carry go police make dem no go label you as a geeboy.

[SatoPrincess]

I go advice you say make you only trade with reliable and trustworthy traders, as you don come this kind place where bitcoin na normal thing you fit connect with other people for our board way dey trade p2p. CryptoprenuerBrainboss na one of those members even though e no dey too promote am, I believe say e rate dey as good as those exchanges and most importantly you no go fear say your money go lost. But if na exchanges you won use do this kind business, make say you read the T&C of the exchange.

[Asiska02]

So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

If d matter involve p2p transaction from an exchange, I dey very sure say dem go refund your money to you (in form of bitcoin you wanted to buy) but you gatz provide a lot of evidence to back up your claim and you go dey patient as dem dey process am for you. I dey always feel say to sell bitcoin from my own end through p2p transaction dey always dey more secured than me buying. Me I know say I no go scam the person wey I wan sell my coin to and na him go send money come first. But in the case wey na me go buy, I gats send money go first and I dey highly at risk to get scammed since I no know the kind person wey I dey trade with even though the person get better rating for him past trades.

[Amphenomenon]

I understand say based on the ban wey CBN impose on banks,  say make dem no exchange naira for bitcoin, di traders of bitcoin, come dey exchange for p2p. So I foda understand say a buyer go pay money into di account of a seller and di seller go transfer the cryptocurrency into the buyer wallet. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

Chance of being scam exist in almost everything (if not all) and p2p is not an exception, while how being cautious varies with the platform you are using for p2p. Some offer helps against scam like binance and their response may not be fast.

Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

Cryptocurrency and bitcoin is not entirely banned in Nigeria, there is only a ban by Cbn in making any crypto relating transactions. Some countries have their own partial ban while others faces complete ban.

[Kelward]

Well I have rarely used someone to trade if not of brainboss p2p service that we know very in this forum, then the next place i do trade p2p is on Binance exchange and they function as an escrow whereby when you confirmed that you have gotten alert before you could released their payment. With them it's very easy to eliminate being scammed while trading over there.

The worse place is dealing with people in a particular crypto group or telegram because such persons may only want you to send them the bitcoin without them sending you the required funds in fiat. So it's advisable to avoid such trade rather than used a trusted and reliable platform to trade, you can use brainboss services to exchange your bitcoin if you weren't comfortable with others.

I don understand say you no fit totally rule out the possibilities of scam for any money matter, sodiafo, bitcoin transactions no be exception. Na for person wey wan do any transaction to dey very careful make dem no do am wayo. Most members for dis our bitcointalk forum dey rate binance exchange well well, and you don also mention brainboss, so I go keep dat one for mind.

Secondly trust na very serious matter, because people wey you know fit scam you, talk less of di ones wey you no know. But we no fit comot di risk factor for business, so we must minimise di risk by doing business with people wey get good rating and reputation.

[CryptSafe]

OP make I respond to the issue of scam and seeking Justice. The government of Nigeria don ban bank from doing Crypto transaction no mean say Dem ban am for Naija here but the truth be say government don comot body for Crypto so anything wey happen to anybody in the course of Crypto transaction the person dey on him own na wetin e mean be that. So anybody wey dey deal on Crypto gat be wise because e no get any legal backings here for Naija and e come be say na p2p be the only source to deal on.
If you dey engage in p2p make e be a reliable source possibly based on recommendations from a notable figure in the system as well. Another too if you know the person one on one e go better say una meet there and then do the transfer if you dey comfortable to reveal your identity to them.

[Hyphen(-)]

I don understand say you no fit totally rule out the possibilities of scam for any money matter, sodiafo, bitcoin transactions no be exception. Na for person wey wan do any transaction to dey very careful make dem no do am wayo. Most members for dis our bitcointalk forum dey rate binance exchange well well, and you don also mention brainboss, so I go keep dat one for mind.

Even though everybody they kick against leaving your coin for exchange, I believe say when it comes to cashing out our money into fiat we run back to Binance and Kucoin for safe and reliable p2p transaction.

Scam they always de, because when me self start, some telegram groups don scam me before, that is why I de always avoid any transaction from telegram channel/group and that is main reason I am currently using Binance to sell my BTC whenever I need fiat.

Secondly trust na very serious matter, because people wey you know fit scam you, talk less of di ones wey you no know. But we no fit comot di risk factor for business, so we must minimise di risk by doing business with people wey get good rating and reputation.

Risk na the key factor because we they run all these transactions at risk.

But trust na the must difficult thing for this life now because even person wey u know scam you in different ways. Therefore, Trust no one

[letteredhub]

As it dey hot! My broda nobody fit run you scam for any legit p2p exchange den com escape am. And onto say na binance you dey use den na small matter if you send person money and the person no gree send your coins just petition am to binance using your transaction recept way u send the money to am. Then them go freeze the person account after some investigation wey show say the person dey guilty binance go freeze the person account then  send you your coins by themselves. So na make it good make we dey do our p2p for beta reputation p2p exchange.

[CryptoHeadlineNews]

I understand say based on the ban wey CBN impose on banks,  say make dem no exchange naira for bitcoin, di traders of bitcoin, come dey exchange for p2p. So I foda understand say a buyer go pay money into di account of a seller and di seller go transfer the cryptocurrency into the buyer wallet. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

Dis wey dem de use dis p2p system?

Okay, that's a very beautiful question you just asked, and the reason why it's always good to use a reputable exchange for your p2p transactions such as "Binance" or "Remitano", which offers you the ability to make smooth trading without any worries, because how this platforms work is that they act as a middle man between you the buyer and the person who intends to sell his/her Bitcoin,  and all you have to do is just go to the p2p market section of any of the above exchange, initiate a buying ads, and you will be shown all the available sellers online, and all you have to do is choose which you intend to buy from, transfer fund to the account that will be provided, send screenshot and wait for the seller to confirm and release your Bitcoin for you. But in case where after making payment the seller refuses to send your coin, you just need to chat the customer care of the exchange and I rest assured you that you will get your Bitcoin or money back in not less than 48hrs.

[Stable090]

I understand say based on the ban wey CBN impose on banks,  say make dem no exchange naira for bitcoin, di traders of bitcoin, come dey exchange for p2p. So I foda understand say a buyer go pay money into di account of a seller and di seller go transfer the cryptocurrency into the buyer wallet. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

Normally na from binance I dey always convert my bitcoin to naira and my naira to bitcoin, so binance don set things wey be say if you just follow how dem talk say make you dey run am, then e go dey difficult say dey go fit scam you because if you be seller and you tell binance say you never receive money, then they no go release coin for the buyer, before they go release coin, till d seller don talk say him him don see money before binance go release the coin give d buyer.

If the buyer claim say him don send money and d seller talk say him never see money, then binance hold d two accounts, and dey go talk say make d two of you provide evidence, na y if you wan use p2p make sure say na reputable exchange you go use. No just see person number for online den you go copy and start to dey trade with am, if that kin person scam u I no dey sure say u go get ur money back ooo.

[DaNNy001]

This was an intriguing question for me too as I first start to dey use binance exchange to change and sell some of my coins. You know as someone who wants to grow curiosity will always be in the forefront of your  doings and thats why this particular question is being asked by new crypto enthusiast.

Well like what most other members have already said, its hard to defraud someone coins in binance and other reputable exchanges.

[Kelward]

And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

If bitcoin is not banned in our country, that does not mean scam will not exist either, it is you that needs to avoid scam.

So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

On p2p exchanges like Bisq, it makes use of 2-of-3 multisig. This makes scam not to be possible to some extent, just like on centralized exchanges too.

For naira exchange to bitcoin and other crypto and vice versa on centralized exchanges, the exchange serves as the middle man which can help mitigate scam.

But there is still possibility of scam if someone is not careful enough. Do not rely on alert, if you are paid, check your bank account balance and make sure the money reflect on your account before you proceed to release the coin from escrow.

Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

Nigeria government did not ban bitcoin and other cryptocurrencies, it is CBN that ban cryptocurrencies. If the government ban bitcoin, they can go to the extent of doing what they did to Twitter (when Twitter was banned in the country) to centralized exchanges to the extent that you will not have the option than to use vendor or decentralized exchanges.

I don read through all the posts for dis topic, so fa wetin I gather be say to be on di safe side for p2p matter, na to go through reliable exchanges wey most members for here de so kind to share. Your advice make sense say make person no depend on alert, instead make the person check him account balance to confirm payments. Dem no depend tell person say fake alerts de everywhere now.

 I hope say CBN go see di light and understand the benefits of bitcoin, as a genuine business, and a credible source of income, e go help to reduce unemployment for di country. Dem suppose lift dis ban, because if people wey no understand bitcoin, dey hear ban e go be like say na fraudulent business.

[CryptoHeadlineNews]

I hope say CBN go see di light and understand the benefits of bitcoin, as a genuine business, and a credible source of income, e go help to reduce unemployment for di country. Dem suppose lift dis ban, because if people wey no understand bitcoin, dey hear ban e go be like say na fraudulent business.

Point of correction my brother, Bitcoin is not a business per say, but a decentralized digital currency that is independent of it's own and not controlled by anybody whether bank nor government. But just that it could be used for doing business as a medium of payment for goods and services, and not that it is a business on it's own. Secondly, legalizing Bitcoin on it's own do not create job, unless people are skillful enough to engage in crypto related work and get paid in Bitcoin, trading or investing in it for a long term so as to gain from profit.

[Mate2237]

I understand say based on the ban wey CBN impose on banks,  say make dem no exchange naira for bitcoin, di traders of bitcoin, come dey exchange for p2p. So I foda understand say a buyer go pay money into di account of a seller and di seller go transfer the cryptocurrency into the buyer wallet. So my question be, what if the buyer pay money into di account of the seller, den di seller no come transfer the bitcoin into di buyer account, no be scam be dat? And as bitcoin de banned for Nigeria, how di person go seek for justice for the scam?

Dis question na from information wey I gather from unreliable source, na im make I say as I don enter reliable bitcoin forum, make I ask di question? Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

Di use of p2p is not only in Nigeria but the whole world. And if you dey use P2P in Nigeria make sure you know di person and trust the person. U can use Trusted Exchange for the P2P as well. In binance if you pay someone and di pesen never release di coin na dem go release di for if you provide all di evidence day you have made your payment. And one good thing be say if de pesen e dey dis forum you go fit create thread 4 im head sae im don scam u and im reputation for di forum go scater and spoiled.

[CryptopreneurBrainboss]

Dis question na from information wey I gather from unreliable source, na im make I say as I don enter reliable bitcoin forum, make I ask di question? Secondly e get any oda country wey dem government ban bitcoin wey dem de use dis p2p system?

Just as others dun talk na so e dey, make I just add small mouth for the mata too. We get two ways of exchanging wey be centralized and decentralized. All this binance dem, and other top exchanges wey be centralized exchange, if you use them run P2P, your funds no fit loss to some extent because if you fit proven say you never received the money (that's if you they sell) and you dun send the money (that's if you they buy) then una go enter appeal court (for the exchange) una go prove who dey lie and if you win you go receive your Bitcoin or money. Scammers dey those platforms too but dem dey in the minimum because dem get to do KYC before dem become merchant to the sell and buy Bitcoin.

Now for decentralized P2P wey you dey do with another human being without any website, e better you only trade with person wey you know very well if not dem go scam you. The scamming fit dun reduce but some persons still dey fall mugu and that's why we still get this type of scammers full Telegram and WhatsApp. If you no wise dem go scam you and dey very cautious of all those high fee merchant because na them be the scammers. Government no ban Bitcoin but ban banks from trading Bitcoin and that's why you no fit trade Bitcoin directly with banks but things fit change, Tinubu dun suspend the current CBN governor now now.