Most P2P occured on WhatsApp, Telegram and everywhere on the streets

[Charles-Tim]

Crypto: Peer-to-peer trading is worth $500bn in Nigeria – Cryptocurrency expert

The CEO of one of NoOnes who was the former CEO of Paxful, Ray Youssef said so. That crypto trading in Nigeria is 10x more than what is reported which are on centralized exchanges. That most crypto trading takes place on WhatsApp, Telegram, coffee shops and everywhere on the streets.

Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.

That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.” Youssef added that most of the P2P transactions do not happen on Binance or any other platform but on WhatsApp, Telegram, coffee shops and everywhere on the streets.

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on centralized crypto exchanges. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

[Nwada001]

I saw this news earlier today, and I was reading through it this morning. The figures, which are half a trillion dollars of speculation, might not be correct, but I see some sense in what he said, as I have also witnessed a lot of big trade being carried out before. 
 
I know of someone whom I helped purchase bitcoin earlier this day, maybe around February. This person acquired all his USDT through some WhatsApp group, where all they dealt with was purely P2P trade, and no transaction less than $1000 was carried out there. I don't know how they were able to build such trust within themselves, but a lot of money is flowing through that group. 
 
Also on Telegram, you can conduct P2P trades, which are worth millions of naira on a daily basis, with the help of an escrow that doesn't even charge a dam. From both parties, his work is just to secure trade between both parties, so a lot of trades are being carried out off the targeted exchanges. 
 
The only thing that I believe will affect Nigerians is that if the government succeeds in bringing down all the major exchanges that support NGN/USDT pairs, both P2P and spot, there will be a lot of scams and manipulation on WhatsApp and other platform trade, especially for those who might not know their way around to trade on other Dex exchanges. Those telegram and WhatsApp vendors will now see themselves as gods, and as such, they can decide which rate they want to buy coins from and which rate they will not.

[Perfectbaby]

Hey Charles-Tim we can say anything is possible in Nigeria why because he could be saying the truth but on the other hand he is as well doing his marketing but guys what?
He fails because same restriction that has been sat upon other exchanges can likely sets over his own if he doesn't know.
Truth be told, there are other platform which we don't know that are providing p2p, but for that fact government has refused to create employment opportunities for her citizens then what why putting much eyes on the young people who are striving to survive through cryptocurrency besides they have entirely failed us not once or nor twice, countless time we have been depending on government so many things but none was fixed instead they kept borrowing and looting money whereby they always keeps the country indebted to one nation or the other.

[Churchillvv]

Crypto: Peer-to-peer trading is worth $500bn in Nigeria – Cryptocurrency expert

The CEO of one of NoOnes who was the former CEO of Paxful, Ray Youssef said so. That crypto trading in Nigeria is 10x more than what is reported which are on centralized exchanges. That most crypto trading takes place on WhatsApp, Telegram, coffee shops and everywhere on the streets.

Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.

That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.” Youssef added that most of the P2P transactions do not happen on Binance or any other platform but on WhatsApp, Telegram, coffee shops and everywhere on the streets.

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on Binance. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

Let's say his correct to an extent because I have seen people trade on the streets with at least a witness which serves as the escrow and I have also seen P2P transactions on WhatsApp and other social medias but for the fact that he said half a trillion it's now more like a bait to catch attention.

How possible could that be? The people doing P2P on the street are more of a certain class in society as they do not want the government eyes on them but I don't think it's up to such an over exaggerated amount of 500bn naira. The NoOnes are not far from promotion as they wants some attention to be on them and if eventually they succeed with that it will be classified as reputation hence attract more customers.

One thing I know is that there is money in this country and a lot of efforts are being put to regulate the flow of the funds but yet it belongs to the same calibers of people making the deteriorated decisions.

[sokani]

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on Binance. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

Paxul rebranded to NoOnes and I think it has to do with the scam activities and poor services associated with the old name. A snake can shade off its skin but it's still the same snake, nothing changes.

Back to the issue, I cannot deny that people are not trading on telegram, whatsapp and other social media platforms, but c'mon... How can it be more than 10x what we have on centralized exchanges? There's no way to verify the statement and you shouldn't take his words seriously, he's obviously trying to shift government's attention away from CEXs that are offering P2P services to Nigerians.

[Charles-Tim]

Paxul rebranded to NoOnes and I think it has to do with the scam activities and poor services associated with the old name. A snake can shade off its skin but it's still the same snake, nothing changes.

Paxful is still existing. Paxful closed down last year or so, the CEO left, and the exchange opened again and the exchange Paxful is still providing bitcoin and few other crypto products and services to Nigerians. The former CEO is now the CEO of another exchange called NoOnes and probably might be the founder.

[Marvelockg]

I know of someone whom I helped purchase bitcoin earlier this day, maybe around February. This person acquired all his USDT through some WhatsApp group, where all they dealt with was purely P2P trade, and no transaction less than $1000 was carried out there. I don't know how they were able to build such trust within themselves, but a lot of money is flowing through that group. 

this is true!
Earlier last month, I know of someone that bought some USDT in his binance through someone he has on his Whatsapp contact, according to what he said, he has like three of them and each of them have thier own different rates so all he needs to do is to look for a convenient rate and work with the person at the moment. I know it's to a very large extent that it's risky for people that are doing big amount of transactions but the whole crypto system is built on risk and trust to some extent.

The truth is that we've gone past that stage when the federal government can assume they will be able to ban crypto in it entirety. It's not going to be possible at all. Exchanges are everywhere and even if they are able to set laws that makes it deficult to use some of this popular exchange, more will be created within a short space of time that will solve the p2p needs of crypto users and even if p2p on exchange becomes deficult, the kind of community that this crypto space has built will make it easy for an alternative to spring out.

[sokani]

~

Paxful is still existing. Paxful closed down last year or so, the CEO left, and the exchange opened again and the exchange Paxful is still providing bitcoin and few other crypto products and services to Nigerians. The former CEO is now the CEO of another exchange called NoOnes and probably might be the founder.

Thanks for the info. Read sometime ago that they're shifting to a new platform, never knew they came back to live.

[EL MOHA]

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on centralized crypto exchanges. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

Definitely telling the truth, when news like this was coming out and fintechs started sending out messages to people I was more like this is just on centralized exchanges, there multiple number of P2P traders that are out there in the social media platform that offers, most of which is the WhatsApp and Telegram. This is even another way people engage in arbitrage marketing. This one’s mostly buy/sell at the rates that are lower than that of centralized exchanges. It is actually smooth transaction but the problem is the risk to me is way higher than that of centralized exchanges because they do not have proper exchanges. I could remember people getting scammed on telegram P2P exchanges. All you need is to deal with someone you are more less a bit close to or know.

[Coyster]

E get many vendors wey i know and dem dey trade on whatsapp, some of them even have their websites (not big local exchanges), and they also trade a lot of coins there. If you dey watch comedy skits for Naija, you go see all these our comedians dey advertise different agents/vendors wey you fit trade gift card, bitcoin and different other assets, so it is true that there is a lot of trading going on outside of crypto exchanges, but the figures might have been exaggerated by Ray.

That being said, e no dey safe to trade on social media platforms, vendor fit carry your money run oh, that is the risk when you trade in this way, and that is why a lot of us here choose global exchanges.

[letteredhub]

The CEO in his assertions could be close to being correct in that interview because that $59b figures is just an official figure from official data as compiled. I alone have conducted many p2p trades just this year with colleagues around using my noncustodial wallet address in all of those trades with them, although there are certain persons I do reject the offer and ask to try other means or persons because I don't feel comfortable about doing any transactions with them.

So imagine many other thousands of people in other places that are running a direct p2p trades on daily basis without using a CEX, if those figures are included to the official figures as gotten it probably amounts to half a billion dollars or more.

If the Nigeria government is wise they could take advantage of cryptocurrency operations in the country create a working policy that is crypto friendly and rake profits from it as taxes than act villain as though cryptocurrency is the main cause of the naira devaluation when we have insecurity, high cost of living/production and dilapidation of infrastructures bashing on the economy which they haven't made any significant success in tackling any of those intrinsic factors but bothering themselves on the extrinsic that can be put under control by the tackling of the intrinsic problems.

[Coyster]

If the Nigeria government is wise they could take advantage of cryptocurrency operations in the country create a working policy that is crypto friendly and rake profits from it as taxes than act villain as though cryptocurrency is the main cause of the naira devaluation

E dey very clear now that our government no fit dey friendly to crypto, though dem never officially ban crypto for Nigeria, but i would not be surprised if that is the next thing they would do.

Naija na the first country wey i don see wey dey blame crypto for their bad economic situation, it just feels like the government is looking for scapegoats and they found one with cryptocurrency and its users. That being said, Nigerians dey very good at fighting through barriers, so i think we would still overcome this one.

[iBaba]

I saw this news earlier today, and I was reading through it this morning. The figures, which are half a trillion dollars of speculation, might not be correct, but I see some sense in what he said, as I have also witnessed a lot of big trade being carried out before. 
 
I know of someone whom I helped purchase bitcoin earlier this day, maybe around February. This person acquired all his USDT through some WhatsApp group, where all they dealt with was purely P2P trade, and no transaction less than $1000 was carried out there. I don't know how they were able to build such trust within themselves, but a lot of money is flowing through that group. 
 

It is also noteworthy to mention that even before the introduction of Bitcoin p2p trades amongst WhatsApp group chats, the p2p transactions online began on one on one trades. I also remember back then when I used to offer p2p services for individuals, all I do then was to advertise it on my WhatsApp status to my audience and those interested or those who had friends who were interested would connect me with them and I will reach out to my school mate whom I transact with due to our relationship and the trust we've built between ourselves. I believe that's how it started for most people until people became more coordinated through creating of WhatsApp group chats to get more network of people who had the capability of taken bigger transactions and the whole business saw it's apex when the online centralized exchanges came to life.

So, this is not surprising that you could sell over a $1,000 worth of transaction through a Whatsapp group chat because if you looked at it broadly, most people who were on those platforms are most of the occasions, friends of friends who have created wide network to engage in those transactions with trust and guidelines. When Binance, was launched in Nigeria as the first crypto exchange providing the escrow services to the p2p traders, it became easier and faster to enroll a large pool of the traders onboard because there were already those platforms existing before the centralized exchanges came in.

[Asiska02]

I know some people in my street that do not know how to trade on centralized crypto exchanges. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

This is surprising though, because how will they be able to differentiate between wallets to send coin to without making mistake when sending money to those vendors and still not understand how to use an exchange for p2p. Some are slow learners sha, but in this age that crypto has taken over everywhere and many youths are aware of it, how comes people still depend on vendors to sell their coins which they can get scammed unlike exchanges that has protocols before releasing coins for the merchants. I am sure this merchants benefit from those on the street and on those exchanges too.

If the Nigeria government is wise they could take advantage of cryptocurrency operations in the country create a working policy that is crypto friendly and rake profits from it as taxes than act villain as though cryptocurrency is the main cause of the naira devaluation when we have insecurity, high cost of living/production and dilapidation of infrastructures bashing on the economy which they haven't made any significant success in tackling any of those intrinsic factors but bothering themselves on the extrinsic that can be put under control by the tackling of the intrinsic problems.

If only the Nigerian government can know how much they can benefit from regularising those exchanges. The tax they’ll be getting from them will fetch them a lot of money and maybe they can use it in other sectors for the benefit of we Nigerians. All their raking on cryptocurrency is because of Naira that is devaluing which those exchanges are not the cause of it and it was also proven again after Binance was banned and naira was still devalued more after their initial game to push the dollar up. A lot of signs for them, but I don’t know why they’re neglecting what is rightly to do.

[Cossyblack]

Crypto: Peer-to-peer trading is worth $500bn in Nigeria – Cryptocurrency expert

The CEO of one of NoOnes who was the former CEO of Paxful, Ray Youssef said so. That crypto trading in Nigeria is 10x more than what is reported which are on centralized exchanges. That most crypto trading takes place on WhatsApp, Telegram, coffee shops and everywhere on the streets.

Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.

That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.” Youssef added that most of the P2P transactions do not happen on Binance or any other platform but on WhatsApp, Telegram, coffee shops and everywhere on the streets.

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on centralized crypto exchanges. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

make we dey careful,I hear say Government officials tru EFCC,CBN,Nigeria police and others dey disguise to join WhatsApps,Telegram and other social media platform to spy admins and individuals that engaged in crypto activities.

[Mpamaegbu]

That being said, e no dey safe to trade on social media platforms, vendor fit carry your money run oh, that is the risk when you trade in this way, and that is why a lot of us here choose global exchanges.

Dat wan com be like na im go pay pass as global exchanges now dey try avoid Alhaji Tinubu wahala by excluding naira pairs on their platforms. Make we continue to dey enta farm, make corn also continue to mature.

[Cryptomultiplier]

Crypto: Peer-to-peer trading is worth $500bn in Nigeria – Cryptocurrency expert

The CEO of one of NoOnes who was the former CEO of Paxful, Ray Youssef said so. That crypto trading in Nigeria is 10x more than what is reported which are on centralized exchanges. That most crypto trading takes place on WhatsApp, Telegram, coffee shops and everywhere on the streets.

Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.

That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.” Youssef added that most of the P2P transactions do not happen on Binance or any other platform but on WhatsApp, Telegram, coffee shops and everywhere on the streets.

I did not know this exchange, NoOnes until now. I only know him as the former Paxful CEO. Is this a way to market his exchange or he is telling the truth?

I know some people in my street that do not know how to trade on centralized crypto exchanges. All they need is a bitcoin wallet and a vendor which they can meet on social media or on the street.

make we dey careful,I hear say Government officials tru EFCC,CBN,Nigeria police and others dey disguise to join WhatsApps,Telegram and other social media platform to spy admins and individuals that engaged in crypto activities.

You suppose expect say government officials dey everywhere because we get them as brothers and sisters and relatives and even friends wey we dey sit with to either chill or chat.
Anyhow sha, I just believe that cryptocurrency would be given no much hassle once it becomes regulated as is being done by many countries with similar interest.

[Kelward]

I gree say di former CEO of paxful, fit to de exaggerate di correct figure of di p2p wey de happen outside of di centralized exchanges for Nigeria, based on say data no de to confirm weda na true. But di truth of di matter wey de obvious be say a lot of p2p transactions de happen well well for Whatsapp and telegram, I believe say trusted individuals sef go run transactions and send wallet addresses through text messages.

I know say na based on trust matter de make most people to de use centralized exchanges for p2p transactions, odawise na to de use Whatsapp and telegram groups wey go guarantee privacy for people wey need am, or just de use local guys wey you know or wey person recommend. Di way wey di government restrictions de go for exchange p2p matter, e go make dis groups and escrow services to de gain popularity, aldo di disadvantage go be increased activities of scammers.

[Doan9269]

Crypto: Peer-to-peer trading is worth $500bn in Nigeria – Cryptocurrency expert

The CEO of one of NoOnes who was the former CEO of Paxful, Ray Youssef said so. That crypto trading in Nigeria is 10x more than what is reported which are on centralized exchanges. That most crypto trading takes place on WhatsApp, Telegram, coffee shops and everywhere on the streets.

Additional to this, government should realized that the rising to the increasing exchange rate of naira to dollar is because of the too much dependance of the country's economy on foreign affairs, most of the Nigerians students prefers to travel abroad for education, the Nigerian government itself depends on international medical supports for medicines and other equipment in which they can survived without the use of dollar exchange rate, trading or the crypto platforms aren't the reason to the increasing rate of exchange of naira to dollar, instead the poor economy and high dependencies on international importations.

[HajiBagi]

Hey Charles-Tim we can say anything is possible in Nigeria why because he could be saying the truth but on the other hand he is as well doing his marketing but guys what?
He fails because same restriction that has been sat upon other exchanges can likely sets over his own if he doesn't know.
Truth be told, there are other platform which we don't know that are providing p2p, but for that fact government has refused to create employment opportunities for her citizens then what why putting much eyes on the young people who are striving to survive through cryptocurrency besides they have entirely failed us not once or nor twice, countless time we have been depending on government so many things but none was fixed instead they kept borrowing and looting money whereby they always keeps the country indebted to one nation or the other.

I don’t see the Meaning of what they are doing, this is wickedness and bad government of a country because if not they will not put eyes on what the youths are using to survive, it has reach the level that I have not seen any country that the leaders are very wicked pass Nigeria, we don’t want each other to progress , all they want is for the youths to become their slave, I don’t know how my other colleagues but for me all this they are doing is not for the benefit of the country, it’s for their own benefit, they are trying to steal what the youths have work for and no matter how they try the youths will survive because even the God know how the youths suffer to reach the level they are today.

A country where they are not work for the graduates, a country where thousands graduate did not have work, also a country where every young citizen dream will never come true, there are many ways for the government to make things better but they will not follow it, instead they will be looking for a way to steal the citizens property and add it to their own and be making an excuse that they will make a country look better, if we look at all this things that they are about to do they don’t have any reason for doing it, they are just doing it for their benefit and if any have a better reason to say what is happening is good I will like to hear and understand.