Using cash to bypass tax

[Cryptoprincess101]

I also had a thought of keeping cash at home and not keeping any money in the bank, but it is even riskier. Anyone who engages in physical p2p with any vendor is also taking a big risk and i even doubt if any vendor will maintain the normal exchange rate, they will want to buy at very lower rate and sell at higher rate. This tax saga has really made people to start thinking of many ways to bypass and a lot of people have come up with many funny ways they want to use in bypassing it. Some people are even talking of putting a description that the money they are sending is a gift and all that but i think it has already been addressed that the descriptions doesn't matter.

[Tonimez]

I also had a thought of keeping cash at home and not keeping any money in the bank, but it is even riskier. Anyone who engages in physical p2p with any vendor is also taking a big risk and i even doubt if any vendor will maintain the normal exchange rate, they will want to buy at very lower rate and sell at higher rate. This tax saga has really made people to start thinking of many ways to bypass and a lot of people have come up with many funny ways they want to use in bypassing it. Some people are even talking of putting a description that the money they are sending is a gift and all that but i think it has already been addressed that the descriptions doesn't matter.

This issue of tax is a very serious one of which something has to be done about it. The way this government silently began enforcing the law is crazy. However, using cash just because of tax evasion is very much risky as many things would happen along the line. If you withdraw more money than you need and you eventually get attacked, you will loose your entire money just because you needed to evade loosing a percentage of the money. Again, cash transactions are very deniable and many people could capitalise on this to reap others of their hard earned money.

If this description pattern is not also working that means we are all doomed this time, haha. We've gone pass the era of moving cash around in bulk, so if anyone wants to go back to the ancient of days due to tax, he should also remember what our forefathers suffered on the road due to the cash they transported by road.

[Osiokwudiri]

In my view this is wrong ideology, carrying around have never helped anyone instead this will attract thieves to your self. Let's be on the watch and understudy the government. There must be a way out to bypass this imposed tax.

[CryptoHeadlineNews]

I have an argument with someone that said using cash can be used to bypass the tax that began on the first of January 2026 in Nigeria, I told him how dangerous it can be while using meeting people and exchange cash for bitcoin. I hope this is not common in Nigeria becusee it will reduce privacy and it can make someone to be the target of thieves with guns.

No doubt, the risk associated with trading Bitcoin with our fiat cash note physically is far more riskier than the usual way of trading it with p2p and be credited directly into your bank account, since you intend to avoid paying the new tax policy by the federal government of Nigeria. Because in most cases, it will be kind of hard to see someone who is ready and willing to accept payment in Bitcoin at the moment you might be needing the cash, and likewise you prone yourself at great risk, because people who could never have know you had Bitcoin in your investment portfolio will start knowing, and likewise more people might plan to rob you when they start seeing how much you are trading physically.

[Myleschetty]

The believe of bypassing government tax through the system create by them is the worst thing anyone could think. You can not beat the government in their own game wey bi say nah dem dey set rules and what dey say bi the final judgement.
You physical cash exchange of BTC to cash as a way to bypass the tax is even more dangerous, and it is good to pay the government the little bucks dey want to collect than to be the victim of physical attack by thieves

[Nathrixxx]

Lots had been expected from the new tax implementation policy and at the same time, the people have been watching closely, observing the shape at which this is going to take place and it effect on their financial resources, but as for me, am seeing this as what could engenders more active participation for the use of bitcoin for p2p, because it's such a situation that cannot be audited by the government if we all operates under a decentralized network, let's see who is affected most.

[Karl_3000]

but as for me, am seeing this as what could engenders more active participation for the use of bitcoin for p2p, because it's such a situation that cannot be audited by the government if we all operates under a decentralized network, let's see who is affected most.

But most Nigerians are going for centralized P2P which are not even supposed to be given the name P2P but another name. Another thing is that what we are discussing about on this thread is a little different from what you posted. What we are discussing about on this thread is about tax evasion through the use of cash or bank notes, that it has it own disadvantages.

[AYOBA]

I know that in Nigeria everything is possible to happen I won’t blame that your friends that told you so. Because I know since the day that they announced that the tax will be effective in January, since then most of Nigeria began looking for a way on how they can able to bypass tax but the only things that I seen their is that it will take a time before some people can adapt to it.

This is a good is a simple way to escape from the tax, but in Nigeria that we’re lack of insecurities how will we expecting it to be done? That every part in Nigeria is not safe talk-less of walking with the cash up and down, I think the terrorist can get easier way of attacking people’s.

[Progress101]

People should be very careful, physical attacks that is related to cryptocurrencies are not really common in in Nigeria yet but anything bad can happen to someone that thinks that he can meet someone physically and exchange coins for fiat. It is better such people think very well and avoid thieves with guns from visiting them.

Honestly, it doesnt even make sense, like in Nigeria why would you choose to meet someone physically just to exchange Bitcoin for cash? di mean thats just an unnecessary risk with very little upside. You are very much exposing yourself to theft or even just being set up all in the name of trying to “avoid” tax, no nahh. Online P2P platforms already offer better privacy, records, dispute resolution, and most importantly o, safety.