Using cash to bypass tax

[Karl_3000]

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.

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.

I still prefer online P2P exchanges instead of physical meetups.

[Bright0515]

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.

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.

I still prefer online P2P exchanges instead of physical meetups.

From what I understand here, the person is only thinking of how to avoid paying the tax but he is not thinking of the harm it will cause him if he eventually meet up with the wring person. In a country like this were things are very difficult and people are looking for how they can make money and how to avoid paying taxes, anything can happen to anyone. They should be careful while meeting up with people because bad things doesn't tell when it want to happen.
Nigeria it self is not friendly with crypto currency so even reporting to the police if anything happens to you will tag you both as criminals (although it depends on who handles the case).

[Uhwuchukwu53]

All one need do now is to watch the system and see how the thing is going rushing to take certain decision that will leads to regret all in the name of cutting corners may really be dangerous. The use of cash I may not advise any because the more you have a cash deal with people eye begin to look towards you and some secret may be revealed about how you handle cash which may vulnerable to attack because of the nature of our society where many jobless are seeking for means to a smart others.

[Charles-Tim]

Nigeria it self is not friendly with crypto currency so even reporting to the police if anything happens to you will tag you both as criminals (although it depends on who handles the case).

The attacker may only be seen as criminal, but if the police know (but which I think they may not know) that the person is using it to evade tax, both of them will be seen as criminals. But I do not think they person will tell the police that and such cases may not lead to court. But if it leads to court case, I do not think the court will think towards tax evasion. But generally it is very bad to put yourself in danger just because you want to evade tax.

[Joy- maker]

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.

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.

I still prefer online P2P exchanges instead of physical meetups.

I know that a lot of Nigerians are trying in one way or the other to figure out how they can be able to bypass this new tax that was implemented few three days back. But for me it's better you allow yourself to be taxed by the Nigeria government, than explosing yourself to other Nigerians that you are holding Bitcoin. because by exposing yourself will not only endanger your bitcoin portfolio, your are also endangering your life and putting your life at stake, and  you will end up now becoming a target.
And you guys know how criminals operates in Nigeria, they will force you to transfer your Bitcoin to their own wallet, and after doing that they may likely kill you along the line, so you living is not guaranteed when you find yourself in such situation.
And as for that your friend advice him or her, not to try that shit in his or her mind, why because it will never end well for the person.

[uche6215]

There should be no basis for trying to evade tax and so you exchange your crypto with Fiat and meeting people there by putting yourself at risk . The country that we find ourselves is a perculier country and anyone into crypto currency should understand this , again it's important that we as citizens be law abiding whether you like it or not the new tax law has been signed into law and has taken effect from the first of January and so anyone found not complying with it will be dealt with according to the laws setting up the new tax laws.

[Showlove01]

Coming in contact physically to exchange Fiat is really dangerous and risky because the people we see as  friends are not really friends because we live in a wicked world where some people don't like the progress of others and sometimes in the process of exchanging Fiat with your mobile device, your seed phrase can get compromised and like they have also said above some people can plot something against you and either look for a way to eliminate the person or steal the person's asset. And it won't make any sense if we are trying to run from something that we can actually afford somehow and get into something more serious and severe.

[FirmWars]

Well, if the physical p2p is conducted in a public and crowded area, e go they very difficult for gun men to rob you. If you also want to go and change your Bitcoin for fiat in a physical p2p arrangement, do not send your coins from your custodial wallet that is holding all your Bitcoin but you should send the Bitcoin you want to sell to the person from your exchange account to the person so that he can not track your wallet to know the total Bitcoin you are holding. This year 2026, we need to they very careful and also watch how this tax something go go, solutions go burst out later.

[Bright0515]

Nigeria it self is not friendly with crypto currency so even reporting to the police if anything happens to you will tag you both as criminals (although it depends on who handles the case).

The attacker may only be seen as criminal, but if the police know (but which I think they may not know) that the person is using it to evade tax, both of them will be seen as criminals. But I do not think they person will tell the police that and such cases may not lead to court. But if it leads to court case, I do not think the court will think towards tax evasion. But generally it is very bad to put yourself in danger just because you want to evade tax.

The only way such situation can lead to court is only when the victim continues to press charges against the criminal after he's or she has been arrested. And the victim will not tell the judge that he's trying to evade tax pay, although he might tell that to his lawyer so that his lawyer will know how to present the case before the judge.

By the way you are right that if the police knows that the victim is trying to evade tax pay, the both of them will become the criminals, but the victim punishment will not be the same as the criminal. The victim will only pay his tax and bail himself while the criminal will go through other punishment because he tried to harm someone and take his money.

[Doan9269]

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 can only admit for the use of cash for the normal daily buy and sells, but not for the bitcoin p2p service, its not advisable on that, on everything we are doing, we should be more calculative about it, so that we don't end up being on the loss at the long run.

Indeed cash can be used to evade the incidence of being taxed to an extent, especially if we are the type that do make transactions more often in a day, however, we should also know that we can always transfer without being task once our transaction details explained the reason for that.

[Mayor of ogba]

I don't even buy the idea of meeting someone to carry out a P2P trade because it very risky, and there's a high chance you will be matched with a merchant that's very far from you, and you will need to pay for transport fare to go meet the person, and it can be time consuming and exhausting. If people don't want to pay the new tax reform that took effect on January 1st, they should start storing their money in Bitcoin or USDT, and anything they are in need of fiat, they should trade the bitcoin or USDT that will give them the amount of fiat they need at the moment so that they won't be taxed.

[ColdLava40]

I still prefer online P2P exchanges instead of physical meetups.

Lol, how much cash will one be able to keep on hand if you want to bypass the tax? From what Ive gotten to understand about this tax, it's not as we think. They will only tax money received as income. Not necessarily any money on your account.

But the memo that was dropped as at last year was quiet different. We saw the amount of tax to be paid at certain amount of money being held in your bank account.

Regardless of the task or not if will be unsafe to go for physical exchanges. You will only make yourself a target for criminals and put your life and that of family at risk. Be wise.

[Karl_3000]

But the memo that was dropped as at last year was quiet different. We saw the amount of tax to be paid at certain amount of money being held in your bank account.

This is how it was last year also, nothing changed.

[Judith87403]

Your concern is right. Making use of cash to bypass taxes may sound really clever, yet having to meet people physically to exchange cash for Bitcoin is risky. It leaves people exposed to robbery, kidnapping, or maybe worse, mostly in a country where armed crime exists. Physical attacks that are crypto related may not be common in Nigeria yet, though it can change quick the moment word spreads. To carry cash or advertise crypto activity makes one an easy target. It equally brings down real privacy, as a result your face, location and behaviors get known. Online P2P platforms seem safer because they reduce physical exposure, make provision of escrow, and leave smaller room for violence. Those thinking of physical cash for crypto meetups has to pause and think   critically. No act of avoiding tax is worth risking of your life.

[Abu-Naim]

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.

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.

I still prefer online P2P exchanges instead of physical meetups.

With the level of insecurity, using cash is never an option to help in this economy, it can actually be used to escape tax but not by buying Bitcoin with cash to bridge the privacy rule because you will not be safe once you started to engage yourself in anything physical involvement in trading or investment especially when it is related to Bitcoin.

The only easiest way that cash can be used is when you have cash enough with you, and you keep using the cash without sending enough money into your accounts to avoid task, and with this technology world we are now, that will not work because the world is now in digital, people prefer to use several means of payment without cash than the use of cash, that’s why transfer is still there.

[Son Of Blockchain (SOB)]

 Although if someone want to take such risk, both parties should meet in a neutral location, like an eatery or safe lounge in a secured area, asides that. One could be putting themselves in danger of being robbed or something that could lead to the extent of losing their lives, people shouldn't because they want to bycot the new tax policy and put themselves in danger.
 Nigeria is no longer a very safe country due to the high rate of robbery and kidnapping especially in the nothern and some southern part of the country so I won't support such but everyone have their choice to make though.

[Joy_learns_crypto]

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.

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.

I still prefer online P2P exchanges instead of physical meetups.

Using cash to exchange for bitcoin is harmful even if you are exchanging the cash for bitcoin with someone you know it is still harmful. I don’t think someone experienced in bitcoin will do that and those who may do that are new and then not only face physical harm they can still face getting scammed in the transaction.
Also so people are planning to keep cash in there houses and offices to avoid tax that is also very harmful.

[sokani]

Yeah, trading crypto for cash can be used to evade tax, but like most persons have weighed in, it exposes you to great danger. Another is that to get a large amount of cash in Nigeria is even difficult. Except, you and the person will have a sort of agreement that you would sell at a cheaper exchange rate so he can get cash from POS.

[Ndabagi01]

The danger associated with doing physical exchange of cryptocurrency to fiat is very high, so it’s better you stick to the normal p2p exchange, where the exchange serves and the third party for the exchange. Trying to avoid tax is not an offense but avoiding and putting yourself in much danger is not what one should condone while exercising your civil rights. The tax system introduced when looked into moderately is not that harsh and will only affect those that earn most. But due to the nature of the country we are in and how leaders tend to misuse resources, it makes not all citizens wants to accept this new tax law.

[Felicity_Tide]

Even if cash for Bitcoin eventually becomes rampant, for how long are people going to keep doing it before the cons side of it escalate?. Most people are certainly not happy with this tax, and the majority of them don't mind avoiding it either, but the truth is, choosing to improvise, thereby finding an alternative such as this physical means of exchange, only puts one at risk. Sooner or later, someone is still going to get taxed_{(whether directly or indirectly)}.

Well, I haven't even seen anyone who got taxed based on the new law, so maybe it's best to sit tight and observe how it was truly implemented, rather than meeting up with strangers to make deals that might not be safe.