Bitget wallet newly bank transfer feature

[I_Anime]

I greetings Naija LB.

So was scrolling through TIKTOK to while away time I came across a post a girl that’s into web 3 mentioning how to avoid tax as someone that’s into crypto (crypto enthusiasts) using the bitget wallet newly bank payment feature ( which I just found out today that there’s such feature , but i don’t actually know how that can help with avoiding tax).

Well the feature allows you to send money from your Biget wallet ( i didn’t say exchange) to your local bank or any banks of your choice, one of the advantage I see in this is that it will help reduce  p2p scams . Because I have seen many occasions where by someone will do p2p and won’t get his full payment , (but I don’t actually know how this will help with tax maybe someone can give how in their reply ) .

[Charles-Tim]

What will be the difference if you exchange the coin on an exchange or you exchange the coin on a third party service on a wallet regarding tax and tax evasion? There is no difference as long as the money is entering your Nigeria bank accounts.

The difference there would be that you have better privacy on a noncustodial wallet, provided if you are using Tor to connect to the noncustodial wallet.

Also this is another reason: 48 Countries Begin Crypto Tax Data Collection in 2026 Ahead of CARF Launch in 2027. No privacy on exchanges.

I prefer open source wallets. Bitget wallet is close source.

[Nathrixxx]

Why is it that many have been so scared of the new tax policy implementation, for crying out loud, of you're a business owner, you shouldn't be concerned about this, because it is expected of you to pay your tax as usual, while as for those that have been into personal use, may only have to put in the narration to the kind of transaction they are making, that bitget introduced a local currency payment system does not mean that we should allow for them to make it appears as if the payment system could negates the implications of tax payment.

[Felicity_Tide]

(but I don’t actually know how this will help with tax maybe someone can give how in their reply ) .

There is nothing special with this feature as it doesn't in anyway help anyone evade tax. It's just another feature that allows you make direct payment to your bank rather than engaging in a direct p2p transaction that is quite common. I'm not sure if this actually helps to reduce scams considering the fact that the feature was not added to the Bitget's exchange directly. But of course, for those who chooses to use it, it only helps to prevent the risk of them being scammed because it is not a direct p2p feature. It's almost similar to transferring funds from your broker to your bank account. Nothing special, but how about you try it out and give us a feedback 

[PostQuantumBTC]

that bitget introduced a local currency payment system does not mean that we should allow for them to make it appears as if the payment system could negates the implications of tax payment.

What some people are saying is that the people in government are too corrupt, that hope the people in the government will not be the one that will embezzle the tax money. What is your take on this?

Another thing is that the tax was 10% before but it has been increased to 15-25%. Is this how African countries should be? The poor are also taxed.

It is good to pay tax but will this help Nigeria or everything will still be in a way that government will more loan will be borrowed and the country not also moving forward.

[yixichloro2xx]

Oga there no way you can escape from being taxed. Do you think that the officials that  created the tax doesn't know about Crypto?. Go read how it will work , then you will know that you can't escape it. If you don't pay your Tax, they will use your Nin and Bvn to investigate you especially when you wan travel out of the country. One thing or the other you must pay your taxes. What we should just hope or pray for is that the money we pay should be put into good use for the development of the country not the leaders trying to embezzle them.

[I_Anime]

Tested the feature and it works pretty well and fast too . You don’t have to wait like the way you usually wait for Merchant to make payment during p2p.

This is not bad ngl it will help safe one the stress of p2p especially when you want to handle some expenses that requires money to be handled, but this won’t actually stop them from taxing you course you are receiving the money to your account.

Oga there no way you can escape from being taxed. Do you think that the officials that  created the tax doesn't know about Crypto?. Go read how it will work , then you will know that you can't escape it. If you don't pay your Tax, they will use your Nin and Bvn to investigate you especially when you wan travel out of the country. One thing or the other you must pay your taxes. What we should just hope or pray for is that the money we pay should be put into good use for the development of the country not the leaders trying to embezzle them.

If you went through my post properly you will see that I didn’t mentioned anything about the feature helping any one to avoid tax only said I came across a video that mentioned something like that (the feature is going to help with tax) which is obviously not true . Is normal for citizens to pay tax there’s no two ways about it and is still the roles of government to put those money into good use too.

[Amphenomenon]

-Snip-

I tried to use this but I noticed a flaw that is common even with the bitget exchange, especially when using express use and this seems like express. The rate is too low, they are actually scamming sellers/buyers through this. Anyone using this should be very much aware of this and always try to verify the actual price rate which will show the obvious scam.


Proof:

[Felicity_Tide]

Tested the feature and it works pretty well and fast too . You don’t have to wait like the way you usually wait for Merchant to make payment during p2p.

This is not bad ngl it will help safe one the stress of p2p especially when you want to handle some expenses that requires money to be handled, but this won’t actually stop them from taxing you course you are receiving the money to your account.

Wow, I didn't expect that you would actually try it out for real. But I still have my doubts. If a platform like Bitget wants to implement a direct fiat exchange on their self custodian closed source wallet, and they already have the normal p2p on their Cex app, then it means they're likely going to make a hell of profits from one of them, and it seems very much like this particular one.

I still feel there is nothing special considering the fact that the rate difference is massive. And I don't see too many users sacrificing the risks that comes with p2p for something swift but with a lower rate.

[I_Anime]

Tested the feature and it works pretty well and fast too . You don’t have to wait like the way you usually wait for Merchant to make payment during p2p.

This is not bad ngl it will help safe one the stress of p2p especially when you want to handle some expenses that requires money to be handled, but this won’t actually stop them from taxing you course you are receiving the money to your account.

Wow, I didn't expect that you would actually try it out for real. But I still have my doubts. If a platform like Bitget wants to implement a direct fiat exchange on their self custodian closed source wallet, and they already have the normal p2p on their Cex app, then it means they're likely going to make a hell of profits from one of them, and it seems very much like this particular one.

I still feel there is nothing special considering the fact that the rate difference is massive. And I don't see too many users sacrificing the risks that comes with p2p for something swift but with a lower rate.

Yeah the rate difference is quite massive , having the rate of 1,405 , while the other exchanges is around 1475 range . Well the recent is even better than their previous rate , because then it was around 1,300+ range  .

TBH I was quite unsettled when given it a try , so I had to use money I could risk , so that if it endup not going well , I won’t feel it that much . But fortunately it end went well but the rate was not encouraging at all , so I think I will just stick to normal p2p , but will still use it once in a while though .

[Abu-Naim]

Tested the feature and it works pretty well and fast too . You don’t have to wait like the way you usually wait for Merchant to make payment during p2p.

This is not bad ngl it will help safe one the stress of p2p especially when you want to handle some expenses that requires money to be handled, but this won’t actually stop them from taxing you course you are receiving the money to your account.

This a good alternative and a means of getting more alternative ways to avoid p2p scams and time wasting, but how is the rate compare to normal p2p rate? You know we should be bothered about that because of inflation, they can offer a great service and p2p might be better if they have higher exchange rate than them; but regardless, it is a welcome idea by Bitget who is trying everything possible to make sure their Nigeria customers are satisfied.

However, Bitget wallet not being an open source wallet is a concern here; although I never heard about any security bridge even if there is one I don’t know, but trusting them with your money can be risky even though it is decentralized.

[Amphenomenon]

This a good alternative and a means of getting more alternative ways to avoid p2p scams and time wasting, but how is the rate compare to normal p2p rate? You know we should be bothered about that because of inflation, they can offer a great service and p2p might be better if they have higher exchange rate than them; but regardless, it is a welcome idea by Bitget who is trying everything possible to make sure their Nigeria customers are satisfied.

However, Bitget wallet not being an open source wallet is a concern here; although I never heard about any security bridge even if there is one I don’t know, but trusting them with your money can be risky even though it is decentralized.

Trusting them with your money is a risk you will have to choose if it worth it or not, just like when you are using their exchange or any other centralized exchanges.

Also, how I stated in my last reply here on this thread that their rate is an obvious scam just as how this scam is existing on their CEX. They haven't done anything to the flaw being exploited by merchants for months.