HOW TO BUY CRYPTO ON A PEER-TO-PEER EXCHANGE IN NIGERIA

P2P- HOW IT BOOMED

February 5 2021 was literally a cold day in hell for traders in Nigeria as the CBN issued an equivalent of the "Ghana must go" bag to all formS of cryptocurrency-related transactions.

Before then, dealing in crypto as a Nigerian was already hard enough. With the crazy-high transfer fees and scarcity associated with exotic digital assets, this ban was definitely the end of all things crypto in Nigeria, but...

The fun of crypto is the inability of one government or financial institution to play God with its use. So, there was definitely a way out.

For traders in Nigeria, this was a P2P exchange.

What is P2P?

This simply means Peer-2-Peer exchange and the medium is literally an online platform where users in Nigeria can exchange currencies.

Although some call it the modern day "trade by Barter", P2P transactions are limited to only digital transfers. But they are, for a fact, super convenient to use in Nigeria.

Users in Nigeria who subscribe to this medium only require an internet connection to be able to carry out successful transactions

HOW DOES P2P WORK IN NIGERIA?

Let's use Shift, a trustworthy platform in Nigeria as an example to explain how P2P works...

Suppose someone, say Bola has extra Naira and wants to invest in some digital assets and is in need of some USDT and someone else, Jide wants to convert all his USDT into Naira to solve pressing issues in the family. Instead of going to a bank in Nigeria, (and probably risk being arrested) Bola and Jide could register at the Shift P2P currency exchange website and make requests for the currencies they need.

Acting as a "middle man," the exchange platform will now show Jide and Bola how many Naira or USDT they will receive if they choose to go on with the transfer.

If both parties are comfortable with rates, the P2P currency exchange service will have Jide's USDT transferred into Bola's wallet and at the same time, Bola's Naira will be transferred to Jide's bank account seamlessly

In summary, P2P crypto platformS in Nigeria work using an escrow system which allows them to act as a third party between crypto buyers and sellers with only a few steps.

About Shift

Shift is a P2P Crypto currency exchange platform in Nigeria that facilitates buying and selling of cryptocurrencies in Nigeria among buyers and sellers.

The platform is equipped with all the high-tech safety standards (such as a full KYC process) in place which allows buyers and sellers in Nigeria to come together in order to trade, and withdraw assets, without the issues common to other crypto exchanges.

BENEFITS OF USING P2P PLATformS IN NIGERIA

The basic advantages of using peer-2-peer platformS include:
?     Security from fraudsters disguised as retailers
?     Low cost transactional fees which could save you up to 75% in charges if you use conventional banks
?     Access to multiple payment methods and a Global marketplace of crypto buyers and sellers
?     Privacy

To get started visit https://shift.market/

Hope this article was helpful. Feel free to drop your questions and comments if you have any.