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Isn't shutting down the onramps effectively a ban on cryptocurrency?
by bhupy 6y ago
Isn't shutting down the onramps effectively a ban on cryptocurrency?
- 627467 6y agoAs a actual ban, it wasn't as effective as you'd think in many other countries. Considering how countries with high inflation such Venezuela and Argentina rely mostly on P2P to on-ramp to crypto I don't think "banning" exchanges will be an effective way to drastically reduce usage in Nigeria.
- bhupy 6y agoI'm very new to a lot of this, so you'll have to excuse me if I ask dumb questions. > rely mostly on P2P to on-ramp to crypto How does this work? If I have 1000 NGN, how do I convert that to the equivalent in BTC without going through an exchange?
- nr2x 6y agoIn person
- emteycz 6y agolocalbitcoins.com
- bhupy 6y agoThis is interesting! I think for this to really work for Nigerians right now, there needs to already be some critical mass of Nigerian BTC holders bootstrapped. Would be interesting to know if this is already true; from my understanding Nigeria has the among the widest BTC adoption in the world.
- adim86 6y agoThis is already true. Actually P2P was the primary way of trading crypto in the country till last 2019-2020. So there is already an established P2P market here