Bitcoin and other cryptocurrencies were originally designed to exhibit the decentralization of money. This has not been the case as most exchanges became entirely regulated by centralized organizations; thus defeating the decentralization purpose.
Thanks to the recent crypto ban in Nigeria, the real concept of cryptocurrency is gradually being revealed. This is talking about P2P exchange. Ultimately, the ban was not entirely a bad thing, seeing that attention is now being given to the original concept of cryptocurrency.
In this article, we will take a look at the benefits a P2P bitcoin exchange provides over centralized exchanges.
Benefits of Using P2p Bitcoin Exchange in Nigeria
Free from Government Censorship
One of the reasons that make P2P unique is that they are not affected by any intervention from regulatory bodies. When a government comes up with a jurisdiction that disallows cryptocurrencies, as was experienced several months ago with the CBN ban in Nigeria, P2P crypto traders are not affected. The reason is simple: with a P2P platform, traders connect directly, thus eliminating government control. Ultimately, traders have the option of choosing which method of payment is convenient and suitable.
Multiple Payment Methods
The list of payment options for P2P bitcoin exchanges in Nigeria is not limited compared to the regular exchanges. This is possible thanks to the thousands of sellers ready to accept different methods of payment. Payment options can include:
- Bank transfers
- Mobile Transfers
- Western Union transfers
- USSD Transfers
- Electronic payment systems such as WebMoney, Skrill etc
With the above variety of options, there’s no way that you will not find at least one suitable option that corresponds to what you often use.
Reduced Transaction Fee
The regular centralized model of exchanges usually incurs operational cost as a result of intermediaries and third-party involvements. This is usually factored into any transaction users make on the platform in the form of heavy transaction fees. This is not the case with P2P such as HTTPS://SHIFT.MARKET since the buyer and seller transact directly. On HTTPS://SHIFT.MARKET exchange, you don’t have to worry about insane transaction fees. You are assured maximum possible gain on every deal you make on the platform.
Peer-to-peer exchanges are undoubtedly the most secure way of bitcoin trading between users in Nigeria. Since transactions are carried out directly between users and not held by P2P exchanges, there’s no chance of losing funds to attacks by hackers. Another measure employed to promote P2P security is the escrow system. This technology helps to protect the transfer of assets between users.
This protection works in two ways:
- For Sellers: It ensures that they receive their bitcoin payments
- For Buyers: It gives confidence that they will receive bitcoin
Since P2P exchanges are not regulated by the government or regulatory bodies in Nigeria, they are shielded from the impact of regulations infringing on privacy. These exchanges do not collect personal information or data about transaction parties. More so, payments are not made through the platform but directly between the buyer and seller. The exchange just acts as a support and marketplace to facilitate trades.
P2P bitcoin exchange exists for the sheer purpose of giving traders and enthusiasts the freedom of buying and selling bitcoin without limitations. One platform in Nigeria that efficiently achieves this is the HTTPS://SHIFT.MARKET P2P. The platform offers a variety of payment options, low trading fees, and employs the best safety measures and practices. Also, you exchange your cryptocurrency in Nigeria using https://bitbaazi.com.