Cryptocurrency has become a significant source of income and livelihood for many people. When you tell someone you are doing remote work and you don't always dress up to go to work, they start suspecting you of doing a fraudulent act. My brother is fully into cryptocurrency and he earns a lot of money from it, but my mom worries that he might be involved in illegal activities like Yahoo scam. It is difficult to explain to her it's legit work.
During my university days, most of the guys in my class were into cryptocurrency, particularly Bitcoin. They tried explaining to me, but I still didn't understand what it was about. I decided to give up on anything cryptocurrency. All thanks to my friend who invited me to the blockchain, I now have a better understanding of cryptocurrency.
Initially, I feared trading cryptocurrency myself because I was afraid of potential losses. However, last week I decided to start trading independently. I downloaded the Binance app and did my KYC, and planned to begin trading. The next day I heard about the ban on binance and a hefty fine of 10 billion nairas imposed on the platform by the Nigerian government.
I heard it wasn't the first time it happened. The Central Bank of Nigeria in 2021, banned banks from providing services to cryptocurrency exchange and also issued warnings to users. It's frustrating how the government fails to see the importance of blockchain technology; we surely need a change of government. I was interacting with some friends and they stated that they saw this coming but they didn't know it would be soon. The majority of the youths are confused about how to trade.
The blockchain which has helped thousands of unemployed youths in Nigeria to have an inflow of income is been swindled by the corrupt government, stating it is the reason for the high cost of living. I feel they love seeing the masses poor while they live their best life because I see this as the height of wickedness. After the ban, I haven't seen any improvement in the economy.
The ban on Binance p2p was a blow to our faces, as it was the most popular and widely used trading platform. It has taken a toll on traders who are more convenient using Binance p2p to sell and buy cryptocurrency. It has limited transactions and we tend to seek other ways of buying and selling.
Initially, when I heard of the ban, I was so devastated and unsure of how I would continue trading. I even thought of giving up on cryptocurrency. However, I am thankful that new trading apps like bybit, and even Telegram bot have emerged. While they may not be as efficient as Binance p2p they offer alternatives for trading. I find it hard to trade on Binance due to fear of loss. Now with these apps having a longer process, it will take me time to try them out.
We just have to adapt to the current situation and explore other trading platforms that are efficient and flexible for now and hope things get resolved soon between Binance and the Nigerian government.
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