The CBN has issued a directive banning the use of #Bitcoin and crypto in the Country...

Don't be scared, here's a way around it.

A very helpful #Thread

#Retweet for others to see.

Firstly I need to let you know that Cryptocurrency is decentralized which means no one controls it and it has no governing body.

And this is what hurts the CBN -the fact that they can't manipulate it to their advantage and selfish interest and also due to fact that a lot of...

...people prefer to store their money in Cryptocurrencies rather than the banks because of it's high profitability and low transaction fees.

It hurts them that the increase in the knowledge of Cryptocurrency is taking away one of their means of extorting the masses...

Now here's the comfort spot,

Cryptocurrency trading is done via Exchange apps, not their banking apps...

So the CBN directive only means you won't be able to buy/sell Cryptocurrencies using your bank account on third party apps e.g Yellowcard, Luno, Binance, Roqqu etc....

So trying to deposit/withdraw on those applications by using your bank account will be impossible hence could get your account blocked.

But as a generation with coconut head, you know we'll always find a way.

Now the way around this is using a service called "P2P Trading".

What is P2P trading?

P2P trading otherwise called Peer-2-Peer trading is simply when two people interact directly with each other to buy or sell cryptocurrency...

A P2P exchange (e.g Binance) lets you find the right person, in the right place, at the right time...

...and make a trade at the right price, using the payment method that works for both of you.

Peer to Peer trading market is where you can safely trade crypto in exchange for your local currency.

So once the buyer places an order, the seller's cryptocurrency will automatically..

...be transferred from the seller's wallet to the temporary deposit with P2P's escrow service...

But where do you find this P2P exchange now that we can't use our bank accounts to get paid?

Now that we can't use exchanges for P2P trading, we'll have to do it the conventional way..

That is conducting transactions with individuals based on "Trust".

And to be honest, here's the hard part because we know how difficult it is trusting an individual on monetary issues.

So if you want to buy/sell any Cryptocurrency, you'll have to look for a TRUSTED VENDOR to assist you...

Now this is where a lot of mishaps will occur due to the inevitable fact that scammers will arise from this...

And the cruel policies set up by our so called leaders to prevent people from creating wealth and escaping poverty pushed us here..

A lot of people will fall victim to scammers who will take advantage of this to scam the innocent and gullible ones... Even some sharp ones too..

And this is the end goal of those who set up that cruel policy - To discourage people from trading by creating unsafe and uncomfortable environments for such.

Now I don't identify a problem without providing a solution so here's some precautionary measures that can be helpful.

- First and foremost, Run from any form of transaction on Telegram.. That place is a hotspot for scammers!!!

It's not that there aren't legit people there, but the risk of getting scammed on that app is way too high...

Better safe than sorry..

- And if you'll transact with someone via the Internet, use an escrow service you trust to mediate between you guys.

- If you'll be making heavy transactions with an individual, try to initiate a meet up with the person IN AN OPEN PLACE eg restaurant, NOT A SECRET SPOT OR HOTEL!

Now this advice may sound somehow but I just have to say it.

- If you'll be using a vendor/exchanger on Whatsapp/Instagram or even any social media platform, watch out for the type of person they are, words they use, contents they post and lifestyle they live.

If they are..

.vendors/exchangers that engage/earn a living from those kind of online activities that you know are unclean(you know it), I'll suggest you run because you have a very high chance of getting scammed.

PS: I'm NOT bashing their source of earning, just stating a probable red flag

- And if you're making payment for a transaction via your mobile app or any form of payment, AVOID USING CRYPTO TERMS in your transaction narration... It could be tracked and your account could get blocked!!

For instance don't use words like "BTC or Bitcoin, Ethereum or ETH, CRYPTO" and the likes...

Just write a random word or phrase...

You can formulate a phrase e.g "Money for BiTing your Coin" or "Money for Cry to current sea" as the transaction narration...

It doesn't matter if this sounds funny to you now, one thing I'm sure of is that it won't sound funny to you anymore when your account gets blocked for failing to adhere to this hilarious but helpful knowledge.

Again BE VERY careful in your dealings from now on because like I said, these scammers will take advantage of this situation and even partner with some of your influencers/Whatsapp TVs to scam you!

Some of your influencers will betray you!

It's a fact!. If they did it during the #EndSars protests where lives were lost, they'll do it again and this time even worse to make more money from it and deny later!

Be careful who you follow or take advise/recommendations from!

And to the influencers who are honest, be careful of whom you partner with this times.

Don't just accept a deal from individual because "he's your guy", Scrutinize him!

If he scams, your reputation will be dragged in the mud.
Don't let the love of money destroy your reputation!

Blockchain and Cryptocurrency is the future, and stopping it is an impossible task.

Everyone would be aware of it either the CBN and government likes it or not.

We're in the biggest wealth transfer season ever and they still want to take us backward.. Impossible.

I hope you gained something valuable in this thread.

And I'll even hold a training on Cryptocurrency soon.

It's 50K but for this sake I'll teach as many as interested for FREE

And here's the top of the tweet.
Kindly retweet for others to benefit. https://twitter.com/ThePaulOla/status/1357741823108784133?s=19

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