Just as there are opportunities, there are also risks that many beginners fail to see until they experience them. Now there are situations where someone genuinely sends money, you then release the Bitcoin, only for the payment to be reversed later through the bank, leaving you at a loss. Another hidden risk is that banks sometimes freeze accounts when suspicious transferss are traced back to them, and this can happen even if you didn’t know that the source of the money was fraudulent....
I have experienced bank transaction reversal which was due to system error and was not related with Bitcoin or exchange P2P.
Let me make it short in related to the exchange P2P, it is advised/warned by the platforms that traders should always confirm their transactions before releasing. So, if a vendor claim to had sent the funds, it is your right and obligations to check your bank account balance if the vendors transaction reflected to it or probably your transaction histories.
In term of dispute if the funds is reversed to the vendor and he is insisting to had sent the money, you can file a dispute order where the vendor will be asked asked to provide official payment evidence and failure to provide it will be justified by the escrows which will keep you on the safe side.
My advice... Don't be too haste to release asset if you have not confirmed your transaction. Secondly, stay away for related scam issues and the authorities will let you have peace as long Bitcoin and crypto is not illegal in Nigeria.
So what do you think guys how can we balance the opportunities with the risks? Should the upcoming trader even be enccouraged into P2P trading or focus on other alternatives?
The only option is to adopt the use of Bitcoin for alternative use of making payments. So you don't need to exchange to fiats before you can spend your Bitcoin. Though in the meantime sounds easy but difficult in the very now that only few people has only be accepting the decentralized technology system for regular use of payments.