P2P Bitcoin trading has no doubt creeated many opportunities for people, most especially in Nigeria where the banking system often places restrictions on crypto. With P2P, you can easily connect and trade directly with one another. Most exchange uses an escrow system that temporarily holds the Bitcoin until both sides of the deal is complete. This makes the process safer, while still giving you freedom to set your own price, trade quickly as you can, and in most cases, make good profit from the difference in rates. For some of us P2P Bitcoin Trading has become a steadyy side hustle....
All this while a lot of people were complaining about the P2P, that they were facing a lot of problems with some of the vendors, which is true. Because I also encountered some issues with one to two vendors after I placed my trade with the vendor. Imagine something that will not take 10 to 20 minutes to complete my order, but he kept wasting my time, and the problem is that he didn’t put his number for me to reach him; I only chatted with him through the chat icon where we can communicate with buyers, but he couldn't reply to my messages.
Then later on, after wasting my time for over 1 hour, he made my payment, and the funny part was he didn’t send my complete payment; he sent half of my payment. But since that very day it has been a lesson to me that it’s very good for us to know the types of vendors we trade with because not all are real; some are scammers.
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....
That’s why it’s very important to confirm the payments to make sure that the payments have been dropped successfully before any other things. Because some people, immediately when they see the notifications bar, they will just release the Bitcoin instead of opening their bank app to confirm the transactions well, and that’s how they are getting to scam some people easily.