Hey guys. I'm Pangoli but you can call me Groot like my friends do. I've been blogging on Steem/Hive since late 2017.
I live in Africa, Nigeria and I am really interested in blockchain and cryptocurrency.
But of course, I have other interests too. You can ask me anything. I'll definitely try to reply each one. 😎
Hello Pangoli how is Nigeria treating you?
Pretty good, I guess. Lol.
The unrest caused by the pandemic making things a little bit harder for the Nigerian economy. Our currency is taking a slow but sure plunge against the USD, and with travel borders being closed, prices of things have appreciated significantly.
I guess this is the case for most countries now.
We do have lots of limitations in some areas though. We're yet to settle the problem of power supply in the country. As I am typing this, we do not have electricity where I live. They took it a few hours ago and we're not exactly sure when they'll put it back on. It just happens a lot.
But yeah, I'm indoors with family, and I am content. That's good enough.
Hey Pan. What do you think about the Hive and Steem divide?
It was a pretty interesting scenario. Sides were taken, and both sides made bold mistakes.
But it all led to where we are today, which can be a good demonstration of how a group can move on from a blockchain if they don't enjoy staying there anymore. Forking off Steem was the only viable thing to do after a lot of meeting and conversations did not work. So I think it's fine.
It's now up to both chains to appeal to users by being what they're good at being: A censorship free chain for social activities.
Awesome answer...Thanks Pan!
You're welcome dear.
Hey! I was always curious as to the possibilities that people in Nigeria have for using cryptos: how easy is it to transfer them into fiat money, and is this something that people are doing?
Nigeria is currently among the top countries leading crypto adoption in Africa. And yes, people are actively converting crypto to fiat and vice versa. It's a huge market on its own, and there are a few services that allow people do that.
It can be pretty easy for some people to buy crypto with fiat here, especially if they're okay with KYC regulations.
Binance. For example, launched the NGN/BUSD pair and only charges a flat rate for any amount of deposit and withdrawals, which is pretty cool. The only bottleneck (which is common to a lot of countries), is the some platforms offering direct fiat/crypto exchange services (like Binance), usually require KYC verification, and people do not like that a lot.
However, It's opened an opportunity for OTC traders on social media. They simply help people buy and sell cryptocurrency directly for cash, without needing registration. And they make trades worth several hundreds of BTC a day.
But it can be a very risky business, especially if someone stole money and used it to buy crypto from these traders. The government thinks they're an accomplice, and their funds get frozen in their bank account. But the buyer's already gone with the cryptocurrency, and they have no means whatsoever of identifying them except with an empty account number.
But yeah, it's a really active market.
NGN is the Nigerian Naira
thanks so much for that detailed reply!
You're welcome.
Hi Pangoli. My question is who else would you like to do an AMA here?
Sorry, i missed this somehow.
I have a lot of friends to recommend. But let's start with @mosunomotude, then @scarletmedia and @djoi and @canby and @wems and @seesladen and @chinyerevivian.
Also, do you think @trumpman has done his?
I don't think @trumpman has. Be great to have him do one.
Just saw the mention. Sure thing! How does this work?
Hi @trumpman you simply go into the community here and put a title similar to what are already there. Be great to get an AMA out of you!
Do you scratch your balls in public?
Wait. People don't?! 😲
Some like to do it surreptitiously but unlike them, I'm a shower. Proud scratcher.
That makes the two of us!