I've been slowly growing the value of my hive account though strategic purchases and it's going well. I originally intended to get hive through exchanges but that hasn't exactly been possible, so I had to try something else.
You probably heard about the hardline stance that the new government in Nigeria has on crypto and exchanges. Binance, in particular, has been at the receiving end of this clamp down, leading to the company completely halting any interaction with Naira.
This situation with Binance means that while there are still oeprational fiat-crypto bridges, none of them offer the flexibility and array of options that you'll find on Binance. This then leads to a new set of problems that necessitates buying Hive over the counter.
So, I could still buy crypto with Naira but it will require interacting with more middlemen than I'd want to. So, the process is;
This process requires interacting with two exchanges, meaning I'll be paying fees along the way.
First fee I'll pay is the P2P fee and then I'll pay another fee for sending USDT from blockchain to Binance. Buying Hive from the Hive/USDT pair will also see me lose a bit and finally, withdrawing from Binance to hive also leads to even more charges.
Selling hive for Naira requires the person to reverse the process I outlined earlier. So, it is actually in both party's best interest to make the trade over the counter.
I reckon creating a P2P platform that incorporates Hive and cuts out all these middle men would be nice. Maybe throw in a tokenized spin to it and create an ecosystem around the project.
Anyway, I've continued my journey to 5K Hive power by buying a couple more to stake. Life would have been much easier if I wasn't as poor as I am but that's alright.
The crypto market hasn't exactly aided my attempt to increase my hive power but yeah, you won't see me moaning about a pump. The way I'm positioned, I'll win either way and not unless there's one of those infinity pumps, I'll achieve my staking target.
So, I'll just continue picking up small amounts of hive over the counter and staking as much as I can. I'll keep one eye on the market as well, to ensure that I'm nimble enough to pivot in any direction the market swings to.
