OTC Hive trade is the way
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;
- Swap pounds to Naira
- Buy USDT in Bybit or other P2P exclusive sites
- Send USDT to Binance
- Buy Hive and then send to hive wallet.
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.
How big are your buys? Maybe some of us can trade P2P directly on Hive. We have the ability to send and receive private encrypted messages using the wallet. I could probably swing occasional transactions up to $20. My point is that you have the network on Hive. We can all probably help out from time to time.
That's an interesting angle I haven't actually looked at. I'd need a US bank account or at least an account that receives dollars but with this, I could be the middle man that facilitates OTC trades.
Assuming you buy Hive or any crypto over the counter, I'm guessing you don't have to deal with tax related stuff if you "gift" me money and I "gift" you Hive(that's not a purchase).
If the transaction is done quickly, there is no capital gains, therefore no tax implications. You're buying and selling at the same price. If you keep crypto inventory, that's where it's an issue. This is why @v4vapp works well with Lightning. I put in cash, Lightning instantly converts to sats, which v4vapp instantly converts to HIVE or HBD.
And there are services such as Revolut.com and Wise.com that allow you to have multiple currencies.
Revolut sends information to the government though
I'm sure they all do. Other than crypto, there really isn't a way to transmit money internationally that isn't monitored. And even then, crypto is extremely traceable except for Monero.
Yeah but assuming you sent me money and I sent you crypto, that's not a crypto transaction to the banks and fintech institutions that report to the government, right?
No, they would have no way of knowing. They'd only see the one side.
I guess P2P is the way forward then
I would only caution that receiving payments from others consistently, unless there's a business, could potentially give an impression of money laundering. I don't know for certain. I'd do it with an account that I can afford to have shut down, not my main account. But if it's low value and infrequent, perhaps it won't raise questions.