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🌍 #Crypto Use Around The World Ft. Nigeria! #BTC / #XMR GIVEAWAYS!
Recorded: Nov. 9, 2023 Duration: 1:07:09Space Recording
Full Transcription
Good evening everybody.
Thank you guys you're me.
I hope I'm audible enough. Welcome, welcome everyone. I want us to make this as interactive as possible.
Please have a conversation. A meaningful and beautiful conversation.
Let me close the link of the tweet and then add a couple of people to our speaker and then we'll start.
OK, check, check. Hey, can everybody hear me?
Yeah, we can hear you.
Hey, fantastic. OK, we'll get started pretty shortly here. We'll give it two more minutes.
But welcome, everybody. I see a lot of people that I want to invite on stage already, but we're going to start this slow.
It's going to simmer and we have a lot to talk about. So just getting started, though, just an opening here.
Cryptocurrency adoption in Nigeria has been on the rise and we can actually see that in our stats for cake wallets subtly, obviously not the whole picture.
But it seems that a lot of Nigerians are turning to digital currencies as a means of storing value, preserving savings and attaining greater financial freedom.
So with that in mind, we thought that this space would be really great, a really awesome educational opportunity.
And if you stay tuned till the end, friends and family, we are actually going to be having a giveaway as well.
So it's going to be one hundred dollars Bitcoin as well as one hundred dollars XMR.
So stay tuned till the end. But basically, all you have to do is download Cake Wallet, take a screenshot of your wallets with the currency that you want to be gifted,
either Monero or Bitcoin, and post it as a comment for this space.
Also, don't be afraid to ask questions there. We'll read them. We'll get to them. We'll have a lot of fun.
But yes, joining Cake Wallet today to talk about cryptocurrency adoption around the world, specifically in Nigeria, is our co-host DeHunkley.
I hope I said that correctly. And guest speaker David Adegoki as well.
We're going to invite a bunch of you guys onto the stage. We're going to feel the fire and banter.
But first, I think we should start with some introductions.
If you guys would like to talk about yourselves a little bit and how you came here today, just to begin the voice of God here.
My name is Skylin. I'm just a social media manager for Cake Wallet, just here to emcee.
But DeHunkley, if you want to talk about yourself?
Just for now, DeHunkley. But yeah, I got you.
So basically, I want to talk about a lot of things to do.
First, thank you for bringing me up to co-host this video.
There has been a different episode of this, but I only talked about Nigeria and thought of me to co-host with you.
So, I appreciate being right.
So, I'm going to talk about a lot of things, you know. A lot of things.
Crypto, generally. Like, why are Nigerians adopting crypto so much?
Are we seeing crypto as payment or investment or as currency?
Are we seeing crypto as a currency or as an investment, you know?
How is cryptocurrency, you know, China's inflation, currency devaluation?
Like, there's basically a lot and a lot of things to talk about.
So, I'm going to be showing, while I'm talking, you know, I'm also like, like, clearly is very interactive.
Welcome to some, welcome everyone. If you want to speak, send me a microphone.
So, let me give you, like, a little backstory.
In the first line I said about adoption of crypto and whatever, you know.
Like, back since the beginning of time, like, Nigeria has never, like, had, like, serious, easy assets for crypto back then.
So, there's, they had to adopt, like, we had to adopt WhatsApp platform for P2P changing currencies and all of those.
And then there were exchanges.
You know, there's so many, so many things at the time.
And then as time goes on, crypto started getting beginning.
At the beginning of the last bull run, I think at the beginning of 2020, if I'm right, or, or inside in 2020,
before 2021, then the Central Bank of Nigeria banned all crypto related, like, payments, acts and activities.
They banned banks from interacting with crypto payments.
And they banned exchanges, like, Binance and the rest, from directly exchanging crypto to the Nigerian bank account.
So, at that point, we thought it was a joke, you know, we thought it was, like, a joke, or, or it was just something temporary.
So, today, it has not been addressed back. So, everyone had to go back to P2P.
But now, in this case, there's no more WhatsApp or random P2P group, or just, you see, now it's just, like, proper, proper P2P platform, like, Binance, like, Bybee, all of these.
So, the more, I always say this thing about crypto, like, the more people try to, you can't fight innovation, right?
The more you think you want to put an end to something, or you want to fight something, innovation will always come up with another thing.
So, the government thought, oh, crypto, traders, and all of that are messing with the currency.
And I tell you, since that time, see now, it's been over three years, the currency has gone down over, like, 80% in value.
If I'm very correct, it went from, like, about 500 to over 90% in value in the currency valuation.
So, in other words, you want to fight people that are innocently trading crypto and all of that.
And it doesn't change nothing, you know, it doesn't change anything.
So, you can't fight innovation.
I mean, crypto has been here and is here to spin because it has gone through, like, so many, so many crazy moments, you know.
So, I've gone through bull markets, I've gone through beer markets, I've gone through Ukraine war crash, I've gone through FTX crash.
We have gone through, like, so many, so many things that, that could have, you know, people, people will have, oh, man, I give up on this thing, but nobody's giving up, you know.
People are not giving up on, people are using crypto very, very much in Nigeria.
And then, to the conversation of saying, the people in Nigeria actually see crypto as payment or currency or investment.
That's, like, an awful argument.
I mean, I will not get into that, but I think I'll bring up, like, two people now, one or two people on this stage.
And I'm going to ask them directly.
I'll start from Chisom. Chisom, are you there?
Yemtop, welcome, welcome.
Malik. Yemtop, are you there? Malik, are you there?
Can you guys hear me? Am I rude?
Yes, yes, sir. I'm listening, sir.
Please, man.
Yeah, Malik, I'm going to ask you. I want to take a look at you. Do you see crypto as a currency, you know, payment system or digital investment?
Are you crypto for the money? Are you crypto as an investment? Do you need to increase your money or are you crypto for the tech?
I'm actually crypto to increase my money for investment?
Because for me, personally, right? You're going to ask me, but for me, because I came into crypto with the utility.
Okay, sir.
Okay, sir.
Right? Like, I was already using Bitcoin. I was already using Bitcoin, like, for what you thought, payment, getting payment for my brother and all of those things.
Before I started, okay, let me just, you know, start buying those things, much more, see if you go, and open them on, you know, rise up on, you know, back.
Before I got into Ethereum, before they came on, you start to develop, DeFiSum and all of those things that came after.
Personally, for me, I started as a, as a, you know, and now, here we are, asking you to make money to crypto, basically.
Yeah.
So, yeah, I'm a lead cancer.
Yeah.
You can go.
Hey, thanks for joining us, everyone.
Um, we're just getting settled in, and everyone is getting invited as speaker.
Uh, if you want to speak, I can see that some people already have it.
So, just make sure that you're muted when you want to be muted and unmuted whenever you do want to speak.
And we're good to go.
Yeah.
Malik, are you there?
Yes, I'm still here, sir.
Yeah, yeah.
Well, who's just?
So, yeah.
I want to go to every speaker from Malik.
After Malik, Tissum, DeLaw, DeRema.
So, Malik, Tissum, DeLaw, DeRema.
Let's just take it like that.
Do you see crypto as a payment system or as an investment?
I see it as an investment, sir.
Hello?
Why?
How?
Explained.
Cause...
I feel like...
From your experience, from what you think, or from people's experience...
Yeah.
Okay, so...
Or you see it as an investment?
Or you see it as an investment?
Cause most people just go into crypto to, like, make money.
And some are there for funds, some are there to make money.
But, like, mostly, I think they're just to increase your asset or value or anything that you have on it.
Okay, Malik.
Sorry, I'm speaking here.
I'm just nervous.
Yeah, yeah, yeah, I understand.
There's some people that...
Like I said, in the last two and a half years...
Yeah.
The rate of the Nigerian Naira...
Okay.
...the rate of the Nigerian Naira...
How about 460 Naira...
...they're about...
...460 our for $1...
...today it's $12.
Okay.
That is,...
...400 percent...
...loss, in a way, if I'm correct.
Right?
Yeah.
For $445.
If you add $450...
400 thousand naira if you add
400 naira before you add
415 naira you add a dollar
but if you add 415 naira
you add a dollar you have like
0.3 dollars
that's like 70% loss
I think
there's some people that they don't even care
about whether bitcoin goes up
or it goes down they just want to have their money
with high inflation
inflation
that's probably like one of like
the highest
inflation in the currency
inflation like in the
in the general
like economy
people that they don't even care
for one year two years
they don't even care
this is why it's a little crazy
when we're talking about crypto
making them knowledge
there's people that were in
last year
for luna
during luna charge
they didn't add luna
they didn't buy any stable coins
they had usc
you know
this is a stable coin
so i thought
you know
just buy
a stable coin
just keep the money in stable coin
you're gonna be fine
you know
it's not risky
all of that
you know
but i say
when we bring people into crypto
when we talk about all of these things
guys
that we need
to always and always
you know
educate them
educate ourselves also
like
anything can happen
let them know
the risk involved
UST was not
it was an algorithmic
what do they call it
algorithmic
stable coin
it wasn't paid to
the US dollar
I think
it was paid to bitcoin
the coin
was using bitcoin
as liquidity for
the stable coin
lot put none in that
you know
the stable coin
like every other stable coin
and they were just
keeping their money in there
and then luna
crashed
luna crashed
the coin
and all this
all the luna
like
ecosystem
and everything
there
crashed
so someone putting
money in UST
to edge against
inflation
to edge against
you know
currency devaluation
all of that
now the person
is in serious
like
problem
you know
he has lost
all of his money
without even buying
without even risking
in good
why do we also think
it's edge
against
inflation
or it's currency
or it's an investment
we need to educate ourselves
we need to educate ourselves
more and more
on what we do
and why we do them
and take us
for our actions
so thank you
Malik
you can stay with us
long
are you there
yeah I'm real
yeah lord
you see
is crypto
for easy
an investment
a currency
or a payment
system
a quick
get with you
or whatever
what is crypto
to you
you know
I think crypto
basically is like
is a currency
like
it's a payment
it's for a payment
system
and it can also
be an investment
I think
for you
like
I want to speak
for yourself
right
I think
I think
what has been your intention
as a payment system
basically
you're lying
now you know
you're lying
so you know
you know
about Ethereum
with the aim of
let me just make
quick
quick 20%
quick 30%
profit
amount
definitely
for you
definitely
I have
so it's both
for you
for me personally
like I said
music is going
go both ways
thank you
thank you
Lord
depending on the
speaker
I will just
send a request
everybody
speak
right
we have
enough time
we just
started
like
we have
16 minutes
we have
like
about
45 minutes
or one hour
we'll get
about
let's say
there's time
we're all
going to speak
and we're all
going to
interact
ourselves
are you
there
yes I
that was
good
I saw
Demi
just now
Demi is
a forex
that would
have
been a
very
interesting
question
for me
he's a
forex guy
and you
know
currency
very
important
aspect
for them
but yeah
what's
crypto
to you
okay
basically
I see
cryptocurrency
them
like
one that
doesn't
because
when you
when you
deal with
when you
deal
with
traditional
mode
currency
transactions
you get
to like
you get
to like
realize
that
there are
some
restrictions
that you
I swear
I swear
a lot
a lot
a lot
restrictions
they'll
tell you
you can't
send money
more than
this amount
in 24
hours
before you
send this
money
you need
to drop
your
best
certificate
your
grandma's
best
certificate
you know
plenty
plenty
plenty
restrictions
yeah
restrictions
crypto
is just
like
for instance
let's
let's just
take this
twitter
for example
yeah
I've been
wanting to
do this
twitter
premium
thing
for a
while
but I
can't
just
I can't
I have
not been
able to
figure out
how to
normal
bank card
process
this
transaction
until
like
I think
a few
days ago
I came
across
platform
that
I can
deposit
crypto
make
their
card
with
crypto
premium
badge
twitter
stuff
like
that
reason
just
like
want
delve
into
this
chain
into
blockchain
system
learn
a lot
things
because
helps
navigate
pass
through
these
little
little
hiccups
that
face
while
trying
things
aside
from
that
also
also
crypto
form
would I
put it
avenue
actually
like
invest
also
make
profits
that
comes
with
a whole
knowledge
obviously
that
those
things
crypto
hope
wasn't
rocking
anyone
hear
speaking
asking
what
know
crypto
have
been
able
like
profitable
came
into
crypto
during
think
that
basically
onboarded
think
that
2021
2021
late
2021
did a
space
that
time
also
that
when
used
Friday
spaces
that
where
started
all of
need to
pay me
all of
that
joining
space
again
need to
shout
user
wisdom
wisdom
wisdom
wisdom
mankind
yeah
yeah
yeah
yeah
definitely
because
you're
going
blockchain
developer
okay
actually
like
different
experience
like
said
more
intrigued
prices
the assets were constantly rising and falling and i was very curious you know i wanted to understand
why bitcoin would a rising value today and then you know to drop really low right i wanted to
understand like the basic concepts of the whole uh economics thing and that's how i dived into
the tech in itself um started learning about liquidity pools started learning more about
tokenomics and all that right so for me i i see crypto as both um a means of investment and also
you know a form of liberation to certain financial systems that we have because as you can see
dollar cards know they work right even to get dollars from the bank the bank that's supposed
to provide the the dollars for us they have no get some right they don't have it so it's very
difficult for us to get it now and as a result of the scarcity which is one of the intriguing things
that i i got to discover was like a major factor for the increase in you know the price of any asset
or commodity um we can see the results today like you said we went from about is it not 450 naira to
over a thousand 250 that that's as well as at last week if i'm not mistaken right so yeah for me i see
it as um both because in my own capacity i've been able to utilize cryptocurrencies in those two um
aspects or in those in in the two lights right so that's basically like my two cents
two cents am i rogan no no no no no no i'm doing it i'm doing it oh yeah yeah yeah yeah oh thank you so
much i'm i'm done actually so for me it's it's both yeah thank you so much abibi abibi who is this abibi saudi
sheik mustafa
can you hear me abibi i can hear you what's good abibi
i'm i'm good what are you going for what have you been up to just give us like a you know
a little summary of how you go see you're an ambassador
uh that's that's impressive yeah i'm actually going in crypto since 20 since 2018
oh wow it's in
yeah but i took since
i mean i'm actually using yes i'm using again
well i i just i do think serious 2020
like lately 2020 i think december when i came to into twitters and i had to like look at how
twitters work and how people are like getting the heli alpha okay because then it was kind of youtube's
or the team you learn from youtube uh you you buy to token from any whatsapp group i believe you can
and if you want to even buy all these cheap coins no then there was no kind of knowledge way you know
how to buy tokens you need to like buy from any whatsapp group case and they didn't know what
whatsapp group that this they sell cheap coins all those two things some some group you get scams
some group they actually they're actually going to say like like then they should save them for me
kind of one million you think they're about to since 2020
today in 2020 i can do that i find like optimism was a change where no more people are there and
most people in my chair are not actually better i focus more on leveraging on optimism and using more of
their protocol and i i also got to know the saudis guys earlier of their state so
so since then i kind of speak more to them before they kind of maybe they are in some holiday now
because they're actually not kind of active so since then i've been using my kfp and it's been a great
journey and thanks for hosting this this wonderful space um i'm i'm seeing some people that i actually
know like someone like 3g and
thank you um if you want to speak is up your hand leap welcome welcome fee fee i like your
hey how you doing i usually come in time to time when i see a cake got a space to open uh hey how
y'all doing so i'm like a developer on the side of doing on my free time and what i'm fizzing right
now with is i got the code for a cake wallet on the linux and i'm fizzing in with like a side chain
a side chain or what's the better uh a federated side chain that's the better term for it and my
whole thing is i'm trying to bring derivatives and future to like a custodian wallet where you could
basically do futures and long kind of like femix or a cool coin but self custodia so that's my purpose
of bringing a federated side chain to a cake wallet so now i'm looking at these different
oracles to basically make my order book because you know monero is kind of hard to like program
so you will have to have like a wallet that you could program to do the logic almost like edge edge
wallet makes a user id for your wallet so you could do peer-to-peer transactions with that user uh thing
so where i'm going with this is i'm looking at something like maybe a codis a codious i don't
want to do something like an evernote because i don't i want to do whatever plugin that i'm using
i'm trying to make sure it's like set up where no incentive is the best incentive like an evernote
token for me to do these smart contract logics i would have to have their token and that's what i'm
getting away from so evernote i found out you could program in any language that you want so i'm looking
at that right now and as far as i am gives y'all a little update
yeah thank you i'll definitely follow your page and you know watch out for yeah sure no problem i'm
about to go back to work a couple of people got their hands up but i'm gonna try to get in touch with
dick and we're gonna talk so i'll leave it at that thank you um mommy you want to speak after
mommy i want to work um i want you to do i'm doing it i'll just give back a little you know a little
i see you're an nft guy actually yeah yeah
like last year or two years ago or whatever just you know just talk for yourself you know yeah i i came i
came into crypto like okay like 2021 my my roommates as i did linked me up with this guy but then i
wasn't serious until until i was to strike last year now that was when that was when i took everything
serious but i didn't even really do more of nft i did more i did more of airdrops i did more of airdrops
that was what i i immediately focused on because i didn't have liquidity and i didn't know i did not
really like this stress of grinding on discord because at that time they were like many projects
easel bubble goose ape whatever whatever that time but i did not really like it it wasn't really my thing
you get so i i focused more on airdrops and to be honest it has it has actually been like a very
very very great experience since that time even this year this year has has been great so far i've
been able to claim tip been able to claim akam so it has it has been like a very great experience so far
so now i'm just i'm just looking for alpha so to for me is is for me crypto is like crypto is like
is like something that um a lot of people do not know about and it's like something that
that is continually improving and as time goes on a lot of people would continually like be open to
it people that are that do not know much about it will continue even i i envision a time that in
crypto whereby even people in villages would be able to make huge transactions without without
restrictions without limits and that's that's what crypto is to me like like something that people
would continue to people would continue to get in and it will continually improve that's what it is to
me majorly oh that's awesome to hear uh what cryptocurrencies do you think are the most exciting for
nigerians uh such as like bitcoin potentially sure can you come again
it's asking what kind of uh cryptocurrency is much much used in as a use case in nigeria basically
but is it bitcoin or ethereum and stuff that's what it's asking
um well like for me personally solana is like solana is like my thing you understand so solana it's
towards solana majorly and i see a lot of people that use solana too you understand so solana that's
that's that's what i would say you guys are forgetting that you guys are forgetting that usb is just for crypto
exactly
actually actually actually actually yes yes
yes majorly majorly majorly majorly yes yes
usb 3
usb 3
usb 3
it's con
here you are solana
in that order
i think but yeah i want to speak say welcome yes boss
yes i have at all i thought there was one time i was on your space well uh i think crypto mama had
the mic uh so it's good to be on the same space with you today all protocols daily observe um i like
the topic uh the use case crypto generally is on eyes around uh i would say uh just like in 2000
where we have the internet internet space just coming up you know the first set of people that made
money made money from just the fact that they were early into uh into the usage of internet uh
about subsequently it was just those who were building on top of it that uh are now millionaires
as a multi-billionaires let me put it that way so the same thing goes around with uh cryptocurrency
uh we are still at the early stage few people will make millions but the use case of cryptocurrency
generally uh it would be what would um the adaptation of cryptocurrency like bringing web
to uh some products web to into the crypto ground whereby a lot of people will start using it as a
use case uh base that's when a lot of people will be able to make billions from it though you
will make millions yes we are making millions you know in our own personal currency but at the end
of the day it will just be that uh it will just be that those who are actually building a use case
scenario based utility that is useful in the web 3 space let me give you an example uh those who have
restaurants uh for instance owning a token and people working in imagine like like uh mcdonald's having
their own token and a lot of people around the world are using it those are utility based uh until we have
such uh search around uh cryptocurrency will come to stay i just need that to mention that okay so i
started using my own story is quite different from every other person uh i i love to uh go into uh like
knowledge what is happening around the world and that's how i came across cryptocurrency in 2016
after my married about 2014 there about so we used there was a platform whereby you uh you uh borrow or
learn people crypto basically btc and ethereum and ethereum was about seven hundred dollars there about
so we bought into some myself and my husband bought into some and uh we're able to use it to pay real
life um real do real life stuff you know we'll buy small and when it rises up you will you sell and we're
also lending to a lot of people then there came the major crash back then and before 20 uh 2020 everybody
before then after then everybody just went solo you know and gradually in 2020 covid came and everybody
was looking out for what else to do and i started learning uh about nft i actually started nft using youtube
using uh they're coming to spaces on twitter where i my curiosity was much um was much uh needed you know
and i stumbled on wisdom uh decollet knows wisdom very well and he was always doing these saturday
rounds where they come and share alphas he still does it actually every saturday morning and that was
where i got the inspiration of what nft was what um cryptocurrency was so i started diversifying and that
was out till now um into crypto generally diversifying into a lot of uh into a lot of tokens into a lot of
uh utility based tokens as well cryptocurrencies and and for nigeria basically a lot of people are vast
have vast knowledge about btc ethereum that's what majority of people who are not in the web 3 space
that's what they are used to ah btc you see even my own dad my dad is about uh 74 they're about he
usually want there was one time he called me i was like what's this btc you know he's a yoruba guy and he's
like what's this btc everybody's talking about he was almost buying but actually it was just a fraudster
so i told him they can easily dupe him and stuff so a lot of people are aware even the old the younger
ones and all uh but majorly we also exchange we keep um our currencies in usdt so that they can
appreciate because the government is not stabilized so that's my own little story about i started crypto so
i started 2016 and i'm still here i've made a lot of money from it i'm still making money for me
and uh the narrative generally is that the use case the majority of people in the web 2 bringing
into uh the web 3 space would be what would liberate uh crypto and general adaptation of cryptocurrency
thank you for the platform thank you for giving me the mic as well good evening
thank you so much thank you so much thank you i think um monero uk is here hey
how are you doing you okay it's like a community account right it's like a community account
yeah yeah i had a couple of questions between monero can you hear me i want to ask a question
between monero btc and sat like satoshi right i think people just give me a little
question so obviously with um bitcoin and the denomination of bitcoin would be a satoshi
and then you've got a completely separate network which is the monero network and you've got you
know the dominant the denomination would be like a millenero or something like that but because of
monero's values around 150 a coin the chances are you just say 0.5 monero if you wanted 75 dollars or
something like that you know
i had a question for um for you when you opened up with your little intro there you mentioned a lot
of people in nigeria were we're relying on the ust token based on the luna chain there um
upon the collapse of that how did you feel the sentiment change around cryptocurrency in ligeria
did you did it turn to a bit of doom and gloom if people were relying on that dollar stable coin that
was the longest stable yeah i think people just lost money and you know try to move on because
don't you don't think i'm doing really okay okay in nigeria i think they're the same and i've been
cruising actually by now by these all these exchanges like they have like they have like their
users their volume in nigeria is crazy right year by year and so the more let's say we had three
major crashes we had nduna we had the ukraine when russia and the ukraine wars started then we had the
fps these three major crashes that were like not like the test like when they test really test how
people people come you know provide you know but people not so now now you see um a lot of people
moving over to you know usdt's you mentioned that's massive there now do you know what chain is
is predominantly used are we talking right usd was offering i think about 15 20 percent yearly
to the college um apr or whatever they're offering to give you like 15 percent of the stable after a
year you get 10 percent okay yeah so yeah so now everybody seemed to moved over to usdt obviously the
tetherbacked uh stable coin now the largest stable coin no doubt um you know they bought the majority
of the us bonds do you know which chain they're using uh what are you using for the usdt are you
you know sending money on tron or is it on ethereum yeah many people use stellar exchanges actually but
people like cars that you know who are very much in the space actively like the ones that use the
metal mars you know zero all of this like defy defy defy defy like zero different
people keep their money and it's uh i always tell people not to keep their long-term money
because everybody knows that it's not your keys not your
not your keys not your crypto is the cake wallet slogan there right um so obviously with the
with the cake wallet app you can store your usdt on um ethereum there um you've also got access to like
pax gold do you see um you know a lot of nigerians storing their money in gold as well as stable coins
or are they just speculative on crypto and they just hold it in there
people store money in gold they also store money as well on um on stables as well as usdt usdc as well
so and do you see like a peer-to-peer market there in nigeria can you go to like a major city
and uh there's like a little map of where you can go and spend your crypto and if so what cryptos
are generally accepted there usdt usdt is the general aspect because because there's
to be problems right if i send you bitcoin what hundred dollars to semi local currency unless it
next one or two hours the currency has you know decreased in value or something that modern
is what like and i'm saying you say no you're giving me 100 i'm saying bro i seem to be because
you guys what 105 you're saying you're saying oh no it's 100 you know nothing's called argument and
this agreement so that's just saying and when they're when they're requesting you to you know
to send them the usdt are they giving you like their their exchange deposit address and you're
sending it directly to their exchange or so it's only exchange this is how it works right before you
exchange for cryptocurrency obviously just gain your wallet your exchange wallet so when you click down
you are changing money you are changing your currency it leaks money leaks down your your world your exchange
first my exchange takes it first before like any before they begin to the person so when the person
sends you money you you know you send you click you click down your facebook and then you use your
google description the description or whatever your phone number code so in future that i have
received the money and then they'll send you the money for the person funding account cool i see what you
mean that's um because people like this car and a lot of this but there's always you know tell the
essence that you know the person is opening and the person is claiming to have paid you you know you
boost your management and you know it's quite an easy easy other thing yeah so for example within
when you have like the the cake you there sorry i'm jumping in there like within the the cake wallet app
for example um you can do like an exchange with so you're holding your funds say i hold bitcoin
but you only want usdt so what i can do i can send a fixed rate exchange i just click the fix rate
button there and i want to 100 usdt to arrive to you and i'm sending bitcoin but you're receiving the
usdt are you saying that's what the the common transactions are there
it depends what you want to send you want to send usdt and you want to send bitcoin and depends on your
agreement on you and the person the person who put the price the person who puts how much they can do
the least maximum and i think that the p2p community in angela is quite it's quite good for now what
it doesn't need to understand like the ftx lesson that people learn to put their money you know everything
has disadvantage and advantage when your money is in the exchange you feel like oh it feels secure to you in
a way you know if you're secure kind of you have to save seed phrase you don't have to worry about
losing your seed phrase and many of all of these things but you need to realize that you can't keep
money in total exchange for like your money so let's use that for trading that for trading if you
for me personally the only money that i'm used to trade for for trading if i'm saving all my years into long
trading time is not it's not my you know it's a red exchange it's on my next wallet so i tell people
a wallet like take wallet for example now you know you can save your your crypto there but if you're
keeping your crypto in ftx so i'm not saying binance and the rest are bad obviously but you never know
ftx was it was an eight billion dollars company and it literally took everybody's money away so you
never can tell what is going to happen because you're like but you want that you know that okay whatever
happens you own your keys you know if you have your keys and trust wallet and trust wallet spoil or delete or
crash or whatever you take your sweet face to your private keys metamask the money will still come
out and shoot away so basically that's the conversation the part that i'm about to plan on admin i want me to
like to like to say something i mean are you there admin admin admin is off i haven't been
access i'm going to take a request it doesn't have a question ask any questions then i'm going to
contribute to information just not send me a request i'm taking a request i'm taking a request
welcome i mean why is your pfp scary i mean mv okay i'm trying to get some more people onto the uh
speaker desk here yeah if anybody wants to join in um we have some people that were planned so we're
trying to get them in just one second but um yeah i mean i'm curious actually about
maybe potentially uh like where do nigerians keep their coins uh for instance cake wallet is a
wallet um do most people just have an exchange or do they have wallets hard wallets cold hot uh what
is the case generally and you know that's about people they don't like to be a one okay
you tell people stop keeping your money in total life
they don't like to be an exchange you know you know you know educate them you know that's what i
tell people you know this is my this is an example people have been in ftx people are stable in ftx
remember how money i've been in preparation i mean i've got 70k in ftx like not training that just
you have to do it in ftx so today i don't got any money now talking about filing some whatever
signing from five and all of that in emails all of them trying to require some of the money back
all of those stories within a year within a year 13 months now you know so it's just better to put
your money on decentralized wallets actual wallets not as if you want in wallets don't put your money in
exchanges exactly you can also use cold wallets as well right i don't i don't use generally you know
the wallet you don't interact with generally just maybe when you need your stables or any token there
then you can connect it to the site just wallets that uh add wallets something outside uh the normal
interactive wallets that you use but it's good to keep your money on dexes as well the dexes majorly
to me tommy's hands are raised can you hear me yes ma'am i can hear good evening good evening
everyone i just i i have like a question go ahead go ahead yes ma so my question is um about um saving
your money on a dex actually um if i have my money on let's say for instance this cake wallet now i have
my money is xmr now i have like a thousand dollar in xmr and i'm just saying for instance like there's maybe
like something happens to cake wallet and you can't access it anymore is there a way i can get my xmr
out using another dex because that's my question i don't know if you understand ma
yes i get your question oh the cake man did you hear his question
oh yes um well nothing should really happen to the cake wallet a cake wallet just gives you uh the
keys to the coins so it's not like the coins are held like literally inside of the wallet it just
helps give you access to it so if anything were to ever happen as long as you have your seed phrase
you can recover it uh on cake wallet again um and also it should be functional with a bunch of other
wallets as well to uh transfer into okay thank you like your trust wallet you just input your import
your citrus into other wallets and you'll be able to see it okay okay yes i do thank you so much ma
and thank you and thank you sir decoli for the space you're welcome elizabeth or is it elizabeth yeah
sorry blazer's brain
all right um okay so it's blazer's brain so uh as an addition to that uh currently just like um
it's already mentioned it's just like a wallet that you can import your various you import your seeds
and then you can use it to access and perform transaction by the way i work with um cake wallet
uh as an engineer so i'll be giving like a little more to the uh tech perspective of it so tommy
that just like uh the answer has been given uh you just import your seed threads your seed
phrases across various wallets currently we support ethereum wallet we support uh the btc wallet also
support bitcoin cash support um quite a number of them and uh all you have to do just import and
you can perform transactions you can perform exchanges you can send you can receive and then
we also have the wallet connect feature for ethereum and quite a number of um cool features also so
basically just a wallet that you can use to perform your various or operations uh yeah so i hope that
answers your question tommy yes yes my question has been answered thank you so much all right all right
so you can thank you if anybody else has any questions when you don't want to speak you just
leave it in the comments as well thank you very much also uh just a quick reminder if you guys didn't uh
catch the drift we actually are doing a giveaway so yeah by the end of this we're going to be giving
away 100 xmr monero and as well 100 btc bitcoin so just follow suit you can see the comments just take
a screenshot of your cake wallet and uh we'll dm you get in contact for the giveaway uh but any other
questions and any other things yeah um i have a question if i can yeah my question is um is it only um
monero kick wallets um holds um or can it accept any other coins i don't think that fighting is a
speaker currently so can you hear me we can hear you yeah i can hear you okay i asked if cake wallets
is it only monero monero coins can hold can it hold any other coins uh are you asking can the wallet
hold more than just monero yes yes yes that's my question oh yes we've been expanding uh drastically
has started with just monero but i hold bitcoin ethereum um we just added nano and bitcoin cash and
we're expanding more and more so it does hold a lot more and with ethereum we also have a lot of the erc20
tokens so usdt and stuff like that anything you want to add yeah oh okay thank you thank you
so i do believe that we are rounding out here for the space a lot of education was covered here and i think
it's it's really exciting to see this uh from a global perspective if anybody else has any questions
um that's related to crypto in nigeria let's ask now or cake wallets
i'm going to go ahead and read through some comments make sure we got everything
okay so i think that's it for the most part and i think that overall i just want to end with one
last question and it's basically what what are the prospects and the challenges for cryptocurrency
development in nigeria like what is going to be like the next speed bump or the thing to overcome
for cryptocurrency to really become like mainstream uh in nigeria
um i would um i would say emmy do you want to answer i would say the government's policy right
really there we are strictly um under some several um policies that are not encouraging cryptocurrencies
and because they don't have control right they can't really control it but subsequently we hope that they
don't um have um a way to ban crypto they try to you know banks cannot directly um you cannot use the
local banks directly to fund your account they mustn't know that you're funding your account uh from the
local bank to a crypto um exchanges or whatsoever so the major concern basically is the government policies
policies and if the government policies encourages uh a lot of us to do more i'm sure that there will
be adaptation of cryptocurrencies in uh several businesses at least for young people like me and
some other people like adekule can use uh accept uh generally cryptocurrencies as their form of uh payments
in some of the goods and services they render as well so i would basically say government policy that's what i
see that could be a barrier to um general adaptation thank you emmy you want to say something
yeah everyone
yes yes um good evening
yeah um i have a question okay can you hear me yeah we can hear you go ahead right all right i i i
actually want to ask if um the crypto wallet um kicks well let's if it's other token
you did get a question yeah you are asking if uh the cake wallet has their own token yes yes okay okay
i'm sorry could we repeat that is asking if cake wallets have their own token already
oh no uh cake wallet we don't have our own token uh we don't plan to maybe for the foreseeable future
uh we just want to give you the keys just introduce people to uh crypto make it as simple and clean as
possible and unbiased i mean we favor privacy coins and specific currencies like nano or bitcoin coins that have a
message and a moral that can actually change the world but are we going to make our own coin uh no
we just want to give you guys the keys to have your own coins
okay okay that's that's cool that's what's on this one
all right all right oh i get that you've answered my question already thank you very much for the
opportunity
i think i want to go around
so i think i'll do 50 for four i think i'll make sense right
what do you guys think you guys think 50 dollars for four
i like to spread low
how about 2014
okay so i think in closing we just added um our last speaker uh blaze david atagoki if you would
like to have some final words for the space here
hello
hello hey
yeah um i want to ask one last question um
my question is um how how do crypto wallets like okay like k call it now how do you guys
generates um revenues um how do you how do you um keep the company functioning because you need money to
keep a company functioning you know so like are they are they are they small fees
uh are there small fees in each transaction that um takes place in the cake wallets like how do you guys make money
uh david would you like to explain that
yeah can you cut i said like how does how does kick money kick wallets how do you guys generate
money like how do you generate money like how do you generate money are they are they fees
are they oh yes there are there are fees per transaction
did you get my question yes yes there there are fees uh per transaction
yeah there's fees from the exchange and the sale of we also have a debit and gift card service
so um but the wallet itself is totally free everything about the wallet is totally free
but if you um want to buy like crypto there's like a little extra very small fee as well as if you use
our service called cake pay so you can get debit cards and gift cards um then there's like a small
little fee with that too all right all right thank you yes and there's there's no fees sending receiving
or just storing the crypto okay thank you
hey guys i'm out see you guys later for my friends sooner than the states
uh yeah this is like we are running out of time thank you so much for co-hosting uh it was a lot
of fun and remember guys just last last little thing there's a giveaway so screenshot your cake
wallet throw it up i already see like 75 comments yeah it's been a lot of fun for you
drop your btc address
all right guys so that's going to be it for this cake space of this week uh we got to learn about
crypto in nigeria a lot of eye-opening educational content here hope you guys had fun we're going to
go ahead and sift through and get these giveaways uh give it away so much love friends and family
and uh stay tuned for next week's as well we'll probably have something fun happening there too talk
about some cake updates some crypto drama as always thank you thank you for joining us hope you all
have a great rest of your day bye let me try this down board thing yeah all right bye guys
