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My experience with Tanjalo cryptocurrency exchange

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The 6 months I have spent trading cryptocurrencies have been a roller coaster ride. Cryptocurrencies are a 24/7 market easily swayed by the smallest of news items – a coin being listed on a new exchange, or yet another country clamping down on trading.

The most difficult parts, however, are not in buying or selling but in converting proceeds to Naira. Nigerian cryptocurrency exchanges are headaches to use –either prices are excessive, or transactions take forever to clear. Time is money in the crypto space, as prices can move up or down massively in a matter of seconds.

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Prices on Luno, the king of the jungle, are usually at a premium compared to other cryptocurrencies, but trades go almost immediately. Remitano has way more reasonable prices, but the peer to peer system means that trades take hours to settle. The same system applies to other exchanges such as Naira4dollar and Nairaex. They also have rigid Know Your Customer (KYC)specifications almost equivalent to those for opening bank accounts.

The ever increasing number of users means that customer service in many exchangesis poor. Heaven help you if something goes wrong.

What is Tanjalo?

I was pleasantly surprised when I was referred to Tanjalo, by a friend. The first thing that piqued my curiosity was the name. It is nice to have something different for a change, not the usual Naira this or Bit that. Tanjalo, after much search and prodding, is the Yoruba name for tangerine.

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What I like about Tanjalo

Transactions on Tanjalo are fast – really fast. You almost forget that you are transferring Bitcoin, and not some alt currency. The layout of the site is easy on the eyes and easy to use. Simply select the amount you want to buy, input a wallet address and then pay with an ATM card. One also has the option of paying through bank deposits.

The website also opens quite nicely on mobile phones so I don’t have to move around everywhere with a laptop.

What I don’t like

Absence of other coins

Tanjalo currently lacks other trading cryptocurrencies such as Ethereum and Litecoin which are growing in adoption.  Ethereum is the most common cryptocurrency for Initial Coin Offerings (ICOs). This means that I have to buy Bitcoin and trade for Ethereum which(with an added cost)increases my transaction time (which is a key factor in trading).  Tanjalo also lacks a sell side button, so what happens if one wants to sell? Another exchange?

No wallet

Tanjalo does not have an inbuilt wallet, so one can only buy Bitcoin and then send out. This makes it difficult for people to save; it also costs them customers who have to open wallets with another exchange. This also makes it difficult to use cryptocurrencies purchased on Tanjalo for ICOs, as most of them require funds to be sent from a wallet.

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Low social media engagement

Nigerians are quite active in the social media communities of cryptocurrency exchanges located outside the country. Nigerian exchanges fail in that regard, and Tanjalo is no different. This is strange, because many Nigerians are wary of financial transactions carried out online and require assurance, through constant communication,that they are not dealing with fraudsters.

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Tanjalo has a twitter handle, with just 445 followers. The last tweet from the exchange’s twitter handle was a week ago. Seriously?  Twitter isn’t enough. What happened to Slack, Discord and Telegram?

Pricing

Tanjalo, though not the most expensive in price, could definitely go much lower. N5000 minimum transfer is quite expensive compared to other exchanges, which have a minimum floor as low as N500.

How far will Tanjalo go?

The cryptocurrency sector in Nigeria is still a growing one. While statistics on actual users are sketchy, Nigeria features prominently in cryptocurrency markets, especially in Africa.  Most traders use several exchanges butif Tanjalo is able to maintain their efficiency in executing transactions and ramp up social media engagement, they will be able to create their own niche.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Economy & Politics

Fayemi set to activate digital economy with N5billion broadband infrastructure

Governor Fayemi plans to activate Ekiti state’s digital economy, this would help generate healthy competition within the ICT sector

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Fayemi set to activate digital economy with N5billion broadband infrastructure in Ekiti state

Ekiti state government has concluded plans to create a digital hub, with the laying of a 606-kilometer broadband infrastructure.

The project is expected to lift the state from 16% internet penetration to 90% and is estimated to be worth N5 billion, with the Federal Government contributing N1.1 billion of the total sum.

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This plan is part of the memorandum of Understanding (MoU) which the state Governor signed with O’odua Infraco Resources Limited, a consortium that develops high speed and efficient Fibre Optic Cable (FOC) Open Access Network (OAN) across the South-West region of Nigeria.

According to the Managing Director of O’odua Infraco Resources Limited, Mr Sammy Adigun, the project will be officially flagged off in October and completed within 14 months.

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(READ MORE: What Nigeria stands to gain from new National Broadband Plan)

This decision is a follow-up to the recent crash of Right of Way charges from N4,500 to N145 per meter for broadband infrastructure, and in line with one of the five pillars of Governor Kayode Fayemi’s development plan for Ekiti state.

The Governor noted that these decisions would help generate healthy competition within the ICT sector, thus activating Ekiti state’s digital economy and digital education.

Fayemi noted that the project execution, as well as the broadband policy in the state would be coordinated and supervised by a Digital Infrastructural Committee, made up of various relevant government institutions critical to the implementation of the project.

READ MORE: NCC, Infracos to boost broadband infrastructure with N265 billion 

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“For us the roadmap is first the fibre connectivity itself, the second is the adequate data center infrastructure, the third is the e-learning programme which will cover our educational institutions, then our safe city, our security programme will also be included.

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“With our geographical land information system (GIS), we would digitalize all our land records, and of course, commercial investment as well as digitalisation of our government assets and our health education initiative,” Fayemi explained.

 

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Business News

Tweeters can now decide who replies their tweet – Twitter

While some Twitter users commended this new feature as it is a good way to minimise the vitriol that often characterise social media, others have expressed worries that the feature could allow unverified news to spread unchecked.

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Twitter has announced plans to roll out a new feature that will allow users to decide who replies to their tweets. The new feature is currently being tested globally, but with only selected users in every country. The product will be launched for all Twitter users soon.

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How it works

This feature, which some Twitter followers have described as “Mind your business feature”, will provide users with three options whenever they compose a tweet. See the options below:

“Compose a tweet, and @mention the people you want to talk to. Tap the permission settings, choose who can reply; everyone, people you follow or only people you mention”.

Note that only people that fall within the selected option can reply to the tweet, but everyone can see, like or retweet the conversation.

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(READ MORE: A holistic approach to Nigeria’s power and agricultural sector challenges)

What this could mean

When this feature is fully launched, it could see a lot of transformations in the way people use this social media. Individuals and brands alike can now conveniently interact with selected persons, without having to deal with distractions from other users commenting or distorting the conversation thread.

As tweet chats, fireside chats, and twitter interviews go more viral, this option could allow for more coordinated conversations with only invited participants. Users who want to input their comments could retweet with comments, but their comments would not be directly seen on the twitter thread.

People’s Reactions

While some Twitter users commended this new feature as it is a good way to minimise the vitriol that often characterise social media, others have expressed worries that the feature could allow unverified news to spread unchecked.

Some say it’s a way to stop potential harassers from replying.

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(READ MORE: Suspension of sporting activities has greatly impacted government revenue – Akin Alabi)

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There are also some users who were concerned about how this feature could affect engagements on chats and conversations.

Although this feature could help prevent replies from trollers and prevent harassment, some Twitter users expressed fears that the presence of the retweeting feature could take the trolling and harassment to a whole new level.

Considering the series of reactions and responses to this development, Twitter may choose to take constructive comments into consideration before the eventual launch of the feature.

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Tech News

ByteDance, Tiktok’s parent company, now worth over $100 billion

ByteDance is spreading its operations across new arenas such as gaming and e-commerce.

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Tiktok world’s most valuable startup is worth more than $100 billion

The value of the parent company of Tiktok, ByteDance, has increased by over 33% from about $75 billion it recorded during a major round of funding two years ago to more than $100 billion, private sources who spoke to Bloomberg News disclosed.

The valuation puts the Chinese company, as high as $140 billion; however, the transactions are done in the private market and may not fully reflect its real worth.

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ByteDance has significantly risen to become a popular social platform in recent years, boosted in part by a TikTok short video app that is taken most teenagers around the world by storm.

Investors are rushing in to have a bite of the world’s most valuable startup based on the fact that it draws some 1.5 billion monthly active users to a family of apps ByteDance owns (news service Toutiao ,Douyin)

What you need to know TikTok is a social-media app created in China that is presently downloaded more often than its western rivals like Facebook, Whatsapp, and Instagram.

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(READ MORE:  Chinese TikTok announces $250 million pledge to aid combat coronavirus)

How it works Tiktok users are offered an endless stream of videos no longer than a minute each. They can show whatever interest they choose in and with an upward click on the app and can skip a video they do not like.

Meanwhile, ByteDance is spreading its operations in newer arenas such as gaming and e-commerce.

ByteDance started 2020 with a wave of hiring new employees hitting 40,000 to match Alibaba’s headcount at a time companies in the world were reducing staffs 

 

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