How to exchange steem or hive into Bolivares

in Project HOPE11 months ago

I've read a couple of posts from my Venezuelan friends that are scared that they can't exchange steem into local currencies anymore.

How to exchange Steem and Hive into Bolivares.png

My friends use local exchanges like Orinoco or Capybaraexchange to exchange steem into bolivares or other currencies. Often these coins are directly credited to their bank accounts.

Orinoco doesn't let you deposit steem anymore...

It seems that Orinoco doesn't let people deposit steem anymore. The only currencies that can be deposited are BTC, EOS or Nectar. This is a huge problem for Venezuelans because Steem was one of their main income source so far. I've tried to come up with an indirect solution to help them. A solution is not easy for people from normal countries and even much more difficult for Venezuelans who often are excluded from big exchanges.

A solution to get coins to orinoco

I would suggest an indirect way to get your coins over to Orinoco. The problem is that indirect ways make you loose a lot of money because of fees and transaction costs. So this is by far not the best solution but I believe it can work for emergencies:

Step 1

Send steem or hive to Ionomy. I believe that this is at the moment the only exchange that accepts steem and hive. It is very easy to log in and there is no KYC.

Step 2

Exchange your steem and hive to BTC and then to DASH. Dash withdrawal from Ionomy cost 0.15 Usd. BTC withdrawals cost 3.10 USD!

Step 3

Send your DASH to Faucetpay. I know it doesn't seem logical but you can now change DASH back to BTC on faucetpay and withdraw your BTC to Orinoco. Withdrawal fees are only 400 satoshis for normal withdrawals and minimum withdrawal is 1000 satoshis.

This is certainly a very complicated way to do it and I haven't tested it. Please share your experiences if you know a better way to do it.

I mention here my friends from @help.venezuela to ask their opinion about this:
@fucho80, @hendersonp, @jadams2k18, @jenina619, @juanmolina, @lanzjoseg, @reinaldoverdu, @roronoa07, @yomismosoy, @sacra97, @hlezama, @chiminguito, @jennimorillo, @darthgexe, @equipodelta, @garybilbao, @topfivefamily, @manuelgil64, @por500bolos, @nachomolina, @peraza82, @spirajn, @tramelibre, @yonnathang, @pedrobrito2004

Best regards,


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Well, I'm going to try this method next week, because I want to have an estimate of how many steem are lost in the process, for example if about 20 steems are changed. For now I think @capybaraexchange keeps making changes, it is our easiest alternative, if it is not operating for next Wednesday, then I will try the method that you are explaining.
Thank you very much for such valuable information.

 11 months ago 

Any idea why Orinoco stopped accepting steem deposits?

 11 months ago 

Greetings friend @achim03.

The commitment and affection you have for us never ceases to amaze me.
You have always appreciated the Venezuelan community, it has helped me personally, as well as many other Venezuelans. Thanks brother.

This method that you propose involves a lot of expense in exchange commissions. I don't think we can implement it.
Better Let's look for other options, do you think?

I use Uphold. I am in a telegram group where many payment methods such as Paypal, Zeller, Uphold, Payeer and Skrill are traded.
The advantage of Uphold is that it supports a wide range of cryptos.
The first step would be to find an exchange that accepts STEEM.

Blocktrades will soon start trading with steem and hive.

Your friend, Juan.

 11 months ago 

Hi Juan,
Thanks a lot for your comment and your answer. I also have an Uphold account. I think if you can exchange steem/hive on Ionomy to dash and then send it to uphold that would also be a good idea. But it's still a lot of money changing.

I also read that blocktrades will resume soon. I believe that will simplify it much if you can directly trade steem/hive for btc and send it to orinoco.

Best regards,

 11 months ago 

Any idea why Orinoco stopped accepting steem deposits?

 11 months ago 

Any idea why Orinoco stopped accepting steem deposits?

 11 months ago 

They transfer all the steem from their transactions to Binance.
Binance had stopped steem operations, so they did too.
I think it was a preventive reaction due to a lack of information about the uncertainty about the future of steemit as a result of the hive fork.

Orinoco currently resumed its operations with steem.
The other active exchange in Venezuela is called Capybaraexchange. They did not stop. In fact, they are already testing to buy Hive.

I certify it There is a lot of nervousness in the authors who have depended for a long time on steem.

It's an alternative, we have to evaluate it while the situation stabilizes.

Thank you, my friend, always attentive and a good friend.

@tipu curate

 11 months ago 

Thank you for your comment. I've just read an article that blocktrades will resume its exchange with steem and hive soon.

 11 months ago 

Any idea why Orinoco stopped accepting steem deposits?

I've been offline since Saturday. Today the pair steem/bolivars is already active.

Hi how's everything? We want to tell you that in the middle of the blockade that Steem presented in all the exchanges, we decided not to leave the community that uses this currency alone, assuming all the risks, so we were the last catwalk to disable the currency and we were only like that for a few hours . We want to invite our community not to fall for fake news like this, any changes made on the platform will be reported by all our channels. Our commitment to you is what helps us grow. We invite you to follow us in our RRSS, you can find us as on Instagram and Facebook, orinoco_io on Twitter and Orinoco on Steemit.

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 11 months ago 

Hi @orinoco,
Thank you very much for your comment and for clarifing this. I also saw that you allow deposits of steem again and am very happy about it. Continue with your great service!

Best regards,

Dear @achim03 you have touched upon and addressed a very relevant topic.
Even though I am not in Venezuela but I can relate to the pain.
In my own experience Western Europe and Singapore seem to be the more friendlier places that let you do crypto -fiat transactions.
I know you post is more about steem and hive and targeted towards users from Venezuela but it surely points to the need to be able to exchange not just steem, Hive but other crypto's to FIAT and such a gateway with low fee is much needed in most parts of the world.

 11 months ago 

Hi, Thanks a lot for your comment. I totally agree with you and it is definitely not easy to exchange crypto to fiat. I'm doing it using coinbase. I can deposit almost any type of coins and then withdraw them either to my bank account or to paypal. It is however necessary to verify your identity to do that. Another way of doing is over big exchanges like binance or bittrex which also require verification.

The big problem is that many such exchanges do not accept people from less developed countries like Venezuela. For them a platform like Orinoco is perfect.

thanks for the info @achim03 I don't know anything about changing I always ask my children for help, for now I don't change anything

 11 months ago 

Thanks for your comment. It's always good to be able to have the help of the children ;-)

Personalmente envío a Binance, vendo por Eth y lo envío a mi cuenta en Localcryptos Alli es muy sencillo ir cambiando a bolívares apenas necesito.

 11 months ago 

Did you see that comment so invasive and despicable by @z8teyb289qav9z?
These things make us think about the Hive project

 11 months ago 

Yes this is not the nice way of doing it. It creates just further tensions and we need to let things calm down now...

 11 months ago 

Dear @achim03

Interesting choice of topic.

I've been wondering how all those venezuelans are cashing out. Now I know. I wasn't aware of risk that they won't be able to withdraw their resources. Shit, that sounds serious.

Have a great monday :)
Yours, Piotr

 11 months ago 

Check out the comment of orinoco, they started to accept steem again.
Have a nice day my friend!

Best regards,

Resteemed already :) Upvote on the way