You Can Now Convert your Steem Dollars Directly to Naira
A Problem
The first question that an average Nigerian will ask you when you tell them about Steemit is “how do I withdraw my money”. After trying to explain to them, most of them won't even understand. They’ll hit with another amazing question “have you been able to withdraw your money?”
Sometimes I wonder why some people they just don't like to do a little research. Just use Google and YouTube for goodness sake. This shit is real AF.
Anyway, that is the problem and this is how I plan to solve it.
The Solution
I’m going to create the first Steem Dollar/Naira exchange!
Yep! I’ve been nursing this idea for a while now. I have discussed it with @samstickkz
We should have a portal where we can directly trade Steem Dollars for Naira. This is a just a normal possibility. It is bound to happen sometime in the future as the Nigerian user base increases and the SBD/Naira exchange becomes a more pressing need.
For now I’ll just be helping as many people as are within my sphere of influence using the resources I have at my disposal. I’ll be using my Steemit account (this very account(@tojukaka) as a primitive exchange.
All you need to do to convert your Steem Dollar to Naira is to send it to my wallet using your bank details as memo. Send Steem Dollars and I will credit your account with the equivalent value in Naira. You no longer need to go through the hassle of converting to Bitcoin and then to Naira if you need quick and instant cash.
I'm already doing this for some of my friends but I just want to put it out there and make sure everybody knows that there's something like this going on.
So if you want to convert your steem or Steem Dollars directly to Naira just send it to my account with your bank details as memo and I'm going to send you send you the equivalent rate in Naira.
Rate
The rate I'm using right now is 330 Naira per Dollar. This is the rate when the price of Steem dollars is $1.
You can send me a message through Steemit Chat @tojukaka or WhatsApp +2348131940093(Please don’t call me. If you call me, I promise I won’t pick your call. WhatsApp only!).
I'll try to do instant transfer but you know I'm not a robot. Please send a message before you proceed to send your SBD.
Volatility
Steem Dollar is a little bit volatile. The price currently fluctuate between $0.95 and $1.3.
The exchange rate will therefore be hinged on the price of Steem Dollar in the market. The exchange rate I’m using is 330 Naira per Steem Dollar.
If the Price of SBD is less than $1 then the exchange rate will be multiplied by the current price of SBD in
https://coinmarketcap.com/currencies/steem-dollars/
For example: assuming you want to convert $60 to Naira and the price of SBD in the market is $0.95, the exchange rate will be calculated thus:
0.95955 times 330 times 60=18,999 Naira.
the price of SBD at the tim e of writing this is $0.95955
If the price of SBD is at or greater than $1, then the exchange rate would be 330 Naira per Steem Dollar.
For example: assuming you want to convert $60 to Naira and the price of SBD in the market is $1 or > $1, the exchange rate will be calculated thus:
1 times 330 times 60=19,800 Naira.
Before you send your SBD to my wallet
- Send me a message via Steemit chat or WhatsApp
- Check the price of SBD at https://coinmarketcap.com/currencies/steem-dollars/
- Multiply the price you see there by 330 and then by the amount you wish to send.
- Proceed to Transfer.
I want to take this service really seriously. I want to help people out there who don't want to go through the stress of converting first to Bitcoin and I want to support newbies who are still trying to understand cryptocurrency.
Now I recommend highly that you understand what bitcoin is and what this whole idea of cryptocurrency is all about. Steemit has provided an opportunity for people with no prior knowledge about cryptocurrency to get in on this technological innovation and put measures in place to incentivise education and creativity. So use this opportunity judiciously. Learn quickly!
Thank you for your time. Please leave a comment if you have any questions.
Sundayselfies contest is my way of showing love and giving back to the community.
It's a weekly selfie contest that opens on Sunday and closes on Saturday.
https://steemit.com/photography/@tojukaka/sundayselfies-contest-3-blow-kisses-and-pouted-lips
Believe it or not, @tojukaka. I discussed this very idea with my kid sister last week, but for those who have smaller money to exchange (less than 50 SBDs) to Naira (NGN) almost immediately. Honestly, I like to THINK SOLUTIONS, not continue to discuss problems or challenges. When people discuss problems, I see opportunities in those problems that could be tapped into. We could collaborate, if you are interested. Keep up the good work, brother. Well done!!!
@maryfavour
Hello Ma! Thanks for this.. Please can I also have a contact to whatsap you by If I want to sell less than 50?
You're so nice for commenting on this post. For that, I gave you a vote!
Thank you
This sounds like a good idea, but aren't there money transmission/exchange rules in Nigeria like in the States? Won't you be taking on potential legal risks by doing these exchanges?
We have exchanges, I think he's trying to make it simpler/easier instead of going through the longer conversion processes.
There's nothing wrong with that, but he better make sure he doesn't break any laws.
I commend your passion. Following to see how this develops my friend. A word of advice - GET LEGAL ADVICE as soon as possible. Operating as a gateway for fiat and crypto can get you into tremendous amounts of trouble with international law. I am not saying that you are in any trouble, just that it is 1000% worth your investment to take the appropriate steps to be safe - oftentimes that's easy as a getting the right license. The authorities love to make example out of easy targets. DO NOT BE ONE. Good luck and be careful out there friend.
Thank you...
This is impressive!
I really want to commend @tojukaka for attempting to solve this problem.
I'm glad you've mentioned it to @samstickkz.
I'll like to suggest that you work with a team of Master minds on this issue because I'm seeing a bigger picture here. Only you @tojukaka may not be able to attend to all the issues that might arise. That's my humble suggestion. Thanks
Thank you
@tojukaka your passion for steemit is inspiring.
Bypassing the middle-man (bitcoin) will be a great relief to steem users.
MY SUGGESTIONS
I quite agree with your sbd to naira conversion style which ofcourse will be a lot easier and would increase people's interest in joining steem. My method of conversion of naira is SBD to bitcoin to luno and finally local bank via luno did it for the first time.
I look forward to seeing a mobile app that would link steemit to local bank for easy transfer
Had to take my time to read all comments and replies! I must say it's a very educative session you all gave here! I commend that! I commend @tojukaka for coming up with this even tho it doesn't seem right for some persons.. But with further arguments and clarifications, I think all is good now! As @anyagladys said, 'i would have love to learn how to catch the fish instead of giving me the fish' I guess I'll now urge @tojukaka to kindly post a new tutorial to Teach how to use the exchanges from blocktrades, bittrex, changelly, down to how you use luno to how remitano, nairaex, nairaswitch and others work.. as @anyagladys stated also. So, it's now left for anyone to make the decision himself or herself! Thanks!
thanks, I get you now
The truth is he'll be providing value. Shouldn't he be able to make something off it?
At a fixed rate!
Yes, at a fixed rate.
o ok, didnt understand the beginning and end of it all. Thanks
Hello sir, I would have love to say this is a good idea but i would have love to learn how to catch fish instead of giving me the fish. Teach me how to use the exchanges from blocktrades, bittrex, changelly, down to how you use luno to how remitano, nairaex, nairaswitch and others work.....
I will like to learn how to do it so i can do it myself. You will be removing charges for every transaction i do after the exchanges have removed theirs which means you will be riping me off..... I have to be sincere please teach me how to do it myself, that will be better.
Edit: Please sir, Teach me how to use the exchanges, i will appreciate in fact @blocktrades and others who are an investor here will be happy that you are teaching people how to use their exchange
Fantastic!!!
@sussan was the one who requested for this earlier and I promised her to do a tutorial on the subject tomorrow. It was all part of the plan..
@sussan where are u. Come and rescue me. Lol
I've been dealing in crypto for a while now and someone just asked me to sell some small amount of btc to him and I asked @Tojukaka if he knew the easiest way to convert SBD to btc and he promised to do a tutorial.
I made my research and found out that converting sbd to btc is not advisable now that sbd is low, so I didnt go ahead with the conversion anymore
Thanks @sussan
Please Edit:
We are trying to look at a more realistic approach @anyagladys, Rip-off was not the appropriate word to use as we have now cleared the confusing factor.
sir, you seem like someone talking with both sides of the mouth, down below, you castigated the entire thing, now you come up here to say all is well, thats not how to deal with issues.
I understand that you run @steem-lagos, please do not make people think you cant be trusted with this attitude.
Did you even read the contents of all the comments here before you say shit?
Check the timing of the comment Mr, if you can trust me with watching out for people i guess you can go head-on into whatever anyone puts on your plate...
@steem-lagos was not set up for your trust, if you are too myopic to see the interest of newbies is what prompted the comments...
By now you should know how commenting works, this is the response to the individual who commented.
Talking about both sides of the mouth, follow the trends before your go trigger-fingers to drop comments!.........No flagging, nothing to negate this post- You can see my upvote after we resolved the issue Mr.Both sides of the mouth!
PS- It would have been awesome to teach people how to convert instead of charging like you said but don't dare attack me for no reasons!
I didnt, thats why I said you seem not you are, i now understand the situation, no need to get all worked up.
Also, @steem-lagos is great, calm down please ehn, biko egbula iwe.
worked up huh?....seems you have a stomach for unnecessary trouble?
I guess this is for me
9ce one, what of steem?
Lets start with steem dollars.
You can convert steem to steemdollars @ your internal market in your wallet
very good, I'm in full support for this. 9ce