You Can Now Convert your SBD to Naira Part Two

I have spent several weeks writing this post because whenever I feel it's ready for publishing, a new developement comes up that makes me adjust the content.

Twenty eight days ago, I talked about setting up a Naira/SBD exchange. Like I said earlier, a Steem Dollar/Naira exchange is something that is bound to happen in the future but right now having a medium where people can conveniently convert SBD to Naira will bring such a relief (especially for people that don’t understand cryptocurrencies) and it will greatly foster adoption in Nigeria.

I want to categorically state that I am NOT currently running a Steem Dollar/Naira Exchange or any sort of bureau de change.

I talked about doing a primitive exchange, something like a make shift arrangement where Nigerians can send me Steem dollars and I would send them Naira using rates that I considered to be fair. I believe that having a more convenient way to spend SBD or convert it to Naira will greatly improve the rate of user adoption in Nigeria.

I really appreciated those folks that came to me personally to encourage my effort. One of such folks is @darkerhorse. @darkerhouse had written an article about this subject in one of his previous posts.

I’m just going to borrow some words from the post:

We should encourage ourselves and set up mediums to transact with each other, exchanging steem/sbd with our local fiat currency and only use the exchanges after exhausting these mediums.

Imagine steem being able to trade with not just usd but with euros, pounds, yen, and any currency you can think of for that matter. Am not an expert but I think this would short supply to the exchanges and possible lead to a price up for steem. Setting up a marketplace for steem/sbd in steemit chat or various discord channels related to steem and steemit could also help in this regard.

Users that want to get steem/sbd out could first check in the marketplace to see if there are users that wants to buy steem/sbd , they agree on a price and transact via paypal etc. keeping steem/sbd in house will slowly create scarcity of steem on the exchanges for sure. The exchanges determines the price of a cryptocurrency and if there is scarcity of coin in an exchange there will surely be price hike for it.

This guy deserves a standing ovation.

Source

Running an exchange is no small feat; things like legal issues and even the feasibility. It would also require a lot of cash to facilitate instant transaction. And how do you explain the volatility to a newbie. He/she is going to feel that they are being cheated(this is what I learned from my experience).

Yesterday I was supposed to do an exchange for @darkerhorse but considering the price of SBD at that moment. I knew that the rates would totally suck. I sent his money back to him and apologized for my incapacity. I don't hold a lot of cash because all my money is in crypto. Cash sucks!(except when you want to spend it).

Questions

Can we have a marketplace where those who want to buy SBD can directly meet those who want to sell?

What is the Best way to convert your SBD to naira?

Are they escrow services in Steemit?

Would it be possible to have a medium where we can have a fixed price for exchanging SBD to naira. Perhaps someone can decide to bear the burden of the volatility and buy from everyone who wants to sell at a fixed price despite the price in the market and sell only when the price is favorable (call me crazy, I’m just brainstorming here). Okay this idea totally sucks...

Three Ways to Convert your sbd to naira

Right now there are three ways of converting sbd to naira that I know of
**@steem-lagos strictly for newbie exchange
**@airhawk-project exchange
**@steemnaira exchange

I have not used any of these services and I cannot therefore make any comment on them right now.

There was a time that I needed to do some urgent conversions too and I contacted @steem-lagos but it turns out that to their services are reserved only for newbies.

I like to also encourage newbies who do not know how the conversions work to strive to learn how cryptocurrencies work. One of the ideas behind cryptocurrencies is that you can be your own bank. So get the education. Its very important.

If you have used any of these services, can you please leave a comment and tell us how your experience has been. I’ll like to use them too from time to time and I really would appreciate your comments and recommendations.

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