ALTERNATIVE TO CHANGING STEEM/SBD TO FIAT
Before now, the only intermediary to convert Steem/SBD to local currency-Naira is BTC. Now with another Fork looming for the almighty Altcoin after the inception of BCC, the best way out is an alternative means to convert STEEM/SBD to Naira which is by using The Bitcoin Killer-Ethereum.
Blocktrades with is a lightening speed in conversion helps speeds things up, as the wait rate in conversion process now triples down. Assuming it takes 30 mins to convert Steem to local fiat using Bitcoins-now it takes 10 mins to go through the entire process.
STEP BY STEP CONVERTING YOUR STEEMS/SBD TO NAIRA USING ETHERUM
Step 1
Lunch Blocktrades and check the Equivalent value of your Steem/Steem Dollars in Ethereum. Satisfied with what you see then proceed to get your Ether Wallet address and copy paste it below as prompted.
Step 2
Go to your Ether Wallet and copy your address. For the purpose of this Tips, Remitano was used as the local Exchange platform to convert Steem/Steem Dollars to Naira using Ethereum.
Step 3
After the first step, a memo is generated for you to copy, copy the Memo- the strings of keys(Alphanumerics).
Step 4
Now you can go to your profile page on Steemit and navigate to your wallet, from your wallet go to your Steem or SBD Balance and click on Arrow to select transfer from the drop-down menu.
Step 5
Then Transfer your desired Amount of Steem or Steem Dollars to "blocktrades" and paste the Memo copied from Blocktrades as prompted by the transfer page on Steemit.
Step 6
Back on Blocktrades page, wait for few minutes for you transaction to be confirmed. Then head to Remitano, where you must have copied your Ether wallet address(from Step 2).
Step 7
Under 10 mins your Ether tokens that had been converted from Steem/SBD must have entered your wallet by now. Then head on to the Buy and Sell session and click sell- type in your Ether value i.e (0.009 or 0.07 etc)you want to sell and get paid in your local account with Naira.
Step 8
This is a 30 mins maximum time of transaction, mostly i get credited under 7 mins and that's all.
Basically, all you need is a local Trading Platform-Remitano and an internet connectivity to navigate to Blocktrades for the Steem-Ethereum Conversion. Once you get this done, you are all set to go cash your funds and meet some basic needs. This is the second series on tips on how to convert to Fiat for Nigerian Residence, the first is with Bitcoin and then now Ethereum.
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