Say you put in the effort to craft a nice post that the community rewarded, and it pays out after 7 days. Next on your mind is, how do I withdraw those tokens into a currency that I can use in real life. If you have asked that, if you are in Nigeria, here's a quick tutorial for you.
This is put together on request from @juliakponsford and @discordiant, both Moderators of the P.A.L Minnow Support Project, in response to the growing Nigerian community on there and on Steem generally, and the resultant need for this convenience. As earlier adopters within the community, it is sort of mandatory that we look out for those who come after us, who need to leverage on what we already know. That's how we grow. That is what this is about.
For the method we are going to use two exchanges, as there are two levels of money hand-changing you need to do in order to get STEEM/SBD to Naira. I figure it isn't necessary to include Bittrex as the people whom this tutorial is targeted at very likely do NOT have an account there already, and as we know new registrations are not open till maybe a date in the future. Hello, Blocktrades!
In a nutshell...
First you have to convert your STEEM/SBD to one of those gateway cryptocurrencies (the USD's and GBP's of Cryptosphere), which are either of Bitcoin (BTC), Bitcoin Cash (BCH) or Ether (ETH) -- in the case of this tutorial. This stage is necessary because of the wide acceptance of these major coins. There is no local exchange in Nigeria that would change STEEM or SBD directly to Naira, but you would find a few that does for Bitcoin, Bitcoin Cash and Ether(eum). You need to have signed up with one of these recognized local exchanges, that would then help convert your BTC|BCH or ETH to naira. It sounds complicated but I would break that into a step-by-step process. It's a process that takes 5-30 minutes when you know the robes. Let's cascade it:
Step 1: Sign Up on A Local Exchange and Get a Deposit Address
I have used Luno and LocalBitcoin in the past, but I settled with Remitano for their better rates and the peer-to-peer model when changing crypto to fiat Naira. First sign up to Remitano here. Do the rudimentary verifications. Loog into your account and access the dashboard. Proceed to your wallet and obtain a deposit address. It's a breeze, trust me ;-)
Step 2: Change STEEM/SBD to Ethereum Using Blocktrades 1: Get A Deposit Memo
Note, Remitano exchanges Bitcoin and Bitcoin Cash too, but I choose to base this tutorial on Ethereum, for its speed, lesser transaction fee, and better ethUSD price.
This stage is to change your STEEM/SBD into Ethereum that would be deposited in the wallet address you obtained in Step 1 above. Blocktrades does not require a sign up. Take advantage of its clean and easy-to-use interface. First you would select the currency you wish to send (in this case STEEM or SBD), and then select the one you wish to receive (ETH). Provide the Remitano address you want your ETH deposited into, then generate another deposit address (different from the one in Step 1) to proceed to the next stage.
Continue on the next page...
3. Change STEEM/SBD to Ethereum Using Blocktrades 2: Make a Transfer of STEEM or SBD from Your Steem Wallet to Blocktrades, With Given Memo
This one should be easy. This time you go back to your Steem wallet and initiate a transfer with Blocktrades as recipient, using the Memo you copied from the second page of Step 2. It is imperative I sound a few warnings here so you don't fall victim to a phising scam and lose your funds, or simply have a need to get on a long queue of support tickets for a mistake you could have avoided:
- Make sure you transfer to blocktrades. BLOCKTRADES... with a "S". Not Blocktrade, not Blocktrader, no dash, no full-stop. BLOCKTRADES! I would advice you do this stage when you are most concentrated, and preferably from a computer (mobiles can still be used with more concentration). To avoid any doubt, don't type it yourself, COPY it from the second screen in step 2. There is no way to retrieve your funds if you lose it to that negligence.
- Ensure that you send with the correct memo. That is the only way an exchange will be able to route your deposit to the wallet you provided (step 1). If you make a mistake here, you may need to file for a refund, and that takes a lengthy process and time. As in (1.) above, use the COPY and PASTE feature.
Clicking submit would take you to a login page where you need to use your Active key to log in. Once that is done, transfer would occur. Allow some 5-30 minutes (depending on the congestion on the ETH network). When done, balance will reflect on Remitano, thus:
We are getting closer :)
Step 4: Sell Received ETH on Remitano
On your Remitano dashboard you should see your balance as shown above. This stage is to proceed and change that ETH balance to Naira. The steps are easy: Click on "Buy/Sell ETH" --> "Sell Now" and it will take you a page where you enter the amount (in ETH) you want to withdraw. As you input the figure, the site automatically shows you the real-time USD equivalence, and a list of buyers, arranged from the highest bidder; and shows the bank they use. Scroll down to the first buyer on the list that uses your bank. Only intra-bank transactions are allowed on Remitano to avoid transaction delays (and stories that touch :).) After you select your buyer, for the first transaction you would be required to enter your bank account details (subsequently you would only need to confirm or change that as the system keeps it in their records). Submit.
That's about it. Your fund is then held in an escrow account and the buyer is sent a prompt, and given a limited time, to pay you money. Once that is done and you acknowledge receipt, the funds are released to the buyer. If the buyer fails to pay in the time (usually 15 or 30 minutes), your funds return to your wallet.
Transaction done. Your STEEM or Steem Dollars have finally completed that long walk to becoming Naira. Bags, beer, shoes, repairs, books, rent or even school fees. They can be taken care of now... in Naira. In Nigeria. Here are the screenshots of this last step:
Then wait for your cash. Confirm you have received when you do.
That's About It...
I hope you find the information useful. Of course a friend can help you do it, or you can use the service of projects like "Air-hawk," but you would admit that neither is regulated beyond sheer trust on human goodwill. Apart from security of your funds, it is a good feeling to know you can do this on your own (OYO!) ;-)
Feel free to shoot me with a comment if you need clarifications anywhere, or message me in the #nigeria channel of PALnet Discord. Or just simply tell me thank you for being such a darling :)
Cheers,
Ubokobong Akpan
Fun Game: I am going to give away 5,000 Naira to a random reader who resteems this post. Simple, just resteem and I would collate a list with your name and randomly select a winner. Then I would request for your account details here to effect a transfer. What would you do with 5k, naija? ;-)
Cover Picture from Getty Images