Many Nigerians on the Hive blockchain depend largely on others to turn their earnings from posting to Naira directly themselves. Hence, they short-change themselves by selling to traders who will profit from their ignorance or laziness to learn. If such trader is also a normal content-creating hiver, they end up making such user look like sockpuppet. In lieu of this, I have decided to make a detailed, stepwise guide, on how to turn your earnings spendable fiats.
There are a couple of options available to someone that wants Naira for his earnings on the hive blockchain. The options have become kind of limited with the recent ban of the Nigerian Central Bank on crypto-related transactions via banks. Hence, the only option available now is to deal peer to peer. The important ones are highlighted below:
- Direct peer to peer without involving any exchange platform
- Indirect peer to peer via exchanges
Direct Peer to Peer
This is perhaps the easiest and the laziest route to take by anyone and can be done in a variety of ways.
- User can sell to other users who they have a level of trust in or even know physically on the hive blockchain, and the latter will transfer the naira equivalent to their local account. An agreement has to be reached on the exchange rate before a transfer would be made. The disadvantage in this method is that users can be taken as sockpuppets trying to milk the system.
- Apart from the options above, there are peer-to-peer exchange groups on Telegram and Whatsapp where users can directly trade their earnings. These groups act as escrow and have been around for a while and hence, kind of trustable. A good example is the airhawk exchange on Telegram.
Indirect Peer to Peer Involving Exchanges
Most people are either mentally lazy or just consider dealing with exchanges too complicated and will rather take the direct peer-to-peer option. It is important to note, however, that trading on exchanges requires a certain level of volume as transaction fees can take a significant amount of your funds. Hence, if you are going to deal on exchanges, it is advisable that you allow your earnings to accumulate a bit, otherwise, you are better off dealing directly.
As far as my knowledge will permit, there are two main exchanges where users can exchange their cryptos to naira via peer-to-peer. They are:
- Binance
- Huobi
Virtually all my trades and exchanges have been on Binance. Hence, I can assure everyone of the security of funds dealing p2p via Binance but cannot say the same for Huobi or any other platform.
In order to deal via Binance, you will be needing to set up an account via the platform and do a kyc verification. Maybe this is what scares many people away from exchanges. You can sign up on Binance using my referral here. After signing up and completing the KYC, go to your profile and click on the payment method to add your local account details. It is also very important to sign up with a Nigerian IP address in order for certain features to be available.
Ok, so you have set up your Binance account, done KYC verification, added your local bank account and you have got some
earnings in your Hive wallet, here is a step-by-step guide on how to turn the earnings into Nigerian Naira.
- Go to your spot wallet on Binance, click on deposit, search as select Hive token. A prompt will inform you that both memo and address are required to successfully deposit your hive to Binance. Copy both the address and memo to a template.
- Now, go to your hive wallet, ensure that your earnings are converted to hive (not HBD). You can do that via the internal market.
Click on the dropdown arrow beside your hive token balance and select 'transfer'. Fill in the destination address (usually, deepcrypto8 for Binance), the amount of hive you want to exchange, and memo. Remember that you have copied both the address and the memo earlier, just paste them in the required sections.
Confirm your transfer and wait a few minutes before checking your spot wallet on Binance for deposit confirmation.
Once your deposit is confirmed, you are now ready to trade. There are two routes available through which you can convert your hive to the Naira. The first is to go through BTC while the second is to go through USDT. I prefer to go through USDT due to its stability, BTC is volatile as you all know.
In your spot wallet, click on the hive token and all the available trading pairs would be seen.
Click on hive/USDT or hive/BTC pair as you may deem fit and select 'sell hive'. Depending on how fast you want the transaction done, you either choose a limit price to exchange your hive or change to market price. The latter will be executed immediately at the best price available on the order book. Convert your hive to usdt or btc by confirming the order.
Now that your order has been filled, go back to your spot wallet, click on 'transfer'. Transfer your usdt/BTC from your spot wallet to your P2P wallet. By the way, the transfer is free in between wallets.
Once the transfer is done, a prompt will ask if you want to head over to P2P trading. You can either select this prompt or just wait till you are ready to exchange your coin to the Naira. When you are ready, just select P2P at the top menu of the Binance app or platform and select 'sell'.
Scroll down until you see a buyer that fulfills your criteria and whose criteria you also ticked. Criteria vary from buyers to buyers but the general one to watch out for includes:
- Available payment options. Ensure that the person you will sell to has your payment option which is bank transfer.
- Limit: Ensure that the person you are selling to has the capacity to handle your trade volume irrespective of how big or small it is. Some traders will only deal in small volumes while some will only do so in high volumes. Some have a good balance between low and high volume.
- Time: Some buyers have as few as 2 minutes response time while some have as high as an hour. I prefer to deal in as short as possible timeframe.
- Percentage trade completion: One red flag to watch out for is those buyers with low trade completion rates. I prefer to deal with folks with thousands of completed trades with nothing less than a 90% score.
- Exchange rate: Be sure that a fair exchange rate is offered. Too high an exchange rate means something is not right and you do not need to short-change yourself to be safe. Not all that glitters is gold.
Once you are comfortable with a buyer, click on 'sell' and fill the required spaces. The system will automatically calculate the naira equivalence of the amount you want to sell based on the exchange rate offered by the seller.
Select your payment method (in case you added more than one bank account), cross-check the details, and click on 'sell usdt' or 'sell btc' as the case may be.
Wait for the seller to mark the transaction as 'paid'. You will be informed by the system. Go to your bank's application and ensure that your account has been credited with the right amount by the buyer. Once you are satisfied, click on 'complete trade'. The system will ask you to be double sure. Thus, you have successfully changed your earnings on the hive blockchain to Naira.
Important Notice: If you still insist on direct peer-to-peer trading and prefer to deal with me, anyone sending hive/HBD to my wallet for exchange should tag it with a relevant memo.
Feel free to hit me up if you have any questions or clarification.
Thanks and best regards