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!!!
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?
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.
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
@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!
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..
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!
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
You will be removing charges for every transaction i do after the exchanges have removed theirs which means you will be reaping me off
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!
Are you in on this? This is a rip-off..... Have done this for many people at the current Dollar Rate so am terribly shocked reading this fellas....Sorry i can't keep calm for this!
Wow I appreciate the fact you pointed that out @oluwoleolaide
First of all, I think @tojukaka sincerely wants to help Nigerians out by saving the stress of wondering around, seeking for where to exchange. So I was giving support to the service, not the charges.
So he'll need to go back to his calculations.
Sincerely his original intention wasn't to help, not to over charge.
Ive been using luno for a while...
I was with them when they had issues with Nigerian authorities. They have proven themselves to be trustworthy. Their fees may be high but i like the fact that I can trade btc against naira. Placing limit orders in their exchange does not attract any fees but everything else is on the high side
Send SBDs to you without charges or that had been taken care of with the 330 USD conversion? By my reckoning a dollar to Naira is 360..... that is a 30 gain mate... what if the person is changing up to 500 or above SBD?
This isn't fair you know, or am just dreaming reading this?
Your post reads DIRECTLY, you are basically saying that "if" and speaking of bitcoin, you forget that a rise in bitcoin means a rise in their money, but you omitted that part. You are ripping them off. If you want to do business, regulate your rates because by my calculation, even @blocktrades will give a better deal at the end of the day. Nothing wrong with doing business, just don't rip people off please.
The term 'rip off' is strong...
U can ask @ewuoso
He has done conversions with me before. He can attest to my transparency. I always explain to the details. I even give screenshots of my bitcoin wallet address to him during trades. You guys dont know me personally thats why you are sounding like this...
I appreciate your contribution because i understand your heart but rip off is a strong word sir
@toukaka is the only person i have been transacting with. I send sbd to him and he sends naira. I dont know what he does with the sbd but as for me i am ok with it. If there is one thing i can say about him, he is trustworthy. I left my sbd with him for days and i did not disturb him because i knew he was going to send my money which he did.
I dont think he should be accused of trying to reap people off. This is business. Apart from that he has agreed to do a video that will teach people on how to transact themselves. If he had wanted to be dubious. He wouldnt have agreed to that. Even with that people will still not want to go through the stress. I dont really know much about crypto, so pending the time i learn, i guess ill just stick with @tojukaka.
Okay thank you. I've never used reminato before and if you have a better means of conversion please teach me sir. I wouldnt mind sending you my sbd. I have to make some conversions tonight for some guy that wants to sell some 60sbd. If you have better rates then we should probably sell to you instead
Charge an outright fee for any transactions for credibility and transparency i.e For a 100 SBD Conversion to Naira charge a certain amount and so on...
That is the beauty of visibility studies, to make the individial to look credible once your products hits the market.
Trust me, i would have done for the fellow for free...
The key word is "teach" like you just asked. How about teaching others how to do what you want to do for them. You have a brilliant idea do not get me wrong. But I believe in the saying, "teach a man how to fish and not give him fish." I think that is what @oluwoleolaide and @ehiboss is trying to say. Have you thought that one day you will run at a loss if the exchange rate increases and if it reduces your customers faces same. I feel this is a decentralized platform and we all are here to learn from each other. I see nothing wrong in "teaching " people. You would only live to be remembered by the good work you do. Well done all the same.
The rate is supposed to cater for inter transfer charges by my calculations i have not made up to a dollar in profit. I was using 340naira but that wouldnt be fair to me... Because ill be bearing the burden of the fees
HEy @tojukaka this is a really good idea. If this kicks off you might be able to create a proper exchange in Nigeria, help a lot of people and still make a little bit of profit. Really good and takes away the middle man BitCoin. Just make sure that you handle it well. It is never good to deal with money affairs lightly. People can quickly get upset.
Its not a good idea of have a sbd/naira exhange or u saying that because my rates are too high. Remember that in exchanges they charge you fees based on percentage. Not fixed rates. Except withdrawal from luno which is 200naira
What i mean't was the business model isn't not the idea mate...he has a very good business plan which he needs to do more analysis on, you know we are in the same country so i knew what he got wrong...
Check the value of 100-SBDs in bitcoin on Blocktrades
Then the btc equivalent check the price on luno give me a figure cos i will compare the figures with Remitano first...then all charges and fees from Blocktrade and Remitano is you will bear and you get your Naira Equivalent once am done say 30-mins
I really do hope that you understand my heart sir. If you have better rates i would really love to know how u do it. Its just that i dont trust those reminato people. Cos i never used them
Alright...
But these are some of the challenges I saw coming.
This is $100 conversion to bitcoin at luno.
I could get 0.02136btc for 100sbd
0.02136btc is 31,135naira
Assuming i was going to make this particular trade for someone I would be running at a huge loss even when Im buying @330
You see now sir. That I am not a rip off. Trying to do this exchange was indeed an act of charity.
Now I have not included any charges into this but luno is already telling me that to break even my rate must be lower than 311 naira per dollar.
I get your point now bro, sorry for the Rip-Off language.
From what i see, Remitano is about 30k, that's 1k short of Luno so go ahead with luno.
My take is, have a fixed rate charges e.g say 3k for any 100SBD and increase it like that. Reason is, the person you are converting for should bear all cost of transactions not you...with that it is a win-win and you know that no matter what the network fee and transaction fee is, you still get your own transaction charges.
I missed this discussion. But never too late. I use luno. I have account with remitano and localbitcoin. However i have only transacted with luno. The last time i did the transaction with luno was in march or so. What i do now is to sell to indivudual on telegram. At least this is more profitable as well as safe. As at time of writing this the rate on telegram for btc is 340-345/ $. That's more better than ridiculous price from luno.
Got same mail, immediately I saw it and I said, "Hey this offer is too good to be true." Then I remembered my grandma used to say if an offer is too good to be true that it definitely is. So I did a quick search of the Internet and saw it was a scam. Glad the Remitano guys did a quick mail putting the matter to rest. Scams and phishing is now on the rise.
bro u are really doing a great thing for steem
all those pple critisizing lack the understanding of what you are doing.
you r doing sdb/naira not sdb/bitcoin and if a lot of pple will do this it will help the price of steem go up. nobody not even blocktrades is converting sdb straight to usd so there is no bases for their argument.altcoins converting to btc first is wht is giving btc the edge and i also think your rate is ok. you hardly even get btc at 360 even after paying fees to convert from sdb to btc
I guess I do have one question: have you looked into the legality of this? I want to make sure you have legal protections.....for example, we can't do this unless we have legal structure, to do so. Just want to protect you..
As the country's government is yet to officially legalise use of cryptocurrency, the laws on it is still a grey area. But as you suggested it'll be good to check from lawyers if there's a legal implication before the FIRS (our equivalence of IRS) comes kicking doors down.
I have just read the thread of some of the concerns of fellow Nigerians. Besides, read @stellabelle's two comments, especially the one regarding legality of the business. Put all comments into perspective, review the business model (the rate for conversion of SBDs to Naira) and return stronger with a solution that we need so badly in Nigeria. I'm already following you to see how this progresses. Stay strong and focused on achieving your dreams.
This is a commendable initiative. @nelyp does business and receives steem. Probably she maybe worth contacting in line of this discussion. I really got shocked at your rate 330/ $. But after reading ALL comments, i understood you wouldn't do it higher, except you are charity org. I think this is achievable although its a little more tasking or elaborate. You can sell your bitcoin at around 340/$ on some bitcoin telegram exchange. Although beware of many telegram scams. Of course i know one you can trade without hasle. Dont give up on this dream, I will like to be a stakeholder in making this sbd a success.
You can send me a message on steemit chat, if you would like to sell some btc to naira. I can easily give you the telegram link. You will get a better rate than luno. Cheers.
this is a great initiative, i made a post about this sometime ago, if every country on steemit could start doing this, it would really help the price of steem. kudos to you bro
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
many many thanks for share this post dear @taslimahmed
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
Always proving solutions, I've resteemed this for more views
Mr.Sam,
Are you in on this?
This is a rip-off..... Have done this for many people at the current Dollar Rate so am terribly shocked reading this fellas....Sorry i can't keep calm for this!Wow I appreciate the fact you pointed that out @oluwoleolaide
First of all, I think @tojukaka sincerely wants to help Nigerians out by saving the stress of wondering around, seeking for where to exchange. So I was giving support to the service, not the charges.
So he'll need to go back to his calculations.
Sincerely his original intention wasn't to help, not to over charge.
Thanks for the vote of confidence bro...
U know me and we talked about this. We never talked about rates but u know my heart. Thanks once again
I surely understand his point since i got to know he uses Luno!
Ive been using luno for a while...
I was with them when they had issues with Nigerian authorities. They have proven themselves to be trustworthy. Their fees may be high but i like the fact that I can trade btc against naira. Placing limit orders in their exchange does not attract any fees but everything else is on the high side
Wait just a minute man!
Send SBDs to you without charges or that had been taken care of with the 330 USD conversion? By my reckoning a dollar to Naira is 360..... that is a 30 gain mate... what if the person is changing up to 500 or above SBD?
This isn't fair you know, or am just dreaming reading this?
Well i have to consider tranfer charges. I use luno to make transactions...
How do u make ur own transaction.
I dont think its fair for u to accuse me of being a rip off..
Anyways I appreciate your contribution and concern...
Your post reads DIRECTLY, you are basically saying that "if" and speaking of bitcoin, you forget that a rise in bitcoin means a rise in their money, but you omitted that part. You are ripping them off. If you want to do business, regulate your rates because by my calculation, even @blocktrades will give a better deal at the end of the day. Nothing wrong with doing business, just don't rip people off please.
What about a drop in bitcoin sir?
Lets look at both side of the coin...
Thank you for your contributions sir
The term 'rip off' is strong...
U can ask @ewuoso
He has done conversions with me before. He can attest to my transparency. I always explain to the details. I even give screenshots of my bitcoin wallet address to him during trades. You guys dont know me personally thats why you are sounding like this...
I appreciate your contribution because i understand your heart but rip off is a strong word sir
@toukaka is the only person i have been transacting with. I send sbd to him and he sends naira. I dont know what he does with the sbd but as for me i am ok with it. If there is one thing i can say about him, he is trustworthy. I left my sbd with him for days and i did not disturb him because i knew he was going to send my money which he did.
I dont think he should be accused of trying to reap people off. This is business. Apart from that he has agreed to do a video that will teach people on how to transact themselves. If he had wanted to be dubious. He wouldnt have agreed to that. Even with that people will still not want to go through the stress. I dont really know much about crypto, so pending the time i learn, i guess ill just stick with @tojukaka.
Noted!
Issue resolved, you could see from previous comments.
My name was mentioned. I had to talk
I use Remitano which never charge up to 500 for a 200k transaction!
Have done it over and over again mate!
probably, fees inclusive. Let him clarify this.
I have to consider charges by blocktrades and luno. If you have a better way to do the transfers you can kindly share it...
1EPrmyuxTfiG9ZokVe877uxEu9BZBnE26r
This is my luno wallet address i use for conversions. You can verify for urself how much profit i make for these transactions
Transparency is key mate!
You could have indicated a fee instead of the 330 man, that is huge bro...
And i have done it without charges on several occasions so pardon my "Rip-Off language" this shocked me man.
And i use Remitano, trust me i have nothing against your business but you need to do your calculations right before many novice falls into this!
Okay thank you. I've never used reminato before and if you have a better means of conversion please teach me sir. I wouldnt mind sending you my sbd. I have to make some conversions tonight for some guy that wants to sell some 60sbd. If you have better rates then we should probably sell to you instead
I did a post on that bro, my advice is this:
Charge an outright fee for any transactions for credibility and transparency i.e For a 100 SBD Conversion to Naira charge a certain amount and so on...
That is the beauty of visibility studies, to make the individial to look credible once your products hits the market.
Trust me, i would have done for the fellow for free...
The key word is "teach" like you just asked. How about teaching others how to do what you want to do for them. You have a brilliant idea do not get me wrong. But I believe in the saying, "teach a man how to fish and not give him fish." I think that is what @oluwoleolaide and @ehiboss is trying to say. Have you thought that one day you will run at a loss if the exchange rate increases and if it reduces your customers faces same. I feel this is a decentralized platform and we all are here to learn from each other. I see nothing wrong in "teaching " people. You would only live to be remembered by the good work you do. Well done all the same.
The rate is supposed to cater for inter transfer charges by my calculations i have not made up to a dollar in profit. I was using 340naira but that wouldnt be fair to me... Because ill be bearing the burden of the fees
Nice one sir, at least i can now tell my friends how to convert there steem dollars to naira easily👍
Yeah, nice one. I'm wondering what the current rate is. Do you know any company currently recruiting block chain professionals?
HEy @tojukaka this is a really good idea. If this kicks off you might be able to create a proper exchange in Nigeria, help a lot of people and still make a little bit of profit. Really good and takes away the middle man BitCoin. Just make sure that you handle it well. It is never good to deal with money affairs lightly. People can quickly get upset.
No @flauwy, it is not a good idea!
Its not a good idea of have a sbd/naira exhange or u saying that because my rates are too high. Remember that in exchanges they charge you fees based on percentage. Not fixed rates. Except withdrawal from luno which is 200naira
The rates bro!
Noted
I am sure you can figure it out in way that works. :)
what's the rate mow bro?
Thanks
Ok, sorry. Mental note to myself: @tojukaka's idea is not good because @oluwoleolaide said it isn't.
Nooo don't get me wrong @flauwy
What i mean't was the business model isn't not the idea mate...he has a very good business plan which he needs to do more analysis on, you know we are in the same country so i knew what he got wrong...
Ah ok, cool. I am sure you can figure out a fair way together.
@ehiboss and @oluwoleolaide
I appreciate your contributions
You guys are my bosses and I understand your concern for the community.
I obviously should be coming to you guys to do my conversions since you seem to have better rates
I think the idea of a SBD/naira exchange is great and
I have to convert $60 for one fellow. Perhaps I should direct him to you because you have better rates?
I am not anyones boss mate, and you need not come to me for conversions.
From this trend, it's obvious you think we ruined your business which is not my intent....My intentions is for Us to have a Free and Fair Community.
Direct him to me, i could do that for him!
I could send u $100 right now please.
U said u can convert at what price sir? 360?
I would really appreciate that please.
I'll also refer someone to you. Perhaps he will chat u up on steemit chat. Thanks bro.
I really appreciate this
The guy has been on my neck to help him convert...
I was going to do a tutorial on the subject tomorrow
Check the value of 100-SBDs in bitcoin on Blocktrades
Then the btc equivalent check the price on luno give me a figure cos i will compare the figures with Remitano first...then all charges and fees from Blocktrade and Remitano is you will bear and you get your Naira Equivalent once am done say 30-mins
PS- i can only help with 100 SBD and above!
I really do hope that you understand my heart sir. If you have better rates i would really love to know how u do it. Its just that i dont trust those reminato people. Cos i never used them
Please may I go ahead and do the transfer?
can we chat on Steem.chat? have you checked the requirements?
Alright...
But these are some of the challenges I saw coming.
This is $100 conversion to bitcoin at luno.
I could get 0.02136btc for 100sbd
0.02136btc is 31,135naira
Assuming i was going to make this particular trade for someone I would be running at a huge loss even when Im buying @330
You see now sir. That I am not a rip off. Trying to do this exchange was indeed an act of charity.
Now I have not included any charges into this but luno is already telling me that to break even my rate must be lower than 311 naira per dollar.
I get your point now bro, sorry for the Rip-Off language.
From what i see, Remitano is about 30k, that's 1k short of Luno so go ahead with luno.
My take is, have a fixed rate charges e.g say 3k for any 100SBD and increase it like that. Reason is, the person you are converting for should bear all cost of transactions not you...with that it is a win-win and you know that no matter what the network fee and transaction fee is, you still get your own transaction charges.
One love bro...
Thanks for your contribution.
I think we can come together as a Nigerian community and figure out a way to go around these fees.
Honestly I dont feel like doing any conversions for anyone now that I see that I would be running at a loss
I missed this discussion. But never too late. I use luno. I have account with remitano and localbitcoin. However i have only transacted with luno. The last time i did the transaction with luno was in march or so. What i do now is to sell to indivudual on telegram. At least this is more profitable as well as safe. As at time of writing this the rate on telegram for btc is 340-345/ $. That's more better than ridiculous price from luno.
How is a $100 conversion gonna look like at ur reminato sir?
If reminato is better then i really should reconsider my options
I got a mail from reminnato today concerning free 0.2btc I'm just thinking its a scam, maybe someone has hacked their database, anyone saw that?
Got same mail, immediately I saw it and I said, "Hey this offer is too good to be true." Then I remembered my grandma used to say if an offer is too good to be true that it definitely is. So I did a quick search of the Internet and saw it was a scam. Glad the Remitano guys did a quick mail putting the matter to rest. Scams and phishing is now on the rise.
i did, it's scam!
They made a broadcast to counter that!
bro u are really doing a great thing for steem
all those pple critisizing lack the understanding of what you are doing.
you r doing sdb/naira not sdb/bitcoin and if a lot of pple will do this it will help the price of steem go up. nobody not even blocktrades is converting sdb straight to usd so there is no bases for their argument.altcoins converting to btc first is wht is giving btc the edge and i also think your rate is ok. you hardly even get btc at 360 even after paying fees to convert from sdb to btc
wow, you're really going the extra mile. I am impressed by your lack of fear.
I guess I do have one question: have you looked into the legality of this? I want to make sure you have legal protections.....for example, we can't do this unless we have legal structure, to do so. Just want to protect you..
As the country's government is yet to officially legalise use of cryptocurrency, the laws on it is still a grey area. But as you suggested it'll be good to check from lawyers if there's a legal implication before the FIRS (our equivalence of IRS) comes kicking doors down.
Thank you
That's a good idea
I have just read the thread of some of the concerns of fellow Nigerians. Besides, read @stellabelle's two comments, especially the one regarding legality of the business. Put all comments into perspective, review the business model (the rate for conversion of SBDs to Naira) and return stronger with a solution that we need so badly in Nigeria. I'm already following you to see how this progresses. Stay strong and focused on achieving your dreams.
@maryfavour
Thank you
Kudos bro this is really a good idea, and a humble gesture especially to newbies to cryptocurency like me thanks for this once again
This is a commendable initiative. @nelyp does business and receives steem. Probably she maybe worth contacting in line of this discussion. I really got shocked at your rate 330/ $. But after reading ALL comments, i understood you wouldn't do it higher, except you are charity org. I think this is achievable although its a little more tasking or elaborate. You can sell your bitcoin at around 340/$ on some bitcoin telegram exchange. Although beware of many telegram scams. Of course i know one you can trade without hasle. Dont give up on this dream, I will like to be a stakeholder in making this sbd a success.
Thank you
You can send me a message on steemit chat, if you would like to sell some btc to naira. I can easily give you the telegram link. You will get a better rate than luno. Cheers.
Thank you
My God this is impressive. It would be more impressive if you should tell how it works.
Well done .
This is a nice concept @tojukaka. I wish It works out, at least for the benefit of people like me.
this is a great initiative, i made a post about this sometime ago, if every country on steemit could start doing this, it would really help the price of steem. kudos to you bro
Thanks for your idea and contribution friend
It would be really useful and helpful to people new to steemit and blocked trade @tojukaka