Steemit Crypto Academy Contest / S7W1 - Practical Guide on the best way to buy STEEM in Nigeria
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A practical topic we have today is a good start for the steemit crypto academy season 7 week 1. In earnest, these are the types of topics that should be discussed at least two or 3 times every season to educate others who are new to the platform.
Before this time, the crypto academy as we know presents practical lectures and then gives students tasks on practices such as the reading of candle sticks and the use of different indicators. I must say that all knowledge I have today about crypto came from these classes.
Without further ado, let's go into the interesting topic for the week. Today I'm presenting my entry number 5 for this week's engagement challenge and I do hope you find my article educative and interesting. Let's look at a few questions below as required by the task.
What is the level of crypto adoption in your country and how popular is the Steem token?
The level of crypto adoption in my country is very high at the time of writing this article. Though the government at some point tried to fight crypto after a while, they saw that it is a token that is gradually accepted by the World at large.
Cryptocurrency is known by almost every young person and some old people in the country. As of 2020, during the period of coronavirus, crypto adoption became more popular because it is one of the ways people made money and survived during the lockdown period since people are not allowed to work.
As I have said earlier, due to how crypto assets help the youths during the lockdown, the government tried their possible best to stop the adoption but the more they fight it the more the adoption. An example of those that made it through crypto which the government fight in this country is the Bitcoin Lord.
This is a young man that bought bitcoin as early as 2009 when crypto came to the limelight and sold it in 2020 when the price was high. The government attacked him then because at that point they never believe one could just make such money.
I came to find out more about cryptocurrency during the lockdown period in 2020 and a lot of youths around me also did the same. Talking about crypto adoption in Nigeria, from the little research I made, I notice that my country is always among the top 10 when it comes to countries that use cryptocurrency.
On Facebook, telegram and even WhatsApp, we see different groups related to cryptocurrency created by Nigerians to educate and guide different people all over the world on how to make money via cryptocurrency. This shows how far Nigerians have gone when it comes to the adoption of cryptocurrency.
The steem token is one of the most popular tokens in Nigeria. Aside from Bitcoin, the first crypto I learnt about is the steem token. You will agree with me that even on the steemit platform today, one of the most populated users is from Nigeria. The only country that I believe is higher than us in population is Venezuela and with time I guess we will be more than them.
So the steem token is popular here in Nigeria because it is the first social media that rewards content writers. And people here are always looking for ways to earn a living and the steemit platform has helped in doing that the steem token.
Highlight various ways users in your country utilize to buy crypto assets.
There are many ways that users in Nigeria use to buy crypto assets. I have said earlier that the government is fighting the adoption of crypto assets seriously but despite that, the more they fight against its adoption, the more users adopt its use. The few ways which can be used to buy crypto in Nigeria include.
- P2P
- Centralized Exchange
- Decentralized Exchange
- CashLink
P2P: This is the most used method to purchase crypto assets here in Nigeria. Here, you find a peer and then buy the asset by sending the amount you wish to purchase and the team of admins ensures that the seller receives the exact amount before the asset is released to the buyer. Here sellers and buyers are all verified before the transactions can be done.
Centralized Exchange: Centralized exchange is also used to buy crypto assets. Here the P2P procedure is also carried out where the exchange acts as an intermediary between the buyer and the seller. Both buyers and sellers are supposed to be verified too to avoid every fraudulent act.
Decentralized Exchange: This is another method which can be used to purchase crypto assets. Though there is no third party in this transaction hence it works purely with the help of a smart contract. You can deposit money via credit card and then use that money to purchase some coins from the exchange.
CashLink (Bundle App): Since Nigerians are not allowed to directly buy crypto from a bank account, the binance platform recently provided an option where we have a merchant that you will buy from through the cash link application. These are a marketplace where you will see both buyers and sellers and you will be charged a few fees when you want to purchase any of the available tokens from the merchant.
The screenshot above is taken from my bundle app where you can deposit funds via P2P and then purchase the assets of your choice thereafter on the app. The most used cryptos are found in the app. Those are a few ways in which one can purchase crypto assets here in Nigeria.
Prepare a guide on at least one of the ways to buy Steem in your country (Practical steps with screenshots required).
Here in this sectionn, I will be sharing with us his to purchase steem tokens from the two exchanges I frequently use I.e binance and roqqu wallet. The steps are quite simple. Let's start with the Binance app.
Buying steem on Binance Exchange
- Step 1: Launch your binance app and then at the homepage, select trade as you can see in the screenshot below.
- Step 2: I selected the pair of STEEM/BUSD. There are four pairs for steem trading on binance as you can see in the screenshot below
- Step 3: I decided to use the spot trading as marked in the screenshot below, I also included the amount of BUSD I want to use in purchasing the steem the I click on buy steem as seen below
- Step 4: The order placed is seen below. It didn't execute immediately since I didn't use the market order. The limit order is what I use for the transaction.
Buying steem on Roqqu Wallet
- Step 1: Launch your roqqu app and if you have some amount in the wallet already like my case here as seen in the screenshot below then you go straight into buying
- Step 2: Go to steem token and click on it select to buy as seen below
- Step 3: Enter the amount you wish to buy as seen below
- Step 4: Confirm the transaction and if the transaction is okay by you click accept as seen below
- Step 5: Once that is done, a successful message will be sent to you as seen below
- Step 6: Check your wallet and then you will see your purchased steem added instantly.
How would you rate the ease of purchasing Steem tokens in your country? Highlight the difficulties in buying Steem in your country, if any.
From both illustrations given above I.e binance exchange and the roqqu wallet, you will agree with me that the purchase of crypto assets here in Nigeria is very easy and fast. All you need is to follow the simple procedure I just showed and immediately you will have your asset present in your wallet.
I must say that on a scale of 5, I will rate the ease of this purchase 5/5 because it is quite easy that even a newbie while reading through the instructions can do it without any assistance from anyone.
Highlight the difficulties in buying Steem in your country, if any.
From the illustration, you will also agree with me that there are no difficulties when it comes to the purchase of steem in my country. Once you have the money in your wallet, just with a few clicks you will have the steem token credited to you. So in summary, buying any form of crypto assets in Nigeria is fast and very easy.
What's your opinion on the future of the Steem token? And what method of buying Steem would you like to be made available in your country?
Steem token like every other token recently has faced a bearish movement. I'm confident of the future of the token because the token didn't depreciate much even when other tokens are depreciating steadily during this bearish phase.
Based on the initiative to keep the price of the assets moving, I.e the burn steem initiative and also the promo steem initiative, I'm certain that the future of the token is secured. With the help of this initiative, we have seen that the price is not much affected.
In summary, I believe very well in the future of the steem token and I know it will surely rise beyond our expectations someday. With more people holding the token, it will go a long way to help raise the price of the asset in ko distant time.
And what method of buying Steem would you like to be made available in your country?
The method of steem buying that I will like to be made available in my country is the credit card method. A method where there will be no restriction by the government. Where users can directly fund their wallet without passing through a P2P procedure.
With direct funding from our wallets using our credit cards, the stress of looking for an available pair before purchasing any crypto assets wi be eradicated. Most times, when I wish to buy an asset, funding my wallet won't be possible at the time because there are no available pairs.
If direct funding in credit cards is allowed, then crypto trading I.e buying and selling will be more smoother and beautiful. This is the only method I wish should be added.
The practical guide given in this publication is what I have been using to trade my crypto asset since I started my crypto journey. The two exchanges I use regularly are binance and roqqu and I have demonstrated how to buy steem tokens using both exchanges. This is indeed a nice task as it will help those coming newly into the platform to trade their asset without issues.
I will like to invite a few friends to also join this contest with me. I invite @sofian88, @damithudaya, @steemdoctor1, @shohana1 and @lavanyalakshman to also read through my publication today.
Thank you, friend!
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Buying steem through Binance is very simple.
Nice Explanation from you. Best of luck my friend.
Thanks for your comment and support
@simonnwigwe Dear brother, I have read your article and you have written very well, and you have added very good points in the challenge post. I think cryptocurrency adoption in Nigeria is high, especially among young people. The government initially tried to fight it, but it has become increasingly accepted. The lockdown period in 2020 also led to a rise in interest and adoption as it provided a way for people to make money. Nigeria is among the top 10 countries in terms of cryptocurrency usage, and there are many groups and platforms, such as Facebook, Telegram, and WhatsApp, that educate and guide people on how to make money through cryptocurrency. The steem token is particularly popular in Nigeria because it rewards content creators and provides a way for people to earn a living.
P2P, Centralized Exchange and Decentralized Exchange are all methods to purchase crypto assets. P2P transactions involve buying from a peer, with the exchange acting as an intermediary. Centralized exchanges also involve intermediaries, while Decentralized exchanges use smart contracts to facilitate transactions without the need for a third party. CashLink (Bundle App) is a marketplace provided by Binance that allows users to purchase crypto assets using a merchant, with a small fee. Best of luck 🙂🙂🙂
Thanks for your comment and contributions my friend.
I have heard so much about Bitcoin Lord. I heard is a multi-millionaire from eastern part of NIGERIA. Government hate seeing youth progressing of which I can really tell why. You have written well and also show the best way to buy STEEM token. I wish you success sir.
Thanks for your comment my friend.
Great post, it's great to see an in-depth analysis of the level of crypto adoption in Nigeria. Your insights on how the government has tried to fight crypto adoption but it has become increasingly popular, particularly during the lockdown period, is very informative. It's also interesting to see the different ways that users in Nigeria are able to buy crypto assets, such as P2P, centralized exchanges, decentralized exchanges, and CashLink. I appreciate the mention of the steem token being popular in the country, it is indeed a valuable token in the crypto world and it's great to see its adoption in Nigeria. Keep up the good work, your post is very educative and informative.
Thanks for your comment my friend
Dear friend,your post is awesome Nigeria has seen a significant increase in cryptocurrency adoption in recent years. Many Nigerians have turned to cryptocurrencies as a means of hedging against inflation and currency devaluation. Additionally, the country's large population of young and tech-savvy individuals have helped drive adoption. However, regulatory uncertainty remains a concern.
P2P and centralized exchanges are both popular methods for buying and selling cryptocurrencies in Nigeria. P2P allows for direct transactions between buyers and sellers, while centralized exchanges act as intermediaries. Both have their own pros and cons, but both can be used to access the world of cryptocurrencies.thank you for participating in the contest.
That's very true about Nigeria, many of the youths are into cryptocurrency and even some that does not know much before can now do more in the crypto space when they joined steemit. Like the academy helped you, I also learned a lot from the academy which added to some of the things I have learned before joining Steemit.
P2P is the best method we have used to get Naira into the exchanges to buy more tokens since the restriction was enforced by the government. CashLink is also a good method that I use on Binance.
Binance is my favorite among all the exchanges available to Nigerians because it is very easy to use and has a lot of features that investors can use to make more money.