Crypto Academy Contest / S7W1 - Practical Guide on the best way to buy STEEM in Nigeria

Hello Steemians, I'm very happy to be writing my second article in this first week of season 7 of the engagement challenge. I'm always very excited to write in the academy and the topic before us today is "Practical Guide on the best way to buy STEEM in your country", this is a very interesting topic to me and I will write on it to the best of my ability.

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What is the level of crypto adoption in your country and how popular is the Steem token?

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Cryptocurrency is a very popular name on the streets of Nigeria even those with little educational background have an understanding of Cryptocurrency and are constantly making something out of the market. This tells us that Cryptocurrency adoption is very high in my country which is Nigeria.

I did a lot of research about the countries of the world's adoption of Cryptocurrency to add to my knowledge about how Cryptocurrency has been adopted in my country. I found out from my research that Nigeria has always been in the top 5 or 10 on different websites which shows my country is one of the top adopters in the Crypto space.

Furthermore, the websites where I got the ranking about the adoption of Crypto by countries of the world used different analytics before they arrived at the ranking and some of the factors they considered will be listed below.

On-chain analysis of the value of Cryptocurrency received on exchanges weighted by the purchasing power ratio per region of the world.

On-chain analysis of the retail value of Cryptocurrency received on exchanges weighted by the purchasing power ratio per region of the world.

On-chain analysis of Peer-to-Peer (P2P) volume of Cryptocurrency transactions on exchanges weighted by the purchasing power ratio per region of the world and the number of internet users.

On-chain analysis of the Cryptocurrency received from Decentralized Finance protocols weighted by the purchasing power ratio per region of the world.

These are some of the things I read about how some websites came about the ranking of the countries of the world based on Cryptocurrency adoption.

So about the STEEM token in Nigeria, I will say that it is very popular here in my country not only because some of us use Steemit but based on token popularity by category. I talked about Nigerians being deep into Cryptocurrency earlier and for this reason, a lot of them know the in and out of how crypto works.

_{Steem token image taken from Pixabay}

I am on a lot of channel like the WhatsApp and Telegram groups and Facebook that is very popular in Nigeria where Crypto lovers gather together to share their opinion of tokens that will perform well in the future. They always do these based on Crypto categories and many occasions, Steem token has appeared on the first list of social-media-based tokens to watch out for and this shows how popular Steem is in Nigeria.

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Highlight various ways users in your country utilize to buy crypto assets

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Nigeria has a lot of Crypto users yet Cryptocurrency is not widely accepted in the country, even our government placed some restrictions on Crypto activities some years ago but this has not stopped Nigerians from trading Cryptocurrency or using it for anything they like.

I will be listing below some of the methods we use for buying Cryptocurrency in Nigeria.

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P2P Method

Peer-to-Peer is a very popular method that we use to buy Crypto from each other, this can be done among ourselves in a group where everyone is verified and when trading is to be carried out, a member of the Admin team on the group would serve as the escrow and only release the payment by the buyer if the buyer has received the assets in her wallet.

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Centralized Exchanges

We also use P2P trading on centralized exchanges to buy from verified sellers where the exchange will act as the intermediary in the trades to be sure that the buying process is transparent. Also, we use the spot trading platform on the exchanges to buy any token we are willing to buy using stablecoins or any other coins. To use the P2P on the exchanges, one must verify her identity before she can be able to participate.

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Decentralized Exchanges

We also use decentralized exchanges that have no middlemen in transactions to buy Crypto assets. This means one must have been able to store some tokens on the Crypto wallet and use them to purchase any other token of choice. The wallets also have card options to buy the tokens like stablecoins and we can in turn use it to buy any other token.

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Bank Transfer and E-wallet (CashLink)

Nigerians can not directly make bank deposits to buy crypto but a centralized exchange like Binance allows users to use a merchant known as CashLink to buy crypto easily by making bank deposits through it which will be credited to one's fiat wallet on the exchange. Also, cashlink allows users to deposit through e-wallets which credit the fiat wallet.

_{Currency image taken from Pixabay}

These are some of the ways we use to buy Cryptocurrency in Nigeria and with that, we hardly feel the ban the government has placed on crypto activities in the country although we feel some which I will talk about later where it was asked.

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Prepare a guide on at least one of the ways to buy Steem in your country (Practical steps with screenshots required)

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I will be talking about two ways on how to buy STEEM tokens in Nigeria and they are Spot Trading which is a method to buy Steem instantly using a limit order, market order, stop limit order, and many more, and Convert method that allows us to convert our assets to another easily and immediately.

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Buying Steem on Binance Spot Trading

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To use my Binance App to do this, I launched the App and from the homepage, I selected trades at the bottom of the page.

_{I selected Trades}

On the trades page, make sure you are on spot and choose a pair for Steem, Binance has STEEM/USDT, STEEM/BUSD, and STEEM/BTC. For me, I will be using STEEM/BUSD because I have BUSD to buy Steem and I selected Limit to customize the price.

_{I selected STEEM/BUSD and Limit Order}

Then Select how much of the BUSD to be used to buy the STEEM, I clicked the ticker to 100% because I am using all my BUSD to buy Steem and then clicked the button that has Buy STEEM.

_{I selected 100% and Buy}

So because I used a limit order, the order is waiting to be filled at 0.1589 where I will be getting 69.1 STEEM and once the price is stable at that price, the Steem will enter my wallet.

_{My Open Order}

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Buying Steem on Binance Convert

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Spot trading on Binance has a minimum limit of $10 and if one does not have up to that one can't use the spot trading. So for instance you have $1 to buy Steem and spot is not permitting you to complete the trade then convert can be used to get another token even as low as $1 without an extra fee.

From the App homepage as well, select trades and then Convert on the trades page.

_{I selected Convert}

On the convert page, there are from and to fields. In this situation, I have 1 BUSD that I want to exchange for STEEM, so my from is selected to be BUSD, and the to field is STEEM.

_{Convert from and to}

Now is the time to put in the amount to convert and I chose max then preview the conversion and confirm it on the pop-up.

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The conversion is complete with the easy steps taken above.

_{Conversion successful}

So we can use spot trading and convert to buy STEEM in Nigeria, these methods are the ones I believe are the easiest and most transparent. Although one can use P2P to buy from other users but I realized sellers do sell at a very high prices so for that reason spot trading and convert are preferable on Binance. Below is the screenshot of my Steem bought through those methods as shown in the steps I discussed earlier.

_{My Steem purchase history}

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How would you rate the ease of purchasing Steem tokens in your country? Highlight the difficulties in buying Steem in your country, if any

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On a scale of 10, I will rate the ease of buying Steem tokens in my country to be 9. To be frank, buying Steem is very easy in Nigeria as long as one has the assets paired with Steem that can be used to buy it or convert it to Steem. The one point missing is just the little bank deposit problem we have when depositing Naira which is our official currency.

You can see from the demonstration I made on how Steem can be bought in Nigeria that it is relatively very easy to buy Steem with no stress but the only difficulty is how to get the assets that can be used to buy Steem, some of these popular assets are USDT, BUSD, BTC, ETH, LTC, and many more. Naira must be deposited to buy these tokens or even convert Naira to Steem directly.

_{Crypto image taken from Pixabay}

The main difficulty is the unavailability of a direct bank deposit option. Bank deposit on the Binance exchange is routed through another merchant and this has its own limitations. For example, if a user wants to deposit using cards through Cashlink, the user can only deposit a minimum of #9000 which is not like that if direct card payment is available for Nigerians.

This means a user that doesn't want to buy up to that amount can not proceed with the card. Also, the bank deposit through cashlink has another limitation of lost or delayed payment since we are dealing with a third party. Direct deposits offered by Binance before the Nigerian government Crypto restriction is very easy and had no serious risk back then.

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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?

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First of all, Steem is one of its kind that started the journey of a decentralized social media platform token and that reign as the leader will continue till we see Steem having the highest value among its equals. Also, one of the things that interest investors to get into a Crypto asset is the team and Steem has a good team working tirelessly to make it more valuable.

Furthermore, Steem is a very useful token which gives influences the users that stake it on the Steem blockchain as Steem Power (SP), more people will be willing to buy more of this token to earn more curation rewards, SP holder rewards from newly mined Steem and many more which would also help its price in the future. There are so many developments ongoing on Steemit and when all of these are implemented, it will add more value to Steem.

Also, Steem is generated from blocks in excess at the moment but this decreases as time goes on until when the inflation rate hits 0.95% when the Steem token creation will be reduced and its value would hit its peak at that time. I also believe there would be more utility of Steem in the future which makes me conclude that STEEM has a bright future.

A method of buying Steem I would like to see in my country is Bank deposit but this is only possible when the government relieves the restrictions to permit easy deposit from our bank accounts. If this is made possible, then I can easily convert my Naira to Steem.

Furthermore, in the future when Crypto is accepted across the world and considered legal, I will like to see something like Steem ATM where we can use something like the Steem Card that has a direct connection with one's unique Steem wallet to deposit the asset through the automated machines, this can also be used to purchase more Steem or transfer to other users.

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Conclusion

Cryptocurrency is very popular in Nigeria and this keeps the country on the top list of countries of the world that uses the asset more, also Steem is popular in Nigeria not only among Steemians but many crypto lovers are very aware of Steem. There are government restrictions on the use of Cryptocurrency in Nigeria but we use different methods like P2P, spot trading, and many others to make our trades.

I strongly believe in the future of Steem and in some years, the price of this asset would be hitting the top and competing with some top popular tokens in the crypto space. Thanks to the academy for this beautiful contest.

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I invite @jasminemary, @drqamu and @josepha to participate in this conte