How to Turn HIVE/STEEM to PHP (or any local currency) via Binance
So, I have been a loyal user of Coins PH since I installed it back in 2016 I think... However, during the new year I learned that Coins PH was bought by an Indonesian company and that most of the original staff have already gone.
Of course I'm not up to date with all things crypto so imagine how surprised I was to find out almost two years later. haha. I was even following a major personality from Coins PH on Twitter but I never saw much of his Tweets about it. Turns out he also left the company and moved to Binance. Oh my.
I do get email updates from Binance but I don't always check my inbox you know. One time I saw something about the Peer to Peer (P2P) trading but never really thought much since I have Coins PH. Eventually over the years I saw some posts in social media saying it's better to use P2P in Binance instead of Coins PH because of the conversion rate and fees. Being the not-so-up-to-date me I still did not bother using the former until I had to. 😂
So anyway let's start with the basics and then go on from there.
TL: DR
I. What is Binance?
II. What is Binance P2P?
III. How to Send Hive/Steem to Binance
IV. How to Convert Crypto to Fiat Currency (BTC to PHP, etc.) Using Binance P2P
- Sign up for an Account (Skip if you already have an account.)
- Get Verified (Skip This if You're Done)
- Add a Payment Method
- Go To the P2P Section
- Transfer your crypto from Spot wallet to P2P
- Sell that Crypto Baby!!!
V. Why Use Binance P2P?
What is Binance?
For those new to cryptocurrencies like Bitcoin, Steem or Hive, Binance is where you can trade (exchange) your Fiat (money) into cryptocurrency like BTC, ETH, etc. Or to put it simply, it is where you can buy and sell digital coins.
On Wikipedia it says:
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies.
Changpeng Zhao is a Chinese-Canadian business executive, who is the founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume, as of April 2018.
What is Binance P2P?
Peer to Peer (P2P) means site members/users can buy and sell cryptocurrencies locally. Like here in the Philippines, if someone wants to buy or sell Bitcoin through his/her bank account (or one of the 2 local finance apps) they will use the P2P option.
On the website, it says this:
Peer-to-peer exchange (or P2P trading) is a marketplace where people can trade crypto directly with each other on their own terms, in virtually any country.
P2P exchange is...
also known as P2P (customer to customer) trading in some regions. In a P2P trade user directly deals with his/her counterparty, exchanging the fiat asset offline and confirming the transaction online. Once the offline fiat asset exchange is confirmed by both parties, the digital asset is released to the buyer.
No need to use a credit card or even convert PHP to USD just to buy any crypto. Binance P2P is all you will need.
How to Send HIVE/STEEM to Binance
Because this post would have been too long, I decided to go ahead and post this first. You can read it here.
If you've read it or already know how then let's go to the main event!
How to Convert Crypto to Fiat Currency (BTC to PHP, etc.) Using Binance P2P
First of all, you have to trade/sell your HIVE/STEEM to BTC, ETH, etc., in Binance before you can convert it to PHP (Philippine Peso) in P2P. Only then will you be able to continue on in cashing out your Hive blog / Steemit earnings.
What do you need to do to be able to use P2P? Here's a step by step process for you via Binance website. (For mobile app, it is quite the same. Just find the same links/buttons in the app and you should be good to go.)
1. Sign up for an Account (Skip if you already have an account.)
In order to use Binance, you need to register or create an account through their website or the mobile app.
Clicking any Binance link here will automatically route you to the registration page of the site which shows my referral code. Well hey if this article helps you, feel free to click on the links anytime.
2. Get Verified (Skip This if You're Done)
If you just signed up, you have to do the Know Your Customer (KYC) process. Check your email and smartphone too and do the required verification.
In case you already have an account before reading this but have not gotten verified yet then all you have to do is...
A. Login to your account after registration and email/mobile verification.
The main page looks like this (today).
B. Look for the human icon near the top right and hover on it for the drop down selection to appear. Click on [Identification].
C. In the Identity Verification area, click [Verify]
...and you can go from there.
3. Add a Payment Method
After you're done with the KYC and you've received the verification confirmation, you should add a payment method. This is where you will receive the fiat currency or PHP.
Do this by clicking Payment in your Dashboard (upper left side), or in the P2P page click More at the far right and then in the drop down select Payment Settings.
Well, are you getting excited? Haha, this is it. You will finally convert your crypto to Philippine Peso! Woohoooo!!!
4. Go To the P2P Section
There are three ways to get to P2P. 1st one is thru the Trade drop down, 2nd is thru the Dashboard and 3rd is via the Wallet drop down.
If you use the third option you will see this page.
5. Transfer your crypto from Spot wallet to P2P.
Click the Transfer link if you still have not transferred the cryptos into P2P. Otherwise you will think, "Why is my BTC (or other cryptos) missing?!" Well it's still in your Spot wallet. 😅😆
Once the transfer is confirmed it should show up in your P2P balance when you click the sell button.
6. Sell that Crypto Baby!!!
Once in the P2P page you can proceed to sell (or buy) cryptos. If you had chosen the 1st way to get to P2P you will immediately be taken to the page to buy cryptos.
Now we will be selling our BTC to turn it into PHP!!! 🤑
Click the Sell button (under Express) and the BTC link (beside USDT) so you will see all the people you can sell BTC to! 😍
Just choose one with a limit within the Peso equivalent of your crypto. When you click the red Sell BTC button of the chosen peer this is what you will see: balance, payment time limit, price, payment method and more.
After putting all the required info, click Sell BTC button to go to the transaction page. (Notice there is a transaction time limit of 15 minutes.)
The buyer can also send you a screenshot of the transfer confirmation thru the chat box at the right as proof of it being sent to your selected payment method. You can communicate with them in real time via this chat box.
Always make sure to check first if you've received the equivalent money in your bank account or the 2 other bank/finance apps BEFORE you click on the Confirm release button. This is to avoid being scammed. (Losing crypto can be heartbreaking especially if you really need the money or you worked really hard for it.)
To minimize/avoid any scams you can also use P2P Express instead. Haven't tried this yet but saw a post regarding some people in Nigeria being scammed thru P2P so they use the Express option.
And that's it! You can finally use that HIVE/STEEM you worked so hard for! 😂 Hurray you have more money now! 🎉🍻
So, how was it? Have you tried this method yet?
Oh wait, let me tell you something before I end this post.
Why Use Binance P2P?
The reason I prefer to use this now when cashing out instead of Coins PH is because Coinpot has already closed and is gone. 😢 And so I don't want to use Blocktrades to trade my HIVE/STEEM directly because of the fees. Imagine I can only convert my HIVE to BTC or ETH directly to go to my Coins PH wallet. STEEM can't be cashed out via Blocktrades (last time I checked) so what else do I use but Binance. 😅 (I haven't tried Poloniex even if I finally have an "approved" account there.)
On top of that the conversion of crypto to PHP is not the same as when I do a P2P transaction. With this method, I gained more than P1k as opposed to if I didn't use Binance. Sweet right?
(For Coinpot withdrawal updates/appeals you can read the official announcements in THIS FORUM.)
Anyway, that's all folks! Hope this helps y'all. If you have or haven't used this before, feel free to share your thoughts in the comments. 😀
XOXO,
@artgirl
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Written by @artgirl for Steemit/Hive.
© Art x Stephanie Rue
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