How To Convert Hive To The Local Currency In Benin, CFA
My biggest worry about moving to Benin is how to convert Hive to the local currency CFA since I am currently fully dependent on Hive until a job comes up.
Before departing South Africa I made a research on Hive conversion to CFA without success, which further increased my worry.
Last week I found a way and made Hive withdrawals, it was a simple process, though some might find it cumbersome process, so in this article, I take us through the process.
PAXFUL
My search for a means to convert Hive to CFA led me to Paxful, not wasn't an easy find, I found others that had scams written all over them, one being Symlix which I wasn't comfortable with.
Paxful is a peer-to-peer cryptocurrency marketplace, available in most parts of the world, and claims to have over 300 payment methods. That is a lot of payment methods, I am happy that the one I can use MTN Mobile Money (MOMO) is available for payment.
MTN Mobile Money (MOMO)
Interestingly banks are rarely used here in Benin, I have not seen an ATM since I arrived in the country, unlike South Africa where there are ATMs every +- 5km.
I notice they use mobile money payment here known as MOMO, powered by MTN the country's biggest Telecom network provider.
All one needs to open a MOMO account is an MTN phone number and ID. So with everything being French and having to deal with translation often, I opened an account but don't know my password so I went to the MTN outlet for help and I was assisted. I was all set to use MOMO and couldn't wait to try it out.
Hive To CFA
Following the discovery of Paxful and MOMO, it was time for Hive to CFA conversion.
Firstly I withdrew Hive to Binance where I sold it for USDT.
Paxful supports Bitcoin, USDT, and USD Coin so I opted for USDT. I created a Paxful account, had my account verified, and sent my USDT from Binance to Paxful.
Since I can't withdraw less than $50 from Binance, I tested the process with just about $50. On Paxful I sold $20 worth of USDT for a trial. I chose the payment method I want which was MOMO.
After I initiated sell off my 20 USDT for CFA. I provided the buyer with my MOMO number (phone number).
In less than five minutes I receive an SMS confirmation for payment, in return I released the 20 USDT from Escrow for payment.
MOMO charges 2.33% for transaction fee, the charges on Paxful from experience varies, my first trade incurred $0.2 while the second trade was $0.51.
The process turned out to be simple, though I am going to be on the lookout for another means.
We owe it to ourselves to make Hive great
Image by @doze
Posted Using LeoFinance Beta
