The adoption of cryptocurrency continues to gain traction due to its potential for a moonshot and a tool to hedge against inflation – which is what Nigeria is currently going through. This has led to a significant drop in the value of the Naira to the U.S. dollar, posing a tough time for individuals and businesses. But as saving in naira may seem unsustainable at this time when Nigeria’s inflation rate is over 28%, using USDT to save in dollars might be the solution.
It is common knowledge that there is a wide gap between the naira and the dollar, with the current value of $1 equals about N1,500 in the market today. This means that saving in naira might be a backward idea. For instance, $1 was N365 about six (6) years ago – meaning that if you had saved $1,000, which was equivalent to N365,000, today, it would be N1.5 million in your savings account today.
However, as many people see the prospect of saving in U.S. dollars to circumnavigate the steady fall of the naira to the dollar, there is a question of how to get and save the dollars. That is simple because because you do so by buying USDT.
What Is USDT?
USDT (Tether) is a stablecoin cryptocurrency whose value is pegged to fiat currencies like the dollar at 1:1. Millions of blockchain users widely use this crypto asset to trade and transact on various networks without third-party influence. That is because the volatile nature of the crypto market that affects Bitcoin, Ethereum, etc., does not affect USDT.
Therefore, the price of 1 USDT is $1 – meaning that holding a USDT is the same as having U.S. dollars with you.
Reasons You Should Save In USDT
The following are some of the reasons to consider saving in USDT to hold U.S. dollars:
- It is a stable digital currency (stablecoin).
- Protects you against inflation as you continue saving in dollars with a higher value than the naira.
- High dollar purchasing power enables you to afford your bills in the face of inflation.
How To Save Money In Dollars Using USDT
You must buy USDT to start saving in dollars. This is a simple process, as it is similar to purchasing other cryptocurrencies like Bitcoin, Ethereum. Binance Coin, etc. But, you must know that acquiring USDT can vary with exchange platforms. Here is a common step for all crypto exchanges in buying the stablecoin:
- Register with your preferred crypto exchange and log into your account.
- Create a USDT wallet on the exchange.
- Purchase USDT with a preferred payment method on the exchange and store your tokens in your USDT wallet.
You can choose to hold your USDT for as long as you wish. But there will certainly be a time to convert the tokens held in dollars to the naira – which you will need how to sell USDT for naira.
Where To Sell USDT Into Naira – Prestmit
Prestmit is the place to convert your USDT to naira in Nigeria. It is a popular and reputable over-the-counter (OTC) digital trading platform on which you can buy and sell cryptocurrencies and gift cards.
Conclusion
The current state of Nigeria’s economy is making the value of the naira dip year-on-year, even when there is optimism that it could get better if proper factors are considered. But as many Nigerians are racing against the time of survival to have high savings at all costs, saving in dollars using USDT can be the solution.
However, it should be noted that this is not financial advice from a professional angle, but it is worth considering by researching more to have a deeper understanding.
When you are ready to sell your USDT, always consider Prestmit your best and most reliable option.
This news is republished from another source. You can check the original article here
