Product Education

How to Convert Stablecoins to Ghana Cedis

Oluwaferanmi Famuyiwa
•3 min read
How to Convert Stablecoins to Ghana Cedis

Learn how to seamlessly convert your stablecoins to Ghana Cedis using Bitnob's secure platform. This guide walks you through the process step-by-step

Let’s say you stumbled on this post, and the first question that popped into your mind after seeing the title is ‘What are stablecoins?’. Well, you’re welcome, so let’s do a little definition of what it truly means. 

Stablecoins are digital currencies whose value is pegged, or tied, to that of another currency, commodity, or financial instrument. Imagine cryptocurrencies with the convenience of digital cash but without the wild price swings. That's the idea behind stablecoins! They are digital assets pegged to a stable reference point, like the Ghanaian Cedis (GHS) or the US Dollar (USD). This peg helps keep their value predictable, making them ideal for transactions compared to volatile cryptocurrencies like Bitcoin.

Accessing digital currencies in Ghana can be challenging, while some can be acquired through peer-to-peer platforms, converting them back to Ghana cedis (GHS) can be very tedious so people who receive payment in stablecoins might have to wait to convert them to GHS, potentially impacting their cash flow.

However, the future looks promising. As regulations evolve and growing interest in digital currencies emerges, converting digital currencies to GHS could become easier. This blog guides you on how to convert your stable digital assets directly into Ghanaian Cedis (GHS) using the user-friendly Bitnob App. 

Receiving Stablecoins on the Bitnob App

Bitnob simplifies receiving stablecoins like USDT, making them readily available for conversion to Ghana Cedis (GHS) whenever needed. Here's how to get started:

  • Access a Bitnob account by downloading the app first via the App Store or PlayStore.
  • Once you verify your bitnob account, Go to the homepage, and navigate to the  Quick Links section.
  • Choose the USDT option to receive stablecoins.
  • Select your preferred network (typically Tron TRC20 for lower fees).
  • You can either scan the QR code or copy the wallet address. Sharing the address is also an option.
  • Once the USDT is sent, it will be reflected in your Bitnob account shortly.

Converting Stablecoins to Ghana Cedis on the Bitnob App

After receiving your stablecoins, converting them to GHS is a breeze:

  • Open to the "Withdraw" Section: Navigate to the "Withdraw" option within the Bitnob app.
  • Choose Your Destination: Select the account you want to receive the Cedis in (ensure you've previously added your bank details).
  • Specify the Amount: Enter the desired amount you want to convert from your USD Wallet (which holds your stablecoins) into GHS. Bitnob will display the equivalent amount in Cedis.
  • Finalize the Conversion: Review the transaction details carefully. Once confirmed, enter your Bitnob PIN to complete the conversion.
  • Conversion Complete: Your USDT is now converted to GHS and transferred to your local bank account. Congratulations!

Do More With the Bitnob App

While this guide focused on receiving and converting stablecoins on Bitnob, it's important to remember that Bitnob can do much more. With Bitnob, you can buy, sell, and securely store Bitcoin (BTC). 

Also for convenient online transactions, Bitnob offers virtual card services. This eliminates the need for physical cards and allows for secure online shopping across various platforms.

Found this helpful? Download Bitnob today to get started!