It’s no news that the Naira continues to suffer currency devaluation at an alarming rate. In 2013, A dollar was 150 to the Naira, Today it is nearing 500 to the Naira, this increase is more than 300% in the last 7 years, what this means for your money held in Naira is that your money has lost 3x the value it used to have and on a wider scale, inflation an increase in the price of goods and services means that you’re generally losing value for your money and would need to work 3 times as hard and make 3 times as you were making in 2013 to beat this abnormal increase.
What then is the solution?
Holding and saving your money in a more stable currency is the only way to beat this.
Stablecoins: Stablecoins are a cryptocurrency class that are backed by a stable reserve hence have a stable market value. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies. Stable coins enjoy a one to one ratio, this implies that one USDT is equal to one dollar(USD)
USDT is also known as USD Token is the stable coin of the United States Dollar.
Introducing Bitnob USDT Wallet
Every user on Bitnob gets a default USD wallet when they sign up, this wallet can be used for sending, receiving and most importantly saving in USDT which offers more stability for their hard-earned money.
The best part of using Bitnob to hold and save USDT is that you can easily withdraw to a bank account of your Choosing at the current market rates.
You can also use the BItnob USDT wallet to power Peer to Peer(P2P) transactions by sending and receiving via the Bitnob App, all you need is the Bitnob username of the receiver is you’re the one sending and if you’re on the receiving end, let the sender have your Bitnob username. This process is fast and seamless and the transaction charge for sending and receiving USDT via the Bitnob App is Zero!
To buy USDT in your Bitnob USD wallet, simply purchase an Ovvar voucher here
To Send USDT in p2p transaction, navigate to your USD wallet, click on send, input the receiver’s username, our system matches the username to the name of the user and then you can click on send.