When Satoshi created Bitcoins in 2009 he showed the world the possibilities of a new type of currency apart from fiat money. It was the first time a currency existed on the decentralized blockchain system. Even with all its positives, Bitcoins still faces a couple of problems most notably the fluctuating value. For example, the 2013 ban of Bitcoins in China led to a 50% loss in value which in turn it made investors lose. There have been several values crashes like that in the past. Other cryptocurrencies have been invented after Bitcoins to improve on the first crypto. None of them has been able to fix the fluctuating price problem like Tether USDT. If there was ever the best time to figure out how to sell USDT for Naira, now is that time. But first of all, what is Tether USDT?
What’s Tether USDT
Like all other types of Cryptocurrencies, it is a blockchain-oriented digital currency that is equivalent to a dollar. The stablecoin’s value never drops or rises more than the value of the dollar i.e 1 USDT is = $1. A smart move by the BitFinex crypto exchange company. They positioned Tether as the future dollar for when currencies fully go digital and also an alternative way of storing dollars.
Why Change USDT To Naira?
By now it should be getting clearer why changing it to Naira at this point in time will be profitable. The exchange rate of a dollar to Naira as at the time of creating this article is $1 to -N-411. In recent times it has risen to -N-500 and more. This drop in the value of the Naira makes it financially smart to sell your Tether in Nigeria.
How To Sell USDT In Nigeria
Trading cryptocurrency in general with your bank account has been banned in Nigeria. The only way left to turn your USDT to Naira is by trading on a peer to peer platform that enables this service.
First, you would have to create an account of the platform for you to be able to log in. Once you create an account you will be given a free USDT wallet. When you send the amount of USDT you want to change to your wallet, wait for 3 confirmations. After the confirmation, you can now withdraw your money in Naira. For more clarity on this process, you should check out how to sell USDT for Naira on the best platform that trades at high rates.
So what are you waiting for? Start trading your USDT for Naira in order to make a profit while the exchange still favours the dollar.