How To Save Money in Dollars with USDT

With the current economic situation in Nigeria, it’s not uncommon to come across several money-saving strategies and hacks. The goal is to preserve the value of your money and increase your purchasing power. 

A recurring element in all money-saving advice is “Dollars.” With currencies being measured against the U.S. Dollar, it’s safe to say that saving your money in Dollars is a great move — but what happens when there’s also a scarcity of Dollars in your country? 

In this article, you’ll learn how to save your Naira in Dollars using the most popular stablecoin, Tether USDT.

In addition to learning how to save money in USDT, we will discuss the best app to sell your USDT for cash when you’re ready to convert it to Naira. 

Bonus tip – this app allows you to withdraw funds directly into your bank account in less than five minutes!

 

What is USDT?

USDT is a stablecoin cryptocurrency created by Tether Limited in 2014 to act as the internet’s Digital Dollar. Each USDT token is worth $1.00 and backed by $1.00 in physical reserves. Millions of blockchain users use Tether to trade daily and transact on numerous blockchain networks – without requiring a third party.

As mentioned earlier, this stablecoin is pegged to the U.S. dollar at 1:1. In theory, it should be unaffected by the volatility of the market, which usually affects the valuation of other crypto coins, such as Bitcoin.

Tether offers USDT users transparency, stability, and low fees while bridging the gap between fiat currencies and blockchain assets. There are several USDT networks, with the TRC-20 Network being the most popular.

Why You Should Save In Dollar Stablecoins

I know what you’re thinking: 

“You are telling me to save my Naira in crypto when you know how volatile the market is?”

But before you conclude and cancel crypto, stablecoins like USDT may hold the key to solving your money-saving challenges; here’s why:

1. Protects you against inflation.
2. It is an economically viable currency.
3. It is a highly integrable currency.
4. It’s a stable digital currency.
5. The dollar has a higher purchasing power.

How To Save Money in Dollars with USDT

To save money in Dollars, you need to purchase the U.S. Dollars backed stablecoin – USDT. This process is relatively easy, but kindly note that the process differs between exchange platforms. Follow the process on your chosen USDT trading platform.

But here is a quick process that is common in exchanges. 

1. Firstly, you need to register with a crypto exchange platform where you can purchase USDT. 
2. If you already have a registered account with a trusted exchange, log in to your account.
3. Purchase USDT from the exchange in any amount you want.

That’s it!

You can hold on to your USDT for as long as you like or even buy more as you please. But there will come a time when you will need to sell some of it and convert it back to Naira. 

So, next, we will discuss how to convert your USDT back to Naira by using the best crypto trading app to sell USDT in Nigeria, Breet.

How To Convert Your USDT Back To Naira Using Breet

Selling your USDT on Breet is quick and easy and only requires a few steps.

1. Register an account with Breet if you are a new user. (You get a permanent wallet address automatically generated after sign-up)
2. Log in if you are an existing user.
3. On the home dashboard, click on “TETHER”.
4. Select a suitable USDT Network among the options (ERC20, MATIC, and TRC20)
5. Click on “PROCEED.”
6. From the exchange platform you used to purchase and store your USDT, send the USDT amount you wish to sell to your generated Breet USDT wallet address.
7. Rates are displayed on the USDT wallet trade page, and there are different rates for different ranges of USDT in (USD) received in your wallet.
8. You need to wait for at least three confirmations from the blockchain network.
9. After completing your transaction, your balance will be shown in your Naira wallet (previously set as your default wallet).

That’s it! You can leave your funds in your Breet Naira wallet or withdraw them to your local bank account.

Check out this article for a detailed guide on withdrawing to your local bank account.

Frequently Asked Questions (FAQs) About How to Save Money in Dollars with USDT

How do I transfer USDT to my bank account?

Transferring USDT from an exchange to your bank account in Nigeria or Ghana is a direct, smooth, and quick process with Breet. All you need to do is sign up for an automatically generated wallet. Send your USDT from your storage to this address and after the blockchain confirmation time, your Naira will be ready for withdrawal into your account. Withdrawal gets even smoother when you turn on the ‘Automatic Settlement’ feature for automatic deposits into your account. 

Why should I use USDT instead of USD?

If you had the choice between the fiat or crypto version of these coins, picking one or the other is down to your personal preference. Choosing USDT has several advantages. It is convenient and free from third-party interference, so it is cheaper and faster than USD-backed traditional banking channels. 

With USDT, your earning potential is also higher since many platforms offer interest on USDT, which can be a great source of passive income. 

How can I start saving in Dollars in Nigeria?

You can start by buying USDT on crypto exchanges. USDT is a stablecoin backed by the U.S. dollar — it is basically Dollars but in crypto. So, instead of relying on traditional banking to provide you with scarce Dollars to buy (which takes forever), you can take matters into your own hands by investing in USDT. 

With USDT, you get a more convenient, speedy, and borderless alternative, and you can always off-ramp your USDT to Naira when you use the Breet app at the best rate anytime you want.