Investing in cryptocurrencies can be quite successful or risky due to the volatility of the market.
BTC and other cryptocurrencies’ price fluctuations are indeed a source of profit for marketers. In essence, they purchase Bitcoin or Ether at quite a discounted price and then resell all at once at a premium.
The Naira is the currency of Nigeria. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supply in the economy in order to ensure monetary and price stability.
Exchanging cryptocurrency against the Naira is becoming highly profitable for Nigerian investors.
That is why there is a huge wait for the prices to decrease before purchasing it again and repeating the same cycle. Moreover, this seems very easy during a bulk market downfall attracting the newbies to study bitcoins and the best crypto platform in Naira.
Bitpapa is a global P2P marketplace where all trades are carried out between two peers. Bitpapa platform guarantees the trade execution by holding the seller’s coins in an escrow account until the trade has been completed.
To be true, there is practically no correlation between cryptocurrencies and stocks, gold, etc. But, because of their outstanding volatility, they provide a great point of view for diversification.
Due to this volatile nature, various investors stand out in participating in this field. However, a hope called Tether or USDT (United States Department of the Treasury) changes their mind.
What can one understand by USDT?
USDT is nothing but a currency that uses Ethereum technology. It currently has a supply of 85,713,951,815.95467 of which 83,227,477,095.92381 are in use. Tether’s current market price is 0.9888582 USD, which decreased -0.02 over the previous day.
Unlike ETH and BTC, USDT is also a type of cryptocurrency belonging to a class of stablecoins and is significantly more stable than other cryptocurrencies.
Cryptocurrency exchanges known as “stablecoins” are backed by investments like fiat money, commodities, or technological advancements. Fiat-backed stablecoins include the USDT, USDC, and NGNT.
These typically have a standard currency, for example, a dollar, or a naira, as their backing.
What could be the objective of USDT trading?
The work of a USDT is to combine the freedom of cryptocurrency with the stability of the USD. Traders can transfer cryptocurrencies among themselves without a trustworthy mediator, making the work easier.
USDT helps investors shift from one cryptocurrency to another without having to worry about unpredictably losing money or making too, due to rapid price fluctuations.
Features favoring USDT: Many claims that USDT is the best practical path for cryptocurrencies to enter the mainstream because it aids with the digitization of the USD.
Moreover, USDT seems to be the ideal option for those who want to protect their money while still getting exposure to Bitcoins and Cryptocurrencies. Other than stability, USDT has various benefits
Safety with Stability: In an otherwise very competitive industry, USDT may be the best option for investors seeking exposure to Bitcoin and other currencies with a comparatively minimal level of risk.
While Bitcoin attracts traders that wish to take high risks in order to pursue larger profits, USDT is appropriate for small-risk takers.
Also, because USDT uses a blockchain networking system, it offers top-notch security. Therefore, traders never have to be constantly concerned about shady dealings whenever they are selling or purchasing USDT.
The quick payment process with minimal cost: Overall processing of trades well within the cryptocurrency industry is unaffected by transaction fees and interruptions thanks to Fiat-backed stable currency called USDT.
Purchases and payments in USDT are completed faster than other fiat transactions because they don’t require the same amount of time to complete. But, time is not the only highlight that encourages USDT transactions more appealing.
Whenever transactions are made in Dollars, an additional cost of transfer fee must be paid, which is fairly high. But on the other hand, there are no charges associated with moving USDT from one wallet to another for the trader.
Universally accepted easily: Wide industrial recognition is enjoyed by USDT.
Mainly because it is a fantastic option for traders who wish to make investments in digital currencies that haven’t been coupled with other well-known currencies like LTC, Bitcoin, and ETH, as it can be owned as well as traded on almost any recognized exchange.
Compared to cryptocurrency, USDT is also significantly simpler to transform into cash. This is o One of the main reasons for traders to opt for USDT.
Protection from rising prices: Traders from a country with a weak currency or one that experiences significant inflation ask for investments that can at least help to keep the value of the currency intact.
In such circumstances, USDT acts like a lifesaver by keeping the funds of the traders in USDT than their native currency because of its tied value to US Dollars. So, the investor not only outperforms the inflation but also ends up earning a good profit.
Other Advantages
USDT has many backers which makes it a reliable cryptocurrency of its own. Also, providing face-to-face support, which makes it easier for users that have no technical idea about this field and how it functions.
Moreover, this cryptocurrency also offers Easy Integration with a completely trusted Blockchain network.
How to Buy USDT?
USD Tether can be purchased easily through cryptocurrency exchanges.
These exchanges are specialized markets that operate like stock trading systems and allow purchasing and selling of cryptocurrencies. There are mainly numerous payment options available to buy a USDT easily.
How to make money exchanging stable USDT coins in Nigeria
How do Nigerians profit by investing USDT given that its value is constant? It is very straightforward; they exchange it for Naira.
Investors purchase stable crypto coins to gain a profit from the rate of Naira to Dollar exchange. And as the Naira currency is volatile when compared to the dollar, traders get a profit whenever the prices increase or decrease in the pair of NGN/USDT.
All that a person needs to do is follow the crowd which is to purchase USDT with Naira at a reasonable cost and sell it whenever there is a sharp increase in the price.
Even though the decreased value of the Naira currency is a reflection of a weak economy, Nigerians are smartly making use of this profit as much as they can.