If you're a Nigerian, this article is for you. Grab your popcorn, sit back, and relax as you read this.
A few years ago, my friend introduced me to cryptocurrency during my university days. At that time, BNB was booming, and my friend and I had no idea about Binance's existence. He asked me to download Trust Wallet and connected me with a friend who is a P2P trader. I purchased N10,000 worth of BNB.
I sent him the N10,000, and he asked me for my address, which I provided. After a few minutes, the guy credited my BNB account, and I was amazed to see N7,400 instead of N10,000. My default currency was Naira, and I was unfamiliar with the Dollar.
So, I called the guy, questioning why I saw N7,400 in my account when I had sent N10,000. I asked him to send the remaining N2,600. The guy laughed and inquired about my default currency, which was Naira. He explained that I needed to switch my currency to Naira which I insisted and called my friend, believing I was scammed. However, my friend clarified that N7,400 was the correct amount and explained why it appeared that way due to currency conversion rates.
I was frustrated, but I eventually accepted the situation. It wasn't a scam; it was the effect of the Naira's value compared to the Dollar. At that time, the Dollar was around N480, and Trust Wallet's rate was around N360. Doing the math, the amount was accurate, but I was naive to understand.
A few months later, the Naira rose to nearly N550, but my balance remained the same. That's when I started researching more and discovered Roqque, Binance, and others. I downloaded Binance and transferred my BNB there. Since it was BNB, I didn't need to pay a gas fee; it came straight to my Binance account. To my surprise, my money skyrocketed to almost N12,000. From then on, I disliked Trust Wallet.
The following year, CBN imposed a crypto ban, reduced international transactions with Naira debit cards, and stopped the sale of the Dollar by banks. This led to the Naira's decline. Since then, the Naira has not recovered and keeps losing value against the Dollar. This is what inspired me to write this article.
As a crypto investor, I advise against taking excessive risks with alternative coins unless you thoroughly understand the market. However, I can promise you that you won't regret investing in Stable Coins like USDT. I bought my BNB at N480, and today the Dollar is at N1190, that's over 300% returns. My N10k would be N30k today without any active trading. USDT is a safe choice because it remains stable. Although investing in BTC might have yielded more, and at the same time might have lost everything, because it's highly volatile.
For example, three days ago, I was chatting with a guy who sold his USDT at N900, and he regretted it when USDT was around N1117 that day. I advised him to buy it back, and today, USDT is around N1190. The more you buy, the more profit you make.
Additionally, my brother gave me money to give to my sister, but she insisted I should hold it because the amount owed to her was incomplete. I used the money to buy USDT worth $9.54, and now I've seen a profit of almost N2,000.
Some people view USDT as a stagnant coin, but I consider it a reliable choice. Given the current state of Nigeria's economy, USD is likely to reach N2000 by the early 2024. So, you're not too late to start earning crypto money. There are gains and losses in crypto, but it depends on the trends you follow.
Which bank can offer you a 300% return on your money in three years? Which bank can provide a 20% return in less than one week? It's worth thinking twice before keeping your money in a bank. As the Naira falls, the value of your money in the bank account diminishes as well.
Note: I only advocate for USDT, which is equivalent to the United States Dollar (USD).
Thank you for reading.
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