Hi Nairalanders, I have some money (naira) in savings.
Considering how naira keeps depreciating against the dollar, I am hoping to convert it to dollars and save(not trade).
I want to know if buying USDT on Binance (at least it's trust worthy) translates to saving in dollars, because I learnt it has same value as the US dollars.
And I don't want to use any of this Nigerian fintech app, to avoid stories tomorrow.
I am not used to crypto trading and don't want to get involved in it.

captainbangz:
Hi Nairalanders, I have some money (naira) in savings.
Considering how naira keeps depreciating against the dollar, I am hoping to convert it to dollars and save(not trade).
I want to know if buying USDT on Binance (at least it's trust worthy) translates to saving in dollars, because I learnt it has same value as the US dollars.
And I don't want to use any of this Nigerian fintech app, to avoid stories tomorrow.
I am not used to crypto trading and don't want to get involved in it.

Buying USDT is equivalent to buying Fiat dollars as they are like the same rates. Although, Usdt is mostly higher in value sometimes

captainbangz:
Hi Nairalanders, I have some money (naira) in savings.
Considering how naira keeps depreciating against the dollar, I am hoping to convert it to dollars and save(not trade).
I want to know if buying USDT on Binance (at least it's trust worthy) translates to saving in dollars, because I learnt it has the same value as the US dollar.
And I don't want to use any of this Nigerian fintech app, to avoid stories tomorrow.
I am not used to crypto trading and don't want to get involved in it.

Buying USDT is good for savings, but why don't you buy Bitcoin now with the same money and thank me later in 2024

dre4u:


Buying USDT is good for savings, but why don't you buy Bitcoin now with the same money and thank me later in 2024

FOMO is real...
OP whatever you do make sure to secure your wallet recovery phrase as regards hodl you intend embarking.

captainbangz:

Please, I am completely new to this.
Make me understand all you wrote above.

These are general cryptocurrency common jargons...FOMO means Fear Of Missing Out...Pls Nuture your reading culture online and self-learn on binance or coingecko 4Knowledge it's power.

Wittyness.

wittywriter:

FOMO is real...
OP whatever you do make sure to secure your wallet recovery phrase as regards hodl you intend embarking.


Wittyness.

Please, I am completely new to this.
Make me understand all you wrote above.

If you want to save in dollars without stories that touch the heart, buy usdt.
But if you want to trade you can buy Bitcoin or Ethereum or any coin with potential.
But mind you that trading is risk.
For instance, you can buy usdt of 100$ and in 10 years it's still 100$.
But if you buy Bitcoin of 100$, in 10 years you can have 10,000$ and in 10 years too you can have 5$.
So if you want volatility affecting your money go for other coins, but if your sole intention is saving in dollars, go for usdt

wittywriter:

FOMO is real...
OP whatever you do make sure to secure your wallet recovery phrase as regards hodl you intend embarking.

These are general cryptocurrency common jargons...FOMO means Fear Of Missing Out...Pls Nuture your reading culture online and self-learn on binance or coingecko 4Knowledge it's power.

Wittyness.

Okay, thank you.

Greatdober:
If you want to save in dollars without stories that touch the heart, buy usdt.
But if you want to trade you can buy Bitcoin or Ethereum or any coin with potential.
But mind you that trading is risk.
For instance, you can buy usdt of 100$ and in 10 years it's still 100$.
But if you buy Bitcoin of 100$, in 10 years you can have 10,000$ and in 10 years too you can have 5$.
So if you want volatility affecting your money go for other coins, but if your sole intention is saving in dollars, go for usdt

Thank you very Much, I understand now.