Do you know that it’s possible to receive money from anywhere in the world without using Nigerian banks?
Yes, it is possible through Binance and other trading crypto platforms. Relax, you must be fed up by now with my singing of the goodness of cryptocurrencies but I have to share my experience with you all.
Cryptocurrencies are currently one of the best forms of money transfer or payment worldwide. Some regulations or restrictions make it hard to receive money from most places around the world. With the intricacies of Western Union and money transfers, crypto is now simply the best way to transfer money.
For instance, if you wish to send or receive money from Dubai or any other bubbling place without a transfer platform, you can send money via a crypto trading platform with stablecoins.
Stablecoins are coins equivalent to fiat or legal tenders like USDT, which is pretty much the equivalent of the US Dollars. They are called stablecoins because they don’t change their value; hence there is no risk in holding them. If you received $30 last year without trading with it, it would still be $30.
Last year I completed a writing job for a client in Dubai; when it got to the stage that he would pay me, a problem ensued. He couldn’t send money directly to Nigeria from his bank account because the Central Bank of Nigeria(CBN) had set up new regulations. We decided to look through multiple ways that he could use to send money to me. We found none, and I almost went crazy!
I couldn’t get my payment for two weeks; I was almost losing hope until he suggested sending it through Binance as USDT or Bitcoin. Sincerely, I was sceptical about receiving my payment in Bitcoin at first. I had read scary stories, for instance, “if you copy wallet address wrongly, you will lose your coins”, “if you are not careful, you might lose your coins”, and so on. I wasn’t just scared for myself, but I was also scared for the person making the transaction. What if he didn’t copy it right? Will he repay me, or was that going to be the ending. I didn’t agree right away. It took me one more week to make up my mind. You might laugh at me because it’s a simple transaction, but I didn’t see it that way because it was my hard-earned payment.
After deliberating and overthinking, I decided to receive my pay in USDT (a safer option). To do this, I had to be verified on Binance. Luckily, I had just begun a crypto trading WhatsApp class, so I already knew my way around the application. I followed these steps to generate my QR code and the payment ID to receive my payment.
Alternatively, I could have received it on any other wallet or exchange platform, but I wanted to cash out a portion of it. It arrived within five minutes after it was sent. I decided to split my fund into two, cash-out half, and use the remaining for trading on the app. It was the first transaction I ever made on Binance.
Contrary to my preconceived notion, I found out that there was nothing to be scared about. Not even the fact that there’s no direct way to get it to my Nigerian bank account because of the current crypto ban. But as we all know, when there is a will, there is a way. It is possible to exchange your crypto or fiat without stressing yourself; all you have to do is find a crypto trader. That is part of their business, so don’t be sceptical about them trying to cheat you. You can use a peer-to-peer trading platform to change your crypto if you don’t trust crypto traders.
I trusted my crypto trader, so yes, I sent my USDT to him on Binance, after which he credited my Nigerian bank account with the equivalent.
3 reasons why you should use crypto to send and receive funds
1. Very fast
Sending and receiving funds with digital currency is the fastest means of money transfer right now. Within a few minutes, you can send and receive funds instantly. Isn’t that magical? Imagine waiting a few days or weeks with Western Union transfers or whatever archaic means that used to exist. We are in the future, people.
Crypto can be accessed from anywhere around the world with internet services. You don’t even need to go to a bank and queue for hours. It’s at the touch of a fingertip on our phones, and no one can take that away. No new regulations or government bans.
3. Uses official exchange rate
I believe this is the highlight of it all. The exchange rate used is always the official rate when sending or receiving. Whether receiving the crypto or the converted equivalent in your bank account. You can argue that banks do this as well, but you can go higher with crypto.
Do you know that instead of using Sulah Bureau De Change, you can change your money with crypto easily using the official rate? Yes, a lot of smart thinking business people do it. Instead of losing thousands of your hard-earned money at the black market rate, they change at an official price with crypto. If they can do it, you can do it too. If you plan to travel or know someone about to travel you can give them this brilliant advice.
Do you know that if there were no crypto market, there wouldn’t have been a way for me to receive my pay? Thank God crypto exists; if you think you have nothing to do with digital currencies yet, you are in for a big surprise. One day you will find yourself needing one of its numerous services desperately just to get work done or even receive funds.
It is not compulsory to trade constantly with your crypto account, but it can serve other purposes and functions. It would be wise to create one right away. With the quick way the world is changing, you might soon need it.