Despite the warning, Nigeria, Africa like stable coins

[Charles-Tim]

Despite the warning, Nigeria, Africa like stable coins. The reason for this thread. Awareness to convert your BUSD to bitcoin or other stable coins, or to dollar in your domiciliary account.

Many people among us do not hold naira because naira is a depreciating asset, we all hope maybe one day this would changed. But as of now, inflation has encouraged us not to save money in naira but in cryptocurrencies like bitcoin. But some Nigerians also prefer stable coins like USDT, USDC, BUSD, DAI, TUSD, USDP, FDUSD, ex cetera. BUSD because I know many people among us use Binance exchange.

It is better you convert your BUSD to bitcoin or other stable coins. I will advice people to use domiciliary account and hold dollar directly, but do not let us deceive ourselves, we know many people among us just want to avoid bank. But domiciliary account will still be my advice.

The purpose of this thread is to tell you people to just convert from BUSD without thinking about it twice.

Paxos Will Halt Minting New BUSD Tokens
https://twitter.com/binance/status/1697159019234791909

The main link the read: Binance Encourages Users to Convert BUSD to Other Stablecoins Prior to February 2024

As Paxos has halted minting of new BUSD, Binance will gradually cease support for BUSD products. Announcements will be released for any impacted services. Please be assured that BUSD will always be backed 1:1 by USD.

Binance will continue to support multiple stablecoins and digital assets on its platform. Users are encouraged to convert their BUSD assets into other available assets on Binance prior to February 2024. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD at 1:1.

Although Binance will allow people to convert BUSD to other coins until February 2024. I think this is one of the exchanges that knows how to plan for their customers not to panic, but not during hack.

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[Adbitco]

Holding dollars directly in our bank incur more charges I think I have been able to hold dollars some while in my domiciliary account, but what I passed through before getting my money was so discouraging because bank with their problems either network issue or the other.. Actually the only solution to this is just to hold on a safe custodian wallet where we do have control of our private, holding busd now we need to be very mindful and be at alert before the said date comes forth.

[Roseline492]

I got the email from Binance that users should cease to support Busd, and with the naira inflation nobody would like to convert there money to naira and hold, so domiciliary account is actually the best were as you can convert Busd to usd and save it, and one of the good thing is that even if naira falls more is at your own advantage, but although most people still prefer an online account more than domiciliary account to avoid bank issues.

[Charles-Tim]

holding busd now we need to be very mindful and be at alert before the said date comes forth.

I will advice people holding it to convert it to other coins as soon as possible.

domiciliary account is actually the best were as you can convert Busd to usd and save it

With the bank, you have no full control. Domiciliary account is not the best, but better in the absence of a better one. Also I can not totally discourage stable coins, you can hold little amount of stable coin which you can afford to lose. If there is a stable coin that is independent and trustworthy like bitcoin, it would have been the best, but none like this is existing.

[Coyster]

I am not exactly sure if BUSD is popular in Nigeria, i think the stable coins that Nigerians use the most has to be USDT, but nonetheless, if you hodl BUSD, it is better you trade them for Bitcoin.

Having said that, i don't think many people understand the risks with stable coins, Bitcoin might not be stable, but if you're a long term investor who wouldn't be needing your money anytime soon, it's better you save your money in Bitcoin, you'll have control over it and your funds can also accrue ROI. Well, stable coins are issued by centralized corporations and these stable coins can lose their peg; they can also be frozen in any wallet you store them. If you are not an active trader, stable coins might not be a good option for you to hodl a huge amount of your funds.

[CryptSafe]

Senior man, I dey feel your cappings but me walai I no think am to dey run dorm account with Nigeria banks. The day you try am Na the day you go begin get issues with bank. Unnecessary procedures and protocols too many for money wey you just go register account deposit without any issues or but go withdraw am Na there you go see shege.

I prefer my stable coin pass that their wahala o. Since I get hold of my assets myself and under my watch no body fit do me anyhow for my own money o. Anytime I want to do something I jejely withdraw my money convert am do wetin I want do. Make our leaders dem dey there dey finish the remaining value wey naira get that one Concern dem.

[sokani]

I believe most of us dey save in Bitcoin but if you don keep your Bitcoin holding for a while and e come accrue to something meaningful, you no go sell am? Which currency you go convert am to... Fiat, stablecoin or altcoin?

Make we forget all this talk wey we dey yan about domiciliary account, di procedure to open one no be here, a dom account fit only support one fiat, meaning dat if I get a dollar domiciliary account, na only dollar I fit receive. If I want receive pounds I gats open a pounds dom account. If dem send you money e go take you 3 working days to collect am. If na you want fund am yourself na to look for Bureau De Exchange to change your naira to dollar before you deposit am. I no even talk about di charges.

[Dr.Bitcoin_Strange]

Yeah, I think this is good advice. Due to the fact that the value of naira keeps depreciating, converting to dollars or Bitcoin should be a better solution now, because in a short time, #1000 might be equal to $1, or it could be worse, and when that happens, it's really going to affect those that are keeping a large amount of money in the bank without investing it or putting it into a currency that can retain its value or even add to the value. In the forex market, that's just how those currencies are traded. Any money kept in naira should just be a small amount that has been kept for use.

[Wiwo]

Holding dollars directly in our bank incur more charges I think I have been able to hold dollars some while in my domiciliary account, but what I passed through before getting my money was so discouraging because bank with their problems either network issue or the other.. Actually the only solution to this is just to hold on a safe custodian wallet where we do have control of our private, holding busd now we need to be very mindful and be at alert before the said date comes forth.

Same was my experience and still is,  the charges on dollar accounts in Nigeria banks are exorbitantly high and this could drain off your saving faster that Naira depreciating values,  worst thing is that even when the bank exist your balance due to fees and low balance your account will still be placed on post debits and all fees will be accrued to it waiting for you to make any deposits.

Proffering the best possible solution or alternatives to stablecoins my sound wired but as for a Nigeria I think it best to use the diversification model to save up your money in such a way that you hold some percentage of Naira,  vs USDT and higher percentage in Bitcoin,  this have been my pattern for saving and projections for expenses,  saving,  and investment let me go further to break them down but I won't be able to draw excel sheet for this since I am on mobile but I will try my beat to point them out in there other of usage.

1:  savings
      USDT not more than 50% of my monthly earning,  both from job and businesses.

2: expenditure
     BIG naira,  this amount will be in proportion of the project and expenses
     at hand,  I will never exceed my projected project or personal expenses
      amount,  so I only  hold the amount equivalent to my projected expenses.

3: investment
      Bitcoin 100% and this take up to 50% or more in some cases of my total
      earning,  sometime instead of spending from my investment I rather
      loan the amount and pay back at due time.

[Adbitco]

Holding dollars directly in our bank incur more charges I think I have been able to hold dollars some while in my domiciliary account, but what I passed through before getting my money was so discouraging because bank with their problems either network issue or the other.. Actually the only solution to this is just to hold on a safe custodian wallet where we do have control of our private, holding busd now we need to be very mindful and be at alert before the said date comes forth.

Same was my experience and still is,  the charges on dollar accounts in Nigeria banks are exorbitantly high and this could drain off your saving faster that Naira depreciating values,  worst thing is that even when the bank exist your balance due to fees and low balance your account will still be placed on post debits and all fees will be accrued to it waiting for you to make any deposits.

Proffering the best possible solution or alternatives to stablecoins my sound wired but as for a Nigeria I think it best to use the diversification model to save up your money in such a way that you hold some percentage of Naira,  vs USDT and higher percentage in Bitcoin,  this have been my pattern for saving and projections for expenses,  saving,  and investment let me go further to break them down but I won't be able to draw excel sheet for this since I am on mobile but I will try my beat to point them out in there other of usage.

1:  savings
      USDT not more than 50% of my monthly earning,  both from job and businesses

2: expenditure
     BIG naira,  this amount will be in proportion of the project and expenses
     at hand,  I will never
     exceed my projected project or personal expenses amount,  so I only
      hold the amount
     equivalent to my projected expenses.

3: investment
      Bitcoin 100% and this take up to 50% or more in some cases of my total
      earning,  sometime instead of spending from my investment I rather
      loan the amount and pay back at due time.

True fact..
When you draft out your expenses for the month (including weekly expenses) it would allow you to be able to save and manage your savings in btc or usd but let it be that you are holding a decentralized asset be it usdt. Alternative options is just to hold bitcoin, maybe for regular spending should be from someone setting a business maybe one should plan himself or themselves properly, banks are something else and their accumulated charges are so annoying just waiting for money to get into account and they automatically debited you from it.

[CryptoHeadlineNews]

Although Binance will allow people to convert BUSD to other coins until February 2024. I think this is one of the exchanges that knows how to plan for their customers not to panic, but not during hack.

For someone who wants an uninterrupted operation online and privacy, I think creating a domiciliary account is the last option such individual will have in mind, since our general Nigerian bank domiciliary accounts are restricted to just only $10,000 per day, unlike stable coins that are unlimited (i.e for traders who intend to trade above such limit). But however, it's been nice of you sharing this update among us, as people who owned BUSD will do well from today to convert their coins to Bitcoin now that the market is still bearish, or other stable coins such as USDT, which happens to be the most popular stable coin.

[Coyster]

I believe most of us dey save in Bitcoin but if you don keep your Bitcoin holding for a while and e come accrue to something meaningful, you no go sell am? Which currency you go convert am to... Fiat, stablecoin or altcoin?

If your Bitcoin accrue ROI and you wan sell am, e no make sense to sell out all of it, if you wan take profit, then nothing dey bad to convert your profit to either stable coin or to fiat. If me i wan collect profit, i dey convert to fiat wey i go use take tidy one or two things based on real life issues, still get the one wey i go use hodl body for daily spending, but the thing be say i go still hodl >50% of my stash for Bitcoin.

Wetin i no go advise person to do na to hodl all of their money for stable coins, or to hodl their money for stable coins for a long time, you fit dey use stable coins dey hodl some of your funds for short term and stable coins also dey useful for day-traders, but make person no trust am as long term solution to crypto volatility and fiat inflation.

[Adams0001]

I am not exactly sure if BUSD is popular in Nigeria, i think the stable coins that Nigerians use the most has to be USDT, but nonetheless, if you hodl BUSD, it is better you trade them for Bitcoin.

I don dey hear of BUSD for long before but I no dey really use am, na USDT I dey use even as person dey do small transaction for binance exchange. As person dey fear to invest or leave their coin in other cryptocurrencies, I dey always believe say stable coins na him be the best to leave coin in.
Now, some people dey yarn the disadvantages of keeping money for stable coin, me I no know say the thing get any disadvantage rather than make you keep your money save without d money been affected by volatility.

[Charles-Tim]

I am not exactly sure if BUSD is popular in Nigeria, i think the stable coins that Nigerians use the most has to be USDT, but nonetheless, if you hodl BUSD, it is better you trade them for Bitcoin.

There are many Nigerians that are trading on Binance and the more they are likely to use BUSD. Before, if you open BUSD pair with other coins in future multi-asset mode on Binance, you can use bitcoin, ether and some other coins like stable coins, your profit are  in BUSD. Although, I noticed this has changed some months ago. There are other reasons people that are using Binance are attracted to use BUSD. If you go to BinanceP2P, you will see many BUSD ads and the trading volume is huge and Nigerians trading it with naira. After the announcement, I have noticed the naira/BUSD buying ads on Binance have probably reduced , but I can still many selling  ads and some are selling up to ₦50 million naira worth of BUSD.

[Nwada001]

I am not exactly sure if BUSD is popular in Nigeria, i think the stable coins that Nigerians use the most has to be USDT, but nonetheless, if you hodl BUSD, it is better you trade them for Bitcoin.

There are many Nigerians that are trading on Binance and the more they are likely to use BUSD. Before, if you open BUSD pair with other coins in future multi-asset mode on Binance, you can use bitcoin, ether and some other coins like stable coins, your profit are  in BUSD. Although, I noticed this has changed some months ago. There are other reasons people that are using Binance are attracted to use BUSD. If you go to BinanceP2P, you will see many BUSD ads and the trading volume is huge and Nigerians trading it with naira. After the announcement, I have noticed the naira/BUSD buying ads on Binance have probably reduced , but I can still many selling  ads and some are selling up to ₦50 million naira worth of BUSD.

I think I started noticing this kind of large BUSD usage either last year or the year after, where when ever I visit the P2P, I always notice that the BUSD order is always higher than that of USDT in times of price.

I don't know what was bringing down USDT value, but if I can recall correctly, then BUSD was overvalued to the USDT, where it was around 0.99 or 0.98, and the Busd was equal to 1, and when converting large amounts from Busd to USDT, you will always have some figures added to you. That's when I noticed that a few people that I know prefer using the Busd as a payment option when ever we have a deal that requires me sending them crypto.

[CryptoHeadlineNews]

There are other reasons people that are using Binance are attracted to use BUSD. If you go to BinanceP2P, you will see many BUSD ads and the trading volume is huge and Nigerians trading it with naira. After the announcement, I have noticed the naira/BUSD buying ads on Binance have probably reduced , but I can still many selling  ads and some are selling up to ₦50 million naira worth of BUSD.

The stipulated deadline for people to convert their BUSD to other coins @ February 2024 is still very far (i.e 5 months from today), and as such I think we are still likely to keep seeing people trading BUSD/NGN till January 2024, as you know how our people for here dey always behave nah, that is to like due minute something, because I just checked on Binance now, and I can notice that amount of BUSD which people own is still very huge, all waiting to make more profit before finally converting.

And for those who wish to convert their BUSD to other coins, I will say that BTC is the best option for now that it's currently at $25,900.

[Baki202]

I am not exactly sure if BUSD is popular in Nigeria, i think the stable coins that Nigerians use the most has to be USDT, but nonetheless, if you hodl BUSD, it is better you trade them for Bitcoin.

Having said that, i don't think many people understand the risks with stable coins, Bitcoin might not be stable, but if you're a long term investor who wouldn't be needing your money anytime soon, it's better you save your money in Bitcoin, you'll have control over it and your funds can also accrue ROI. Well, stable coins are issued by centralized corporations and these stable coins can lose their peg; they can also be frozen in any wallet you store them. If you are not an active trader, stable coins might not be a good option for you to hodl a huge amount of your funds.

Na true most time you go hear about usdt but busd no to they popular like that and also in time of usage, usdt people they always use. I no get bitcoin yet but I they feel say usdt they always sweet especially when person wan do transaction. Been that is centralized na wahala be that and I they feel say people no they like leave money for bitcoin because of say the price no they stable everybody they fear to loose money, but with this explanation you give, the thing go better if you leave money for bitcoin be that, has i read well i learned and the fact say them fit freez the thing fear me oh. Before person go do two zero onto my money.

[EarnOnVictor]

This is a good piece of advice and further awareness to those who didn't know, it's also better for those who are smart enough to be proactive on this. I don't deceive myself which is why I've never seen a reason for me to save my coins in a stablecoin other than the USDT as it could serve all the purposes I want from it and it's even the most recognized and most valuable of all the stablecoins. The only time I sent money to the BUSD was a mistake, I mistook it for BNB, and I made the correction immediately.

Also, the advice about saving the money in a bank account domiciled in the USD is a very good one, I was even the first person on our board who suggested this months ago (https://bitcointalk.org/index.php?topic=5456858.msg62427913#msg62427913) since I've been doing it over 10 years and it has helped me against the country's inflation. I continue doing this often despite having money stored in the stablecoin as well, this is to limit my storing risk as I still trust my USD in the bank than the USDT off the bank which could be hacked at any time.

Nonetheless, this still tables down to what the money is meant for, keep it in the bank if there is no use for it and keep it in stablecoin if it's intended for investments. I can't imagine keeping all the money I don't have an immediate use for in stablecoin for a whole year, it's not a smart decision unless the person has something to hide.

However, stablecoin is the best to work with when you invest and trade in cryptocurrency, you can easily switch coins with it with ease. It saves during bearish times and will hold the asset until the bullish moment is reactivated when it could be sent back for crypto investments.