USDT better pass domiciliary account

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Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

As we dey see our naira dey drop the symbol of our currency just dey dey worthless every day many people won turn to foreign currency at all cost and the way to do so for this country na to have domiciliary account if you one leave your money for bank or you fit use your niara go buy US dollar keep which I no advice, it's risky keeping money especially if the money dey huge.

I never trust our banking system for one dey but the urge to get my money out of niara propelled me to going to get domiciliary account but the shege I see during the process no be here. The demands come they tire me and this na my money we dey talk about here, I still got it but I come reason say it's not worth the struggle and time and effort, and e just be like say I don give my money to the government and them fit freeze am anytime they want.

Then I decided to shift to crypto that is stable and then I went for USDT a stable coin pegged to US dollar it was pretty easy buying some USDT from and exchange and saving it in a wallet, my wallet na me they control the Wallet. So in comparison to domiciliary account based on time, effort and potential of losing your holdings I suggest using stable coin than having a domiciliary account in Nigeria.

Even if i no get millions or billions of naira, you see for this our country i no go even try am say i wan keep money wey big for amount for naira inside my bank account lie lie, USDT ni be the way forward for me come rain come sun NAIJA system no follow, e good i earn the money for dollar den spend am for naira because when you convert am e big.

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Quote from: Agbe on August 18, 2023, 04:04:43 PM

Well some people say they prefer keeping their money in the USA dollar because im na stable currency, they even dislike bitcoin because it fluctuating nature. In these days I don't advise or to save money in the domiciliary account because but if they can endure the long term goal for the bitcoin investment, I will advise them to invest the money in bitcoin and live it there.

The thing be say, diversification of your portfolio is the best investment method, even though not many will go in favour of Bitcoin when it comes to storing your coins for long-term base, of holding a stable coin like USDT for short term and as an exchange currency makes it obviously to point to the fact that holding a digital blockchain-based USDT in account on an exchange is far more better than having a domiciliary account with your bank because both have different limitations and possibilities.

Also when it comes to an investment choice between Bitcoin and USDT or any other coins I think holding Bitcoin is more of an investment and USDT is more of an exchange currency and it doesn't have that investment feature like Bitcoin.

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Quote from: Agbe on August 18, 2023, 04:04:43 PM

Well some people say they prefer keeping their money in the USA dollar because im na stable currency, they even dislike bitcoin because it fluctuating nature. In these days I don't advise or to save money in the domiciliary account because but if they can endure the long term goal for the bitcoin investment, I will advise you to invest the money in bitcoin and live it there.

Di argument na between stablecoins and domiciliary account, no be about Bitcoin. No coin fit take Bitcoin place because Bitcoin na di king of dem all. But look am dis way, say you buy a bag of Bitcoin during the bear period or you dey do DCA small small and you come get about $60,000 worth of bitcoin holdings in your portfolio and your goal na to sell di Bitcoin during di bull season. You place your target at $100k and finally Bitcoin hit di price, you offload everything make beta profit.

Di goal again na to wait make di market go bearish so dat you go invest again, meaning dat you go hold your asset for some time dey wait for di bear season to kick in and you fit hold up to a year. So becuz of di centralized nature and uncertainty attached to stablecoins, I dey suggest to spread your asset across (USDT, BUSD, USDC etc.) so dat if anything happen to any of dis coin e no go too pain you dan leaving your asset in a particular stablecoin and e come bad say na dat one com crash. Domiciliary account for good but on a second thought di charges fit scare person.

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Quote from: Charles-Tim on August 18, 2023, 09:52:59 AM

If you have domiciliary account, you will have fiat like USD, Euro or Pounds Sterling on your domiciliary account, not pegged coins. Most of those pegged coins are centralized as they can be seized on noncustodial wallet but with the exception of DIA. Even if you remember what happened to USDC that DAI has some of its reserves in, as USDC depegged, DAI also depegged. All other coins that are pegged with fiat or any other coin or asset can depeg. Having domiciliary account is secure than having stable coins.

Exactly. Make we nor dey too over fanatical about this crypto stuff come forget say some kind fundamental principles wey dey the business and financial world still dey strong pass Crypto. As I see the topic, I already sabi wetin I wan reply but you explain am pass the way I for take explain am.

Make I come from business angle take explain am. Just recently, I been dey look for how I go take buy RMB to buy some items from China. Despite say I get USDT, e just dey useless because I nor fit use am exchange for the RMB. No seller go take am. But had it been say I get domiciliary account, e for dey very easy for me to hold the RMB for there and do the business wey I wan do easily.

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It's just a matter of choice to what currencies you would preferred to save your funds, let say if you think crypto is more reliable to you then you go get it and if you think dom account is best for you then create it just convert your funds to usd or euro or pounds is also safe and secure but sometimes the charges are much. And with GTbank you can transfer between these accounts that's ( NGN to USD) although I haven't tried of the account among inside. But the problem there is that if you convert your funds to USD now you might lose because you are buying at a higher rate than what it should be, besides banks are offering very low while road side trader being the aboki's are selling #840. I can't remembered the last time I had a serious amount in my bank account because that's is a pure waste of time, charges and maintenance alone gets you irritated.

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Quote from: sokani on August 18, 2023, 11:01:26 AM

Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

I no agree with you Cynthia. Domiciliary account beta pass stable coins. Person fit open domiciliary account and make im savings in USD, EUR, or pounds for a longer period of time and as di value of naira dey fall naso your money go dey gain weight. You go fit keep stablecoins too and get di same benefits but stablecoins fit fall your hands anytime. Dem dey centralized and anything fit happen anytime, that's why it's advisable to spread your portfolios (USDT, BUSD, USDC etc.) across if you're going to hodl for a longer period of time. Project owners of these stablecoins fit remove liquidity or government fit go after them and naso di project go just crash. A good example of stablecoin wey crash na TerraUSD (UST).

The fall of Terra
https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/

Really, stable coins or shitcoins are just to increase the number of cryptocurrencies in the blockchain, they are not comparable to some fiat currencies. It is only few of the Fiat Currencies some shitcoins might pass. So I also disagree with the op on that point. When you save in those international fiat currencies, your money is well save at all times but saving in stable shitcoins is at the owner's risk. If na me I will prefer saving it in fiat than shitcoins. And the most preferably is bitcoin when you save your money there and you understand the market , you will sleep well with all eyes close.

Apart from Terra Luna coin, shitcoins are not valuable like bitcoin so investment in shitcoins is like in the sea which you can lost all your goods for an unknown winds, storms so you have to bear all those risk in it.

CryptSafe

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I do not waste my time keeping my money in banks. I prefer storing online in usdt than domiciliary account because of its stability. These days the rate at which naira fall at free state is not encouraging to hold at all. As a smart digital guru you are what is expected of you is to send your funds online and keep it there. It is even safe under your custody online than keeping them with the banks.

OP, with respect to wetin you talk about government freezing account without any offence I no agree with that one. How person go just dey like this government go freeze their account for where that one wan happen Na unless e get wetin you do wey no pure before government go act like that.

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Well some people say they prefer keeping their money in the USA dollar because im na stable currency, they even dislike bitcoin because it fluctuating nature. In these days I don't advise or to save money in the domiciliary account because but if they can endure the long term goal for the bitcoin investment, I will advise you to invest the money in bitcoin and live it there.

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In my emperical point of view i sudjest that usdt is better than domicilary account. My reasonsare are not far fetched.
Usdt is a standard currency which does not fluctuate. And it value remain constant.

Because of stability of usdt has made many people to invest on it. As time goes on I believe that people will stop saving there money In the banks. Local banks has became a problem. Dey are tactically defrauding people of there hardearn money.

Emagine saving 50,000 naira in a domiciliary account for two months you will be left with 48,250 naira sms and what ever you Know nothing of.

But when you convert your money from usdt to local fiat In two month your money may add value. Maybe from 50k to 65k so usdt is better than domiciliary account.

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Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

As we dey see our naira dey drop the symbol of our currency just dey dey worthless every day many people won turn to foreign currency at all cost and the way to do so for this country na to have domiciliary account if you one leave your money for bank or you fit use your niara go buy US dollar keep which I no advice, it's risky keeping money especially if the money dey huge.

As long as na dollar you dey keep no be Naira,the money go dey increase in value as Naira dey depreciate. Instead of keeping huge money in the bank why not buy bitcoin and use it as a store of value.

Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

I come reason say it's not worth the struggle and time and effort, and e just be like say I don give my money to the government and them fit freeze am anytime they want.

Who tell you say government go just freeze people money like that without you committing a crime that can lead to the freezing of your account. Domiciliary account just dey like our normal bank account wey we dey keep Naira,but the difference na say you go dey keep foreign currency like dollar, pounds e.t.c. So government no get any right to freeze anybody account abi government do freeze your bank account before ?

Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

So in comparison to domiciliary account based on time, effort and potential of losing your holdings I suggest using stable coin than having a domiciliary account in Nigeria.

It is not true. Domiciliary account sure pass stable coins for Naija,if anything happen to your funds in your domiciliary account, you can hold your bank responsible and you will get your funds back. If stable coin tomorrow crash and you lost your funds,where you won go hold the dev to pay you back your funds,for America or where.

sokani

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Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

I no agree with you Cynthia. Domiciliary account beta pass stable coins. Person fit open domiciliary account and make im savings in USD, EUR, or pounds for a longer period of time and as di value of naira dey fall naso your money go dey gain weight. You go fit keep stablecoins too and get di same benefits but stablecoins fit fall your hands anytime. Dem dey centralized and anything fit happen anytime, that's why it's advisable to spread your portfolios (USDT, BUSD, USDC etc.) across if you're going to hodl for a longer period of time. Project owners of these stablecoins fit remove liquidity or government fit go after them and naso di project go just crash. A good example of stablecoin wey crash na TerraUSD (UST).

The fall of Terra
https://www.coindesk.com/learn/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna/

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Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

As we dey see our naira dey drop the symbol of our currency just dey dey worthless every day many people won turn to foreign currency at all cost and the way to do so for this country na to have domiciliary account if you one leave your money for bank or you fit use your niara go buy US dollar keep which I no advice, it's risky keeping money especially if the money dey huge.

Any consciouss minded businessman will always avoid having his money on local currency because of devaluation over time, if you also have them in USDT it's somehow fair in the sense that it will appreciate over time on your local currency being devaluated while the worth is also affected by inflation with that same USD, but the best way to store or hold your finances today is with bitcoin in cryptocurrency.

Quote from: Cynthia_sinach042 on August 18, 2023, 09:44:25 AM

I never trust our banking system for one dey but the urge to get my money out of niara propelled me to going to get domiciliary account but the shege I see during the process no be here. The demands come they tire me and this na my money we dey talk about here, I still got it but I come reason say it's not worth the struggle and time and effort, and e just be like say I don give my money to the government and them fit freeze am anytime they want.

Having a domiciliary account is not the final solution to financial economy and it's challenges in dealing with centralized financial institutions, first is that they require a high maintenance fee for account, ATM card and transaction fees, bitcoin wallet does not have any of this issues as a problem, the more a decentralized network is needed while banks in any form aren't the solution to this by any chance.

Charles-Tim

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If you have domiciliary account, you will have fiat like USD, Euro or Pounds Sterling on your domiciliary account, not pegged coins. Most of those pegged coins are centralized as they can be seized on noncustodial wallet but with the exception of DIA. Even if you remember what happened to USDC that DAI has some of its reserves in, as USDC depegged, DAI also depegged. All other coins that are pegged with fiat or any other coin or asset can depeg. Having domiciliary account is secure than having stable coins.

Cynthia_sinach042

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As we dey see our naira dey drop the symbol of our currency just dey dey worthless every day many people won turn to foreign currency at all cost and the way to do so for this country na to have domiciliary account if you one leave your money for bank or you fit use your niara go buy US dollar keep which I no advice, it's risky keeping money especially if the money dey huge.

I never trust our banking system for one dey but the urge to get my money out of niara propelled me to going to get domiciliary account but the shege I see during the process no be here. The demands come they tire me and this na my money we dey talk about here, I still got it but I come reason say it's not worth the struggle and time and effort, and e just be like say I don give my money to the government and them fit freeze am anytime they want.

Then I decided to shift to crypto that is stable and then I went for USDT a stable coin pegged to US dollar it was pretty easy buying some USDT from and exchange and saving it in a wallet, my wallet na me they control the Wallet. So in comparison to domiciliary account based on time, effort and potential of losing your holdings I suggest using stable coin than having a domiciliary account in Nigeria.

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