There are a couple of ways to convert your cash to stablecoin using trading apps like MyBitStore. If you live in a country like Ghana, over the last couple of months, the cedi has appreciated exponentially. This has affected the cost and standard of living in the country.
There are many people out there, especially young folks, who are looking to hold their dollars until there’s the next inflation so they could increase their yield. Inflation on the cedi could lead to a cycle of living hand-to-mouth without much to save and very little to spend.
An item could cost GHC10 cedis on a Monday and skyrocket to GHC12 cedis on a Saturday. This may not seem much however, imagine this cycle repeating itself at most, twice a month. Yes, you cannot make projections nor can you consider a proper budgetary allocation or plan for the items you need to survive.
So, if you live in a country like Ghana where the cedi keeps depreciating from time to time, you might have thought or considered converting some dollars in order to keep up with the cedi-dollar battle.
If you dread taking investment risks, converting your cedis to dollars and saving them for times like these, could move you from having only GHC10 cedis to about GHC15 cedis as the rise of the dollar and fall of the cedi keep on.
However, if you do not want to save your dollars in the bank, you would need to convert your cash to a stablecoin that allows you to see it and have total control over it. Stablecoins provide a safe space where you have access to your cash at all times no matter the day, time, and moment.
The MyBitStore App provides exactly that using our USDTether, USDC, or TrueUSD service on the app. These are known as stable coins. As the name implies, they are stable and do not appreciate or depreciate. These coins stay at a dollar rate always. It’s strictly for holdling money you don’t want to trade. The process is basically converting your dollars to stable coins.
Now there are two ways to “keep” your dollars on the MyBitStore App. You could either
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Convert your bitcoin to one of the stable coins or
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Exchange your cash directly to any of the stable coins such as USDT
To convert your dollars to stable coins on MyBitStore
- Download the MyBitStore app on your google playstore or apple AppStore and sign up for free
- Click on either ‘Buy/Sell Directly on MyBitStore’ to trade with us directly
- Select ‘USDT’
- Input ‘Amount’ in USD currency
- Select ‘Preview Trade’ to see a preview of your transaction
- Select ‘Start Buy Trade’
- A chat box will open with payment details, where trade using Bank transfer or Mobile money
How to convert your Bitcoin to stable coins
- Download the MyBitStore app on your google playstore or apple AppStore and sign up for free
- Click on ‘Wallet’
- Select ‘Convert’
- Input the ‘Exchange’ coin (Bitcoin)
- Select ‘USDT TRC20’ among the list of coins available
- Input the amount of BTC to convert
- Click ‘Preview Transaction’ to see a preview of your transaction
- Click ‘Convert’ to convert your BTC to USDT
