Last year, I quit my job at one of Nigeria’s leading cryptocurrency platforms and as a final request, asked that my final salary be sent to me in Wakanda (WKD) coins. I did this because I had heard about the success of the Shiba Inu coin (SHIB) and had a hunch that the WKD coin could turn out to be my own Shib.
At first, my investment doubled in size, and elated, I got carried away. Since I also had a lot on my plate, I focused on work, hoping to return to even healthier returns.
When I eventually reopened the wallet, I was stunned to see that the value of my investment had already dropped about 300% and was still trending downward. Alarmed, I withdrew my money immediately, but the damage had been done.
A huge dilemma for creatives and freelancers
If the internet made the world a global village, Crypto has made it easier for its inhabitants to make and receive payments easily. Creatives, ‘tech bros’ and ‘women in tech’ can now work anywhere in the world and receive crypto payments while living in Nigeria with no hassles.
This is possible because of global crypto adoption. Instead of haggling over terms (an even more complicated proposition when different currencies are involved), both parties just need their crypto wallets to send and receive payments. But with the volatility of crypto, what’s to say what happened to me with WKD wouldn’t always happen?
How to know which crypto assets to receive money in
The only constant about the crypto market is its volatility. While some traders take advantage of that volatility to make quick, easy profits, that advantage does not apply to receiving salaries.
When you receive your salary, you ideally want it to be in a safe, steady coin that will most likely not appreciate much in value over the short-term but more importantly will also not substantially drop in value over that same period.
That’s where saving in stablecoins comes in. As the name implies, stablecoins are less volatile crypto assets that maintain their value by being linked to valuable, reliable assets such as gold or the US Dollar.
Since the US Dollar is the most widely-recognized currency, USDT, the cryptocurrency pegged to the US Dollar is the stablecoin of choice for freelancers and remote workers.
To obtain USDT, you can swap for it, trade, and even earn it. All these can be done on a reliable cryptocurrency exchange.
