As the world of cryptocurrency continues to evolve, so do the challenges faced by investors looking to navigate the complex landscape of digital assets. For those operating within the Georgian market, accessing cryptocurrencies like USDT (Tether) with local currency, the Georgian Lari (GEL), has historically presented its own set of obstacles.
In the past I have tried several ways on buying crypto using GEL, and until recent I was using coinmania,ge, but the exchange rates on the platform have not been in customers favor.
How to Withdraw Crypto To GEL bank account in Georgia
However, a recent encounter with peer-to-peer trading has shed light on a promising solution for such predicaments.
Picture this: An European customer with several bank accounts across the globe, eager to deposit funds into the Terramatris crypto hedge fund, finds himself hindered by the limitations of fiat currency. Despite attempting transfers via SEPA accounts, complications arise, leading to frustration and impasse. It was during this struggle that an unexpected solution emerged.
Enter peer-to-peer trading on Bybit—a revelation prompted by a chance encounter with a fellow member of the local Jiu Jitsu club here in Tbilisi. Observing a Russian dad effortlessly navigating the Bybit platform to exchange Russian rubles for USDT, curiosity piqued. Inquiring further, it became apparent that this method offered a seamless avenue for converting fiat to cryptocurrency.
Intrigued by the prospect, a decision was made to explore this alternative route. And lo and behold, the results exceeded expectations. The process entailed exchanging 485 GEL for USDT, securing a favorable exchange rate of 1 USDT to 2.69 GEL—an alignment with the prevailing USD/GEL exchange rate for that day.
The simplicity and efficiency of this approach were evident, with the added benefit of circumventing exorbitant commissions often associated with traditional methods. This newfound avenue not only provided a practical solution to the immediate challenge but also opened doors to a world of possibilities for future transactions.
The best all transaction happened in less than 10 minutes, it involved sending funds from my Bank of Georgia account to sellers bank account in Georgia, and in no moment USDT were added to my Bybit account.
For those grappling with the hurdles of fiat-to-crypto conversions, peer-to-peer trading platforms like Bybit offer a beacon of hope. By leveraging the power of direct exchanges between individuals, investors can sidestep the complexities of traditional banking systems and embrace a more streamlined approach to cryptocurrency transactions.
Feel free to reach out if you need any assistance with dealing with crypto in Georgia or abroad.
