A Bitcoin, the largest cryptocurrency, went from 14 TTD in 2011 to >450,000 TTD in 2024! (Chart in USD) How did your do in the past few years?

What is Crypto?

Crypto or Cryptocurrencies refer to digital currencies whose records are kept in check across the world through a blockchain (a distributed "accounting book" where records are verified and saved across each "accountant", where anyone can be one). Many are open and accessible no matter which country. Many are not controlled by a government or central authority.

What?

Cryptocurrencies are open and accessible online currencies which can be traded for TTD, USD, EUR, etc. It is different from the TTD you see in your bank account as it requires no personal documents or even a specific nationality to invest in or trade it. Note that there are also ways to acquire it by providing these details at your own will and risk.

Who are cryptocurrencies for?

Here are the benefits of Cryptocurrencies / Crypto in Trinidad and Tobago. If you like any of them, crypto is for you.

Not being dependent on Banks like Scotiabank, Republic Bank, Royal Bank, etc., and giving you the opportunity to be your own bank. This gives you more control of your money.

Being able to make international investments with ease. You can more easily invest in international companies tokenising their products on the blockchain / distributed ledger technologies.

Also, there are earnings in USDT or other cryptos you can sell for USDT or other stablecoins. This gives you access to USD!

Ability to have fast transactions including deposits and withdrawals. These can take as low as seconds to process...seriously.

What can I do with Cryptocurrencies in T&T?

You can trade it to make an income, accept it as a form of payment, use it as an investment vehicle, and sell it for TTD to transact locally.

If you choose to trade using a Centralised exchange, we recommend Binance. You can sign up here for free and get a 5% discount on trading fees!

How can I store it?

You can store it in either a custodial or non-custodial wallet.

A custodial wallet is one where another party has ownership of your wallet and funds (like your bank does) and issues transactions upon your request. An example of using a custodial wallet is storing your funds on Binance, ByBit, or another Centralised exchange. You are trusting them to hold your assets.

A non-custodial wallet which is a wallet ONLY you own the keys for / have access to. We recommend Rabby and Trust Wallet. Both are available for mobile and desktop browsers.

Each wallet is accessed by a private key which is derived from a unique combination of 12-24 words. If you have a non-custodial wallet, you have access to and are responsible for keeping and guarding these keys. This is like your bank card and pin. You can always have multiple wallets as well and keep your keys in multiple places once they are safe and secure.

How can I get crypto in Trinidad and Tobago?

Struggling to buy crypto in Trinidad and Tobago or tired with banks declining your crypto purchases? Here's the solution!

Buy it through an exchange such as Trillions Systems Limited. They currently have branches in Chaguanas, San Fernando, and Valencia. You can call them here or dial 499-7673.

Purchase it directly from someone / an individial who is selling (P2P).

Where can I learn more?

Luckily we have a Telegram group where we can connect and discuss all things crypto!