Bitcoin Forum

Bitcoin is one of the best investment right now in the world and a lot of people has started investing into it by Accumulating and holding them.
We all know that Bitcoin is highly volatile in nature that means it's price can drop at any point in time and can also rise at anytime so one can still use it as our savings account but it is advised that the money you are saving should be money you won't be using for the next 5 years upward, when you save your money like that in Bitcoin it will increase when you want to withdraw it because there's a very high chance of Bitcoin increase in price after holding for about 5 years upward.
Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.
We have seen cases were banks were hacked, that has not happened in Bitcoin.
Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation this means those who saved there money there may not receive all there capital or if they will receive not at once, the former Big Brother Ninja winner Mercy Eke talked about her regret saving with heritage Bank because of there issues and she said the money that was there was the money she won from the show which is 60 million naira in 2019 and she said she has not touched the money since she started saving it with heritage Bank just imagine she saved the money with Bitcoin that 2019 she would have made good profit and it would have been well secured for her till date.

Just known that whatever means you choose to save you money with, it should be well secured. We have heard of many Bitcoin wallets hack here on the forum. But just because we haven't seen one and don't pray for such, doesn't mean its not possible with Bitcoin. Make sure to keep your keys safe and away from the reach of others and the internet. Again. You can diversify your savings into two.nits even better that way so if one goes wrong, you can have something to fall back on. If you choose banks in Nigeria for savings then make sure you use those standard banks that have big branchs and head offices here in the country.. if it's crypto then keep your keys safe. Just remember anything if possible when it comes to hacking or losing of funds. But that's not our portion..

Having your future savings in the bitcoin is a big choice with its potentials that it'd yield profits in a long run unlike the banks where you'd get charged for banking maintenances on regular basis and instead of your funds to increase in values it's depreciating in the affections of taxes and inflations.



If spade being called spade, bitcoin isn't exemptional from being hacked to it's okay being transparent about it so that it could oblige beginners to be concious with their private keys because hackers would always keep roaming about for invasion and steal your bitcoin.
It has happened to many bitcoin users and still having due to carelessness and lack of knowledge to fallen victims to the scammers.



This can't be applicable to bitcoin. Let's take for the case of Changpeng Zhao (CZ) who's currently facing legal money laundering cases and while him and the binance exchange is ongoing facing the consequences, it never affected users of the platform and up to date Crypto users are still reliable of the exchange.
My intake is that we should embrace decentralization for it's the way forward to financial freedom and breaking out of poverty.

Investing in Bitcoin is a very good thing to do but don't you think that putting all your life saving in Bitcoin actually look somehow? because indirectly that type of investment imply that Bitcoin is going to be the only thing you will do till you get old and also it means that all the things or the plans you have physically will come from what you will get from Bitcoin, though there is nothing wrong in putting a major funds on your Bitcoin investment but I no go tell you make you carry your every every go put for Bitcoin.

For me I'm a lover of Bitcoin holding but since I normally use strategy on my investment I do not put everything I have on it but instead i only do it small small and because of that means way I they take invest e go make me to they run my matter for other things, so e go make better sense when person get plenty Bitcoin way you done accumulate and still they alright base on say better physical money they for you so that you no go they reason only your Bitcoin.

Using Bitcoin as a saving account is very good and feasible. It's far better than saving your money in the regular banks for so many reasons. The advantage is that  you're not afraid that the banks might fold up or that government policies might affect the bank like what happens with the BBN winners case. You're also certain that you're likely going to be at a better profit that far exceed whatever rate any Nigerian bank would want to offer you which are all advantages that far suppases saving your money in any financial institution.

almost all the issues of hacks and cyber threats that's associated with Bitcoin is also associated with the fiat and the centralized banking system. Apart from hackers getting access to your private keys or compromising your device and getting to steal your crypto, have you hard cases like the normal phone calls you get from random guys who request for your ATM card numbers and them steal your money you've saved up in the bank?

We all know that Bitcoin isn't perfect but as long as you're saving your coin in an offline wallet and you don't allow your keys to get missing, you are certainly less exposed to risk than what's obtainable with saving in banks where even the bankers are potential source of threat to your safety and that of your funds.

If you dey buy bitcoin, i no go call am savings, na investment and if you get the knowledge to keep am away from scammers, then you go fit make profit from am in the long run.
I no go advise person make him put their life savings into one investment only, you suppose diversify into different investments. E make sense to also keep a small amount of money in your bank account, money wey you go use dey do monthly spending, but no keep more than that for your bank account.
The bitcoin network cannot be hacked per se, but so many people don lose bitcoin wey dem keep for their wallet because dem no too get knowledge on how to secure their coins. Banks fit fail, though it is a rare occurrence, but money wey dey for bank dey insured too.

Where you store your Bitcoin is what determine how safe your Bitcoin would be and the level of security cautiousness you apply to it. Just like money cannot provide its security for itself where its been kept so its the same in Bitcoin. If you store your Bitcoin in a wallet and the wallet private keys and security information's its not kept privately there will be hacked and theft. What's more important when it comes to savings security is the individual. Any form of money or value we have the security of it lies in our hands. If we fail to provide maximum security we may lose our money or asset.

Adding to this information the banks that as their license revoked include, Heritage Bank, Unity Bank, and Keystone Bank. It is advised that customers should withdraw all their money from there using ATM card or bank transfer before it gets too late.

Seeing bitcoin as where to throw some value into is the best of it because that will make you buy more Bitcoin with your extra funds instead of keeping it in the bank. Bank gives very low interest and use your money without your knowledge for business and the worst of it is that they might limit you from the exact amount of funds that you want to withdraw or deprive you access to your funds when you are in need of it.

Bitcoin gives you the freedom to be your own bank, which makes it the best for you to buy and hodli for a long time. It is not a na d idea if you are always putting the money that you are saving in bitcoin because you will definitely enjoy from the fruit of your labour since bitcoin is an hedge to inflation unlike bank fiat. Bitcoin has the potential oof multiplying your funds in future due to its exponential growth.

Bitcoin dey volatile so e go hard for you to use am as savings. You fit buy bitcoin as asset or investment, that one no bad. If you dey fear bank wahala and the way naira dey fall, you fit buy any of the better stable coin make you hodl. Na stable coins you fit take do savings nor be bitcoin.

Bitcoin itself cannot be hacked but if you are careless with your keys you can lose your coins.

Na true say Bitcoin they volatile in nature way they make am no they constant the price they always go up they come down but the thing be say Bitcoin volatility no they stop Bitcoin growth even with the rise and fall the price go still they grow remember say na so Bitcoin do till e reach this price e dey now so, and person way mean to say money need to get for mind to save en money for some years any body way no fit save from 5 years up make en no bother to save with Bitcoin so e no go affect am.
E good to save money for stable coin like you talk so en no go they fall they rise, if person save for stable coin you fit withdraw your money at any time and na still same amount you go withdraw but you no go get any add up for that your money and e they sweet when you save for some years that you money con increase and na why Bitcoin go they better only when you won save from 5 years and above but if you no they save from 5 years and above then like you talk stable coin should be the best to use.


Yes you are very correct and that is why it's always advised to keep our secret phrase and password very safe and not trust it with anyone and also is good we avoid connecting to public wifi in other to avoid being hacked.
A friend of mine lost all his Bitcoin through connecting a particular airdrop to his Bitcoin wallet so if anyone is doing airdrop please don't use the wallet you use to accumulate Bitcoin or save create a different wallet for airdrop and other online purpose to avoid being hacked.

Good advice here because some people invest in bitcoin with the idea of making profits within a short interval and sell without thinking about market volatility and that is the reason why people sell at lost because when they don't invest for long term profits, as soon as the price starts falling they sell as a result of fear and due to the short target they have but just as you said, investing between 5 years and above will make them not to always monitor the activities of market prices but instead they will focus more on accumulating and hodling.
         Our banking platforms have become so porous now such that the security of our funds are no longer guaranteed so instead of keeping Fiats in the bank the best decision will be to convert it to bitcoin and store it in your bitcoin wallet and it grants you security over your asset as you alone knows your seed phrases and can decide to make any amount of transactions you wish to without any restrictions or limits as bank does.

Your bitcoins can still be hacked if you store your bitcoins in some random wallets or exchanges, it can be hacked and you lose your funds.  The best way is to store in a safe wallet like self-custodial wallet or a hard wallet especially if you have huge amounts of bitcoin.

She might have been in profit like more than 4x now since then or she might have been in heavy loss now either through market dump or might have negligently loss the funds through hacks to scammers so it is a two way sword and when we advice people to invest into bitcoin we should actually state out the obvious facts in it so they don’t get carried a way by profit talks only. This narrative is why we have many people into bitcoin today lamenting when a little dump occurs. Yes the general perspective base on past history is that over the years the market price will eventually increase but we need to be understand that there is also possibility of loss even for longer time too.

Bitcoin as a savings is not bad if you can actually understand the risk and are ready to loss the money without it greatly affecting you. Saving in bitcoin saves one from numerous traditional monetary policies but it’s risks are definitely there.

Basically if you are thinking in the long term, and investment, then this can apply perfectly but in a situation where you are looking to secure profits in the shortest time and move, then this can never be the best form of saving, because as at the point you deposited to the time you will be needing the money a whole lot could happen one of which is volatility which could be in or against you, whichever way you may only be stable enough if you are in for the long term because the money will still be there till he market gets back to a new shap.

Id you wan save money for BTC, try make e be say na block den no put your mind for that money for at least five years like OP talk, you go c say despite all the up and down, when u come back make you come collect your money, back you go still see something collect on top your money.

Definitely bitcoin is always good for storing wealth, one of the example is value because we can’t compare bitcoin with fiat aside bank security. Bitcoin has more value in terms of profit making compared to fiat, if a person choose to store their wealth using the fiat system there’s no profit guarantee rather it might depreciate in value secondly bitcoin is volatile but it’s guaranteed you’ll make profit.
Concerning security I will conclude no where is safe as seen most people also fall victim even when holding bitcoin although the banking system is not to be trusted not just using the heritage story I have seen a lot of trusted bank mislead customers, what’s more better using bitcoin system there’s no third man needed anyone just have to stay safe.

I will consider your points/argument  valid if the person is in question knows about bitcoin. Does she invest in Bitcoin at all . If I will tell you this, everyone here has one or two story of regret to tell about not investing in bitcoins when it was so early and when the price was insignificant . Though is not too late but individuals chooses the part to follow when it comes to investment base on their level of needs.

Bitcoin is seen as an investment but it can also be seen as savings as long as the person that hold it does not spend it. But what that matters is to buy it at the right time so there will not be negative unrealized profit even in short term. Anyone that wants to use bitcoins savings now can wait till 2026 and let the market dump first and buy bitcoin at low price. If you can speculate the price accurately in long term, you will prefer having bitcoin than having stable coins that are backed by fiat.

Fiat backed stable coins are better for savings after very long bull run when the market can fall again.

When referring to stable coins, it would be good to indicate which one you are referring to because there are bitcoin, gold and other coins backed stable coins. Although, I can understand that you are referring to fiat-backed stable coin.

I agree with you, There's no anywhere you can save your money and that place can't be hacked, even can be hacked, the only thing we should pray for is not to overcome such things, talking about buying Bitcoin instead of saving money in the bank, it is good to invest the money you are not going to use or the money you will not touch even when you have a problem in bitcoin but it is all the same as banks, the only different is that when you buy bitcoin and you hold for a long time you are going to make a good profit if the price is Rise but thinking that the banks are not safe or wallet is much safe than bank I don't believe that.

Both wallets and banks have advantages and disadvantages, we all know that banks sometimes have some things that are annoying and they have many excuses, but I believe if a bank is hacked and all the money in the bank is stole that doesn't affect those who have money in the bank, the bank will be the one to be responsible for that and I believe the bank can handle the issue, if a wallet got hack and your bitcoin they steal your bitcoin I don't think you can get it back and you can't hold anybody responsible for it.

I agree with you, there is a difference between depositing money in the bank and depositing money in your own wallet on your own responsibility. Usually when we deposit money somewhere we have only one fear that is “to be stolen”. And save the money from theft many people deposit their money in bank, because nowadays we usually not face bank robbery or bank robbery, it can be said that they no longer exist. Moreover, the bank always has security, The security guard all time physically keep an eye on the bank, moreover, the bank is always ready to deal with such incidents in a responsible manner. And the responsibility for the security of our money rests entirely on the bank.

But in the case of a wallet, the security of our money is completely on us, if the money from the wallet is hacked or lost, we can not blame anyone that my money is lost for you, because we put our own money in the wallet on our own risk and if the money is lost, it is our responsibility. will be However, no hacker can hack our wallet very easily, if we keep the private key and seed phrases of our wallet completely secret, then the possibility of our wallet being hacked is very low. A wallet is also safe if we keep all the secret information of our own wallet safe and adopt awareness, Then a wallet is also safe.

Op I have been analysing your your topic for more than 10 minutes because I was not really comfortable with subject matter and finally I understood that bitcoin can't be used as a savings account. Now let me break it down. Just like you are saying that "We should use Naira as our savings account" which is not correct from my observation but we can used GTbank or Access Bank as our Savings accounts and that also apply to the crypto world that, you can used different wallets and select one particular wallet to be Your Savings Account/Wallet. Example, Bluewallet, Electrum Sparrow wallet etc. That is how I understand the subject.

Some persons can also look into the Subject though I understand what the Op is saying, it is all about investing in bitcoin and take it as a primary investment in the cryptocurrency ecosystem and others can look into the case study.

Bitcoin as a one of the best if not the best digital asset class has numerous benefits or potential which can not be overly emphasis, this includes offering as a store of value. However, similar topics are already spread out in the forum  though it worth prioritizing,  though past event is not a guarantee for the future events undoubtedly a lots of guide  are  been given, historically Bitcoin has really proven to have made reasonable increments and a wider spread adoption, saving up in Bitcoin wouldn't be a bad idea perhaps it is a big fight against inflation and as well have the potential to appreciate in value over time, but the good advice has always been to used an amount of money that you wouldn't be making use of after ensuring that whatever  that might have been considered to be a basic needs has been taken care.

If you check am well eh, the concept of Bitcoin investments and savings in Bitcoin no really different o. If you try look am in contrast with other fields to investing. You fit find striking difference but when it come to Bitcoin, although several forms to Bitcoin investments Dey in existence but, for the people way wan buy to hodl, no much difference.
Watin you go notice be say, you go Dey in line with the everyday DCA strategy towards building your Bitcoin portfolio.
Depending on how you choose to go about am, e no go worry you.
Your ability to hodl go put you in line for profit, just relax your mind on volatility.

How you handle your keys is always going to be your problem. So, if you relate to just anyone or every person say na like this e be, you Dey actually give clue on how them go tack access am and that ba your matter.

Before using Bitcoin as your savings like you said, @OP, it's wise for anyone with such plans to understand all the characteristics of Bitcoin before going ahead with such plans.

From what I understand about savings, it's usually more than one type. We have the long term and short term and if you understand Bitcoin so well, you will know that Bitcoin is not a stable coin that you can buy today and want to sell it tomorrow when there's an emergency for you to settle. The reason is because, you could buy at a high price today and by tomorrow the price might dropp. 

So before you consider to invest, you need to invest or save the amount of money that you can comfortably hold for a long period of time without wanting to spend it out of rush.

Secondly, experts will always advice against putting all your eggs in one basket. If you must hold Bitcoin, you also need to have some other source of income and other assets and not only Bitcoin.

Saving your money in Bitcoin is a wise idea though, but in the other way, when you consider some things, you will know that you should not save all your money in Bitcoin, but part of it, and even with that, it should be the money you won’t use in a short period of time because if it is the money you will use in a short period of time, you will lose the money. There is a possibility of that. That is why I said it should be the money you won’t use anytime soon.

Because the market is very volatile, it can go another way at anytime, so that is why it is not advisable to save all the money in bitcoin. There is a possibility of you needing money emergency; there are some unexpected expenses that you won’t get a plan to do, and it will be your way, which you must do. If you don’t have any other money, you will go back to your wallet, but if you divide the money into two, definitely you won’t touch your bitcoin. 

Buying bitcoin and seen it as an investment than savings because it's not something that you want to touch over the time so you know that any money that is going into bitcoin is mainly what you want to keep for a very long time and because if you don't do the separation you will end up spend the same money you wanted to keep for investment, then the other money left in fiat can be spend any time any day, if this separation does not happen their is no way that you will be able to archive a successful project by investing in bitcoin.
 

The way the bitcoin price is not stable is not something that you will want to feed on because of the kind of investment that bitcoin is, because if their is an emergency then you will be looking for a way to sell you bitcoin and this is one of the reasons that you need to have cash always. The best thing is that before anyone invests they should have planned everything out, so that when their is complications you won't be taking unaware, it's unavoidable.

Everything you said should round up as just investing in Bitcoin, in any way as long it involves purchasing and holding for a period of time, we can all agree that what is being done is investment and not savings. Savings should be done in local fiat, anyone saving has somethings towards it and the money should be readily available when the time is up to fit in that purpose. Bitcoin is always volatile, every investor should know this, so this should tell that any money that is to be allocated towards investing should be  the left out funds after all expenses. Despite our desire to free from banks, we can't totally do with out them, also considering they are another potential factor to safe guard our savings.

Saving in Bitcoin is definitely a good decision. In this case you must take proper planning and precautions. Experienced investors will definitely give you a tip, you should have more money in your cash flow than the amount invested in bitcoins. Because, Bitcoin is a volatile currency, you may not be able to get the same price or more tomorrow when you need to sell it at the price you buy it today. Chances are that the sale price will be lower than the purchase price, in which case you will have to sell your savings at a loss.

Harmful advice and decisions are not expected from a person at all. It is important to save money for investment that you will not need now or in the future. Determining whether money is needed in the present is an easy task, but determining whether money will be needed in the future is the most difficult task. It is also necessary to pay attention to your cash savings to make such a difficult task easier. You can divide this savings into several parts like emergency fund, reserve and fund based on your needs. Don't put all your eggs in one basket.

To save money in the bank dey more risky than investing it in Bitcoin more especially for this our country wey anything fit sup at any time .if u get big money e dey advisable for u to invest it in Bitcoin bcos  nobody fit wake up anytime to close ur account.infact  our investment in Bitcoin dey more secured bcos Bitcoin dey decentralized.

Saving with Bitcoin is what we call DCAing and it is a sure strategy to ensure wealth in the long run.
Saving our funds in the bank isn't investing, because the bank can use your money for their own business benefits and give you a story just to postpone giving you all back or even some of it.
Since Bitcoin is yet to have an ATM dispensing machine in this country or is yet to be legally recognized, it makes it a safer currency to save with because of anonymity and the brilliance of the Blockchain technology.

You're getting it all wrong, saving in Bitcoin is called investment, it's a long-term investment actually whereas the DCA is a method used in investing on Bitcoin and accumulating more to an investors portfolio periodically overtime and recovering loses and there are still other strategies involved in Bitcoin investment just that a lot of people prefer using the DCA mostly cause it allows any class of investors to invest in Bitcoin at any entry or interval of their choice. However, people can also invest in the bank by buying their shares and gaining profits annually but Bitcoin investment is more profitable than it though Bitcoin investment requires long-term like 4-10 years which requires an investor to be very patient but the profit is much better than investing on bank shares. Well, Bitcoin might not be a legal tender yet due to several regulations by our government but I'm pretty sure their are good number of people investing on it anonymously.

My brother you have spoken well, in as much as it's very much more beneficial to save your money in anything that appreciate in value overtime and Bitcoin is one of those asset that appreciate in value overtime, which to me, it's the real deal, but on the aspect of security, my brother, I mean the op of this thread, that is left for you, your Bitcoin can be easily stolen if you reveal your secret phase to the wrong person, so don't just think that once you save in Bitcoin, your security is guaranteed, no it doesn't works like that.
You have to be protective of your asset by writing your secret phase on a piece of paper and keep it in somewhere private where no other person except you can have access to.

Then lastly, concerning your Bitcoin holdings, I know that it's very difficult to do, but try not to react to the market, because you might sell too early or sell in panic if their is a strong dip, so as long as you are holding for long term purpose, try to sell only when your investment goal have been met, not selling for minimal gains or at a loss due to panic.

It is better to keep your life savings in bitcoins than in banks as those who have proper knowledge about cryptocurrencies will understand. People who are ignorant about crypto may not take the risk of putting their life savings in crypto because many of them think that crypto currency is a scam.
Yes banks get hacked but the wallet you keep bitcoins in can also get hacked because if your wallet seed phrase is not stored properly then hackers can easily find it and access your account. So don't think that even if the banks get hacked, bitcoins won't get hacked.

When we save with Bitcoin as Nigerians, we're doing ourselves more good than harm because although the volatility wahala they for Bitcoin but we benefits from the inflation that affects the Naira because our investment aren't in Naira so anyhow dollars wants to rise to no concern us as we get the best rate when selling for Naira. You too go also make profits as your money tends to grow leaving it in Bitcoin. Choosing Bitcoin over banks is a win win situation for we Nigerians.


Plenty people no know say banks can't account for all the money you keep with them. There's a cap for different ranges of money that we're saving that is insured Incase of bankruptcy from the bank. I can't remember the exact figures but I think for people with over millions of saving, the highest that can be insured isn't more than 500k for each account. Keeping money in banks is a big mistake we can even make as Nigerians.

Bitcoin as a savings account quite well. It's important to recognize both sides of the equation when considering any investment, especially in something as volatile as Bitcoin.

*Benefits:**
- The potential for appreciation is indeed a significant draw for many investors. Bitcoin's historical performance has attracted those looking for high returns.
- The decentralized nature of Bitcoin does provide a unique advantage, especially in regions where traditional banking is less accessible or where there are concerns about government control over currency.
- Accessibility is a key factor,  Bitcoin can be sent and received globally, often with lower fees than traditional banking systems.

Risks:
- Security risks are a major concern. It's crucial to use reputable wallets and exchanges, and to implement strong security measures, such as two-factor authentication and hardware wallets, to protect your assets.
- The lack of consumer protections is another critical point. Unlike traditional banks, Bitcoin does not offer insurance for your funds, so it's essential to be cautious , vigilant and informed about their investment.

If you save your money for stable coins like I talk, you fit no get plenty profits like you go get if you buy bitcoin ot altcoins but you go still gain because naira dey depreciate everyday. If you hold for 5 years from today, T-pain administration go don dey finish and by then naira to dollar rate fit don reach 3k/$ so your 1000usdt you buy at 1.7m, you fit sell am for 3m depending on the current naira/dollar rate at the time.

Saving your money in BTC is very good, but is not easy to make use of that method to accumulate BTC when you don't have other sources of income, because you will not be selling your BTC when other people are selling in the market than to continue buying BTC and hodl. I have heard about the people that make use of DCA method to accumulate BTC over 6 years before they are satisfied to sell them off to earn what they want from the hodling, but if you know you cannot keep your seed phrase in a safe place, don't embark on DCA method.

Making BTC as your saving, I think it will affect someone positive, because dollar and naira will not going to affect your hodling and it will be reliable for you.

You get point sha. And from 2019 till now, the guy profit where she for don get from saving in bitcoin no go be small money o. I like the way central bank take they revoke the license of those banks and e go serve as warning to other banks too. That heritage bank say no look like bank wey hold ground well because even their branch wey dey my side look very tattered and e no go compel you to go bank with them sef.

That year 2019, I know say people never don embrace bitcoin plenty like the way dem don embrace am now. Maybe if na like last year of this year she win that money and she save am as bitcoin, e go still dey saved by now and she go dey dyne in profit too by now. Bitcoin na better way to take save money but e go better make you know and have knowledge about am before venturing into it. No be when you go finish save money as BTC come go dey touch am anyhow when you need funds.

To make bitcoin your savings eh fit allow you escape inflation but no be all the time eh fit help sometimes that’s if you buy am come hold am for long when you no wan sell am and when you plan to sell am the price they very high compare to watin you been buy am and the value of dollar too come increase eh go also help you get more money.

But if the time way you wan sell am nah when price they come down and dollar value also no high as eh high when you been convert your Naira to am then you fit they record lose instead of to they celebrate your profit.

Then you no go sell na, if you dey at a loss why you go come wan sell your coins. Na because of this reason we dey advise people to buy bitcoin with money wey dem no go need soon and make dem no borrow money take invest in bitcoin, so that they will not be forced to sell it when they shouldn't or when they do not want to. The best way to hodl bitcoin na long term, not short term.

This here is very important in  keeping your wallet safe. NEVER use your wallet where you have Funds to engage in airdrops, it’s advised to have different wallet for airdrops and for hodling.

Bitcoin is really a good means of saving/investment whether big or small, Some persons do monthly savings in banks or in contributions but at the end of the year you get jus what you saved but if that money is put into bitcoin and left for a year and more whenever you want it (probably long term is best) wouldn’t be same.

Yea I agree with you in any means one chooses to save money crypto currency is the can of life changer for .
Bank in Nigeria is standard reliable , just remember anything is possible when it comes to hackings of fund.

I might be a little confused but I just want to ask, isn't saving in Bitcoin on any wallet also same thing as the popular DCA strategy that I read about here?

I nor sure sey na so dat matta be in real life. Those people wey don lose Bitcoin through wallet hacks nor go too like dis your comment like so oh. If we look am well well, we go observe sey any mistake with owa wallet or its  security na to be at the mercy of criminals be dat. For me, I dey too careful with Bitcoin pass wit my bank apps sef because I sabi sey any small thing for jeopardize am. We sabi how complicated Bitcoin dey. Make una dey extremely careful at dis time.

saving Bitcoin in your wallet is not the same thing as the DCA (Dollar Cost Averaging) method. Saving bitcoin in your wallet is called holding (or HODL if it is done for a long-term basis) whereas the DCA strategy is a method of buying bitcoin which involves buying it with amount of money that is consider small to the investor, but the investment is done regular with amount in that range. Although the DCA method is closely associated with holding, it is actually a way of buying but not a way to hold.

@Mpamaegbu me I do agree with your opinion because as much as I see bitcoin as means to get financial freedom and also achieve privacy by way of anonymity the matter no still jell for me say make I put or advise anyone to put all him love savings for bitcoin to hold am for wallet. As much as them fit hack bank na so too them fit hack your bitcoin wallet if hackers just perceive say  better amounts of cash dey inside. Aside hacking, any little mistake you make with your wallet say you forget or misplace password or especially seed phrase. That one na end of the road to all your life savings.

In essence, wetin I dey talk be say, even if we want to invest in bitcoin it should be what we can afford to lose irrespective of the type of hot or cold wallet you're using. No investment should make you go put all your eggs in place it's no good investment decision.

Anything we do has danger, but we may reduce our risk by securing our password and preventing scammers from accessing it and hacking our wallets. Saving money in a bank account will not raise your money until you invest with the bank and place it in a fixed account where you cannot touch the funds until the date you specify, at which point you can touch it and receive your interest. And if the funds are not large, you can't receive huge profits, but the ideal thing is to invest in bitcoin because these days, everyone is finding how is money will double and that is only bitcoin that can help you out that can minimize your risk and get profit, because other coin like meme are high risk and you can lose all your funds because you can't predict them. Is not like bitcoin because bitcoin don't decrease dippy like other coins that don't have value.

Bitcoin is the best coin that will not cause you to lose all of your funds, and if you are patient enough, you will not see any losses because if you invest and leave it for 5 to 6 years, he should have increased and you will profit, even if he does not reach your investment capital. Wallet is the most important consideration before beginning your investment since there are many hackers on the Internet. If you do not obtain a better wallet and secure your passphrase and bitcoin, you will undoubtedly regret it because many people lose their coins in wallets after hacking their accounts. Let us continue to invest in bitcoin while keeping our key phase secure. as how we secure our funds that know one will no how much you get except you told them.