The Nigerian Naira and Bitcoin

[CTO114]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

[Bright0515]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

Since the ex president (late Mr Buhari) was in power, naira lost in value but when this present president (Tinubu) came into office naira crashed to the fullest. Now naira has been stable because of the soon election that will happen next month but immediately after the election and same person wins or another person win and he didn't do anything about the economy of Nigeria, that's even naira will crash more. It is important that Nigerians start to purchase Bitcoin or find means they can earn in dollars as our economy is doing more harm than the good it does.

[Abu-Naim]

Nigerians already know how useless our Naira is is becoming every day, so many of us don already take another step to get financial stability because keeping your money for bank now has no use because anytime you need the money, the value will never be there, then what is the essence of saving money in our bank account when banks owners are using them for business and instead of adding to your accounts they will still deduct some charges for card maintenance and so on; therefore the best way to save your money to maintain its value is to invest in Bitcoin. With Bitcoin, if you are patient enough, you will never lose money and the value of it will remain, and it will help you beat inflation again because you will gain if you hold for a very long term.

[Dr.Bitcoin_Strange]

Some people, especially those that have a good knowledge of Bitcoin are already adopting it as a store of value to held the devaluation of the naira, I guess that most people have not fully adopted Bitcoin but for those that truly have a knowledge of the advantage in brings on the long run, they have considered it and are no longer keeping huge amount in the bank. Gradually, people will start to adopt it.

[Donk1]

The value of our Nigerian currency is going down from time to time which is bad. But the adoption of Bitcoin as a store of value is growing in Nigeria and very soon Nigeria will take first place in adoption because people are looking for alternatives. My only issue is that a lot of people don't yet know about Bitcoin presently especially does in rural areas but as the Naira continues to devalue i am sure they will. There is no hope for our currency going back to normal, so all we have to do is continue exploring the Bitcoin technology.

[RockBell]

Nigerians already know how useless our Naira is is becoming every day, so many of us don already take another step to get financial stability because keeping your money for bank now has no use because anytime you need the money, the value will never be there, then what is the essence of saving money in our bank account when banks owners are using them for business and instead of adding to your accounts they will still deduct some charges for card maintenance and so on; therefore the best way to save your money to maintain its value is to invest in Bitcoin. With Bitcoin, if you are patient enough, you will never lose money and the value of it will remain, and it will help you beat inflation again because you will gain if you hold for a very long term.

Because of how the naira does not have value it have also affected the economic growth of the country because people are going into business with currencies that hold more value look at dollar see how the currency holds a lot of ground and the government is not even helping in this case because most of the things are always been valued in dollar and it is making the dollar more stronger than naira and because of this difference is always affecting everything in the country so the higher the dollar rate is going the more expensive things become.

And saving money in banks don't really have any relevance if you are not making profits from does account and this is one of the reason why people preferably choose to invest in Bitcoin than just saving there money in fiat and only few people are getting this strategy.

[Makus]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

Lately the value of naira to dollar is slowly regaining itself, hopefully it would get better. But another thing is, our government aren't showing much interest in stabilizing this rate probably because the problem is what they tackle at the first place when they said crypto was the cause. However I don't they'll consider making friendship with crypto as most nature are doing right now, but Nigerians can go ahead to start using bitcoin as a store of value since it's profitable for long term holding which may also give us good reason on what to use the money for when the time for harvest is set.

[ejikeme24]

 It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

Yeah, I think Alot of people is now being familiar with bitcoin rather they don't have any idea about it. And surely with time they would definitely want to look into it, because the awareness that bitcoin has created is more than enough reason why we shouldn't be doubting or being afraid to invest into bitcoin. Alot of our nigerians have heard about bitcoin severally but when they see people talking about it they always look at it as something that is very expensive to get considering thier financial status, this mindset have made most people not to pick interest in bitcoin investment without knowing that investing in bitcoin is all about determination and consistency if you have a  Strong determination to invest into Bitcoin you can get started no matter how small your discretionary income is, All you need is being consistent with time you will definitely get to a point where you don't expect.

[Cryptohygenic]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in.

Inside the talk, no remedy to recover those lost naira values because e no dey backed onto say e no dey volatile like bitcoin but stable.
The only way na to strengthen em power if only our govt go gree dey explore economy infrastructures but we dey see as e don dey be right from time say fiats in general no dey safe valued to stack or hold for too long. The naira com be like em own worse as we govts no even care about the economy.
Now na individual race for every to locate where their money for dey safe valued bcos holding for banks do fail na why to hold on bitcoin better and safe haven.

[Yablee0]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

E don tail yansh dey for back!   Has been long we have been going through this naira crash is no longer a new thing. Our leaders no longer care how fast our Nigeria naira is  going down on a daily basis and no body is talking about it all they are after is how to enriched their self and their families through out their period in office.

Many people are going through a lot in present time and it's giving me so much concern, I think it's time we give bitcoin a trial by  making it more as our store of value, instead of putting our funds in the bank that will give us little or no profit at the end of the day, rather they we be one charging us unnecessary. However at this point it's obvious that mostly those that earn in dollars and consider bitcoin as a means of storing value has the chance of leaving a better life.

[PremiumcryptoHub]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

Since the ex president (late Mr Buhari) was in power, naira lost in value but when this present president (Tinubu) came into office naira crashed to the fullest. Now naira has been stable because of the soon election that will happen next month but immediately after the election and same person wins or another person win and he didn't do anything about the economy of Nigeria, that's even naira will crash more. It is important that Nigerians start to purchase Bitcoin or find means they can earn in dollars as our economy is doing more harm than the good it does.

The current Nigerian currency may be depreciating due to inflation and economic instability but we can choose Bitcoin as a store of value instead of this fiat currency. So in this context it can be said that Nigerians should now embrace Bitcoin as an alternative currency because because it can act as a hedge against economic uncertainty. As far as I know if money can be kept in Bitcoin instead of in the bank right now, that would be good for everyone because Bitcoin has the potential to provide high returns, although volatility is associated with it. It is largely true that the best way to save money at the present time is to invest in Bitcoin, there is a much higher chance of success if you are consistent with long-term Bitcoin investing.

[Bitco55]

With the Nigerian Naira losing value consistency, and no plans to remedy such. That's where Bitcoin comes in. Could Nigerians start to adopt the advantages of Bitcoin as a store of value for their assets? It's only a matter of time before such is seen. Obviously the knowledge of Bitcoin don de grow for we Naija people.

Nigerians are already involved in cryptocurrency. The economy is weak, very weak. There's high inflation of more than 30%, the currency is devalued, there's severe underemployment, little manufacturing, weak industries, and the economy as a whole is just in a really fragile state. So already, crypto feels like a safer option than naira, and it is. Nigeria is one of the top 3 countries in crypto adoption, obviously due to the economic challenges. So Nigerians already use bitcoin as a store of value for their assets. Although it may help much, but going 100% into bitcoin and leaving naira may be risky and not even very practical as it isn't everyone that accepts crypto.

[Lolipo]

Today   24H  -0.47%
0.5 BTC   NGN 85,049,814.15 NGN   NGN 85,447,514.31 NGN
1 BTC   NGN 170,099,628.30 NGN   NGN 170,895,028.62 NGN
5 BTC   NGN 850,498,141.50 NGN   NGN 854,475,143.12 NGN
10 BTC   NGN 1,700,996,283.00 NGN   NGN 1,708,950,286.23 NGN, I think Nigerian should consider investing more on Bitcoin than saving Nigeria currency. Going by this statics it's better

[Olatundespo]

Some people are seriously thinking about alternative financial systems but the issue is about combining centralized financial systems with decentralized resources. As the value of the Naira is gradually decreasing in the current context, the value of domestic assets is also decreasing. As a result of the depreciation of the Naira against the dollar, our community is trying to move towards alternative financial systems to a stronger position. Therefore the first financial system that is seen to be dominant is through Bitcoin accumulation.