Savings in bitcoin not NGN(Nigeria naira)

[Dynamite++]

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.
          So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

[promise444c5]

It wasn’t easy to get in the year 2010 and even 2011 unless you could mine it . But over the years even at round 2018 , if anyone had started investing then they would have realize so much value in Bitcoin by now , it’s never too late to invest either but while you’re investing make sure you have a backup / emergency fund that you can always fall back on whenever u need to spend  urgently (it’s the main reason I’m writing this). This will be of help without dipping your hands into your investments because it could be in a Dip(for example now) and withdrawing could result  in some loss .

[Callido]

In the case of civil servant preparing his retirement plan, see it as investment and not typically saving.

When you save in a currency, what you want is for that currency to retain its value and savings are meant to be easily accessed.

I will classify your post here as investing rather than savings, the volatility of Bitcoin makes it a bit hard to save because you may not be able to get the exact amount when you need your savings, preferable that you save in stable currencies (little or no volatility) other than Bitcoin, if you desire to buy Bitcoin let it be for investment sake.

[ejikeme24]

Putting your money into Bitcoin is no longer a savings but investment because you can't touch it any how unless it has yield profit but if you're making savings in the bank you're allowed to withdraw at anytime due to stability but Bitcoin is not always stable so I would say that whoever that intend to save just for few month isn't supposed to channel his savings into Bitcoin as it's not something you would just venture into or do it any how. So it is always advised to channel our savings into Bitcoin that's if our intention is to save for the future and not for short term so as to avoid making unnecessary mistake

[Stable090]

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.
          So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

Investment in bitcoin Dey very okay, but anybody wey wan Dey commot from him salary Dey invest in bitcoin, then make him know say na money wey him no go use for long term na him d person go use invest in bitcoin. If u know say money wey u wan use invest, within a short period of time u go use am, then e better make u just leave d money for bank, because when u go wan use d money, bitcoin price fit don Dey down that period and e go pain u so much.

Bitcoin investment make sense but na for long term investment na him e make sense for. Plenty people for dis country no get mind to hold bitcoin like that, because u wey just collect salary, d money self no go do u to chop, how u go take see better money save like that.

[Dzwaafu11]

So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

Anybody who put his or her money into bitcoin is not saving, that person is consider as investor. Bitcoin is very velotile to the extent one can’t just have money and think of putting it in bitcoin and not with the mindset of investment. So this post is all about investment, reason is that if you already put your money into bitcoin that is consider as an investment.

since that money can’t be spend the way you can touch your fiat anytime you want. Anytime you are in loss you must leave that investment there, if you touch it you’ll be in lose. So anyone who have money put in bitcoin isn’t savings that is invesmen.

[FirmWars]

If person wan save naira for the purpose of retirement, I will advise the person against taking such action instead they should buy Bitcoin and hold for that long time, but if the person wan just save for emergency purpose or if the person wan save for just a small period of time so that in go use the money for in needs to carry achieve 1 or 2, then the person no need save in Bitcoin because of the volatility of price. When time reach for them to use the money for watin them want do, the price of Bitcoin fit done drop below watin them buy am.

So, to save in Bitcoin depends on the individual and also their purpose of savings and the time duration that they intended to hold. If person carry in money way in wan use next month go buy Bitcoin, when they want to sell that Bitcoin and use the money, price of Bitcoin fit don fall yakata but if them wan hold am for future, nah like that make sense pass.

[osasshem]

Having one's savings in Bitcoin is a good thing to do, cause at this point, it is a person starting an investment plan and in this investment, the person should have a part of his funds in cash, so as to keep his savings in Bitcoin safe, cause when the market dips and the person came in at the highs, it is approximately facing a serious losses when taking out from his investment when the market is on a low. A clear instance is what the market is currently exhibiting, someone coming in at $115k, and now, hands are tight and cash in needed, whatever happens to take out funds, big losses are being incurred, which is not good for any form of investment.

[Agbamoni]

The reason why most people dont save in Bitcoin is because they are not saving for long. They want to save so that they can access the money whenever they want and it will remain with the same value.

My suggestion should be that we have a separate account for Naira saving and Bitcoin saving. Bitcoin saving can still be seen as investment. And it should be targeted for the long term.

[Moreno233]

Saving money in Naira have never been a good option because our Naira being devalued and perennial inflation challenge. Other saving methods that promised good returns on invest still failed in the sense the value of money would have drastically reduced before the tenor of the saving. This happened to a lot in my country which is why many people no longer save in our currency but in dollar but inflation will not still allow the dollar saving to flourish. The only reliable way to save money is by buying bitcoin. Bitcoin does not lose its value over a long period of time, it has high liquidity and is done by yourself at your convenience without any interference.

[Amphenomenon]

Storing money as bitcoin is better against all odds of inflation, looking at the past 10 years and that's why it is also considered as an here against inflation but still volatility is something to very much consider in order not to sell in losses during emergencies but this might be much of an issue if one has a constant strip(s) of income.

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.

I don't think of the money kept in banks as something with interest because it's still little to minimal for many banks even without considering inflation.

[Cryptomultiplier]

The reason why most people dont save in Bitcoin is because they are not saving for long. They want to save so that they can access the money whenever they want and it will remain with the same value.

My suggestion should be that we have a separate account for Naira saving and Bitcoin saving. Bitcoin saving can still be seen as investment. And it should be targeted for the long term.

A long term investment plan into Bitcoin would do much good as compared to a short term plan.
 As such, any new investor thinking of the best way should opt for a long term DCA plan while using the time in-between to grow their knowledge on the best practices to ensure the Bitcoin is safe in a good cold wallet with the private keys safer and far from the reach of anyone but the investor.
Diversification into stocks and bonds, precious metals like gold and silver could also be a great trick to amass wealth before one retires.

[Fivestar4everMVP]

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.
          So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

Someone or a civil servant who has been saving in bitcoin from 2010 till now currently will have no business going to the office anymore, Infact, he or she will or should have no business even working anymore because he is already a billionaire, yeah, I said billionaire in naira and I am serious about it, even if it was between #5k and #10k he or she was saving since 2010 till date in bitcoin, by now, that person should be absolutely financially independent and stable.

Over all, what you have said is the absolute truth, there was even a time I suggested that if it were possible, and if we actually have visionary leaders, yesterday was the best time for them to introduce the possibility of allowing workers choose what form of currency they want their pensions saved in, either in bitcoin or fiat currency(local currency), those who choose to save their pension money in bitcoin will have a better life to fall back on after they retire.

[Coyster]

You still need to keep some fiat for your bank account. We all spend money daily, and na Naira we dey spend, so you suppose get Naira for emergencies and for daily expenditure; other than that, i no get any need to hodl fiat. My assets are spread across different investments, bitcoin, real estate, businesses, etc.

There is no man that desires wealth, who keeps his assets idle in a savings account, not just a Naira savings account, but any currency for that matter. To grow wealth, money has to be put to good use, use that can see it grow and produce more.

[Bitcoin.com97]

Investing your money in Bitcoin is far better than  storing in savings account, if it is for retirement savings,  no matter the amount it won’t yard any good profit despite the years , let say you have been saving for 5 to 6years which is from 2019 to 2020, It will never generate a good profit compared to when you save it in Bitcoin, check from 2019 to 2020 how Bitcoin has improved.

The only reason anyone need money in savings account it should be for daily use, maybe when want to purchase goods , food , toiletries and so on , for easy access but aside that anything that is for long term it should be in Bitcoin, long term investment in Bitcoin is far better than any other savings .

[Su-asa]

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.
          So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

I think it is wise to invest into Bitcoin instead of yo save with Bitcoin. Based on my perspectives, I believe Bitcoin is not a good means for saving, it can be use for other stuffs like investments, worldwide payments method because it has no restriction, and you can also trade it through p2p and other trading methods which will add profits to you. But saving on Bitcoin is not really good because during when you are about to take the money you have saved you might not meet what you were expecting because the price keep on fluctuating. Today you might see a new ATH then tomorrow or the next seconds another thing you might see. Saving money in Bitcoin will definitely make you sell at loss, so it's better to invest instead of saving money on Bitcoin/crypto.

[Pikiboy]

I understand where your post is pointing towards, investing into Bitcoin and then comparing to save money into our local currency (naira)bank savings as the name implies ,it is a savings of which an individual put in money and can be withdraw at any given period of time and there's if bank want to give interest is going to be a little amount because you are not making an investment with the bank
While Bitcoin investment is an investment made expecting to gain after and the good part of it all Bitcoin investment gives you access to control your money and is best to invest in to Bitcoin than dumping your money in a bank in the name of savings.

[PremiumcryptoHub]

Honestly, saving Bitcoin is better than saving in Nigerian Naira but I want to make one thing clear here, if any body is saving our country’s own currency in Bitcoin, then consider him as an investor. We spend Naira every day, we can take NGN for emergency needs and daily expenses but beyond that we need to add the mindset of growing our wealth. However OP, saving money as digital gold against all odds of inflation in the last 10 years is the identity of a genuine investor and this digital gold also acts as a way against inflation.

You have rightly mentioned that sometimes Bitcoin’s price goes down but it always comes back and recovers overtime, it is certainly surprising to see Bitcoin’s price over the years, i.e. since 2010, actually Bitcoin is a better option than saving money in Naira and it should be a long-term goal.

[Agbe]

The Naira is one of the most unstable currency in the world as it's always depreciating over time. Saving your money in Naira is as good as useless because you will find out that over time the value of your money is losing value due to inflation and unstable monetary policies that are implemented by the country financial policy makers. The Naira is always devalued by the government for what ever reason best known to them instead of saving your money in the bank were you will be charged monthly for one fee and the other save your money in Bitcoin were you are sure that your money will be growing steadily as time goes by bringing profit to you.

[DaNNy001]

Almost everyone has saving account, where the little there cut out of their salary goes for emergency or saving to buy something.Most banks add interest overtime when you save money with them. But with this too the interest added are very little and over time it amount to nothing,plus inflation decreasing the value of naira every day,just take for example a Nigerian civil servant working and saving for retirement, only to retire but the money isn't worth much due to inflation rate.
          So I suggest saving in bitcoin is better than saving in NGN(Nigeria naira), thought bitcoin price drop sometimes but it always picks back up and recover overtime. See the price of Bitcoin over the years, you would be amaze , and if you saved in Bitcoin since 2010 till now you would have a lot compared to have been saving in naira.

Well na the right option and choice to make but as e dey easy to talk here no be so e easy to do too. Also many 5up till now sef never still fully get trust on Bitcoin and the reason why people still dey fear even the ones wey dey preach am sometimes for here  😂 but the records and stats all show it that Bitcoin despite all the dip and bear market has continually grown no matter the weather so keeping money for Bitcoin better pass naira well well.