Can Bitcoin be Nigerias Escape from the naira trap?

[Iamgoat]

You will all agree with me that Nigeria's economy just keep on repeating the same cycle of economic instabilities since our independence which includes the naira fall issues, inflation on commodity market among different essential goods, making people to go into panic then before you know the cycle repeats itself every time without coming to an end. When you talk, the government spokesmen and women who are politicians too and lawyers will begin to use grammars to cover up the truth of the matter with terminologies. These act of unexplainable hardships happening after every tenure makes the people to lose more hopes on the economy and the Nigerian fiat currency. Because of these excuses and perpetual wahala the government is making people to face, many young Nigerians have started seeing bitcoin as another alternative escape route for a true sustainable financial freedom.

But the question those of us who are curious about the whole thing are asking is whether bitcoin can truly save us from this bondage or whether it only came just to give us hope for some time because sometimes if I look at this dollar naira issue, it baffles me. A dollar was worth less than 200 dollars during the Goodluck Jonathan's years, today a dollar is roughly 1,500 naira. Imagine having a savings in your Nigerian currency since when dollars was less than 200 and just imagine how much of your savings would have lose value since the Buhari government take over yet them no wan allow people comfortably take advantage of this crypto market till date.

What I really love about bitcoin as an individual is the fact that bitcoin no really send who dey power or wetin exchange rate will become later or tomorrow. Bitcoin doesn't only give you the freedom to own your assets but also gives you the full control of your money but  one thing still spoil am for plenty people eye,  which na still the volatility matter wey they scare plenty people away from bitcoin.

My question be say, in the wake of all of these economic instability we are currently facing in the country, how can Nigerians especially the young people take full advantage of bitcoin as a true financial freedom or the next goldmine to invest and to escape from the Naira trap finally?

[Itz-prisigold]

Frankly speaking, I really do believe Bitcoin can help Nigerian's break free from this naira trap, but it all depends on how we nigerian's handle it. Our economy issues is more deeper than just a bad leadership; the economy keeps repeating the same old system - corruption, depending on oil, relying on import, and currency that keeps on losing value faster than salaries increase. But Bitcoin does not care about any of those things, Bitcoin will give us a chance to move out of that system a bit.

Bitcoin does not rely on politicians, central banks or any policies that always change every four years and that is what makes Bitcoin stand out. So when you hold Bitcoin, you are mainly saying, "my money can't be printed to loss value tomorrow".

However, the true power of Bitcoin will come when more Nigerian's start to use it for real things like; saving, getting paid, sending money and also doing business with it. That's when we would slowly become less controlled by the naira's ups and downs.

Volatility go dey, yes but which one bad pass? A coin that will go up and come down, or NAIRA that only keeps going down every year? If many nigerian's understand and use Bitcoin the right way,  I strongly believe it can be that lifeline alot of young people are looking for.

[Agbe]

Bitcoin offers a good opportunity to Nigerians to escape this present Naira challenges that, we have found ourselves because the Naira is always on the decline. And Bitcoin which is an hedge against inflation is a perfect tool that any Nigerian which is seriouse about his or her economic situation will adopt. With the current economic situation that,we have found ourselves we as Nigerians are left with little options because governments is not doing anything to improve the economy this is the reason why our Naira has been on the decline because there are no good economic policies.so investing into Bitcoin will provide a escaping route from the present Naira challenge that we have in the country.

[Curious T]

The only way Bitcoin can help Nigerians escape the Naira trap is for us to keep our savings in bitcoin. In a country where over 120 million people are poor, very few people have the money to invest in other investments like stock, real estate, and other financial investments, but bitcoin dun give people opportunity where you no need to be rich man before you fit invest in bitcoin. So the only way you can escape this currency issue, is to leave your savings n bitcoin.
That will not solve the whole issue because the currency is so bad to an extent that common things will become unaffordable for poor folks in the country, but your savings will still have its value after a long time or if you're lucky, it might even be double of the value.

[Sarah Jordan]

Bitcoin has a vast opportunity in the market for those that want to take the advantage of holding.
The price of Naira has been depreciating and this is not go for  those that are investors. Naira as our current need good back make we no go save money for bank for 5 years and come back to see say the money no get value again. This one no go good na and na him make am people to out their investments for financial market like stick, forex, crypto and many of them wey go yield better money. If our government wan do better thing, make they make naira get power pass dollar but their corruption no go allow them fit do am.

[Coyster]

No be only Naira wey dey suffer from inflation. As e be now, inflation na global problem, though some countries have it worse than others. Bitcoin na perfect hedge against inflation, and so many people dey buy am for that purpose. Keeping your assets in fiat no be wise thing to do na, no wealthy or rich man dey keep their money for bank na. Money suppose dey appreciative assets wey they grow against inflation.

Bitcoin is one of such assets, but no be only am. Gold dey there too and na better store of value + safe haven asset, silver they there too, stocks, bonds, real estate, etc. All these assets and investments go help you save value on your money. But no forget to do your own research before buying any of them.