I want to convert my money to bitcoin because of our current banking system in m

[Sandra_hakeem]

I don't think it's gonna be profitable the way you want it; especially for the fact that the naira - Dollar rate ain't even friendly, the big difference is clear and I don't think you'd wanna risk you cash.
Secondly, I'm sure you wouldn't wanna take  -- the fact that you aren't able to withdraw your funds -- as an excuse to conceive this whole idea, Cus how will you survive if this is prolly the whole funds you've got? The situation is bad and we all know, but there are revenues to get to a common resolution. Remember, when HODLING, it's advisable that you don't choose to HODL outta fraustration or for some economical traumas in FIAT. ^{I'm NOT discouraging you dude, but just be careful out there.}

Sandra 🧑‍🦰

[1714245005]

1714245005

[1714245005]

1714245005

[1714245005]

1714245005

[Kasabus]

I live in Nigerian and since our presidential election,the our local fiat became scarce due to change in the newly redesign of the currency which makes it difficult for most people here to get physical cash for business and daily transactions because the banking system is overloaded with too many internet transactions making it hard for me to access my cash.  So now I want to convert my whole cash in my bank account to bitcoin but don’t know if is a good idea for me or not. I know in crypto world, it will be easy to access my money but the issue is, will my money be same value when I invest all of it in bitcoin .

Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is-  I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

Your physical cash might have chances to depreciate in the future, unlike bitcoin it’s highly volatile so it has bigger chances that it’s present value will still grow in the future, or it may drop quickly when you least expect it, so the risks is still there. I suggest you keep some physical cash and convert some into bitcoin, but always remember to convert only an amount you can afford to lose. Bitcoin is still uncertain in the future, but it will be life changing if ever it’s price suddenly reaches its highest peak and turn you highly profitable that time.

[BIT-BENDER]

If I am correct the scarcity of naira which is the local currency of Nigeria became scare even before the election, the scarcity started with the unplanned process from the central bank of Nigeria to transcend from their old note to the new note.

And to add to your decision of swapping your money to Bitcoin may not work as you envision because Nigerian government isn’t Crypto-currency friendly so spending in Bitcoin would be the problem here.

[qwertyup23]

.....
Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is-  I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

Is it not that a risk that if you convert your whole savings in BTC, there is a chance that your investment may reduce in value? Remember that BTC is volatile- if you can handle its volatility and accept the fact that your initial investment might decrease, then go for it. But having no physical cash on hand, despite the problems the bank is facing, can be problematic especially when an emergency arises.

Personally, I would convert at least half of my bank savings as BTC and save the other half as cash. In this way, you get the best of both worlds of investing and at the same time, having cash on hand in case of an emergency.

[armanda90]

Seems bad regulation with your country how to get cash out our money in the bank, most crazy rule from Nigerian president with limited withdrawing cash out money from the bank in daily day. Nigerian have more popular in African countries with highest cryptocurrency transaction in daily day. I think easy if you want to know about how to convert it and better ask with your local board for easy understanding how to do it.

But have limited fiat withdrawing in the bank with your money? its rule adopted in your country seems very difficult to convert in bitcoin because daily day limited withdraw very small and need waiting for longer time.

[Obari]

I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

Bro I think you should first of all get a proper knowledge of crypto before thinking to get involved with it as there is a very high volatility involved in it, which implies that nothing (profit/loss) is guaranteed in crypto.
Secondly I also want you to understand that Bitcoin or crypto isn't an alternative for banks  as I'm very sure that there are very few Marchants who will want to accept Bitcoin as a legal tender because even with the cashless policy in Nigeria, alot of persons and businesses are weeping because they can't do mobile transactions and I'm sure the transaction fee of crypto is another area of concentration.
So personally I wouldn't advice you to transfer all your money into crypto but you should rather invest what you're willing to lose.

[Saisher]

Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is-  I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

Don't invest yet until you fully understand everything about Bitcoin, you could possibly lose the value of your investment or you can have ten-time profit of what the banks can give you, but the most important here is understanding the market, that is why here in Bitcointalk we strongly advise all new investors to only invest what they can afford to lose.
If it's your life savings and for emergencies don't put everything in Bitcoin investment, there might come a time that you need to trade and the market is down and you lose the value of your investment, so think twice before investing.

[Oceat]

It's fine if you want to convert it to Bitcoin but your present problem will still exist because your problem is not having enough physical cash to use in your daily lives. You can't do it in Bitcoin because you still need to convert your BTC to fiat if you need it and that would complicate things even more.

Best thing you have to do is secure or withdraw all of your money but only invest in Bitcoin with your extra money. Then proceed to read how Bitcoin works to secure your money. Now, the problem rely on whether you can wait for the price to grow up since the price of Bitcoin is very volatile which means it can grow and drop anytime depending on how you understand the market.

[capedbaldy]

Seems bad regulation with your country how to get cash out our money in the bank, most crazy rule from Nigerian president with limited withdrawing cash out money from the bank in daily day. Nigerian have more popular in African countries with highest cryptocurrency transaction in daily day. I think easy if you want to know about how to convert it and better ask with your local board for easy understanding how to do it.

But have limited fiat withdrawing in the bank with your money? its rule adopted in your country seems very difficult to convert in bitcoin because daily day limited withdraw very small and need waiting for longer time.

didn't know there was such a rule in Nigeria that it is difficult for us to get cash, even though we only withdraw our own money at the bank but the bank regulates limited funds for customers. One of the worst impacts of banks is that they regulate anything on our funds. It is very different from bitcoin that decentralized system gives ownership of funds to the owner without any rules.

Even though OP wants to convert funds to bitcoin investment but he must know important things about crypto before investing in bitcoin, it is better to allocate 20-30% of $5k for bitcoin investment or convert to usdt to prevent high economic inflation.

[Arenga pinnata]

how bitcoin works and how banking works is very different, bitcoin is not centralized and does not require a server. it is different from banks which are fully controlled by government agencies.
money that is bought in bitcoin, in my opinion it's better if that's the purpose of investing, but if you only intend to save for a while I don't think so. because if you take your money when you need it, while the market is down, that's troublesome too.
in conclusion
if you save money in bitcoin for investment it is very good
but if you save money just to be safe it's actually not bad, but if it's money for daily needs it's better to just pay it off.

[m2017]

I live in Nigerian and since our presidential election,the our local fiat became scarce due to change in the newly redesign of the currency which makes it difficult for most people here to get physical cash for business and daily transactions because the banking system is overloaded with too many internet transactions making it hard for me to access my cash.  So now I want to convert my whole cash in my bank account to bitcoin but don’t know if is a good idea for me or not. I know in crypto world, it will be easy to access my money but the issue is, will my money be same value when I invest all of it in bitcoin .

Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is-  I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

The bank interest they charge is meager and doesn't cover inflation at all. Especially the inflation that is in African countries (it's just crazy). By keeping your notional $5,000 in the bank, you're just watching it depreciate and lose purchasing power. There is such an assertion that money is not a tool for storing value and it is extremely unprofitable to store it in this way. Money is an instrument of exchange. BTC - on the contrary, it has already become an investment tool, which allows not only to compensate for inflation, but also to increase wealth due to the growth in value. If you don't know enough about bitcoin, then look it up on the forum. In the long run, you will most likely be able to get more value at it. With money, especially in the bank, this is basically impossible.

[Jon_Hodl]

So sorry to see what is happening in Nigeria right now. I sympathize with you and your people.

I think the best option for you is to keep doing research and do what you can to get even just a few dollars worth of bitcoin to learn the basics of how it works. Learn how to receive it on the lightning network and on the main blockchain. This can be done with a simple lightning wallet like Muun, Breez, or Phoenix (https://www.whatisbitcoin.com/learn/what-is-a-lightning-wallet). Learn how you can accept it as payment with others like you and slowly build a local bitcoin economy. If you have any Naira that you can spend on bitcoin, spend just a little to get some and get familiar with sending and receiving. No need to put all of your money into BTC until you fully understand the benefits.

Bitcoin is absolutely going to be better than the e-Naira which is a tool to control the people. Bitcoin will allow you to control your own money and transact freely amongst others who also use bitcoin. I think you can find a local community easily enough to begin to learn how to receive and send bitcoin on the lightning network and then how to use it on the blockchain.

I am sure that you can also find more content available in Africa as well as some meetup groups who are building a better system.

Please let me know if you need any more help but I think this thread will give you all of the answers you need. Africa is rising and Bitcoin will be a big part of its success.

[Zilon]

...

If you convert your entire money to Bitcoin how do you spend them on local commodities. Most of the market women/men don't own a bank account for online transaction not to mention owning a Bitcoin wallet. Crypto generally is not a legal tender in Nigeria so if you are converting your entire money to Bitcoin do it on the grounds of investment and not a banking method because you will need to exchange them back to fiat when ever you need to spend it.

[JamesBorn]

I live in Nigerian and since our presidential election,the our local fiat became scarce due to change in the newly redesign of the currency which makes it difficult for most people here to get physical cash for business and daily transactions because the banking system is overloaded with too many internet transactions making it hard for me to access my cash.  So now I want to convert my whole cash in my bank account to bitcoin but don’t know if is a good idea for me or not. I know in crypto world, it will be easy to access my money but the issue is, will my money be same value when I invest all of it in bitcoin .

Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is-  I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?

Bitcoin price has not be well doing overtime now, I hope you're aware of that? And the current cashless situations in your country do not technical makes you free from it if you convert your money to bitcoin, primary reason why we put money in the banks is not for interest purpose but savings but there are some special accounts for interest purpose like fixed deposits, if that's were your money is, I guess is for a fixed period of time because putting it into bitcoin will still gives you concern if the market value go against you. Though the figure or piece of bitcoin purchase remain same normal the price rotation.

So my kind advice is expect positive and possible change in your country, savings is good and investment is good as well, when things are in order you can divided your projects and still have some savings. Don't be in a rash especially when you said you don't know much about bitcoin.