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Author Topic: What to do with 1 BTC as a Nigerian  (Read 349 times)
Bitco55 (OP)
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October 28, 2023, 06:20:52 PM
Merited by hugeblack (2)
 #1

It's no news that the economy of our country is draining day by day, leading to more Bitcoin advocates in the country. With the continuous hardship in the country, I bring to y'all this topic " what to do with 1 BTC as a Nigerian".

So, I once saw on a thread somewhere in the forum where these white people posted houses and cars they'd get if they had a Bitcoin and it varied from country to country. Decided to bring it to our board since we can all relate to the current price of 1 BTC which was recently over $34,000 and in our Naira currency is #27,110,056.50.

We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...
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October 28, 2023, 08:07:29 PM
Merited by hugeblack (2), Charles-Tim (1)
 #2

Let me start by correcting you that the N27,110,056.50 exchanged value you came up with is a heresy, the actual value of 1 BTC in Nigerian Naira is way more than that. By my rough calculation of 1 BTC at $34,100 and $1 at N1155, we should still have a whopping N39,385,500 (34100x1155)N. My guess is that you used the official exchange rate, but this would only amount to a serious miscalculation as how many people dealing with Bitcoin use the official exchange rate for their BTC/USD to NGN exchange? I guess no one would do that since there is access to higher P2P rates. We are already dealing with an electronic payment system and this is where we get our fair exchange rate which is so close to the parallel market rate. No one would like to cheat themselves with the official rate while they have access to a better one. Or do you do otherwise?

However, those whom you call white might be in a very sane country where there is value in living and ease of making money. This is unlike Nigeria where we all know the hell being faced here. This is why we don't think like them as their country has provided a conducive environment for them, they can even use their 1BTC to buy a mere watch, but Nigerians must be smart.

Frankly, If I were in this shoe, I would divide the money into 3 parts. The first part would go for agriculture, the second part would go for business, and the third part would go for land acquisition. There are many other combination alternatives but this is a viable one that should have passed the gist well across. There is no need to waste my money on frivolities, all I need is to enjoy the necessary things of life in a moderate form which I believe the proceeds from the investments of the money could easily provide for me over time.

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October 28, 2023, 08:29:12 PM
 #3

Like this OP make we comot joke like this, if I just see 1 Bitcoin or money wey amount to 1 Bitcoin I go turn Sabinus 😅 hehe..
If I'm to be in such possession I would hold better part of it in Bitcoin and use the rest make things much comfortable for myself and family but comot joke I go flex normally, still setup one or two investment aside Bitcoin wey go dey fetch me daily living.


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October 28, 2023, 08:40:36 PM
Merited by fillippone (1)
 #4

Priorities differ from person to person, 1 BTC as at the time of my replying this thread now is over 42 million naira. They want houses, cars and all those things which are good for them cos we think differently.
Now let me dream with you cos I know I don't have, and have no means of  acquiring 1 BTC now, but it being in my possession, and bearing in mind that the next halving is possibly next year, I'll simply hodl it jealousy cos that my 1btc has the potential of turning into 3 ,4 or more btc during the bull run. I can now utilize like 2 BTC to better my life and still keep 2 for the next bull run.
What shall it profit me that I use the 1 BTC in purchasing material things and miss out on the bull run blessing??.

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October 28, 2023, 11:19:51 PM
 #5

What to do with one BTC as a Nigerian,my dear this is a very good topic and a very good topic you have thrown on the floor..

As it stands now my country Nigerian and one had the opportunity to acquire just 1btc my brother my sister,you are a millionaire in Nigeria, and you have alot to do with it and still have change left,
With one BTC in Nigeria i can buy land and build house and packing in my New house my dear, this is honestly speaking you are don with just one BTC in Nigeria,you are able and capable of doing anything you like and want, you can open store, acquire a land property, I will start up building of my house till finishing, invest it again in different investment like, stock business like rice, rearing of fowl I will make sure I secured my future, and I can still try to buy more coins, I will spend it wisely because our country Nigerian is not a country you can mess up with your great opportunity..

So it is uncountable what one can use one BTC to do in Nigeria, because our economy have crashed and our naira depreciate and no longer have value,to the extent that if one is able to acquire one BTC in this Nigeria he or she can do alot with it and still live a boneyard life .. how i wish you are talking about the other countries like US ,UK and Kuwait,then I can say it will not be much to do with it,but it's also something meaningful too ok,but the greatest of it is Nigeria ..
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October 29, 2023, 09:16:47 AM
Merited by Ruttoshi (4)
 #6

So, I once saw on a thread somewhere in the forum where these white people posted houses and cars they'd get if they had a Bitcoin and it varied from country to country. Decided to bring it to our board since we can all relate to the current price of 1 BTC which was recently over $34,000 and in our Naira currency is #27,110,056.50.

I go advice you to reference the thread wey you copy this idea from make dem no go talk say you take someone write up without acknowledge the person and furthermore make we dey try dey original with wetin we dey bring here. All of us dey main board so anytime wey you dey see there we dey see am too and it doesn't make sense to have two ongoing discussion wey go come make us to dey repeat ourselves (post for main board still post here). Dollar been dun pass 1k Naira so that your figure no correct as if Bitcoin was $34,000 when you dey write this thread then the price for Naira supposed pass #34 million Naira. So correct am make e no mislead people abeg.

Quote
We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...

Why are you investing in Bitcoin? What's the essence of selling your Bitcoin to go run another investment if na profit wey you dey find and you fit get that one easily for Bitcoin. Bitcoin wey cost like this you go come use your 1 BTC wey you dun try get go sell am to go run another business wey no dey guarantee say e go dey successful or go buy liability say you wan flex your money. Abeg na to dey continue dey HODL they go and unless you enter tight situation na when I go advice you sell small take handle the problem and you continue to dey DCA dey invest inside Bitcoin as the money dey come from your other hustle. If na trading give you the one Bitcoin na to continue to dey trade dey go and if you been dey accumulate na to continue until you dun reach a quantity wey dey okay den you fit put attention for other business wey go support you to hold well in bear market season.

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October 29, 2023, 01:07:10 PM
 #7

It's no news that the economy of our country is draining day by day, leading to more Bitcoin advocates in the country. With the continuous hardship in the country, I bring to y'all this topic " what to do with 1 BTC as a Nigerian".

So, I once saw on a thread somewhere in the forum where these white people posted houses and cars they'd get if they had a Bitcoin and it varied from country to country. Decided to bring it to our board since we can all relate to the current price of 1 BTC which was recently over $34,000 and in our Naira currency is #27,110,056.50.

We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...
Our economy is in a downward spiral, and there are additional opportunities to start earning money online. Are you serious about owning 1 bitcoin? In the current situation of the Nigerian economy, one Bitcoin will undoubtedly go quite a distance. Remember that our objective should be to channel these profits into multiple streams so that we can continue to reap immensely from the system. To get started, I will purchase hectares of fertile land in an ideal location, in a developing or already established vicinity, add one or two suitable automobiles, a comfortable 4-5 bedroom flat, and then channel the remainder of the funds to businesses. I would contemplate starting a phone enterprise, which I feel will make significant earnings, but all businesses encounter difficulties, which is understandable. I would then save up, invest in transportation, and try to be successful.

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Bitco55 (OP)
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October 31, 2023, 10:34:48 AM
 #8

So, I once saw on a thread somewhere in the forum where these white people posted houses and cars they'd get if they had a Bitcoin and it varied from country to country. Decided to bring it to our board since we can all relate to the current price of 1 BTC which was recently over $34,000 and in our Naira currency is #27,110,056.50.

I go advice you to reference the thread wey you copy this idea from make dem no go talk say you take someone write up without acknowledge the person and furthermore make we dey try dey original with wetin we dey bring here. All of us dey main board so anytime wey you dey see there we dey see am too and it doesn't make sense to have two ongoing discussion wey go come make us to dey repeat ourselves (post for main board still post here). Dollar been dun pass 1k Naira so that your figure no correct as if Bitcoin was $34,000 when you dey write this thread then the price for Naira supposed pass #34 million Naira. So correct am make e no mislead people abeg.

Quote
We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...

Why are you investing in Bitcoin? What's the essence of selling your Bitcoin to go run another investment if na profit wey you dey find and you fit get that one easily for Bitcoin. Bitcoin wey cost like this you go come use your 1 BTC wey you dun try get go sell am to go run another business wey no dey guarantee say e go dey successful or go buy liability say you wan flex your money. Abeg na to dey continue dey HODL they go and unless you enter tight situation na when I go advice you sell small take handle the problem and you continue to dey DCA dey invest inside Bitcoin as the money dey come from your other hustle. If na trading give you the one Bitcoin na to continue to dey trade dey go and if you been dey accumulate na to continue until you dun reach a quantity wey dey okay den you fit put attention for other business wey go support you to hold well in bear market season.

The idea is diversifying. Why would I leave all my capital and profit in one place when i can turn my profits into Capital in another place and ensure profit ? Personally, I'm a real estate enthusiast and in as much as I can get a whole lot of profit from Bitcoin I wouldn't want to let go of that dream just to sit at home waiting for speculations about Bitcoin price rising and falling.

And about the wrong Bitcoin price in Naira, my bad. There are too much wrong information on the internet and I fell into the hands of a few while writing this thread. So sorry for the wrong information but the current price is not 27M oo.... Thank you .
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October 31, 2023, 11:37:34 AM
 #9

With the rate that the naira is massively falling against dollar, it is not wise enough to invest in anything that has to do with naira currently because is will loose in value over time since naira is fast increasing in the falling on parallel market, what is more profitable is for you to hold your asset no in bitcoin, because bitcoin will rise and it's currently on the pump market season, secondly it value will appreciate over time towards what it could be exchaged for in naira, so easy time you're just ready to use money in fiat should be when to exchange your bitcoin.

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October 31, 2023, 01:30:27 PM
 #10

With the rate that the naira is massively falling against dollar, it is not wise enough to invest in anything that has to do with naira currently because is will loose in value over time since naira is fast increasing in the falling on parallel market, what is more profitable is for you to hold your asset no in bitcoin, because bitcoin will rise and it's currently on the pump market season, secondly it value will appreciate over time towards what it could be exchaged for in naira, so easy time you're just ready to use money in fiat should be when to exchange your bitcoin.
Exactly, you are apparently right, the naira currency is dying, as the naira is dying. It has no value anymore, and it is not a wise thing to do if anyone wants to get an asset that has to do with naira value.
Now that naira has no value, it will be a good thing for someone to buy enough Bitcoin and hold on for dear life. The current price of Bitcoin today is very much better than the naira rate, so if one can store some good amount of Bitcoin in Nigeria it will be of good help to the person than saving his/her funds in naira.

R


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October 31, 2023, 02:56:06 PM
 #11

first of all op i go like make you follow our boss recommendation to link this thread to the original thread wey bring out this idea. you be newbie and e no go hard for make dem delete or ban your account for this forum, and if dem do so u go lost both the small merit wey you don try gather.

to the main discussion, the price of bitcoin converted to our currency naira, dey up to about 44 million plus+ as and that na very huge sum of money wey if person package well e fit use am create better investment for em life wey e nor go poor again. 44 million fit set up better super store, small transportation company etc
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October 31, 2023, 03:05:10 PM
Last edit: November 01, 2023, 09:12:23 AM by Sim_card
Merited by knowngunman (2), Mr.suevie (1), rachael9385 (1), Out of mind (1)
 #12

I will go straight to the point of your question OP. If I have 1btc today, I don't have anything much to do with it than to hodli. I wouldn't sell and invest into another business, since the country economy is a mess presently. Therefore, why will I want to start suffering myself running up and down on how to start a business and the rest. What if my business fails, that is why I will keep my bitcoin and when bitcoin reach my price target, I will diversify into gold and leave the rest in my wallet, because I know that during the bull run, the price might be up to 3x the current price. Naira is not worth keeping because it depreciates with time.

R


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October 31, 2023, 03:47:49 PM
 #13

If I get 1btc wetin I go take am do na to hodl am for my wallet first so that it will appreciate for this bull wey dey come then if I hodl am to double it, I go back out and convert am. Then immediately if I get land I go begin build on it at least a storey building or two. Then if I no get land, I go buy and begin build something on it. But if na to use the money go dey do business for this kind economy, that one no be better decision. Na to build and put for rent be the best now.

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October 31, 2023, 04:44:42 PM
 #14

I have been dreaming of this, so if I own 1 BTC, I wouldn't even want to sell my BTC because you will have the overall benefit of owing a Bitcoin, So I do agree with your point @BrainBoss, as Nigeria and you own 1 BTC,  in fact, you can make more money or profit with 1BTC if you know what to do, take advantage of the market during when the price of Bitcoin falls and rises, as a trader I would buy the lows and sell the highs using spot trading.

Aside from that, I would look into engaging in other businesses as well, Like investing in real or going into the importation business.

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October 31, 2023, 05:23:27 PM
Merited by hugeblack (2)
 #15

If I have the opportunity to achieve 1BTC, and change it to our naira which is #39,780,000, I will make my dreams to come to reality by establishing wholesale provisions store in a good location with #10,000,000 that will be bringing me stable income I can use to invest in BTC whenever there is a bear season in the market and apply long hodling. This gas factory that is in my mind over some years, I will invest #20,000,000 to establish such company since many businesses men and women are now using generators that is using gas to carry out their activities without fuel because, the high cost of fuel price is high for business men to make profits from their daily activities.

 I will use the remaining money to build a standard house in my village because I like traveling to the village every december period to go and celebrate Christmas and new year with my native friends and family members where I use to have opportunity to real bush meat.

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November 01, 2023, 02:25:49 PM
 #16

The idea is diversifying. Why would I leave all my capital and profit in one place when i can turn my profits into Capital in another place and ensure profit ? Personally, I'm a real estate enthusiast and in as much as I can get a whole lot of profit from Bitcoin I wouldn't want to let go of that dream just to sit at home waiting for speculations about Bitcoin price rising and falling.

Dem dun use diversification brainwash una for the forum that when una here diversification una go immediately think say una dey do the right thing, that's why many people go investing in altcoins with the mindset of diversifying and they think they're doing the right thing. Investment in this country are all sinking so be careful what you're investing in make you no go sell gold go buy iron. You said if you have one Bitcoin, why will you sell want has the potential to increase more in dollars for another thing wey even though e increase for Naira, the devaluation of naira dun make you lose all the profits you supposed make. If you have Bitcoin continue holding it if all you're going to buy are labilities which is what most business in Nigeria has become of recent (Read the second part of my post below for better understanding).

With the rate that the naira is massively falling against dollar, it is not wise enough to invest in anything that has to do with naira currently because is will loose in value over time since naira is fast increasing in the falling on parallel market, what is more profitable is for you to hold your asset no in bitcoin,

Well said and make I just use some rough explanation give an example. If you convert your Bitcoin to Naira (do investment in Naira) make we say you covert at $35,000 and dollars dey $1=1000 naira (note this is a rough explanation so all figures no dey accurate). It mean say your invested #35 million naira. In 2025 Bitcoin reach $100k per Bitcoin e mean say by just holding you would have made 100million Naira that's if dollars no increase oh then imagine a situation wey dollar reach 2k naira per dollars that's 200 million. That Naira investment wey you get no fit give you 100 or 200 million in just 2 years. Unless you dey extra lucky and buy land for where e explode due to development. People wey Invest for shares 10 years ago are regretting because the devaluation of naira dey make dem no get profits. I no dey against diversifying but no go dey sell your Bitcoin for that kind thing, Bitcoin itself is an investment with more higher potential, you fit use your Naira dey diversify not selling Bitcoin.

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November 01, 2023, 04:07:09 PM
 #17

1btc is enough to make one live a good life, not just even a good life but to generate more money from good businesses establishment. 1btc is good enough to start up any dream career, no matter how things are very expensive right now I don't think 1btc won't be amount of money that won't be of very good value. The money is big enough to go into real estate which is one of the big investment you can think of that is profitable. Buying car should be the last thing anyone should think of because burying won't bring money instead it is something that will consume more money. Going into agriculture is another business idea that will can bring more value to the money.

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November 01, 2023, 04:54:10 PM
 #18

OP as far as I am concerned, your exchange rate is not correct. I will assume you used the old exchange rate to do your calculations and as much as I know, the price of 1btc is far much higher than you have stated here. Now I will digres a little bit into your quest for knowledge on what to do with 1 bitcoin. As a matter of fact mate, 1 Bitcoin is a bit money here in our country which we all know about.  Talking from the striving perspective of becoming relevant to the society and earning a living by making profit, I would  go into business although it is big enough to buy land and build a portable house for living but business is very much important because that would sustain you as an individual MD build more houses if you wish to but investment is paramount and of great importance.

Looking at the way our currency is getting devalued, one would have no option than to invest in Bitcoin because that alone could salvage our investment of it be the contrary. Investing in Bitcoin could be helpful and profitable in the long run because of the potential of Bitcoin price increase. Bitcoin investment could be the alternative to our local currency since it has been on a free fall state f ok r quite some time now.

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November 01, 2023, 05:08:35 PM
 #19

We really don't have to limit it to houses and cars only, just generally as a Nigerian what would you do with 1 BTC? Get a business, trade , hodl, real estate and many others...

I no know which exchange rate you use but if you use d one wey all of us know and dey use always, d current amount wey you put for dis post, bitcoin still worth pass am wella. If you wan sell 1 BTC for dat price, many buyers go full your DM in a minute time. So use the worth wey if you wan buy, na wetin dem go use for you too.

With d way our naira dey depreciate against dollar every day, if I get 1 BTC, na to invest am back for bitcoin because I know say d value of my investment go increase over time since I go fit convert back to dollar wey dey appreciate against our naira daily. No try go invest for anything wey go dey earn you return for naira o, your business no go last with dat kind investment for naija now. Better make you take d one you go use settle yourself for living and invest the rest for bitcoin again, so day your profit go get grow overtime and you no go come back come touch am again.

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November 01, 2023, 07:24:46 PM
 #20

1 bitcoin will change my life and I will use it to buy things will last longer in my life. But that will not be the main thing to do if I got 1 bitcoin. The first thing to do is to invest in a business that will bring income every day. And still use like 2 millions to invest in bitcoin and buy land and start a building. That topic you are referring to, many naija people wey dey there dey tok say na house and I believed day that time bitcoin bin dey in di bearish market.

But if today pen want to use 1 bitcoin to buy only one thing in naija, e go 1 house.









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