Life is cheaper with Bitcoin and cryptocurrencies in general

[arimamib]

This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.

Indeed, we are now so confused by the current conditions whare all basic needs are rising and expensive and currency devaluation can occur at any time and can cause inflation and this cannot be avoided.

The devaluation of the naira has indeed led to a significant increase in prices for essential goods and services. This makes things more difficult by the fact that inflation is also on the rise, further eroding the purchasing power of the naira. I believe this is also faced by many countries around the world are facing similar issues, driven by factors such as the global pandemic, geopolitical tensions, and supply chain disruptions.

Governments of developing countries need to reduce reliance on oil exports and developing other sectors, such as agriculture, manufacturing, and technology, can help stabilize the economy and reduce vulnerability to external shocks. all these can lead to open job opportunities and purchasing power of the populace.

[1714656235]

1714656235

[Huppercase]

Of course, holding onto paper money means reducing your net worth. The value of the dollar is constantly increasing in our country, due to the increase in the value of the dollar, the value of the local currency of our country is gradually decreasing. Before we used to spend 5 dollars in local currency to do the same work, now we need about 8 dollars in local currency to do the same, we are certainly affected by this aspect. If the dollar could have been purchased and held at a time when the value of the dollar was at a normal level, we would still have benefited financially. The value of the dollar in our country is increasing steadily and I am sure it will continue to increase in the future so it would be wiser for me to invest or buy dollars now rather than save the local currency. But instead of buying dollars I think it would be a good decision if I invest in Bitcoin right now because the price of Bitcoin is going up a lot and the price of Bitcoin is expected to go up even though I already have some Bitcoin investments.

Dollar isn't an investment, it's just a regular fiat like your Naira. The reason why it's having more value than Naira lies in the purchasing power. We are simply dealing with inflation everyday and the government has just kill switch subsidy to gasoline, the FX Market is now float by demand and supply, the central bank doesn't control it any more, that's why we are having economy set back. We are literally now in a new default mode of the economy is the reason why naira is fighting hard to stay strong.

The mistake many of us are doing is buying US dollar to keep thinking its an investment. In a real sense, it's has been far ahead of the Naira but doesn't mean it should be used as an investment because the dollar you are holding is nothing great if you take to US to spend, you might he surprised that inflation has eaten your 5 years dollar savings wouldn't be able to buy much.

[HONDACD125]

Most of the money? I hope you still have liquid cash at hand because that will be needed in times of emergencies and you need it for daily spending. How are you keeping up the daily necessities like groceries, bills and all?

The crypto market will not end, but your country's legal approach to crypto may become strict and then things will go underground just like it has happened in Bangladesh. Hopefully as bigger names accept crypto, less developed countries will also follow suit.

It is obvious that we need money for our daily needs, and we cannot convert dollars into our Pakistani rupees on a daily basis, but we try to convert the savings into dollars. I can't convert all my earnings into dollars, so daily needs but monthly needs are met first, then convert the money I have into dollars. If I ever have to spend more money than I need, I borrow it from someone and pay it back the next month.

Rightly said crypto currency is banned in our country and it is illegal in our country so some exchanges are working here, but they are not legally registered with the government. That is why we often worry about the statements made by the government when they talk about banning crypto exchanges in Pakistan. So we don't understand where to put our capital. Which can serve us in the last part of our age.

[gabbie2010]

In countries where there is high inflation there is the tendency that savings in fiat would depreciate in value, Imagine savings in the bank losing value overtime then what is the usefulness of that savings? However it has been proven times without number the positive side of converting almost all our fiat to Bitcoin and hodl personally I indeed prefer all my assets to be in Bitcoin such that whenever I needed some fiat I utilize Binance P2P for a quick transaction, I have more trust and confidence in hodling Bitcoin irrespective of it present state of market sentiment whether bullish or bearish Bitcoin would always recover whenever the price dump

[coolcoinz]

This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.

I don't know how to make you feel better. The only thing that comes to my mind is that your country isn't the worst. Venezuela experienced a much larger inflation growth, you have the worst inflation in total, but since there are countries that experienced a larger increase, maybe you're topping out? Oh, and you also don't have a war going on in there, which is starting to become an important positive factor

Yes, a normal fiat currency inflating at 5% can feel like a good and working payment vehicle, but once you get above 50% a year you're done, the currency is going towards a reset and the only question is how big the damage will be. That's why countries like Sri Lanka are barely holding the 50% level, but they won't be able to maintain it because people always wake up too late, when the inflation is already above 20%. Before that they believe the government will fix it all.

[TakeItEasy]

It is obvious that we need money for our daily needs, and we cannot convert dollars into our Pakistani rupees on a daily basis, but we try to convert the savings into dollars. I can't convert all my earnings into dollars, so daily needs but monthly needs are met first, then convert the money I have into dollars. If I ever have to spend more money than I need, I borrow it from someone and pay it back the next month.

Rightly said crypto currency is banned in our country and it is illegal in our country so some exchanges are working here, but they are not legally registered with the government. That is why we often worry about the statements made by the government when they talk about banning crypto exchanges in Pakistan. So we don't understand where to put our capital. Which can serve us in the last part of our age.

Mostly people didn't hold their money in only one currency because some need them in their daily needs. Same in the case with those persons who wants to hold their tokens because they have some expectation on these tokens and they didn't hold them due to their monthly needs. And also they use this money in some other expenditure for which they used then. Mostly traders have good knowledge about the trading and they work hard even but they didn't have resources.

As resources also includes the money, in trading the most important and the main resource is having a good money. If a person has a good portfolio then it is too easy for him to make money through that.

[Furious 7]

Yes, definitely bitcoin is better. But it is worth knowing about bitcoin and know the right time to invest.

It is better you mention the altcoins. This is because some people will invest or have all their fiat on some altcoins and it would be the worst regret of their lives.

Some altcoins did not got to all-time-high when bitcoin and some other altcoins got to all-time-high in 2020/2021. Many altcoins can be gambled with while their prices have been plummeted to their lowest, but because they may not reach all-time-high, those that invested before when their prices are high may be losing.

Some altcoins are just dead. So research, knowledge and experience are all important.

In the end what we see is also about security and convenience. Indeed, there are some altcoins that sometimes have an increase that we cannot even predict because it is so big but on the other hand when talking about long-term investment altcoins are clearly not an option. We must be aware that risk management is important and bitcoin is much better than altcoin when talking about risk so in this case when talking about investing for the long term then the answer is only one bitcoin because by looking at the progress that is happening and the risk that is not too high when compared to altcoin then bitcoin is still very superior.
Not that I forbid to be in altcoin because in the end this is the freedom of those of us who have money and of course research as you talk about but vigilance is also important. altcoin can at any time die especially for the shitcoin project so the risk is very large when talking about long-term investment with altcoin.

[JayTrain]

That’s exactly what it is, the depreciation of money always happens when you don’t expect it, but we spend our time in order to earn this money, which then depreciates. For example, back in 2012, when I learned about Bitcoin, I could have at least invested some of my savings in Bitcoin, I wouldn’t be writing this message now)))

[Silberman]

This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.

I don't know how to make you feel better. The only thing that comes to my mind is that your country isn't the worst. Venezuela experienced a much larger inflation growth, you have the worst inflation in total, but since there are countries that experienced a larger increase, maybe you're topping out? Oh, and you also don't have a war going on in there, which is starting to become an important positive factor

Yes, a normal fiat currency inflating at 5% can feel like a good and working payment vehicle, but once you get above 50% a year you're done, the currency is going towards a reset and the only question is how big the damage will be. That's why countries like Sri Lanka are barely holding the 50% level, but they won't be able to maintain it because people always wake up too late, when the inflation is already above 20%. Before that they believe the government will fix it all.

And it is because of this that we cannot become complacent in the way we manage our money, everyone knows that in order to earn any money we need to work long and hard hours, and it is incredibly unfair that by the decisions taken by politicians, people can lose years or even decades of savings when they did everything right, however since we cannot really affect the decisions those at the top take, we need to change the way we think about our money and take decisions that could protect it in the case a high inflation rate happened in our country.

[Rockstarguy]

That’s exactly what it is, the depreciation of money always happens when you don’t expect it, but we spend our time in order to earn this money, which then depreciates. For example, back in 2012, when I learned about Bitcoin, I could have at least invested some of my savings in Bitcoin, I wouldn’t be writing this message now)))

It is not too late for you to start saving in bitcoin,  this is even the best time to even save in bitcoin because right now the fiat has no good value,  the value this time is even worse than before.  So I think it will be a big waste to even even have savings in fiat. It feel so good we have bitcoin that will help to sustain the value of the money that we worked for.

Since we are entering into the bull season it will be profitable if people invest their saving in bitcoin instead leaving it in fiat which values always depreciate.

[Silberman]

That’s exactly what it is, the depreciation of money always happens when you don’t expect it, but we spend our time in order to earn this money, which then depreciates. For example, back in 2012, when I learned about Bitcoin, I could have at least invested some of my savings in Bitcoin, I wouldn’t be writing this message now)))

It is not too late for you to start saving in bitcoin,  this is even the best time to even save in bitcoin because right now the fiat has no good value,  the value this time is even worse than before.  So I think it will be a big waste to even even have savings in fiat. It feel so good we have bitcoin that will help to sustain the value of the money that we worked for.

Since we are entering into the bull season it will be profitable if people invest their saving in bitcoin instead leaving it in fiat which values always depreciate.

People need to really forget about this idea that it is too late to invest in bitcoin, since even if they had heard about bitcoin during its early days it is unlikely they would have invested in it, and even if they did, it would have been even more unlikely they kept those coins in cold storage, what they need to do is to start saving as much money as they can and then invest a part of that money in bitcoin, that way even if there was an economic crisis they will still have some of their wealth protected thanks to bitcoin.

[taufik123]

People need to really forget about this idea that it is too late to invest in bitcoin, since even if they had heard about bitcoin during its early days it is unlikely they would have invested in it, and even if they did, it would have been even more unlikely they kept those coins in cold storage, what they need to do is to start saving as much money as they can and then invest a part of that money in bitcoin, that way even if there was an economic crisis they will still have some of their wealth protected thanks to bitcoin.

Basically, it aims to protect your wealth from pretty crazy inflation.
But for some people, starting an investment in Bitcoin requires quite mature thinking because they think Bitcoin is a fairly weak investment with high risk.
Though, crypto investment is an investment that will not experience any weaknesses except with high enough volatility.

Being late or not to invest is certainly a common question.
This will continue to be asked when someone is new to the platform.
Seeing how Bitcoin has performed to date, there will be no delay.
Bitcoin is still not all mind and the price is still not optimal, so long-term buying and holding is still a good option.

It should use the best storage that has full control, so that anyone will not lose their assets.

[EluguHcman]

I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.

The baffling part of saving in fiat is that when it looses its values overtime at the conceptions of hard economy or at the hikes of goods and services, the fiats values doesn't increase or multiplies to meet up the expensive nature of the economy but if saves with Bitcoin and the expensive nature of the economy is stroked, the volatility nature of Bitcoin is liable to be appreciated and increases its values to tackle the expensive nature of the economy.
Bitcoin is potentialed to challenging cost of expenditures that is to disagree with the masses demands.

This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.

That is to say if for an instance I have $500 with of the local currency and I have $500 worth of Bitcoin, the value of the local affirmed currency is unpleasantly depreciated in Worth-ful value that it maybe seen valueless to afford tangible goods and rendering server offers while Bitcoin has its probabilities to maintain its value even with the potentials to overthrow the value of the $ and still have you surplus Worth-ful and appreciatable offers. That is to say Bitcoin could secure its value while the local currencies values is downgraded with the inability to fetch meaningful offers.

But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.

The truth is that saving your funds with the fiats is a stagnant decree that is to offer devalueness at an exchange of goods and services in matter of time while having your funds saved in Bitcoin is a chance to enhancing the probabilities to increasing of your savings (Bitcoin) values as much matter of time is observed.

[TimeTeller]

People need to really forget about this idea that it is too late to invest in bitcoin, since even if they had heard about bitcoin during its early days it is unlikely they would have invested in it, and even if they did, it would have been even more unlikely they kept those coins in cold storage, what they need to do is to start saving as much money as they can and then invest a part of that money in bitcoin, that way even if there was an economic crisis they will still have some of their wealth protected thanks to bitcoin.

Basically, it aims to protect your wealth from pretty crazy inflation.
But for some people, starting an investment in Bitcoin requires quite mature thinking because they think Bitcoin is a fairly weak investment with high risk.
Though, crypto investment is an investment that will not experience any weaknesses except with high enough volatility.

Being late or not to invest is certainly a common question.
This will continue to be asked when someone is new to the platform.
Seeing how Bitcoin has performed to date, there will be no delay.
Bitcoin is still not all mind and the price is still not optimal, so long-term buying and holding is still a good option.

It should use the best storage that has full control, so that anyone will not lose their assets.

Every person has their own approach when it comes to their investments.
And not all people are into crypto because of varying reasons.
But if you are already into this market, you will appreciate of learning this market and getting the benefits of investing into this.
Being late is just a relative term, but one can still join this market at any time of his convenience.

[taufik123]

-snip-
But if you are already into this market, you will appreciate of learning this market and getting the benefits of investing into this.
Being late is just a relative term, but one can still join this market at any time of his convenience.

But not only as desired, but also because they see the profit opportunities that will be obtained from crypto investments that will be made.
Entering at any price does not mean that the price target to be achieved will be higher.

But it should be noted, not all crypto coins are good, only recommended ones such as Bitcoin,
ETH as the top altcoins and many more that have good potential in the future.

[Bananington]

The approval of ETFs goes to show that BTC and crypto currency in general is gaining ground in every region where it is used and can't be controlled by government.
Even the government has seen how effective it is and have even laid claims to accuse the decentralized network of money laundering activities that are rather untraceable and beyond the knowledge of SEC regulators and policing agencies like the FBI.

The truth is that BTC is the future of money as well as AI intitiatives, electric cars, web3 and the virtual reality development ongoing. Life is sure cheaper when one has a control over their funds and would spend much charges or fees in making or completing transactions across borders.

[Youngkhngdiddy]

It is not too late for you to start saving in bitcoin,  this is even the best time to even save in bitcoin because right now the fiat has no good value,  the value this time is even worse than before.  So I think it will be a big waste to even even have savings in fiat. It feel so good we have bitcoin that will help to sustain the value of the money that we worked for.

Since we are entering into the bull season it will be profitable if people invest their saving in bitcoin instead leaving it in fiat which values always depreciate.

   If you decide to invest, think long-term. Avoid getting swayed by short-term price movements and the hype surrounding certain cryptocurrencies. Instead, focus on understanding the technology behind them and their real-world applications.
   Moreover, consider seeking advice from a financial advisor who has experience with cryptocurrencies. They can help you evaluate your financial goals and guide you through the complexities of this ever-changing market. investing in cryptocurrencies can be an exciting journey with the potential for substantial returns. However, it comes with its fair share of risks. Learn from the experiences of others, manage your risk wisely, and stay patient. Perhaps one day, you'll have your own inspiring crypto success story to share!

[icalical]

Of course, holding onto paper money means reducing your net worth. The value of the dollar is constantly increasing in our country, due to the increase in the value of the dollar, the value of the local currency of our country is gradually decreasing. Before we used to spend 5 dollars in local currency to do the same work, now we need about 8 dollars in local currency to do the same, we are certainly affected by this aspect. If the dollar could have been purchased and held at a time when the value of the dollar was at a normal level, we would still have benefited financially. The value of the dollar in our country is increasing steadily and I am sure it will continue to increase in the future so it would be wiser for me to invest or buy dollars now rather than save the local currency. But instead of buying dollars I think it would be a good decision if I invest in Bitcoin right now because the price of Bitcoin is going up a lot and the price of Bitcoin is expected to go up even though I already have some Bitcoin investments.

Dollar isn't an investment, it's just a regular fiat like your Naira. The reason why it's having more value than Naira lies in the purchasing power. We are simply dealing with inflation everyday and the government has just kill switch subsidy to gasoline, the FX Market is now float by demand and supply, the central bank doesn't control it any more, that's why we are having economy set back. We are literally now in a new default mode of the economy is the reason why naira is fighting hard to stay strong.

The mistake many of us are doing is buying US dollar to keep thinking its an investment. In a real sense, it's has been far ahead of the Naira but doesn't mean it should be used as an investment because the dollar you are holding is nothing great if you take to US to spend, you might he surprised that inflation has eaten your 5 years dollar savings wouldn't be able to buy much.

I do agree that USD (and other currencies) is definitely not an investment, but I believe there are some people speculating on currencies, buying the currencies that they think will gain value, most of this are done within Forex Trading but I guess some people are also doing this activity outside of forex.

[KingsDen]

Life is cheaper with Bitcoin and cryptocurrencies in general

Just say life is cheaper with bitcoin. The clause of cryptocurrency at large that you included didn't go well with me. Some altcoins are shitty and involving them seems more like gambling. Altcoins can be worse than fiat. This is because fiat does not vanish, it retains its value, just that the purchasing power must have been tarnished by inflation. But in the case of some altcoins, they vanish into the tin air while a thousand new ones are created.

Bitcoin is a saviour, but the worse part of it is that many people are yet to realise. Bitcoin will save you from inflation and also promises to return investment for you.

[Strongkored]

I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.

You are right that fiat will always decrease in value and inflation will increasingly make us buy more expensive goods in the future while our income does not increase by the same percentage as inflation.
Saving Bitcoin can be an option to fight inflation but what we have to remember is that it will only help if we save it for the long term and as long as we don't get any benefits from owning Bitcoin then we have to look for ways to get additional income so we won't sell Bitcoin with a small profit because urgent needs, because it is always an obstacle for those who have limited income and really want to get benefits from investing in Bitcoin.