Life is cheaper with Bitcoin and cryptocurrencies in general

[D ltr]

Fiat is only suitable for spending, not saving, because if fiat is saved, admin fees at the bank are not commensurate with the interest we will get.
investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.

Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general

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[Faisal2202]

You are right about BTC. As a matter of fact, in my country, people used to say earn in dollars because they thought inflation would eat away at the value of your local currency, but if you earn and store money in dollars, your fiat currency will be saved over time, and earning in dollars also means you will make more money when you convert it to fiat.

Now you said store in BTC, and I said the same: either you earn in BTC, USD, or fiat. At the current market rate, you can buy BTC with fiat and hold onto BTC rather than keeping your funds in fiat. This will give one person the benefit of the two currencies, one of which is USD and the other of which is BTC. For example, a few months ago, I bought an ATOM token and spent around 8k PKR (I don't remember the exact amount, but it was around 8k PKR), and I bought USD with them and bought the ATOM token at the price of around $19. Maybe well, the point is, when I sold them, I sold the token at the price of $9 to $10, but I was still in profit because the dollar rates were up. Haha, now you would understand what I meant by the benefit of two currencies.

I made a loss by selling low, but I made a profit due to the high rates of USD.

[alastantiger]

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.

I agree with you bitcoin beats fiat hands down in value. But what if instead of saving my fiat I invest it in real estate or stocks which is also like buying and holding bitcoin long term. At the end the dividends from the investment appreciates just as bitcoin's value.

Secondly, I am thinking of a future time when the price of bitcoin stabilizes...would it still be profitable to save in bitcoin then? When can never tell if at that time it will be subject to the economic forces of inflation and whathaveyou.

[sokani]

The economic realities in the country has shown how weak the naira is and how it has lost it's purchasing power. Earlier this year, 1$ was N700, right now it's N1125. Let's take for instance, I had one million naira in my account that I had budgeted to use for project in the month of november, based on the hike in prices of commodities, I won't be able to execute the project. But if I had saved same amount in Bitcoin or stablecoins, I could easily exchange it and execute the project without sourcing for additional funds.

This is not just a Nigerian problem, there are many countries that are having same challenges and it would be a good idea to save more in cryptocurrencies than fiat.

[GiftedMAN]

Fiat is only suitable for spending, not saving, because if fiat is saved, admin fees at the bank are not commensurate with the interest we will get.
investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.

Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general

Actually is not that life is cheaper but investing in cryptocurrency wisely can attract more profits to us for those who know how to invest properly. Investing in crypto market without knowledge of how the market works can affect us a lit if we don't learn and study the best way to hold and trade in the way. Since learning is constant, it will be a benefit for us when we keep learning about how we can diversify our investment and make as much as we intend to make from the market. Crypto has it own risks but when we understand the market fully, we might benefit more by making consistent profits.

[Silberman]

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.

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.

But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.

This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.

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.

It is because of this that the rich only keep a small amount of their wealth in cash, and they keep most of their wealth in stuff that appreciates in value or that it can produce additional income streams for them, the rich have known of this trick since forever, that is why they are rich, however a regular person will keep most of their money in a bank account and their retirement account and then discover that what they can buy with that money is very limited, so if someone wants to have a good financial future then they need to invest that money in good assets and hold them for a long time.

[Viscore]

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.

Fiat value depreciates while bitcoin's value continue to appreciate. This reason alone is a good way to ponder whether you go for fiat investment or just spend your fiat so you can invest in bitcoin. But it takes a lot of research to understand bitcoin and how it works in its crypto market. And if you are faint-hearted, I suggest bitcoin investment is not right for you.

With regards to altcoins, they are just created on the image of bitcoin, but it does not mean that whatever bitcoin achieves, altcoins are also capable of obtaining it. Bitcoin has reached a lot of all time highs in the market, but altcoins just resort into pumping and dumping their value until they lose totally their value and end like shitcoins.

[taufik123]

-snip-
But it takes a lot of research to understand bitcoin and how it works in its crypto market. And if you are faint-hearted, I suggest bitcoin investment is not right for you.

There is no need for more research on Bitcoin, we all generally already know how Bitcoin works and what is good to do.
For long-term investment is advice to do.
Moreover, approaching this halving will be the main asset that everyone needs to hold starting today.

With regard to altcoins, they are just created on the image of bitcoin, but it does not mean that whatever bitcoin achieves, altcoins are also capable of obtaining it. Bitcoin has reached a lot of all-time highs in the market, but altcoins just resort into pumping and dumping their value until they lose totally their value and end like shitcoins.

Some altcoins still deserve to be held long-term and still follow the price of Bitcoin.
Like ETH, which is the top altcoin that must be held from now on.
Bitcoin pumping will also increase the price of ETH because ETH is always correlated with Bitcoin and is not much different.

[macson]

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This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.

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.

i once argued with my friend, regarding the issue of good investment instruments, he said that deposits were the best but i said that the money you have in deposits will only decrease, he said why is it decreasing, i explained that the value of item A should be able to bought with 1 now, in the next few years item A can only be bought with 2 or 3, that means the value of the money he owns will halve in a few decades, he started to think about that and invested in bitcoin using the reward he got earn from deposit interest, even though he doesn't really believe in bitcoin, i'm happy because he wants to listen to me that bitcoin is the best investment instrument to protect the value of the money we have forever.

[shield132]

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.

It's not like buy bitcoin and sit & go. You have to trade, buy low sell high to make life cheaper or otherwise your life will be the same.

This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.

As far as I know there is not any bank that offers you 10 years deposit interest. If someone wants to make deposit, 12 or 24 months should be selected but if someone has one million dollars, then that person should forget banks and start a business or invest in cryptos like you say OP. Keep one million dollars in crypto for 10 years is absolutely the best solution compared to keeping 1 million dollars in deposit over and over multiple times up to 10 years. Deposit interests work in a way that over time, inflation eats your earnings from interest rate and actually you earn nothing by placing your money in bank while bank loans them with two, three and more times higher higher interest rate, that's how money is made.

[kingvirtus09]

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.

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.

But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.

This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.

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.

Yes, you are right there, dude. That is the nature of Bitcoin; it can provide good future savings in terms of financial stability, or sometimes, in other cryptocurrency, it gives an opportunity to achieve others dreams in life.

And there are many people who have proven it here and who have also been helped to somehow move their lives forward. That's why others, whether they admit it or not, are already addicted to putting money in the bank; even if they have something in the bank, it won't hurt their eyes or pocket. Because they saw potential that was the opposite of the bank.

[Darker45]

You should've stopped at Bitcoin. Why add "and cryptocurrencies in general"?

You save in fiat, you earn a little interest, but it can hardly keep up with the speed at which prices of goods and services are rising. You save in Bitcoin, what you can buy with 1BTC today, you can buy it with 0.2BTC a decade later. You save in other cryptocurrencies, what you can buy today, you cannot afford it anymore in the next decade because what you've got are already worthless.

[bayu7adi]

I don't really see that item as either expensive or cheap. From my perspective, it always feels like my money is either increasing or decreasing when converted to FIAT. Yeah, in my country, the use of cryptocurrency is limited to being just an asset; you can't use it to buy food or drinks directly. So, it's quite common here for the majority of BTC users and savers to hold onto it and monitor the value changes due to the volatility of BTC prices.

Inflation doesn't impact me too much because the amount of FIAT I have isn't that large. The FIAT I have is only enough to live for a few weeks, maybe just one month ahead. I find savings more appealing in the form of BTC because when savings are in fiat, there's a high likelihood of it running out quickly due to poor money management. Yeah, my emotions aren't stable enough to manage FIAT in a reckless way.

[HajiBagi]

You are correct, buddy. If you are holding dollars or bitcoin right now, know that you are among the wealthy; the value of a dollar in Nigeria right now is not negligible. You can't be complaining that things are too expensive or difficult to purchase when you can't even afford them. If you have money in a bank that you won't be using right now, it would be wise for you to invest it in bitcoin instead of a bank, as the latter will take a monthly withdrawal from your account. Additionally, if someone puts $1 million in a bank right now, I don't think they will be able to withdraw that amount of money within the next two to three years because of the charges.

Many people in Nigeria were unaware of the type of investment bitcoin is. I have witnessed situations where someone was advised to invest in bitcoin rather than saving money in an account and was told it was a scam. I don't think this person understood what bitcoin was about, and my assumption is that he is illiterate, as if someone is well educated and you introduce him to bitcoin, he will never question whether he is being scammed because if you know how to hold your coin without allowing anybody to access your wallet, you won't know anything about scam.

[Sim_card]

If you tend to have a savings, it will be wise to keep your savings in bitcoin and not fiat. That is why you need to have a job or a means of income that will enable you have both fiat and bitcoin. The reason is because if you want to hold all your money in bitcoin, it will be a risky idea, since bitcoin is volatile in nature and you will need to take care of your daily spendings. If you bought bitcoin with all your funds because of depreciation on fiat due to inflation, you might end up selling at loss, if bitcoin price dips below the amount that you bought. This is why saving in bitcoin is cool since you are only accumulating in a long period of time. The economy situation in Nigeria is getting worse everyday due to the fact the Nigeria is only a consuming country.

[tjtonmoy]

This only happens because bitcoin is immune to inflation. It has a limited supply which makes it an asset that cannot face inflation. The value of your asset in Fiat decreases only when you hold them. But investing is a different story which you can also compare to Bitcoin. Life will get cheaper with Bitcoin when you are able to use it for day-to-day use. You cannot wait for 5 to 10 years to grow your asset and call it a cheap life.

Which one is not the perfect solution but I do agree that it is few steps ahead of everything. While it is good to have investments in Bitcoin I think it will be wise to invest into other things too. That also increases the value of your profit and gives you the advantage in times of inflation.

[Webetcoins]

Well, I agree with your ideology that fiat currencies tend to lose purchasing power over time since their value doesn't increase while the prices of good and services do. I also agree that keeping your money in Bitcoin instead of a bank should provide you much better returns in the same period of even before it because it is a volatile asset and the value can go up significantly within a short period and vice versa and someone buying and selling at the right time should get high gains.

However, as I said, someone who is keeping their money in Bitcoin will have to keep an eye on the market because it's pretty unpredictable and we never know, if Bitcoin is worth $100k right now, it might be worth $30k next year because that how it works, it has a cyclical movement pattern and investors should know when they need to enter and exit the market to make sure that they are not losing value over time.

[Gozie51]

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.

This comparison is simply because dollar is globally accepted as a trading fiat currency and seen as reserve by almost all other countries in their central banks. The more dollar is used for trading transactions and exchange it increase in demand and the value keep raising, its purchasing power is also valuable. This is unlike other fiat that are not used for global transactions, their value decrease by the year and it is worst hit by inflation. Dollar is also hit by inflation but it foreign protective advantages shields it from devaluation. So it is obvious that bitcoin is an assets good for hodling far more than fiat.

[Cryptomultiplier]

It's not cheaper for me if I bring into account some considerations. It only presents better opportunities or rather I say, alternatives to earning and financial freedom.

The dollar rise in exchange rates has also been in close contention with the price of BTC currently and with the high charges, other cryptos have been on arms to do better and offer better service upgrades to the customers that have embraced the idea of cryptocurrencies.

[hafiztalha]

Yes , I liked your point of view. Bitcoin is best to save your money from inflation . Otherwise your money will be spend by government. If you deposit your money in bank ,bank will get interest by giving loan to needy people. So , anyone can't be financially strong by deposit your money in bank . Bitcoin will give 600 percent returns in 5 to 10 years.  If someone want to deposit your money for short period of time ,then banks are good for that person.Because cryptocurrency give returns over time , short term investment can't give high returns and money will be waste.