Can naira earners keep up with their BTC pursuit.

[Troytech]

This should be a thought of some if not every member of this Nigeria local board that are currently buying bitcoin with DCA and lump sums, and I believe that not everyone here is currently earning in dollars or having multiple income streams to enable them keep up with this strategy or plan of accumulating bitcoin.
I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.
This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.

[rachael9385]

One most important things I will say is for an investor to have a good or quality job that he or she is doing so that the bitcoin accumulating process will not be like a fire to him or her.
However, the economy of this our country dey very back word and as am talking the economy of this country is still going backwards, but if anyone who's hold his or her coins can hold on to it despite the situation of this country then I think the person have made up his or her mind to accumulate some good amount of coins.
Keep the fees hike one side because in a norms if person no get money to buy Bitcoin transactions fees no go affect am so the money when person go take buy bitcoin nai be the main Koko.
This days the way wen dollar take they increase, e dey really affect those way no dey earn in dollars and I don't think that dollar is ready to come down anytime soon.
Everybody dey affected by this dollar matter both business men and women, some market people when you win go buy something them go tell you say dollar don high, so no be only Bitcoin investors nai dey affected by this dollar.

[7juju]

For the country na Naira we dey use for our daily transaction. Na Naira be the country legal tender, so if you have decided to be buying your Bitcoin through DCA method I don't think the rise of dollar will affect you provided you are determined to keep accumulating. It's very simple, if you have decided to be investing #30,000 on weekly or monthly basis depending on how you receive your income flow, once it's time for investment, just buy that amount of dollar that #30,000 can afford and invest. Let's say #30,000 was giving you $25 before and dollar increased and now #30,000 is now giving you $20 now, just spend the #30,000 and any amount of dollars it can raise use it for the DCA investment in Bitcoin. Don't give any excuse as that will make you lose your focus of achieving your targeted level of Bitcoin holding.

[Pi-network314159]

Wetting me I fit advise you be say since or currency dey depreciate like this you no need to buy Bitcoin every week again mayve you fit dey buy am on monthly or you fit dey target am within the month any day the fiat don gain against dollar you buy. Because for that point the price go dey cheaper to afford, then You buy am in bulk. For example E get the time wey the price of fiat high up to 1400per usdt so if you do you DCA that time you go notice say you don loose money as the fiat drop to maybe #1100 so E go take time for Bitcoin to recover that loss wey fiat don fall. But if you buy usdt when the price dey #1100 and fiat congrow reach #1400 automatically E don boost your btc journey. More expecially if btc also rise E go still increase more. So in conclusion to the whole matter person need to time when fiat don drop or gain value against dollar before you go buy make you no loose for the accumulation process.

[Mayor of ogba]

Op I understand what you are saying, but I will advise you to tell your friend to start accumulating Bitcoin with the amount of money he or she has kept aside to use in accumulating his or her Bitcoin weekly or monthly, even though the money will not give him or her the same dollar value due to our naira falling against the dollar every day. Your friend can use the KuCion exchange to buy his Bitcoin because there is no minimum spot trading in the KuCoin exchange, and when your friend has accumulated Bitcoin worth $200-$500, he or she can now withdraw his Bitcoin to his wallet.

[Barikui1]

What you need to understand is that slow progress is a process, as long as you are not stagnant. It doesn't matter how much is naira to dollar now, what is very much important to me is not let the fire in you, in put in the effort to DCA into Bitcoin dies.
We all know how low our naira is to dollar now, but one good thing is that what goes up in naija my country hardly comes down, so if you get dollars now which we use in buying Bitcoin at the rate of 1350, you will hardly sell it below that.

As a typical Nigerian, we don't know how to give up, we always find an answer to every question, so my fellow country people,  I believe their is light at the end of the tunnel, so let keep on grinding by continuing the DCA method, no matter how small it is, slow progress is a process, let not forget that.

[Charles-Tim]

I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$

He has no option that to cut his clothes according to his size.

and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly.

Tell him to make use of lightning network on the exchange to send the coin to a wallet or he can make use of side chain which are also of low fee. After certain period, he can send them on-chain.

And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.

Not DCAing nor holding coin anymore is not an excuse.

[Alphakilo]

I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.

As we say it in Naija life na per head. Nor be competition. And bitcoin nor be by competition. Na the pressure to accumulate bitcoin to pass or measure up with your peers dey push people go put hands for bad things.

Make I tell you say, you nor need buy DCA bitcoin every week or every month. Invest for bitcoin at your pace as you fit carry and nor be based on another person.

Life na by how you take plan yourself. You fit gather 500 or 1k every day towards investing in bitcoin at the end of the month or at the end of two months depending on how you take plan yourself.

Breathe. Slow down. If na another source of income, get am. If you get items for your house wey you nor need and you fit sell am put the money for bitcoin do. Just nor rush yourself.

[uchegod-21]

This should be a thought of some if not every member of this Nigeria local board that are currently buying bitcoin with DCA and lump sums, and I believe that not everyone here is currently earning in dollars or having multiple income streams to enable them keep up with this strategy or plan of accumulating bitcoin.
I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.
This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.

Bitcoin is a cryptocurrency...
US dollar is a fiat...
Naira is a fiat...
In order to keep your judgment right, you need to concentrate more on the fraction of bitcoin that naira is giving you and not the value in US dollar. The small fraction of bitcoin that you are able to get now from your fiat, keep getting it. When it is time for the rewards (withdraw time), you will enjoy it and by then dollar could be 1,500 naira per dollar. I know it is not easy to maintain DCA investing with naira, especially during the mempool congestion, but continue trying and make more use of reputable exchanges. You will be happy at last.

[Humblevirus]

I don't think there is still much stress for people who are earning in naira and are using the DCA method to accumulate their bitcoin. We all understand that the naira is depreciating recently, and that will really affect the amount of dollar you may usually use to buy bitcoin, but honestly, I did not see it as a problem that will affect your DCA because even if you use one particular amount every week, it is not the same amount of bitcoin. He will be getting it all the time, sometimes more bitcoin and sometimes less, because the price fluctuates, like, say, 30 dollars every week.
 
So I will just say that the amount of money he has fixed for it, DCA from naira, he should continue will that, it is 20$ he always get before when it covered twenty thousand naira into dollar and now is less than that, he should be continue accumulating that is the important thing, no competition will anyone, there are people who have less than Bitcoin than him and also more than he may have accumulated, and lastly, it will one day reach the amount of Bitcoin he wanted to accumulate. He should allow naira depreciation to affect DCA. 

[Obim34]

It's disheartening how we have been living and barely surviving since in the inflation of dollars against our Naira, not just that alone making enough money for one's survival is now difficult facing an increment in the price of goods and service with out any increase in salaries.
Only those who earn alot can be able to keep up with their Bitcoin accumulation, the mind becomes willing but the resource becomes unavailable.

[Mr.suevie]

This should be a thought of some if not every member of this Nigeria local board that are currently buying bitcoin with DCA and lump sums, and I believe that not everyone here is currently earning in dollars or having multiple income streams to enable them keep up with this strategy or plan of accumulating bitcoin.
I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.
This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.

Everybody is affected by this so he just have to flow with the tide and moreover he can't do anything but to just keep buying although the value of Bitcoin only changes with movement of Bitcoin price. If you are buying and saving in dollars then that's when you would be affected because the price of dollar against the naira seems to be increasing everyday and also for the case of extra fee if saving in Bitcoin, I think buying on exchange like binance could be of help because of the lightning network option there, you can always use it to send the coins to your electrum lightning network address for save keeping and I think the fee would be better than using on-chain network.
Well

[knowngunman]

This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.

Actually the way our currency dey deprecate against dollar go really affect person plan of accumulating bitcoin but that's not enough reason to stop accumulating bitcoin. Bitcoin wey we know na long term investment and for you to even start investing in it in the first place means say you believe in the project long term potential. It's enough reason for you to keep on accumulating with the amount of money you initially plan for the investment no matter how little it can buy for you at the moment.

Nobody get idea of when things will be alright concerning this our currency against dollar. Planning to wait for things to be better before you continue to invest is like waiting forever because there is no any single sign that our naira go regain her strength any moment. The point is, dey collect small sat as long as possible with the amount wey you get because no matter what, your holding go dey increase low key. However, this one na just my personal opinion and the decision of continuing or stop accumulating bitcoin na based on individuals risk tolerance and financial situations. Na only you know your financial strength and wetin you go fit risk for the investment.

[letteredhub]

It really dey say for person to start to invest in bitcoin using the DCA strategy him suppose get one or more reliable sources of making money but just base on how country hard reach if na just one source of income the person get him gat to manage him pocket well make him no go invest all him money come the stay for hunger. If for example say you been the DCA with $10 monthly as tins don come tough like this nah just for you to cut your coat according to the available material by reducing the DCA monthly to $5 than to put yourself for hard corner the still stick on the initial $10 you started with. DCA nonmran say your amount of money must be static amount every time.

[Coyster]

Tbh, with the situation of things in the country and the depreciating value of the naira, e dey almost impossible to dey earn for naira, come dey use part of the money take buy Bitcoin. You go first check wetin be the average salary of a Nigerian, come check how much that average Nigerian go spend on food and basic amenities, nothing fit remain wey you go use buy Bitcoin.

The only way you fit dey buy Bitcoin na if you dey earn in dollars, or you get better skills wey you dey offer and people dey pay you either in hard currencies or in cryptocurrencies. The poor and average Nigerian with his or her 9-5 job cannot be thinking of buying Bitcoin.

[Makus]

Op I feel you,  this na one of the problem wey we bitcoiners dey face, the price of dollar they increase and inflation no dey stop to threaten our currency. The only solution wey I get na be say, if em get money wey em dey save for bank, make e just use am buy USDT so that e fit from there they do em Bitcoin investment and from there they still withdraw for em person use. The way inflation they knack our currency, it's possible $1 fit reach one five before the half of this year. So those wey dey keep their savings for bank they do themselves no good.

[Churchillvv]

As of when you made this post I suppose Bitcoin was already facing it's price correction which is equally the dips that happens before the bull run commences.
Now if anyone usually invest in Bitcoin whether with naira or dollar it doesn't matter it all depends on your cash flow, if you decide to buy btc worth 20$ you will just have to check the current price (dollar rate) and balance with your naira if you can't afford it the. you will have to lower the accumulation to a price that suits you. Although because of inflation it will affect the accumulation rate but as of now it's an advantage to everyone both those who DCA in naira and those who earn in dollars as Bitcoin dips it will be a discount on you accumulated stash e.g you will have more Bitcoin purchased because of the price fall in Bitcoin.

[Cryptoprincess101]

Due to our current exchange rate now it is really very difficult to buy Bitcoin because imagine if you want to buy Bitcoin worth $50 dollars, you would be spending about #68,000 or #69000 with transactions fee and now that the price of Bitcoin is dipping would have been the best time to buy more Bitcoin and it's really sad that our currency keeps depreciating on daily basis thereby making difficult for individuals to use our currency to buy bitcoin so it's only just the people that are earning in dollars that can confidently buy bitcoin now as our currency have been devalued to an unacceptable rate which is going to hinder bitcoiners within the country from buying Bitcoin now that the price is dipping which would have stood as an advantage to bitcoin investors within the country

[Sim_card]

This should be a thought of some if not every member of this Nigeria local board that are currently buying bitcoin with DCA and lump sums, and I believe that not everyone here is currently earning in dollars or having multiple income streams to enable them keep up with this strategy or plan of accumulating bitcoin.
I know that if your earning in naira now this must have affected your DCA plans in a way that the amount you used to buy 20$ before might now be getting you less than 20$ and with the current high fees which would be another matter and after having planned yourself with the amount you would be putting in weekly or monthly. And this could be a major setback for naira earners, some of them might even have to quit or even result to changing their plans about buying bitcoin.
This has been on my mind now cause a friend of mine has been bothered about this and i wanted to hear everyone opinion on this if there is a way out for him to scale through this hard times and still keep up with his BTC pursuit without changing his plans.

This should not be an excuse for whoever is serious to invest in bitcoin to benefit from the poten3of bitcoin as an asset. You should take note OP, that we are using Naira here and in whatever investment that you want to venture into, to do your calculations with Naira and not Dollar. Due to the depreciation in our currency, is the main reason why you should buy bitcoin with Naira and use bitcoin as to store of value to save your money. In Nigeria, it is called NCA (Naira Cost Average). Anyone that knows the value of bitcoin and believe in bitcoin will be happy to invest in bitcoin, regardless of the depreciation of our currency. You should also take note that if you don't have a job, it  be impossible for you to invest, or if your income is small, a d cannot meet up to your expenses, it will also be difficult. So it is for you to get a second job so that you can have more than enough for you to invest. There are people out there who are not in this forum but they are into bitcoin investment using NCA or buying at dip or lump sum. As for the high transaction fee, you should buy and keep them in an exchange like binance and when your bitcoin ha e piled up to the worth of $500 and above, you can then transfer it to your self custodian wallet. It is better to start buying now if you have the money, the earlier the better.

[CryptoHeadlineNews]

Yes, it's true that the depreciation of our Naira currency is really affecting the standard of living here in Nigeria, but for me, I don't think that is enough to stop Naira earners to not afford to invest in Bitcoin anymore, because an increase or decrease in the value of Naira to Dollar will just only affect the amount/quantity of Bitcoin a person wants to buy and not stop or rather hinder anyone who wishes to invest in Bitcoin via the D.C.A method.

Example:
If a person who earns #100k monthly had planned to be investing 20% in Bitcoin every month, let's not forget that 20% will always remain 20%, but what might change it's the value of that 20% in dollar that may change.


That is, if $1 = #1200, then #20,000 which is (20% of 100k) in dollar will give me $16.6 worth of BTC

Whereas, if $1 = $1350, then that same #20,000 which is (20% of 100k) in dollar will give $14.8 worth of BTC