HODling fiat is a loose-loose game:

[Yucky]

Do you know that apart from those in the digital sector, a lot of others are still HODling their wealth in fiat form in banks? The negative effect of doing this is too much that it doesn't benefit you a single bit.

On the one hand, HODling fiat in banks subject it to inflation and exposes it to government policy that could hit against it at the time you least expect. Inflation stands strong on the other edge and makes your fiat almost valueless at the time you want to take it out.

What inspired this thread? A publication just came out from the CBN that all banks and other financial institutions are to transfer all dormant accounts unclaimed balances and other financial assets to their dedicated accounts. In other words, all dormant accounts ranging from those of dead persons to others that owners used in HODLing their fiat till when it's convenient for them to use it for a project would be sent to the federal government account. source

These all reveal the inefficiency and lack of control of users' funds and assets in a centralized system. The decentralized system is a blessing to all and solves most of the issues like this that's  associated with the centralized institutions.

[Mr Reporter]

 Well OP when I was read this news i came up with a smile because how will this so called government raiding in people's privacy acct and are calling it a dormat account does this even make any sense.

 Because to me this is the government try to use it power to loot funds from it owns people account this is a open source of income stealing.

 But my question when opening an account with them there is alway a bank terms and condition's? so I gust they don't have any rights on claiming what is not theirs,

[Marvelockg]

If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The policy is centered at enriching the politicians in authority  and in this hard economy, apart from the deceased, its going to be deficult to find someone that will allow his money to lie dormant when hunger has become the average man's best friend.

[Dzwaafu11]

If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The thing here is that we don’t have the same mindset and our way of earning money is not the same, and not all of us can take the risk of investing in cryptocurrency or saving money in crypto because you know that once you put your money into crypto, that is not saving but investment, so don’t say saving, just investment instead, because that is not saving in my place.

However, you can’t say someone who saves money in fiat did not know the value of money; he may not know about cryptocurrency that much or he is not ready to invest in it. And that is why many people don’t put their money into crypto. Mostly, they have plans ahead of the money they are saving, so they don’t want to put it in crypto because they need my reach and the market won’t be funny. 

[Obari]

Well, I don’t know how best to say all of these things but the truth is that, the government are making these local banks seem like the problem which really isn’t and over the time, the local bank might lose its steeze and relevance if they don’t sit up and stop dancing to every song the government plays for them.

On the other hand, I understand how much we all want bitcoin and cryptocurrency to take charge of the entire financial system but personally I hope so too but it will take a really long time for bitcoin to take that lead role especially on the grassroots because you’ll all agree with me that the entire process of buying to selling if bitcoin is a long one and might be confusing for newbies

[Dailyscript]

If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

The policy is centered at enriching the politicians in authority  and in this hard economy, apart from the deceased, its going to be deficult to find someone that will allow his money to lie dormant when hunger has become the average man's best friend.

I wouldn't say they do not know the value of money. Most of them are not ware about the idea of getting an assets, starting an investment or storing the value of their money in USDT. While some of them knows about it but are ignorant to do so  because they believe leaving money in fiats is the best option for them. I know that with time more sensitization and awareness which reach out to our country people that they will understand. This is because there is importance of investment to a society. It creates more opportunities because the money goes round when each persons invest their money into a business or in an assets.

This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration should be which is the best asset to invest in and not to leave it dormant in bank as though you're an old and uncivilized person.

You make it sound as if they are foolish completely because you have known the right things to do. Dont forget you were ones in their level before you come to know about managing of local fiat and what to do with it.

[Marvelockg]

If you're someone that's in your 20 to 50s and you're still saving money in banks and leaving it dormant, it obviously means that you don't know the value of money and if your account gets frozen, it suits you well. It's only our grand parents that made those mistakes of saving too much money in the banks for years without touching it and don't  consider that they can literally invest it into a meaningful asset that will yield a good return with time. This policy should never be an issue for any right thinking person because if you have like 2 million naira in your account, what should be your consideration be which is the best asset to invest in and not to leave it dormant in the bank as though you're an old and uncivilized person.

The thing here is that we don’t have the same mindset and our way of earning money is not the same, not all of us can take the risk of investing in cryptocurrency or saving money in crypto because you know that once you put your money into crypto, that is not saving but investment, so don’t say saving, just investment instead, because that is not saving in my place.

I guess you're probably misunderstanding what I'm saying. I'm not suggesting that as against saving money in banks one must invest in Bitcoin or cryptocurrency, it's not everyone that can do so and if that's my opinion it will only mean that I'm being sentimental and biased on what I'm saying. What I'm saying is that it's not wise that you could have up to 2 million in an account and allow it to lie dormant when you can invest into something else that will yield profit.

Understand that if you just leave the money in the bank what you've done is that you've just tied the money down and is totally different from when you choose to put the money into a business, use it to buy an asset, or even invest it into Bitcoin if that's what you want to.  The choice of investment might differ and if we're being practical, an average Nigerian who's a bit advanced wouldn't want to consider Bitcoin an investment option but every other investment option you desire to go into will always be better than leaving the money completely dormant in a bank.

Some people instead of leaving their morning dormant in banks use it to buy shares and others give it out for a loan or use it to start a business for someone who pays them a certain amount with interest every month. These are all options that are better than completely leaving your money dormant in a bank account.

[adultcrypto]

I know there was a time it was a trend to invest in fixed deposit and even in treasury bonds and shares. But many of those who did including myself and my colleagues, lost money. As of now, I don't consider holding fiat as any reasonable investment because it is as if all the forces on earth is against our currency, not only inflation but everything. As of today, our currency is among the weakest currency in Africa unlike before that it used to be one of the strongest currency. Everyday the purchasing power of our currency is reducing, maybe just like our president promised . E no make any brain holding fiat at all, unless na money for normal needs and buying basic items but if na investment, na to use the money buy bitcoin be the wise thing to do.

[Zigabel]

This just further shows how unsafe and not good an idea to keep our funds i fait in banks for a very long term, to even start with, i will not make sense that we keep a huge funds in our domestic banks over such long period of time, i just went through the source you did shared so i can ascertain what it exactly meant because i don't think the government has got that power to just make away with peoples funds kept in the bank. the policy states that for dormant funds of over 10 years, it will be claimed by the government so they invest it in treasury bonds and other government investments and will share the profits made on such to the owners when they make claim to it.

All of us know how e dey be for this country, the country dey owe too much and e come be  like say the government dey look everywhere wey money dey make dem for fit from dia arrange money wey dem go fit use later run d payment and dat na y even tax com dey plenty for too many things. dey fit wan use d money dem dey use run investment nake dem see weda dem fit dey get somthing from dia dey help d coountry and d citizen but den i no know weda na me dey mis interpret dis tin sha buti think say na wetin wan happen b dat but if u fel say i dey wrong, help me plz.

[Coyster]

Person wey wan dey wealthy/rich no dey keep money for bank account for too long, you fit dey save your money for bank oh, but only because you get plans to carry am invest, but if your plan na to leave am for bank account like that, then e no make sense. Money wey dey for bank dey depreciate due to inflation, but investments go give you the chance to multiply your money.

On the one hand, HODling fiat in banks subject it to inflation and exposes it to government policy that could hit against it at the time you least expect.

Most investments still dey subject to government policy na, government sev dey regulate crypto. Take real estate for example too, you never see when government destroy people property because dem wan make use of the land, and dem go only give dem a meagre settlement. The problem wey dey for keeping money in fiat na inflation, no be government policy.

[CryptopreneurBrainboss]

On the one hand, HODling fiat in banks subject it to inflation and exposes it to government policy that could hit against it at the time you least expect. Inflation stands strong on the other edge and makes your fiat almost valueless at the time you want to take it out.

There are alot of disadvantages with hodling fiats, fiats are only worth to be held for short duration, anything more than short duration will that makes you to hold fiats for long will end in your money losing value. The banks what you to keep your money with them so they introduced mouth watery offers to attract you but your money loses value when you saved with the banking institution. Inflation is on the rise and and the purchasing power of fiats depreciation constantly especially the Naira. Nothing good comes out from hodling fiats for long but when you invest, betteroutput go come out.

These all reveal the inefficiency and lack of control of users' funds and assets in a centralized system. The decentralized system is a blessing to all and solves most of the issues like this that's  associated with the centralized institutions.

Na why we dey say there has never been anything like Bitcoin before. Bitcoin combined decentralization with being digital and taking everything to another whole level and there won't be another Bitcoin. Altcoins dem, plenty wey go fail you but Bitcoin no go fail you. That money wey you get so instead of putting it in the bank wey go lose value, put am for Bitcoin and even forget about am. Nobody go enter your Bitcoin wallet to transfer your Bitcoin say e dey dormant but banks can do that.

[Adbitco]

You can't directly say it's a lose lose game because you never can tell how they feels or how about their wealth since most of their wealth has been established and are getting money through their investment, even though they received fiat it's still valuable to them because they believe what they see physically is worth more valuable than what they don't see. What does these set of people needs, they need introduce and sound knowledge to understand what is happening in world even though they must join at least giving basics could make them picked interests to switch their areas of focus to buying digital currency which is bitcoin.

[Coyster]

What does these set of people needs, they need introduce and sound knowledge to understand what is happening in world even though they must join at least giving basics could make them picked interests to switch their areas of focus to buying digital currency which is bitcoin.

No be only digital assets wey person fit invest in, investment oportunities choke based on high, low and medium risk, so na the investor go decide how much risk dem wan take. Digital assets fall under high risk investments, so no be everybody go like am. Such people that are averse to risk can go for low/medium risk investment, like bonds, stocks, real estate, etc. The most important thing be say, make your money no just dey for bank account, because even the banks no dey just keep your money for you, dem too dey use am invest, dey make profit for their business.

[Fivestar4everMVP]

Do you know that apart from those in the digital sector, a lot of others are still HODling their wealth in fiat form in banks? The negative effect of doing this is too much that it doesn't benefit you a single bit.

On the one hand, HODling fiat in banks subject it to inflation and exposes it to government policy that could hit against it at the time you least expect. Inflation stands strong on the other edge and makes your fiat almost valueless at the time you want to take it out.

What inspired this thread? A publication just came out from the CBN that all banks and other financial institutions are to transfer all dormant accounts unclaimed balances and other financial assets to their dedicated accounts. In other words, all dormant accounts ranging from those of dead persons to others that owners used in HODLing their fiat till when it's convenient for them to use it for a project would be sent to the federal government account. source

These all reveal the inefficiency and lack of control of users' funds and assets in a centralized system. The decentralized system is a blessing to all and solves most of the issues like this that's  associated with the centralized institutions.

Absolutely and correctly said, most especially with what you said in the last paragraph of your post about decentralization, indeed Satoshi Nakamoto with his or their bitcoin invention have done more for the human race in the area of money and finance more than any individual I can personally think of.
Nothing have benefited humanity in the area of money and finance more than bitcoin which is the father of all cryptocurrencies, through which today, block chain exists, which is now that gateway for decentralization.

The way the naira fell against the dollar and other fiat currencies around the world is a typical example of how bad it is to only hold and solely depend on fiat.

[Fivestar4everMVP]

What does these set of people needs, they need introduce and sound knowledge to understand what is happening in world even though they must join at least giving basics could make them picked interests to switch their areas of focus to buying digital currency which is bitcoin.

No be only digital assets wey person fit invest in, investment oportunities choke based on high, low and medium risk, so na the investor go decide how much risk dem wan take. Digital assets fall under high risk investments, so no be everybody go like am. Such people that are averse to risk can go for low/medium risk investment, like bonds, stocks, real estate, etc. The most important thing be say, make your money no just dey for bank account, because even the banks no dey just keep your money for you, dem too dey use am invest, dey make profit for their business.

Wetin you talk na nothing but the plain truth, I completely agree with you, things, assets wey people go invest in plenty die, even starting and buying and reselling business of house hood goods, food items, babies, gadgets and accessories, clothings etc, all this na investment, as long as you go buy something, sell am at a higher price to rebuy it again, this na on the small side though, if we won dey talk about the big side, then we talk about real estate, building and reselling houses, or even buying and reselling houses, investing stocks, bonds and so on, all this na investment opportunities, before we even enter the world of cryptocurrencies and beyond.

The thing for investment be say, the lower the risk, the lower the reward,  and in the same way, the higher the risk, the higher the reward as well.

[Sim_card]

Leaving idle funds for bank no make sense because na you dey lose. Bank go use your money do business make profit but them no go give you anything for using your money give people loan. If inflation come, e go hit the value of your money and before you know that your money go depreciate in value. Bank fit still deprive you from withdrawing all your money at the right time when you need am, lastly government fit freeze your account through banks, just like this one wey government don say make all dormant account funds be sent to them. Bitcoin na investment and store of value as e go keep the value of your money over time and also give you profit on top.

[Obari]

The done well op and I’m sure this your post was borne out of pure love and concern for your fellow countryman and I must commend your effort.
The Nigerian government and the central banks are already doing more than expected and it seems to me that, this entire administration don’t even give a fuck about its citizens and their opinions because they’re actually in power and situations like this are the major reasons I think a lot of our guiding rules and law in firms of constitution ought to be reviewed as there were a lot of loop holes that need to be filled.

Bitcoin and cryptocurrency despite its risk is freedom and one way to stay decentralized and be absolutely in charge of your money.
I’ve at some point also tried to think to the directions that, the government is against whatever that seems as freedom to the youths or its citizens and it’s already becoming too obvious with the recent taxation on exchanges and making it extremely hard for cryptocurrency to thrive in the country.

BITCOIN IS FREEDOM

[Hewlet]

These all reveal the inefficiency and lack of control of users' funds and assets in a centralized system. The decentralized system is a blessing to all and solves most of the issues like this that's  associated with the centralized institutions.

with the way things de go eh, make e no surprise you say e no go too tey when the era of banks go become a thing of the past oh.  No doubt say at the time when alternative options no de, banks kuku don try help a lot of people save money and e sweet people say them fit free themselves from the issue of holding money and battling with the possibility of spending it all out or keeping it at home and it ends up being stolen, these and many more reasons na why people de prefer to keep thier money for banks but e don be say most banks and government wan de collaborate together take de steal from the masses.

If person die leave him money, banks don automatically turn to next of kin when go chop the money and most of them no go reason to call the relative to come collect the money so what's now the advantage that with the banking system, you can easily transfer your wealth to your people at the point of your unplanned exit from the world? No be like say their customer service even good oh or say thier banking network even de reliable oh, na mainly charges and fees when you no even fit tell wetin them de charge am for na him dem de charge you every day and now them wan suffocate people when de save thier money for banks?

True true, apart from money when fit most likely serve as your emergency funds, and your liquide cash if you're someone that's running a business, keeping money in banks no worth am aswr. If you de keep money for banks e just be like say you de give your money to person to use run him business and still de pay am small small intersection on top the money with zero promise say your money go grow.

[EarnOnVictor]

Do you know that apart from those in the digital sector, a lot of others are still HODling their wealth in fiat form in banks? The negative effect of doing this is too much that it doesn't benefit you a single bit.

I strongly disagree with you on this my friend, and my reason is that different people have different plans, it is not all your money you committed to risk. What you just narrated is what I've been doing for years without regretting it, and now, I save in both USD and USDT. This is for obvious reasons as our national currency is a mess. No one would save in the USD as Nigerian and regret it, and even the "single bit" of no benefit remark you made is entirely wrong because, in the past 10 years of saving my USD in my domiciliary account, I've made multiples of gains in NGN which is not hidden to anyone who calculates the exchange rate then and now.

But that was never my intention but to stabilize my money from inflation, which is working. Also, I am a risk taker, but it would be unwise to take 100% risk on all my money as you might want. At the same time, I do not want to use all my money to buy only physical assets. This is why I have a few in the bank and online, and also have enough investments in virtually all sectors you can think of. They may not be so big but they still cover more than 85% of my worth, so I'm not missing here and it feels like a good plan.

[SmartGold01]

When there were no cryptocurrency Fiat is the measure money used by everyone and of course with the way what is involving everyone would like to hold cryptocurrency and convert into cryptocurrency such as Bitcoin since is the major mover of the market and as a form of reserve fund.
Holding cash or Fiat yield no increase to the person except it is put on a fixed deposit account to yield profit even as that bank always take it in return as charges fee and as bank maintenance, so It would later ends up that it yield no profit to the owner but in cryptocurrency like holding Bitcoin for years would yield profit more than holding fiat in our local bank account.