HODling fiat is a loose-loose game:

[Coyster]

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,

Nothing like charges on transfer for fixed deposit account, as you no go fit spend the money until the stipulated time wey you agree with the bank, and if you opt for early withdrawal, that one get penalty. The main problem with a fixed deposit account be say the interest rate no dey attractive at all, how you go lock your money, only to earn around 7%-10% annually on your principal amount, that one no make sense at all. E better say you use your money invest, either in physical properties, cryptocurrencies, etc.

[Mate2237]

Op I have read your post, okay let me also analyse it from this perspective. As we speak, $1 is equal to #1,593. And if you have bitcoins, you will be smiling because the exchange is big. But remember that on the 1st of August 2024, Nigerians are planning to protest against the bad government in the country. And if things become worst and government properties are damaged then government will reduce the price of things and dollar will also come down and if you still have the same bitcoin that you have now and seeing the price to come down drastically will make you angry.

Because you will say if I have known... I am not saying that it is not good to hodle for long term. But now dollar is high and you bitcoin in naira is making you to smile everyday. But if good government comes in and reduce dollar to #150 or #100 to $1 then you will lose millions of naira from your long term investment... Be calculative in the investment. I have also seen this statement by other members here and altcoinstalks forum.

[Tmoonz]

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.

Exactly there is so much hardship in the economy such that it could only be a dead person's account that will be dominant without being touched, Bitcoin has actually brought hope for a a financial freedom, preserving privacy and creating investment opportunities and fighting against inflation of our local currency, civilization has taken over the world globally, it is only ignorant that will make those who are already informed about the potential of Bitcoin and has refused and enjoy it's benefits, Bitcoin usefulness of Bitcoin is no longer hidden just as a golden fish doesn't have a hidden place.

[CryptopreneurBrainboss]

Exactly there is so much hardship in the economy such that it could only be a dead person's account that will be dominant without being touched,

Dey play, belike you no know say men get money wey dem just hide for dominate account without it being touched for years. When government bring laws, many time no be the common man be their targets. Dem go dun get Intel say politicians dey hide money and dem dey look for ways to make dem releases the money into circulation by either using the money to create jobs or do other things wey go make the economy to move forward. Example na when dem redesign the Naira and hidden money just dey come from everywhere dey go back banks.

But now dollar is high and your bitcoin in naira is making you to smile everyday. But if good government comes in and reduce dollar to #150 or #100 to $1 then you will lose millions of naira from your long term investment... Be calculative in the investment. I have also seen this statement by other members here and altcoinstalks forum.

Lets look at the economy, Naira no fit go back to that price wey you call but it can obviously fall below N1k and people go lose shall but it was never a lose because your small money wey come out go get better value pass when you cashout block but e no fit buy you better thing. When the economy is better even though dollars na N500 you go still use that N500k wey you cashout from your Bitcoin of $1k do better thing than when you cashout N1.5M yet you no fit use am buy better direct Belgium car wey corolla been dey cost before.

[laijsica]

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.

Exactly there is so much hardship in the economy such that it could only be a dead person's account that will be dominant without being touched, Bitcoin has actually brought hope for a a financial freedom, preserving privacy and creating investment opportunities and fighting against inflation of our local currency, civilization has taken over the world globally, it is only ignorant that will make those who are already informed about the potential of Bitcoin and has refused and enjoy it's benefits, Bitcoin usefulness of Bitcoin is no longer hidden just as a golden fish doesn't have a hidden place.

The demand for Bitcoin is increasing day by day due to the financial freedom around the world and especially the holdings that exceed the restrictions. An important hedge against inflation that can affect the same or more than fiat. In a global economic system where most of the wealth flows in the hands of capitalists, you can govern yourself independently by holding Bitcoin. Besides, Bitcoin is one of the limited valuable resources that can provide you financial security in the future if you can manage its flow properly.

[Majestic-milf]

 Dem no dey tell blind man say food sweet. At this moment in time, nah person wey dey unwise wey go dey hold in naira becoos on a stead, the currency dey lose value. You fit start dey hold #500k since 2010 and for your mind you get money for bank wey you fit use do beta tin, but with the way things don cost, dat money fit no reach wetin you bin plan to use am do.
As e be d govt dey find every way possible to get funds wey dem go still embezzle. According to wetin I read, the Apex bank, CBN, dey tok say make banks remit funds from dormant accounts wey don dey upto 10years so dem fit put am for a dedicated account known as; The Unclaimed Balances Trust Fund Pool Account. This tok eh, plenty bobo full am. Nah just a glorified way of saying, your money don otilo...
 If them wan do am like this, since them also make comments about using these funds to invest in government securities and Treasury Bills, why the country still dey as e dey? The loot them recover from Abacha, how them use am? This country no go ever stop to surprise me.

[Iamgoat]

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.

I don't think we have to start mocking or pressuring those who are saving or investing their money in fiat but what we are supposed to do on the positive side of things is to give them a proper introduction to the bitcoin knowledge starting from introducing them to the basic disadvantages of bitcoin such as the inflation and currency devaluation and how bitcoin is just another way to store value and move your funds freely and safely across the world and once you can convey your words of advise properly, you might end up getting their attention. I don't think any investor wants to lose their money into some artificial inflations and taxes, so if you can teach them calmly and properly the way they would understand, you will get their interest and from there they can slowly shift small focus into bitcoin without having to feel like they are gambling with their investments.

[Tonimez]

HODLing money in fiats has been a financial mistake for years because the value keeps depreciating always. The government and their policies are not stable and affects the price of commodities always. Hardly has there been anytime you save up money in fiat and it doesn't depreciate. However you won't blame people that store money in fiats because not everyone is a crypto enthusiast and ignorance is a key factor that influence people's attitude to finances. I have always said it that we're lucky to understand some of these things because it's not about hustling, it's about retaining the value of what you have worked for.

The CBN has been known with dishing out wicked policies aimed at frustrating the masses in response to their bad governance from the presidency. Retrieving all the funds I. The abandoned accounts or dormant accounts is not a bigger issue, but the stress that Next of kins go through whenever their try to retrieve the money belonging to their late loved ones. There has not been any adequate easier way of retrieving these funds and the government would wake up one morning to dish out such policies on any of the accounts that survives the field officers manipulation. We live to learn, so we can extend some knowledge to people we care about in order to help protect their finances.

[sotelorene]

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.

I know Savin money in fiat can be very funny sometimes but this particular case they said "dormat account" not active account and how will someone be alive and his or her account will be dormat and the person didn't do anything I mean it doesn't make sense and it is kind of impossible for someone to be alive and not visit his or her account to check. Even If I'm the government I will assume those persons are dead and I believe that was what they assumed and it is not a new thing and it is not illegal. If someone doesn't use his or her account for over 5 years it will be assume the person is dead, if this is the case I don't blame the government if the account was active and they did this that would have been bad. Even in crypto, if you save money and in your wallet and forget the seed phrase that asset will be gone I mean it will be in that wallet but you can not access it but it is very good to invest and not keep all money in fiat.

[Mpamaegbu]

I know Savin money in fiat can be very funny sometimes but this particular case they said "dormat account" not active account

I nor sure sey dem later carry out dat threat bc e get wan bank wey I get dormant account wit then and small cash dey am. Dem nor touch touch d money, though na shikiri money.

...and how will someone be alive and his or her account will be dormat and the person didn't do anything I mean it doesn't make sense and it is kind of impossible for someone to be alive and not visit his or her account to check.

E dey happen, bro. If persin get many bank accounts and decides sey dem nor wan use a particular wan again for years, e go bi. Persin nor need die before dem account go enta dormant. In d early 20s na six months e dey take make account wey persin nor withdraw from to enta dormant. I nor sabi how long e dey take again now.

Even If I'm the government I will assume those persons are dead and I believe that was what they assumed and it is not a new thing and it is not illegal.

Except there's a law against that, odawise e go dey illegal to carryout such exercise na. Governance nor be e must to be as "I" take talk am, if not make everywhere catch fire oh. You go need to consider a lot of things before u take actions, if not ur good intentions go become bad moves.

Even in crypto, if you save money and in your wallet and forget the seed phrase that asset will be gone I mean it will be in that wallet but you can not access it but it is very good to invest and not keep all money in fiat.

Rememba sey any time wen u wan use am, as u used crypto example, and u dey able to log in, the exchange go release ur cryptos give u. The highest thing wey dem go do na to ask u to do verification to dey sure sey na u be d rightful owner. Dat's all.

[Jubilee58]

This reminds us the benefits we derive investing our money in Bitcoin, Bitcoin decentralized nature has given every investor total control of his or her own fund. The federal government and the CBN is in full control of the fiat currency, their decisions and policies influences the behaviour of the naira currency and for these reasons keeping fiat currency in the bank has not been favourable to the owners because it is always vulnerable to devaluation when ever inflation comes in.

In other to sustain the value of your money and keep it growing, investment is the way, investing your money in digital currency like bitcoin can sustain the value of your money and even enable it to grow in value on the long run.

[Uhwuchukwu53]

Holding in fiat for long time where the value keeps depreciate due to inflation is unwise, but if person is holding short term due to some capital project that will require daily use of fiat as most products can't be afford in Bitcoin or crypto do to lacking adoption in all aspects in the nation is not bad. But having mindset of saving in fiat for long mostly when the purpose is reserved against old age or retirement purpose fiat is the worst option because such person will be left with disappointing heart break due to the worth of money after been hit by many inflation especially country like ours where the regulations and inflation works like magic leaving citizens in confusion.

[Finebone]

Holding in fiat for long time where the value keeps depreciate due to inflation is unwise, but if person is holding short term due to some capital project that will require daily use of fiat as most products can't be afford in Bitcoin or crypto do to lacking adoption in all aspects in the nation is not bad. But having mindset of saving in fiat for long mostly when the purpose is reserved against old age or retirement purpose fiat is the worst option because such person will be left with disappointing heart break due to the worth of money after been hit by many inflation especially country like ours where the regulations and inflation works like magic leaving citizens in confusion.

I agree to everything you said here because all you said here are true. It's no longer news that one principal enemy of fiat or any money saved up is inflation. So overtime the value of any money saved up will depreciate since inflation may have eaten into it, because $10k dollar now and $10k in a year time or more is never the same.
That is why keeping your money in anything that appreciates in value overtime is highly recommended, something like Bitcoin, gold or land.

[abaeze]

Holding in fiat for long time where the value keeps depreciate due to inflation is unwise, but if person is holding short term due to some capital project that will require daily use of fiat as most products can't be afford in Bitcoin or crypto do to lacking adoption in all aspects in the nation is not bad. But having mindset of saving in fiat for long mostly when the purpose is reserved against old age or retirement purpose fiat is the worst option because such person will be left with disappointing heart break due to the worth of money after been hit by many inflation especially country like ours where the regulations and inflation works like magic leaving citizens in confusion.

I agree to everything you said here because all you said here are true. It's no longer news that one principal enemy of fiat or any money saved up is inflation. So overtime the value of any money saved up will depreciate since inflation may have eaten into it, because $10k dollar now and $10k in a year time or more is never the same.
That is why keeping your money in anything that appreciates in value overtime is highly recommended, something like Bitcoin, gold or land.

You are absolutely right that if you invest in fiat, it decreases every year due to currency depreciation, but if we save money for the future in hard money, it will continue to increase over time and the possibility of decreasing is very low. In that case, we should keep investing in Bitcoin.

If someone can't save money properly due to daily extra expenses, then if they save Bitcoin for the future for five to ten years through a small amount of DC, then it will definitely become a very big asset. However, keeping some money in fiat for daily emergency expenses and saving the rest for the future, that is the wisest thing to do, as you said.

[Tungbulu]

I agree to everything you said here because all you said here are true. It's no longer news that one principal enemy of fiat or any money saved up is inflation. So overtime the value of any money saved up will depreciate since inflation may have eaten into it, because $10k dollar now and $10k in a year time or more is never the same.
That is why keeping your money in anything that appreciates in value overtime is highly recommended, something like Bitcoin, gold or land.

The only justification for saving money in fiat is if they’re doing so for a short term purpose, maybe to foot future bills, for future emergencies and any other thing that wouldn’t take several years before you’ll need it, I mean you wouldn’t wanna have your money saved up in assets like Bitcoin with hopes of safeguarding it from inflation when in reality you intend to use the money in a matter of months, cos while you’re running away from inflation, you could potentially hit volatility, and that’s an enemy of the short term.

[DubemIfedigbo001]

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

I believe it is a big illiteracy for people to still be hodling fiat at times like this when even my aged mom is looking for more profitable investments to put her money into instead of leaving the big chunk in the bank.
The state of the economy has made the government to be looking with a red-eye for places where they can take money away from the citizens.

They've brough additional taxing system and after that are now going for dormant accounts. Surely, they wouldn't stop there. The best thing to do to safeguard your money is to remove it within their reach and we've beautiful investment prospects for that in bitcoin.

Further diversification into agriculture or lands is still good but in all you do, don't hold large chunks of money in the bank, you are only being a sizeable prey for the government.

[Mehmet69]

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.

I agree with you. Depositing fiat in banks is very risky due to inflation. Also, government control has made our savings more uncertain. If we hold money in the bank now, firstly its value is decreasing due to inflation. Again, due to centralization, we do not have complete control over our savings. The government or central authority can seize our savings whenever they want. Which is a big hassle for the common people.

But the decentralized system is the only strength for us at present. Due to the decentralized financial system, we act as our own bank. We have complete control over our savings. We can use it whenever we want and we can also increase the amount of savings. No one has to be accountable for this. And in a decentralized system, if we hold money for a long time, then inflation does not affect it. Over time, our savings increase.

[Lembo69]

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.

Yes, holding Bitcoin in cryptocurrency instead of keeping fiat in the bank for years can also yield a lot of profit. I agree with your statement because when the value of Bitcoin increases, it increases at a huge rate. But the profit you get from your fiat in the bank is fixed. It never increases, but the value of Bitcoin increases and when it increases, the profit from Bitcoin is 3 times the amount of the bank. If you hold your fiat, it will be good for you. And if you keep fiat in the bank, you can also keep it. But I think every person should invest at least once in their life

When you start investing, you will understand why you should invest. By investing, you will gain a lot of profit, it will be able to prevent inflation, it will be able to bring you a good profit in the future. Holding in fiat will not yield as much profit as you get from Bitcoin

[Zigabel]

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.

The lack of control you have when Holding Fiat in bank is one that is often not understood enough, i even think you get to understand it better only when you have actually made savings in form of a digital asset and you are given all the power and control over your asset then you will understand how much of power you were lacking having your asset in money in Fiat in the bank, mostly, Bitcoin gives that perfect eye opener to you to see and under stand how much independence you can enjoy without fear of any forms of policies affecting you when you and your Money at times when the government chooses to implement any of such a policy. For me if you want to enjoy that independence and control, they you should save with Bitcoin and not just any other cryptocurrencies because there are some that are actually not decentralized.

[Hustle2025]

Holding local currency such as naira makes no sense and it the mentality of the old generation.  Instead of the money to appreciate in value it will rather deprecate due to inflation and currency devaluation.  In most cases when the account is kept dormant, it might be affected by government policy and bank policy resulting to the blocking of the account. By so doing you end up losing everything in the account.
It is much better to save money in bitcoin or invest it in other things that can yield profit.