Bitcoin over dollar: U no suppose think twice

[Felicity_Tide]

The title of the thread says: Bitcoin over dollar, but I still dey naija, so why I no use: "Bitcoin over naira"?. You see, at some point, when an issue can no longer be addressed, it surely means two things, which are: [1] it's either the issue has been solved, or [2] the issue is to complicated to be solved. The devaluation of naira has become an issue that can't be addressed, just by the talk of the common masses, which is why it is best to opt for something better.

I have often heard people make choices between: earning in dollars or naira, which majority happens to choose the dollar over naira. When such comparison is been made, then it definitely means the source of dollar income is likely to come from somewhere outside the country.

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars. I have my reasons for this which I will have to explain using a basic day-to-day calculation illustration.

Code:

A[$100/month] - [N1500/$] - [N150,000]
B[$100[btc]/month] - [N1500/$] - [≤N150,000≥]
C[N150,000/month] - [N1500/$] -[N150,000]

The example above comprises of three different people, what they earn, and assuming the exchange rate is (N1500/$). Mr A earns $100/month, which when converted gives us N150K. Mr B on the other hand earns $100 worth of btc, which when converted and maybe hodl can give us an amount greater or less than N150K. Mr C earn exactly N150K.

Code:

Petro [July] = N800/litre
Petrol [September] = N850/litre
Petrol [December] = N900/litre

The illustration above gives an explanation to the salary earners. The price of Petrol around the country is at an average of N800/litre. Aside petrol, other things like food stuffs, electronics, transportation, school fees, light bill, etc are also increasing daily. And we know say anything wey go up for wi country - no dey come down.
The salaries of both Mr A and C will devalue over time, as price of things continues to go up. This is where Bitcoin comes in. From July to December, there are chances of having higher price discovery, as Bitcoin has the potential to grow in price.

Sweet side of it

• As time passes, Bitcoin tends to grow in value and price, unlike your naira and dollar
• By hodling on to such income, you tend to be on a gaining side.

Opposite of the sweet side

• The volatility of Bitcoin can put you at loss for a certain period (especially when the thing don dip).
• It might not work well for those who leave a hand-to-mouth life. Which means - as money dey come, dem dey spend. Though, due to the volatility of Bitcoin, which can make price to change at any point (time), it can also defile this second rule which I've mentioned

This thread was not meant to address the entire problem faced by the citizens of the country, since Bitcoin neva be legal tender for wi country. I just write the thread, based on the debate most people tend to have about: chosing dollar over naira. Morever, majority of us here uses Bitcoin and dollar(in the form of stable coin). As far as I am concerned, the devaluation of naira is enough motivation to opt for something better (but, comes with greater risk).

Make God no let us use bundle of money buy pure-water one day. If Venezuela come ur mind, well, na you think go there.

Aside that, I think I am supposed to be a full member today, but not sure of how the activity stuff counts. Let's see how that goes, and congrats to me in advance.

Caution - This thread is not a financial advice. Just clearly what the Op thinks.

[Ruttoshi]

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars.

I appreciate the effort that you put together in coming up with this thread, but don't you think that it is hard to earn in bitcoin than in dollars. I guess it is only this forum that I can have seen payments made in bitcoin to their promoters because this is a bitcoin community and they encourage the use of bitcoin.

 Dollars is the world reserve currency and majority of international trades and transactions are paid with USD and that is why you see that some people are earning in dollars unlike bitcoin that is new. Also those oil companies pay their workers in dollars and footballers, including musicians but it will be hard for them to use bitcoin for payment because it is not a centralized currency and most people owning bitcoin are using it more as an investment than currency.

So my suggestion is that instead of looking for a bitcoin paid job, why not look for a dollar paid job and if you get the job after you have being paid in USDT, you convert part of it, that is the one you want to save to buy bitcoin. It becomes easy for you to have usd and bitcoin at the same time because you need to sell some bitcoin to take care of your weekly needs.

If bitcoin dips, you will benefit from it because you are paid in dollars, and you will be able to buy bitcoin in discount price. Don't forget that if you are to be paid in bitcoin, it will be calculated in usd. For instance, full member in a signature campaign is paid $40 but in bitcoin.

[Felicity_Tide]

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars.

I appreciate the effort that you put together in coming up with this thread, but don't you think that it is hard to earn in bitcoin than in dollars. I guess it is only this forum that I can have seen payments made in bitcoin to their promoters because this is a bitcoin community and they encourage the use of bitcoin.

 Dollars is the world reserve currency and majority of international trades and transactions are paid with USD and that is why you see that some people are earning in dollars unlike bitcoin that is new. Also those oil companies pay their workers in dollars and footballers, including musicians but it will be hard for them to use bitcoin for payment because it is not a centralized currency and most people owning bitcoin are using it more as an investment than currency.

Well, I just realized that I forgot to specify something from the beginning of this post. But, I think football works more with euro and also pounds, with a little touch of dollar, but I am not literally talking about these people who are already living their best lives. We all here have less business with footballers and musicians. How they earn is not our concern, but how we choose to earn should be our own priority. This post is for average Nigerian who is literally on this platform, or might want to consider working remotely (online). Besides, companies that pays good money here are just few.

So my suggestion is that instead of looking for a bitcoin paid job, why not look for a dollar paid job and if you get the job after you have being paid in USDT, you convert part of it, that is the one you want to save to buy bitcoin. It becomes easy for you to have usd and bitcoin at the same time because you need to sell some bitcoin to take care of your weekly needs.

Yea, you have a point, but like I said, the thread does not address the current problem of the country, in other sense, na only those wey come across this thread I dey talk to. I have seen remote jobs pay in BTC as well, which was totally based on what the workers asked for or agreed. Though, it is common among remote developers.

If bitcoin dips, you will benefit from it because you are paid in dollars, and you will be able to buy bitcoin in discount price. Don't forget that if you are to be paid in bitcoin, it will be calculated in usd. For instance, full member in a signature campaign is paid $40 but in bitcoin.

Then I assume you only intend on buying the dip. What then happens when Bitcoin goes up?, Remember that the market works in two ways and the value of dollar does not appreciate. And It would be interesting to know that so many people would prefer been paid in $40 worth of Bitcoin than just $40.


But just to clearify the whole thing, I stated that these ideology will change gradually...

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars.

[Juicyhome]

The title of the thread says: Bitcoin over dollar, but I still dey naija, so why I no use: "Bitcoin over naira"?. You see, at some point, when an issue can no longer be addressed, it surely means two things, which are: [1] it's either the issue has been solved, or [2] the issue is to complicated to be solved. The devaluation of naira has become an issue that can't be addressed, just by the talk of the common masses, which is why it is best to opt for something better.

I have often heard people make choices between: earning in dollars or naira, which majority happens to choose the dollar over naira. When such comparison is been made, then it definitely means the source of dollar income is likely to come from somewhere outside the country.

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars. I have my reasons for this which I will have to explain using a basic day-to-day calculation illustration.

Code:

A[$100/month] - [N1500/$] - [N150,000]
B[$100[btc]/month] - [N1500/$] - [≤N150,000≥]
C[N150,000/month] - [N1500/$] -[N150,000]

The example above comprises of three different people, what they earn, and assuming the exchange rate is (N1500/$). Mr A earns $100/month, which when converted gives us N150K. Mr B on the other hand earns $100 worth of btc, which when converted and maybe hodl can give us an amount greater or less than N150K. Mr C earn exactly N150K.

Code:

Petro [July] = N800/litre
Petrol [September] = N850/litre
Petrol [December] = N900/litre

The illustration above gives an explanation to the salary earners. The price of Petrol around the country is at an average of N800/litre. Aside petrol, other things like food stuffs, electronics, transportation, school fees, light bill, etc are also increasing daily. And we know say anything wey go up for wi country - no dey come down.
The salaries of both Mr A and C will devalue over time, as price of things continues to go up. This is where Bitcoin comes in. From July to December, there are chances of having higher price discovery, as Bitcoin has the potential to grow in price.

Sweet side of it

• As time passes, Bitcoin tends to grow in value and price, unlike your naira and dollar
• By hodling on to such income, you tend to be on a gaining side.

Opposite of the sweet side

• The volatility of Bitcoin can put you at loss for a certain period (especially when the thing don dip).
• It might not work well for those who leave a hand-to-mouth life. Which means - as money dey come, dem dey spend. Though, due to the volatility of Bitcoin, which can make price to change at any point (time), it can also defile this second rule which I've mentioned

This thread was not meant to address the entire problem faced by the citizens of the country, since Bitcoin neva be legal tender for wi country. I just write the thread, based on the debate most people tend to have about: chosing dollar over naira. Morever, majority of us here uses Bitcoin and dollar(in the form of stable coin). As far as I am concerned, the devaluation of naira is enough motivation to opt for something better (but, comes with greater risk).

Make God no let us use bundle of money buy pure-water one day. If Venezuela come ur mind, well, na you think go there.

Aside that, I think I am supposed to be a full member today, but not sure of how the activity stuff counts. Let's see how that goes, and congrats to me in advance.

Caution - This thread is not a financial advice. Just clearly what the Op thinks.

OP you do better analysis here as naija girl, omo this country Don really make us dey think well, see as dollar wey in those days be nothing to naira, come be giant now because of bad government for wi country. It won't be beta with our bad leaders oh.  What's bitcoin without dollar, if am to choose I go tell dem to pay me in dollar than bitcoin,  because dollar price dey better, if you get enough dollar you fit buy any bitcoin you desire, if dem pay you in bitcoin, as naij a boy you need convert to dollar before you go change to naira, so for people wey no sabi market on exchange, dem go rather get there dollar and change it locally. Dollar don be like universal currency  even for our naija, if you dey save your money I prefer it to be in dollar to avoid dip in bitcoin. Bitcoin are for investors and long time holders, make we pray make our naira get value too because the local people dey really suffer. And the only way e fit rise na if we start to produce export goods and use naira for exchange.

Then, for your full member you never get 120 activity, be patient and keep working and make quality post to promote this LB. I wish you well.

[Charles-Tim]

In short term, bitcoin can be regarded as a speculative asset. If bitcoin has increased significantly and got to all-time high, it is good to make more analysis to know if the price may soon fall. Or you can just continue to buy using DCA. Bitcoin can be disappointing sometimes in short term but it can not disappoint in long term if you continue to hold. Bitcoin can be a speculative asset in short term but it is a store of value and an asset that can be used tmas a hedge against inflation in long term.

[letteredhub]

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars.

I appreciate the effort that you put together in coming up with this thread, but don't you think that it is hard to earn in bitcoin than in dollars. I guess it is only this forum that I can have seen payments made in bitcoin to their promoters because this is a bitcoin community and they encourage the use of bitcoin.

 Dollars is the world reserve currency and majority of international trades and transactions are paid with USD and that is why you see that some people are earning in dollars unlike bitcoin that is new. Also those oil companies pay their workers in dollars and footballers, including musicians but it will be hard for them to use bitcoin for payment because it is not a centralized currency and most people owning bitcoin are using it more as an investment than currency.

Well, I just realized that I forgot to specify something from the beginning of this post. But, I think football works more with euro and also pounds, with a little touch of dollar, but I am not literally talking about these people who are already living their best lives. We all here have less business with footballers and musicians. How they earn is not our concern, but how we choose to earn should be our own priority. This post is for average Nigerian who is literally on this platform, or might want to consider working remotely (online). Besides, companies that pays good money here are just few.

Talking about how we choose to earn, don't forget that such choice completely depends on the organization where you find yourself rendering a service, you won't decide for an organization what currency they should be paying you in when they already have whichever acceptable legal tender they pay in. If you find yourself where them the pay you in USD I dey sure you no go regret the job offer because you ask for BTC as a form of payment and the company refused.  It's left for you to use the USD buy bitcoin since you so beliv am as better than USD. Nah simple logic say as Nigerian if you dey earn in foreign currency that one na major.

[EL MOHA]

[OP you do better analysis here as naija girl, omo this country Don really make us dey think well, see as dollar wey in those days be nothing to naira, come be giant now because of bad government for wi country. It won't be beta with our bad leaders oh.  What's bitcoin without dollar, if am to choose I go tell dem to pay me in dollar than bitcoin,  because dollar price dey better, if you get enough dollar you fit buy any bitcoin you desire, if dem pay you in bitcoin, as naij a boy you need convert to dollar before you go change to naira, so for people wey no sabi market on exchange, dem go rather get there dollar and change it locally. Dollar don be like universal currency  even for our naija, if you dey save your money I prefer it to be in dollar to avoid dip in bitcoin. Bitcoin are for investors and long time holders, make we pray make our naira get value too because the local people dey really suffer. And the only way e fit rise na if we start to produce export goods and use naira for exchange.

As a Nigerian the best situation one can find himself in now in terms of earnings is that one should be earning in currency that do not have that depreciation rate, the Dollar in recent terms has proven to have a nature of not depreciating like that but it also depreciates in value against other high currencies but not the case for bitcoin, since it is not that volatile I think your choice is a good one, but left to me as long you’re not leaving your income for over time, bitcoin seems the easier option due to the convenience In converting to fiat through exchanges without limitations to the local or direct bank conversion of Dollars to the fiat currency. With bitcoin you can not have the hassle of creating dollars account or spending it physically, also the anonymity is the biggest factor for me.

Aside that, I think I am supposed to be a full member today, but not sure of how the activity stuff counts. Let's see how that goes, and congrats to me in advance.

The activity doesn’t add up each week it takes every two weeks for it to add up, maybe last week was when we had an addition and might be next week Wednesday before you become a full member

[CryptopreneurBrainboss]

Sweet side of it

• As time passes, Bitcoin tends to grow in value and price, unlike your naira and dollar
• By hodling on to such income, you tend to be on a gaining side.

To the average foreigner investing/holding dollars no make sense but for Nigeria e make sense die. During president Good luck time dollars was around max 200N/$ but currently $1 na N1,500+/-. Assume say you been dey hodl dollars you dun make like 7.5x wey be 7000%  for percentage and e no get too many Nigeria business wey for give you that ROI, your land self fit no give you that kind profits but I get it that in the spirit of avoiding fiats, it's always better to invest in an assets and not currency. And since we no know how the economy go be tomorrow to know if Naira go continue to lose value or continue to increase, BTC na still the best decision so na wetin we supposed to dey save in.

Opposite of the sweet side

• The volatility of Bitcoin can put you at loss for a certain period (especially when the thing don dip).
• It might not work well for those who leave a hand-to-mouth life. Which means - as money dey come, dem dey spend. Though, due to the volatility of Bitcoin, which can make price to change at any point (time), it can also defile this second rule which I've mentioned

Volatility no be problem if you no get short eye but you dey invest say na your future you dey reason and everybody fit invest in Bitcoin no matter wetin you dey do. Bricklayer self fit invest in Bitcoin. You can decide to be investing $1 daily or N1,500 since na wetin be dollar rate now. Bitcoin works well for everybody and there's no discrimination as far you dey invest based on your pocket and you no dey do wetin go weigh you down.

[Kelward]

Due to di inflation wey de for our country, naira de devalue everyday and people wey de receive naira as steady income na dem de suffer am. As our Nigerian economy be now e no de advantageous to receive income with naira, unto say di purchasing power de reduce everyday because of the rising costs of things for market.

People wey de receive salary for other currencies wey get value like Bitcoin and dollar, na dem de gain for dis our economy. As naira de devalue e no go affect di value of dem money, if dem want to spend naira dem go just convert di amount wey dem want to spend. Person wey de earn for naira and im know wetin de for crypto matter no go need to worry about inflation. Im go just de convert di naira wey in no want to spend immediately to either stablecoins for short term savings or into Bitcoin for long term investment. E no de advisable to buy Bitcoin with di money wey you want to spend on di short term because e de volatile, unless na during bull run.

[Marvelockg]

The debate has always been that anyone that's saving in the dollar is an enemy of the country and is happy that the naira is losing to the dollar but what they forget is that what's even more responsible for the devaluation of the naira isn't just that people prefer to save in dollar, as long as our ratio of importation to exportation isn't balancing out, the naira will continue to devalue. But just like you've said, the whole issue has become more complex and isn't worth any serious attention since it's obviously out of our control to remedy the situation.

The hierarchy that's to be followed when you have some funds you're not in a haste to use and want to save up for the future should always follow the order;
Bitcoin
        ⬆️
The dollar
         ⬆️
And the NAIRA.

If you hard 2M naira three years ago and saved it in naira till now, the value of the 2M naira would have devalued to the range of 500k. If you saved it in dollar, with the assumption that the exchange rate at the time was at 500 naira, your dollar would have appreciated to at least 6M naira since naira actually depreciated while the dollar has appreciated. If you kept it in Bitcoin, it's going to be a triple win because, the price of Bitcoin now is above 2 times what it was 3 years ago and if you just make it too simple and assume that Bitcoin was at $30k three years ago, by using the 2M naira to buy Bitcoin at the time, you would have gotten 2x your investment in Bitcoin which is 4M Naira worth of Bitcoin at an exchange rate of 500 Naira and if you convert it to the current exchange rate of 1500 naira, you should be at 12M naira for just keeping 2M naira in Bitcoin.

It's a simple analysis that goes on to show the best choice to consider while planing to HODL an amount for the long term.

[SmartGold01]

Well you don try because I know say e no easy to survive for this country especially those way we see to be civil servant because sometimes that their salary no dey go any where for the family and yet they still take care of their families and to those who are in school. And of a true the salary is too minimal and needs something more better to keep themselves running that is why you would see many civil servants today are living from hand to mouth due to underpaid salary from our government.
Conversely, earnings from bitcoin is the only good way because salary would be paid according to the bitcoin price at point in time and if such person hold for sometimes he could be lucky to make some free dollars from it while holding and again if decided not to touch their earnings then it's something that could yield a better profits from their salary.

[Barikui1]

My brother you don talk well, wetin I see inside this ur thread na wetin I expect from am as I see the title of the thread, true true say we dy in a very difficult situation in the country right now, but as e be so, na very stupid thing to start feeling pity for ourselves, the best thing to do as a typical Nigerian na to look for a way around it.

We already know say our naira now no follow at all, but as e be so, holding ur money in dollar dy better than the naira, and holding our money in Bitcoin nai be the best among all the options listed down, but sincerely speaking, just as the op of this thread don talk already, if you hold any money in Bitcoin, make e no be money you wan use next week or next month, because their will be a time the price of Bitcoin go dy down for a long period of time, you now wey need money badly will be force to sell at a loss, so e dy very important say if you dy save any money in Bitcoin, make e be money wey you no dy reason to use now, so that you no go enter any tight Conner financially in the nearest future, so due to the fact say Bitcoin na that asset wey they appreciate in value overtime, e really make sense if you dy hold am for long term purpose, no be for short term.