You can use Bitcoin as your savings account.

[SuperBitMan]

Bitcoin is one of the best investment right now in the world and a lot of people has started investing into it by Accumulating and holding them.
We all know that Bitcoin is highly volatile in nature that means it's price can drop at any point in time and can also rise at anytime so one can still use it as our savings account but it is advised that the money you are saving should be money you won't be using for the next 5 years upward, when you save your money like that in Bitcoin it will increase when you want to withdraw it because there's a very high chance of Bitcoin increase in price after holding for about 5 years upward.
Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.
We have seen cases were banks were hacked, that has not happened in Bitcoin.
Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation this means those who saved there money there may not receive all there capital or if they will receive not at once, the former Big Brother Ninja winner Mercy Eke talked about her regret saving with heritage Bank because of there issues and she said the money that was there was the money she won from the show which is 60 million naira in 2019 and she said she has not touched the money since she started saving it with heritage Bank just imagine she saved the money with Bitcoin that 2019 she would have made good profit and it would have been well secured for her till date.

[Hatchy]

Just known that whatever means you choose to save you money with, it should be well secured. We have heard of many Bitcoin wallets hack here on the forum. But just because we haven't seen one and don't pray for such, doesn't mean its not possible with Bitcoin. Make sure to keep your keys safe and away from the reach of others and the internet. Again. You can diversify your savings into two.nits even better that way so if one goes wrong, you can have something to fall back on. If you choose banks in Nigeria for savings then make sure you use those standard banks that have big branchs and head offices here in the country.. if it's crypto then keep your keys safe. Just remember anything if possible when it comes to hacking or losing of funds. But that's not our portion..

[AVE5]

Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.

Having your future savings in the bitcoin is a big choice with its potentials that it'd yield profits in a long run unlike the banks where you'd get charged for banking maintenances on regular basis and instead of your funds to increase in values it's depreciating in the affections of taxes and inflations.

We have seen cases were banks were hacked, that has not happened in Bitcoin.

If spade being called spade, bitcoin isn't exemptional from being hacked to it's okay being transparent about it so that it could oblige beginners to be concious with their private keys because hackers would always keep roaming about for invasion and steal your bitcoin.
It has happened to many bitcoin users and still having due to carelessness and lack of knowledge to fallen victims to the scammers.

Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation this means those who saved there money there may not receive all there capital or if they will receive not at once,

This can't be applicable to bitcoin. Let's take for the case of Changpeng Zhao (CZ) who's currently facing legal money laundering cases and while him and the binance exchange is ongoing facing the consequences, it never affected users of the platform and up to date Crypto users are still reliable of the exchange.
My intake is that we should embrace decentralization for it's the way forward to financial freedom and breaking out of poverty.

[Salahmu]

Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.

Having your future savings in the bitcoin is a big choice with its potentials that it'd yield profits in a long run unlike the banks where you'd get charged for banking maintenances on regular basis and instead of your funds to increase in values it's depreciating in the affections of taxes and inflations.

Investing in Bitcoin is a very good thing to do but don't you think that putting all your life saving in Bitcoin actually look somehow? because indirectly that type of investment imply that Bitcoin is going to be the only thing you will do till you get old and also it means that all the things or the plans you have physically will come from what you will get from Bitcoin, though there is nothing wrong in putting a major funds on your Bitcoin investment but I no go tell you make you carry your every every go put for Bitcoin.

For me I'm a lover of Bitcoin holding but since I normally use strategy on my investment I do not put everything I have on it but instead i only do it small small and because of that means way I they take invest e go make me to they run my matter for other things, so e go make better sense when person get plenty Bitcoin way you done accumulate and still they alright base on say better physical money they for you so that you no go they reason only your Bitcoin.

[Marvelockg]

Using Bitcoin as a saving account is very good and feasible. It's far better than saving your money in the regular banks for so many reasons. The advantage is that  you're not afraid that the banks might fold up or that government policies might affect the bank like what happens with the BBN winners case. You're also certain that you're likely going to be at a better profit that far exceed whatever rate any Nigerian bank would want to offer you which are all advantages that far suppases saving your money in any financial institution.

If spade being called spade, bitcoin isn't exemptional from being hacked to it's okay being transparent about it so that it could oblige beginners to be concious with their private keys because hackers would always keep roaming about for invasion and steal your bitcoin.
It has happened to many bitcoin users and still having due to carelessness and lack of knowledge to fallen victims to the scammers.

almost all the issues of hacks and cyber threats that's associated with Bitcoin is also associated with the fiat and the centralized banking system. Apart from hackers getting access to your private keys or compromising your device and getting to steal your crypto, have you hard cases like the normal phone calls you get from random guys who request for your ATM card numbers and them steal your money you've saved up in the bank?

We all know that Bitcoin isn't perfect but as long as you're saving your coin in an offline wallet and you don't allow your keys to get missing, you are certainly less exposed to risk than what's obtainable with saving in banks where even the bankers are potential source of threat to your safety and that of your funds.

[Coyster]

If you dey buy bitcoin, i no go call am savings, na investment and if you get the knowledge to keep am away from scammers, then you go fit make profit from am in the long run.

Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.

I no go advise person make him put their life savings into one investment only, you suppose diversify into different investments. E make sense to also keep a small amount of money in your bank account, money wey you go use dey do monthly spending, but no keep more than that for your bank account.

We have seen cases were banks were hacked, that has not happened in Bitcoin.

The bitcoin network cannot be hacked per se, but so many people don lose bitcoin wey dem keep for their wallet because dem no too get knowledge on how to secure their coins. Banks fit fail, though it is a rare occurrence, but money wey dey for bank dey insured too.

[Agbamoni]

Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.

Where you store your Bitcoin is what determine how safe your Bitcoin would be and the level of security cautiousness you apply to it. Just like money cannot provide its security for itself where its been kept so its the same in Bitcoin. If you store your Bitcoin in a wallet and the wallet private keys and security information's its not kept privately there will be hacked and theft. What's more important when it comes to savings security is the individual. Any form of money or value we have the security of it lies in our hands. If we fail to provide maximum security we may lose our money or asset.

We have seen cases were banks were hacked, that has not happened in Bitcoin.
Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation

Adding to this information the banks that as their license revoked include, Heritage Bank, Unity Bank, and Keystone Bank. It is advised that customers should withdraw all their money from there using ATM card or bank transfer before it gets too late.

[Ruttoshi]

Seeing bitcoin as where to throw some value into is the best of it because that will make you buy more Bitcoin with your extra funds instead of keeping it in the bank. Bank gives very low interest and use your money without your knowledge for business and the worst of it is that they might limit you from the exact amount of funds that you want to withdraw or deprive you access to your funds when you are in need of it.

Bitcoin gives you the freedom to be your own bank, which makes it the best for you to buy and hodli for a long time. It is not a na d idea if you are always putting the money that you are saving in bitcoin because you will definitely enjoy from the fruit of your labour since bitcoin is an hedge to inflation unlike bank fiat. Bitcoin has the potential oof multiplying your funds in future due to its exponential growth.

[SatoPrincess]

Bitcoin dey volatile so e go hard for you to use am as savings. You fit buy bitcoin as asset or investment, that one no bad. If you dey fear bank wahala and the way naira dey fall, you fit buy any of the better stable coin make you hodl. Na stable coins you fit take do savings nor be bitcoin.

We have seen cases were banks were hacked, that has not happened in Bitcoin.

Bitcoin itself cannot be hacked but if you are careless with your keys you can lose your coins.

[SuperBitMan]

Bitcoin dey volatile so e go hard for you to use am as savings. You fit buy bitcoin as asset or investment, that one no bad. If you dey fear bank wahala and the way naira dey fall, you fit buy any of the better stable coin make you hodl. Na stable coins you fit take do savings nor be bitcoin.

Na true say Bitcoin they volatile in nature way they make am no they constant the price they always go up they come down but the thing be say Bitcoin volatility no they stop Bitcoin growth even with the rise and fall the price go still they grow remember say na so Bitcoin do till e reach this price e dey now so, and person way mean to say money need to get for mind to save en money for some years any body way no fit save from 5 years up make en no bother to save with Bitcoin so e no go affect am.
E good to save money for stable coin like you talk so en no go they fall they rise, if person save for stable coin you fit withdraw your money at any time and na still same amount you go withdraw but you no go get any add up for that your money and e they sweet when you save for some years that you money con increase and na why Bitcoin go they better only when you won save from 5 years and above but if you no they save from 5 years and above then like you talk stable coin should be the best to use.

We have seen cases were banks were hacked, that has not happened in Bitcoin.

Bitcoin itself cannot be hacked but if you are careless with your keys you can lose your coins.

Yes you are very correct and that is why it's always advised to keep our secret phrase and password very safe and not trust it with anyone and also is good we avoid connecting to public wifi in other to avoid being hacked.
A friend of mine lost all his Bitcoin through connecting a particular airdrop to his Bitcoin wallet so if anyone is doing airdrop please don't use the wallet you use to accumulate Bitcoin or save create a different wallet for airdrop and other online purpose to avoid being hacked.

[Cryptoprincess101]

We all know that Bitcoin is highly volatile in nature that means it's price can drop at any point in time and can also rise at anytime so one can still use it as our savings account but it is advised that the money you are saving should be money you won't be using for the next 5 years upward, when you save your money like that in Bitcoin it will increase when you want to withdraw it because there's a very high chance of Bitcoin increase in price after holding for about 5 years upward.
Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.

Good advice here because some people invest in bitcoin with the idea of making profits within a short interval and sell without thinking about market volatility and that is the reason why people sell at lost because when they don't invest for long term profits, as soon as the price starts falling they sell as a result of fear and due to the short target they have but just as you said, investing between 5 years and above will make them not to always monitor the activities of market prices but instead they will focus more on accumulating and hodling.
         Our banking platforms have become so porous now such that the security of our funds are no longer guaranteed so instead of keeping Fiats in the bank the best decision will be to convert it to bitcoin and store it in your bitcoin wallet and it grants you security over your asset as you alone knows your seed phrases and can decide to make any amount of transactions you wish to without any restrictions or limits as bank does.

We have seen cases were banks were hacked, that has not happened in Bitcoin.

Your bitcoins can still be hacked if you store your bitcoins in some random wallets or exchanges, it can be hacked and you lose your funds.  The best way is to store in a safe wallet like self-custodial wallet or a hard wallet especially if you have huge amounts of bitcoin.

[EL MOHA]

Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation this means those who saved there money there may not receive all there capital or if they will receive not at once, the former Big Brother Ninja winner Mercy Eke talked about her regret saving with heritage Bank because of there issues and she said the money that was there was the money she won from the show which is 60 million naira in 2019 and she said she has not touched the money since she started saving it with heritage Bank just imagine she saved the money with Bitcoin that 2019 she would have made good profit and it would have been well secured for her till date.

She might have been in profit like more than 4x now since then or she might have been in heavy loss now either through market dump or might have negligently loss the funds through hacks to scammers so it is a two way sword and when we advice people to invest into bitcoin we should actually state out the obvious facts in it so they don’t get carried a way by profit talks only. This narrative is why we have many people into bitcoin today lamenting when a little dump occurs. Yes the general perspective base on past history is that over the years the market price will eventually increase but we need to be understand that there is also possibility of loss even for longer time too.

Bitcoin as a savings is not bad if you can actually understand the risk and are ready to loss the money without it greatly affecting you. Saving in bitcoin saves one from numerous traditional monetary policies but it’s risks are definitely there.

[Zigabel]

Basically if you are thinking in the long term, and investment, then this can apply perfectly but in a situation where you are looking to secure profits in the shortest time and move, then this can never be the best form of saving, because as at the point you deposited to the time you will be needing the money a whole lot could happen one of which is volatility which could be in or against you, whichever way you may only be stable enough if you are in for the long term because the money will still be there till he market gets back to a new shap.

Id you wan save money for BTC, try make e be say na block den no put your mind for that money for at least five years like OP talk, you go c say despite all the up and down, when u come back make you come collect your money, back you go still see something collect on top your money.

[Miles2006]

Definitely bitcoin is always good for storing wealth, one of the example is value because we can’t compare bitcoin with fiat aside bank security. Bitcoin has more value in terms of profit making compared to fiat, if a person choose to store their wealth using the fiat system there’s no profit guarantee rather it might depreciate in value secondly bitcoin is volatile but it’s guaranteed you’ll make profit.
Concerning security I will conclude no where is safe as seen most people also fall victim even when holding bitcoin although the banking system is not to be trusted not just using the heritage story I have seen a lot of trusted bank mislead customers, what’s more better using bitcoin system there’s no third man needed anyone just have to stay safe.

[Forever101]

I will consider your points/argument  valid if the person is in question knows about bitcoin. Does she invest in Bitcoin at all . If I will tell you this, everyone here has one or two story of regret to tell about not investing in bitcoins when it was so early and when the price was insignificant . Though is not too late but individuals chooses the part to follow when it comes to investment base on their level of needs.

[Charles-Tim]

Bitcoin dey volatile so e go hard for you to use am as savings. You fit buy bitcoin as asset or investment, that one no bad. If you dey fear bank wahala and the way naira dey fall, you fit buy any of the better stable coin make you hodl. Na stable coins you fit take do savings nor be bitcoin.

Bitcoin is seen as an investment but it can also be seen as savings as long as the person that hold it does not spend it. But what that matters is to buy it at the right time so there will not be negative unrealized profit even in short term. Anyone that wants to use bitcoins savings now can wait till 2026 and let the market dump first and buy bitcoin at low price. If you can speculate the price accurately in long term, you will prefer having bitcoin than having stable coins that are backed by fiat.

Fiat backed stable coins are better for savings after very long bull run when the market can fall again.

When referring to stable coins, it would be good to indicate which one you are referring to because there are bitcoin, gold and other coins backed stable coins. Although, I can understand that you are referring to fiat-backed stable coin.

[HajiBagi]

Just known that whatever means you choose to save you money with, it should be well secured. We have heard of many Bitcoin wallets hack here on the forum. But just because we haven't seen one and don't pray for such, doesn't mean its not possible with Bitcoin. Make sure to keep your keys safe and away from the reach of others and the internet. Again. You can diversify your savings into two.nits even better that way so if one goes wrong, you can have something to fall back on. If you choose banks in Nigeria for savings then make sure you use those standard banks that have big branchs and head offices here in the country.. if it's crypto then keep your keys safe. Just remember anything if possible when it comes to hacking or losing of funds. But that's not our portion..

I agree with you, There's no anywhere you can save your money and that place can't be hacked, even can be hacked, the only thing we should pray for is not to overcome such things, talking about buying Bitcoin instead of saving money in the bank, it is good to invest the money you are not going to use or the money you will not touch even when you have a problem in bitcoin but it is all the same as banks, the only different is that when you buy bitcoin and you hold for a long time you are going to make a good profit if the price is Rise but thinking that the banks are not safe or wallet is much safe than bank I don't believe that.

Both wallets and banks have advantages and disadvantages, we all know that banks sometimes have some things that are annoying and they have many excuses, but I believe if a bank is hacked and all the money in the bank is stole that doesn't affect those who have money in the bank, the bank will be the one to be responsible for that and I believe the bank can handle the issue, if a wallet got hack and your bitcoin they steal your bitcoin I don't think you can get it back and you can't hold anybody responsible for it.

[GIF-JOBS]

Just known that whatever means you choose to save you money with, it should be well secured. We have heard of many Bitcoin wallets hack here on the forum. But just because we haven't seen one and don't pray for such, doesn't mean its not possible with Bitcoin. Make sure to keep your keys safe and away from the reach of others and the internet. Again. You can diversify your savings into two.nits even better that way so if one goes wrong, you can have something to fall back on. If you choose banks in Nigeria for savings then make sure you use those standard banks that have big branchs and head offices here in the country.. if it's crypto then keep your keys safe. Just remember anything if possible when it comes to hacking or losing of funds. But that's not our portion..

I agree with you, There's no anywhere you can save your money and that place can't be hacked, even can be hacked, the only thing we should pray for is not to overcome such things, talking about buying Bitcoin instead of saving money in the bank, it is good to invest the money you are not going to use or the money you will not touch even when you have a problem in bitcoin but it is all the same as banks, the only different is that when you buy bitcoin and you hold for a long time you are going to make a good profit if the price is Rise but thinking that the banks are not safe or wallet is much safe than bank I don't believe that.

Both wallets and banks have advantages and disadvantages, we all know that banks sometimes have some things that are annoying and they have many excuses, but I believe if a bank is hacked and all the money in the bank is stole that doesn't affect those who have money in the bank, the bank will be the one to be responsible for that and I believe the bank can handle the issue, if a wallet got hack and your bitcoin they steal your bitcoin I don't think you can get it back and you can't hold anybody responsible for it.

I agree with you, there is a difference between depositing money in the bank and depositing money in your own wallet on your own responsibility. Usually when we deposit money somewhere we have only one fear that is “to be stolen”. And save the money from theft many people deposit their money in bank, because nowadays we usually not face bank robbery or bank robbery, it can be said that they no longer exist. Moreover, the bank always has security, The security guard all time physically keep an eye on the bank, moreover, the bank is always ready to deal with such incidents in a responsible manner. And the responsibility for the security of our money rests entirely on the bank.

But in the case of a wallet, the security of our money is completely on us, if the money from the wallet is hacked or lost, we can not blame anyone that my money is lost for you, because we put our own money in the wallet on our own risk and if the money is lost, it is our responsibility. will be However, no hacker can hack our wallet very easily, if we keep the private key and seed phrases of our wallet completely secret, then the possibility of our wallet being hacked is very low. A wallet is also safe if we keep all the secret information of our own wallet safe and adopt awareness, Then a wallet is also safe.

[Agbe]

Op I have been analysing your your topic for more than 10 minutes because I was not really comfortable with subject matter and finally I understood that bitcoin can't be used as a savings account. Now let me break it down. Just like you are saying that "We should use Naira as our savings account" which is not correct from my observation but we can used GTbank or Access Bank as our Savings accounts and that also apply to the crypto world that, you can used different wallets and select one particular wallet to be Your Savings Account/Wallet. Example, Bluewallet, Electrum Sparrow wallet etc. That is how I understand the subject.

Some persons can also look into the Subject though I understand what the Op is saying, it is all about investing in bitcoin and take it as a primary investment in the cryptocurrency ecosystem and others can look into the case study.

[Tmoonz]

Bitcoin is one of the best investment right now in the world and a lot of people has started investing into it by Accumulating and holding them.
We all know that Bitcoin is highly volatile in nature that means it's price can drop at any point in time and can also rise at anytime so one can still use it as our savings account but it is advised that the money you are saving should be money you won't be using for the next 5 years upward, when you save your money like that in Bitcoin it will increase when you want to withdraw it because there's a very high chance of Bitcoin increase in price after holding for about 5 years upward.
Is best you put your life savings in Bitcoin than bank because Bitcoin is more safe and better.
We have seen cases were banks were hacked, that has not happened in Bitcoin.
Recently the Central Bank of Nigeria revoked Heritage Bank's operating license, effectively closing the institution and placing depositors at the mercy of the Nigeria Deposit Insurance Corporation this means those who saved there money there may not receive all there capital or if they will receive not at once, the former Big Brother Ninja winner Mercy Eke talked about her regret saving with heritage Bank because of there issues and she said the money that was there was the money she won from the show which is 60 million naira in 2019 and she said she has not touched the money since she started saving it with heritage Bank just imagine she saved the money with Bitcoin that 2019 she would have made good profit and it would have been well secured for her till date.

Bitcoin as a one of the best if not the best digital asset class has numerous benefits or potential which can not be overly emphasis, this includes offering as a store of value. However, similar topics are already spread out in the forum  though it worth prioritizing,  though past event is not a guarantee for the future events undoubtedly a lots of guide  are  been given, historically Bitcoin has really proven to have made reasonable increments and a wider spread adoption, saving up in Bitcoin wouldn't be a bad idea perhaps it is a big fight against inflation and as well have the potential to appreciate in value over time, but the good advice has always been to used an amount of money that you wouldn't be making use of after ensuring that whatever  that might have been considered to be a basic needs has been taken care.