Which is better for Nigerians: saving in Bitcoin or saving in USDT?

[DonaldCryptoTalk1]

A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.

Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

[SatoPrincess]

A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.

Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

I will pick either over saving in naira. For someone who is into bitcoin it’s a no brainer that I would prefer bitcoin over usdt because of the potential upside for ROI due to bitcoin volatility. And because I have multiple sources of income I can afford to save in bitcoin even in bearish markets

[Obim34]

You need to be aware of these before saving in Bitcoin.

1. Patience during bear season.
2. Make sure whatever amount you saved, isn't part of living expenditures for that period.
3. You may not get the value of your Bitcoin exactly when you need them due to bear times, as a result you must be patient to wait until bull season before  selling.

If you are looking for short term safety then USDT over Bitcoin but for long term goals, Bitcoin over USDT.

[Frankolala]

Would like to hear from others who are already using these methods to save.

I would prefer saving in bitcoin because bitcoin is an asset that appreciate ls overtime, therefore keeping your savings in bitcoin is the best as long as you don't plan to use the money anytime soon. I have my savings in bitcoin and not USDT because it's begged to fiat which means that it depreciates overtime too. Bitcoin is a store of value.

[Kelward]

In one sentence I will tell you to invest your money in Bitcoin for the long term and save your money in stablecoins for the short term. Di reason wey e take de important to convert naira wey you no want to use within a very short time like in few weeks na because di value fit depreciate at anytime.

Bitcoin de volatile and that one mean say e no de advisable to hold am for short term savings because by di time wey go de ready to spend am di value fit to dip. But if you hold am for di long term no matter how e take dip reach im get di potentials to recover and reach ATH. Di longer wey you hodl Bitcoin for every bull run e go de increase in price and value, na im be ROI.

Money wey you want to save for a short term project and you want to protect am against inflation before dat time e de better to convert am to stablecoins like USDT. Even if naira depreciate e no concern you, immediately wey you need to spend di money you go convert am back to naira if the receiver no de collect stablecoins.

[Joy- maker]

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

Well I don't know for others, but for me I will prefer to save my money in bitcoin and keep some of it in USDT as emergency fund and backup fund, then money for running my daily needs and expenses will be in Naira for easy access. I don't see any need why someone will be contemplating wether to save their money in bitcoin or in USDT, normally bitcoin is very volatile in nature it price can fluctuate dramatically, but if you have long term mindset holding you don't have any problem with bitcoin volatility just buy and hold for long term and secure your bitcoin holding From thiefs, hackers and scammers.

[Donk1]

It's easy to say bitcoin because bitcoin is the number one decentralised asset in the entire crypto space unlike USDT. It is centralised a company is actually controlling it, known as Tether. Bitcoin's decentralised network has  basically made it a perfect hedge against inflation of every traditional financial system our Nigeria Naira and U.S. dollars included.
To put it simply the purpose of decentralisation is to ensure security, safety, and freedom. Bitcoin has it all, while USDt has it's own utility it gives to it users fit me I prioritize bitcoin.

[DonaldCryptoTalk1]

I really like the different perspectives shared here, and I think it shows that the right choice depends a lot on someone’s financial situation. If you have stable income and can afford to lock money away, Bitcoin is clearly the better long-term play because of its growth potential and decentralization. But for people who may need liquidity or short-term stability, USDT is the safer choice since it protects against naira depreciation without worrying about a sudden dip.

From my view, the combination approach seems most practical, Bitcoin for long-term wealth, USDT for stability and emergencies, and naira only for daily expenses. That way, you are not forced to sell Bitcoin at the wrong time, and you still have accessible funds when needed.

[Iroh]

If I had wanted to save for the long run, it's better to put your money in bitcoin and take your mind off it like you would do for a fixed deposit account. Like you noted, it had the advantage of growth in the long term. That way, I know in the long run, there's a good possibility of having some profit on the money saved up later on.
Saving to use the funds in the near future would probably be safer in USDT. That way, you could protect against the depreciation of the naira and still have the right amount of funds to use for whatever purposes planned.
The combination of both sounds like a solid plan against the depreciation of the naira.

[Jubilee58]

These two methods of savings are good , it only depends on what the individual want.when you safe in USDT , you safe against naira devaluation, your money will remain intact but will not grow in value, but when you safe in bitcoin, you safe against naira devaluation and your savings is bound to grow with time.For those saving for long time, i recommend saving in bitcoin because it gives room for financial growth, but for those saving for short period of time, i recommend saving in USDT to avoid fluctuation of your savings.

[DonaldCryptoTalk1]

If I had wanted to save for the long run, it's better to put your money in bitcoin and take your mind off it like you would do for a fixed deposit account. Like you noted, it had the advantage of growth in the long term. That way, I know in the long run, there's a good possibility of having some profit on the money saved up later on.
Saving to use the funds in the near future would probably be safer in USDT. That way, you could protect against the depreciation of the naira and still have the right amount of funds to use for whatever purposes planned.
The combination of both sounds like a solid plan against the depreciation of the naira.

Well said. I like the way you compared Bitcoin to a fixed deposit, because that’s exactly how it works for those who have the patience, you just lock it away and forget the short-term noise. At the same time, your point on USDT is very valid because not everyone has the luxury of waiting out Bitcoin’s volatility.

I agree that combining both is the wisest strategy, especially for Nigerians. Bitcoin gives the long-term growth, while USDT provides stability for near-term needs. It’s all about striking the right balance depending on your income and risk tolerance.

[Coyster]

No dey make more than one post in a row, you fit merge all your replies in one post.

To answer your question, you need to understand say USDT dey centralized and is issued by a centralized institution, so there is the risk say e fit lose its peg, or something fit happen to the company wey dey issue am. If any of these mishaps happen, anybody wey dey hodl USDT go likely lose their money. The chances say e fit happen dey low, but i just have to point it out.

That said, Naira is not an option to save your funds, for obvious reasons. Bitcoin na great option, but you must sabi how to protect am, you have to use a good wallet and you have to have a safe backup. I no dey like give direct advice to people, so if one analyzes the pros and cons of doing any of the options, then they can decide for themselves. For me, i'd definitely go with bitcoin.

[Ronsbit]

Before you think of saving in crypto, do you have a stable source of income that you can depend on without going into your savings for backup, as this is very important to note.  Bitcoin is a volatile asset, and it is mostly good for a long-term investment goal, not a short-term investment for one who wants to make a good profit from it, but it is accompanied by the ability to be patient, otherwise, one would be forced to sell off. But USDT is a stablecoin and can help measure up to prevent devaluation. So anyone who has a daily budget or expenses can rely on this option to constantly transact for a short term, compared to Bitcoin, which can go in as an investment option for a longer period of time.

[Odogwu-Blockchain]

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

Why should you be converting your Bitcoin to USDT when you are out for saving, what is the need of disturbing your investment when you have made your vow to hold Bitcoin and suddenly you get scared to convert them to USDT, what if Bitcoin starts rising and you are not aware, will you buy back and loss the initial quantity of Bitcoin you had before?

I don't hold USDT or save in USDT for any reasons, I only convert to USDT when I want to perform p2p trades, all my assets are in the coins I bought, no matter the price action that happens, I don't dare convert to USDT trying to save myself, instead I buy more.

Converting your Bitcoin to USDT whenever market goes red is an investment error, allow it to depreciate in value, be happy of that sudden price drop, grab the opportunity if you have spare money and bag more.

You can only convert to USDT if you are a daily trader, quick profit earners can only be advised to do such.

[promise444c5]

Fiat is fiat and will continue to  lose value overtime.. although USDT is not directly a fiat but it’s pegged to a fiat (USD), which means if the purchasing power of USD reduces so does USDT so if you hold USDT, it’s more like holding the equivalent fiat which is USD.
Bitcoin is a better choice and a wise move but there are some who won’t like to put everything on it yet still don’t want to hold fiat like Naira or a fiat pegged coin, then Real estate and likes could be of a good choice; when it comes to digital then it will always be Bitcoin as suggestion for me

[Mayor of ogba]

A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.

Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

Bitcoin is an asset that increases its value in the passage of time and gives you 100% control over your money, and no government entities will spy on you if you save your money in Bitcoin. I prefer to save my money in bitcoin over USDT because if I save my money in Bitcoin for 4-5 years, there is a big chance Bitcoin price will increase, which will make my savings in bitcoin increase too.

[Tmoonz]

A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.

Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.

So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?

Would like to hear from others who are already using these methods to save.

Bitcoin is an asset that increases its value in the passage of time and gives you 100% control over your money, and no government entities will spy on you if you save your money in Bitcoin. I prefer to save my money in bitcoin over USDT because if I save my money in Bitcoin for 4-5 years, there is a big chance Bitcoin price will increase, which will make my savings in bitcoin increase too.

The fact about saving money in Bitcoin remains that such money is the money that you will not be needing anytime soon since Bitcoin value appreciation can only be maximize over a long time because saving money in Bitcoin with a short perspective can be very dangerous and the only way we can ensure this is that we are always saving from our discretionary income which implies that whatever that has been considered to be a basic needs has been sorted out and as well as making provisional emergency funds.

[Somto9Light]

I think it depends, if your intention is just to save and not to invest then you can choose either to save in bitcoin or to save in usdt but I would prefer saving in bitcoin. this way your savings will keep increasing maybe if you intend to save for like 3 to 4 years our even more depending on your target you will be surprise to get 50 to 60% the Money you saved atthe end of your journey rather than saving it in usdt though the value may not drop like that of our currency ( naira)  there is a certain stage where it will fall and start rising again. But in all the volatile nature of bitcoin supercede every other currency that is why we need to save in bitcoin.

[WhoYouCantKill]

When the purpose is basically to secure savings from the diminishing rate of naira, USDT is proven to be the safer option with the reason that it is stable and tracks the dollar. Bitcoin is more of an investment, because it grow with time yet it can drop sharply, making it riskier in times of reliability. Lots of people in Nigeria uses a mix of both: USDT for stability and Bitcoin for possible long-term growth. The balance is dependents on your rate of tolerance on risk and also if you need security or will be willing to go for higher returns.

[casey15]

I thinking this is subjective to what the person wants.. they both have their pros and cons... But for me if it's just for savings to withdraw later especially for emergency funds or for something I'm planning to buy, I would prefer saving it in usdt as it is a stable coin.. but if it's for long-term term purpose where I'm looking to not touch the money anytime soon, I'll put it in Bitcoin..