I THINK BITCOIN CAN SAVE NIGERIANS FROM THE FALLING VALUE OF THE NAIRA.

[Itz-prisigold]

The ongoing decrease in the value of naira has become a grave concern for almost every nigerians. Price of things keeps rising, salaries can't keep up and the cost of living keeps getting more harder by the day. This circumstance has pushed many nigerians- mostly the youth's-to look for another alternative to preserve the value of their money. One of the most talked about solution is Bitcoin. But the big question remains.
CAN BITCOIN REALLY SAVE NIGERIANS FROM THE FALLING NAIRA?

BITCOIN AS A STORE OF VALUE : Unlike naira, bitcoin is decentralized-meaning bitcoin is not controlled by any government or central bank, and it has a limited supply. Unlike the naira that keeps losing value. Bitcoin's limited supply gives it long-term strength. For many nigerian's, holding bitcoin has helped in protecting their savings from naira's constant loss of value. For example, if you had saved 100k in 2020, it would buy for less today due to the increasing prices of things. But if you had bought bitcoin worth 100k back then, even with the bitcoin volatility, the value would probably be higher now.

THE CHALLENGE OF VOLATILITY: However, Bitcoin is not perfect, it's price can rise fast and drop as quickly, so it's not 100% stable either. But for Nigerians thinking long-term saving, I still think that holding bitcoin is still better option than holding naira that keeps losing its value.

GROWING ADOPTION IN NIGERIA: The truth is that, most nigerian's are already using bitcoin, and it's not just for holding, but for business, freelance payments and sending money abroad. And it also gives financial freedom especially when traditional banks and other payment platform have limits or restrictions.

EDUCATION IS KEY: Still, I believe education is the key, Bitcoin is not a magic solution. So without proper understanding many people fall victim on fake investment platforms or ponzi schemes all in the name of crypto. So learning how bitcoin truly works, how to store it safely and how to avoid all this get-rich-quick traps.

FINAL THOUGHT: I think Bitcoin can save Nigeria from the falling value of the naira, Maybe not totally - but it will offer a real chance to protect and grow value in ways that our traditional system cannot. So with proper understanding, patience and responsibility, Bitcoin can indeed become a financial lifeline for many nigerian's.

[Tonimez]

The constant degradation of local currency is not only a Nigerian thing or naira in this case. Every local currencies are continuously getting degraded and that's why bitcoin keeps getting stronger. This is because of the continuous printing of Naira and other local currencies for the sole purpose of politicians greed and personal interest. This continued degradation does not happen with bitcoin because of the limited nature of bitcoin. PlanB bitcoin analyst emphasized on the role of continuous printing of local currency as the main reason why bitcoin would keep rising. Sheck the link below for a clip.

https://youtu.be/EopA8So43U0?si=Kq3y1XXwEJIcrBWM

You may need to listen to the PlanB analysis and emphasis on the degradation of fiats and why bitcoin would remain the best. If you consider the fact that bitcoin is volatile and focus only on the negative volatility, then you would definitely miss the good aspects of its positive volatility.

We all know that even the US dollar is currently loosing value daily now and gone are the days when we store our money in dollar to beat Naira devaluation. Now the best is bitcoin, with its limited nature, it would remain stable by value and improve everyday without limit.

[Donk1]

Bitcoin has an unlimited potential and because  of that it's often seen as a digital gold basically I believe that bitcoin can do anything but it can't save Nigeria from the falling naria but it can save we individual's who makes use bitcoin in our country . But Then the problem we have in Nigeria is not the economy but the people who call them self leaders ,because it's easy to say bitcoin server as an alternative that we Nigerians can rely on but it's not the saviour and can't save the Nigeria naria.

Further more The fact that bitcoin has a lot of utilities  is because there are people in our country who are still willing to accept it because  it serves as a way of keeping the value of our naria and also a way of becoming financially stable.so yeah  that's just it .............

[DubemIfedigbo001]

The ongoing decrease in the value of naira has become a grave concern for almost every nigerians. Price of things keeps rising, salaries can't keep up and the cost of living keeps getting more harder by the day. This circumstance has pushed many nigerians- mostly the youth's-to look for another alternative to preserve the value of their money. One of the most talked about solution is Bitcoin. But the big question remains.
CAN BITCOIN REALLY SAVE NIGERIANS FROM THE FALLING NAIRA?

If I get you correctly, You highlighted Nigerians finding it difficult to survive and the harsh economic condition. I can't seem to envision those who aren't even getting it clear with the economy looking forward to preserve their money in Bitcoin. It's not possible since such person's may not identify to having discretionary income from their limited funding. Do you know that Bitcoin is a long-term investment prospect?

Can these people really hold for 4 years or more without tampering with their investment for survival? Bitcoin is an investment opportunity and not a sort of remedy from poverty.

[Itz-prisigold]

The ongoing decrease in the value of naira has become a grave concern for almost every nigerians. Price of things keeps rising, salaries can't keep up and the cost of living keeps getting more harder by the day. This circumstance has pushed many nigerians- mostly the youth's-to look for another alternative to preserve the value of their money. One of the most talked about solution is Bitcoin. But the big question remains.
CAN BITCOIN REALLY SAVE NIGERIANS FROM THE FALLING NAIRA?

If I get you correctly, You highlighted Nigerians finding it difficult to survive and the harsh economic condition. I can't seem to envision those who aren't even getting it clear with the economy looking forward to preserve their money in Bitcoin. It's not possible since such person's may not identify to having discretionary income from their limited funding. Do you know that Bitcoin is a long-term investment prospect?

Can these people really hold for 4 years or more without tampering with their investment for survival? Bitcoin is an investment opportunity and not a sort of remedy from poverty.

You actually made a very good point- it's true that many nigerian's are struggling with the tough economy and they might not easily afford to lock their funds in Bitcoin for a long period. However, if you get me correctly, my point isn't that Bitcoin will make people rich overnight, but that it can help to protect the little value they already have from the continuous inflation and naira depreciation.
Even very small amounts converted to Bitcoin can really serve as a store of value instead of keeping everything in a currency that loses buying power daily. So while Bitcoin may not directly solve poverty or replace income, it's also about preserving value in a system where traditional money keeps losing its value