Can Bitcoin be Nigerias Escape from the naira trap?

[Iamgoat]

You will all agree with me that Nigeria's economy just keep on repeating the same cycle of economic instabilities since our independence which includes the naira fall issues, inflation on commodity market among different essential goods, making people to go into panic then before you know the cycle repeats itself every time without coming to an end. When you talk, the government spokesmen and women who are politicians too and lawyers will begin to use grammars to cover up the truth of the matter with terminologies. These act of unexplainable hardships happening after every tenure makes the people to lose more hopes on the economy and the Nigerian fiat currency. Because of these excuses and perpetual wahala the government is making people to face, many young Nigerians have started seeing bitcoin as another alternative escape route for a true sustainable financial freedom.

But the question those of us who are curious about the whole thing are asking is whether bitcoin can truly save us from this bondage or whether it only came just to give us hope for some time because sometimes if I look at this dollar naira issue, it baffles me. A dollar was worth less than 200 dollars during the Goodluck Jonathan's years, today a dollar is roughly 1,500 naira. Imagine having a savings in your Nigerian currency since when dollars was less than 200 and just imagine how much of your savings would have lose value since the Buhari government take over yet them no wan allow people comfortably take advantage of this crypto market till date.

What I really love about bitcoin as an individual is the fact that bitcoin no really send who dey power or wetin exchange rate will become later or tomorrow. Bitcoin doesn't only give you the freedom to own your assets but also gives you the full control of your money but  one thing still spoil am for plenty people eye,  which na still the volatility matter wey they scare plenty people away from bitcoin.

My question be say, in the wake of all of these economic instability we are currently facing in the country, how can Nigerians especially the young people take full advantage of bitcoin as a true financial freedom or the next goldmine to invest and to escape from the Naira trap finally?

[Itz-prisigold]

Frankly speaking, I really do believe Bitcoin can help Nigerian's break free from this naira trap, but it all depends on how we nigerian's handle it. Our economy issues is more deeper than just a bad leadership; the economy keeps repeating the same old system - corruption, depending on oil, relying on import, and currency that keeps on losing value faster than salaries increase. But Bitcoin does not care about any of those things, Bitcoin will give us a chance to move out of that system a bit.

Bitcoin does not rely on politicians, central banks or any policies that always change every four years and that is what makes Bitcoin stand out. So when you hold Bitcoin, you are mainly saying, "my money can't be printed to loss value tomorrow".

However, the true power of Bitcoin will come when more Nigerian's start to use it for real things like; saving, getting paid, sending money and also doing business with it. That's when we would slowly become less controlled by the naira's ups and downs.

Volatility go dey, yes but which one bad pass? A coin that will go up and come down, or NAIRA that only keeps going down every year? If many nigerian's understand and use Bitcoin the right way,  I strongly believe it can be that lifeline alot of young people are looking for.