Why you no need save money for fiat

[Wakate]

For many of us wey dey like save money for Fiat(Naira) you still wan continue?
I want make we check this picture so that we fit know the reason why we no need to dey save that money for bank because inflation fit make the price fall and e no go kon get value again.



Just imagine say you buy Bitcoin 2019 when the price of $1 na 363 naira. If you buy $1000 the amount for naira go be 363k that time. Even if you no use am buy Bitcoin wey supposed give you better profit but you kon leave am for dollar, $1000 now na better money wey go don worth more than 4x for profit wey person supposed make.

This one na advise make you make better plan for ourselves when we dey save money because we no know if the next government we go see go worse pass our oga Jagaban. Make I end am here but try to dey save your money for cryptocurrency not shitcoins.

[Josefjix]

I dey always call Bitcoin investment as a double edged sword, where every bit is precious to get and profitable. Imagine just holding 1 dollar as of 2019 to be 363 Naira, now 2025 1 dollar na 1450 Naira, 1087 Naira gain by just holding 1 dollar from 2019-2025 after 6 years.

However, imagine buying Bitcoin with 363 Naira that's 1 dollar as of 2019, how much person go get by now after 6 years too, the result go be different.

Edit: Bitcoin price of 2019 was $12,000
1 dollar at 2019 (363 Naira) could will give you 12800 Naira gain by just holding Bitcoin after 6 years.

The difference is clear, it's profitable holding Bitcoin.

[Amphenomenon]

bitcoin is an hedge against inflation, imagine civil workers who were able to work and struggle to save 1 million naira as a retirement plan, now will be struggling. In that year things were not easy but really better than now. Every fiat currency will suffer inflation with time and the rate depends on the governments and ours is becoming worst sadly, the best option will continue to save in bitcoin because in the long run (5-10 years later) you will be smiling and struggle less in a bad economy.

This is among key reasons we can give to others why they should have part of their money in bitcoin and also using good wallets which are not just secure but also economical in regarding the transaction fee to be charged, which makes the fee cheaper in compare to receiving funds notably from other countries using different fiat currency.

[Marykeller]

This your advice na undiluted truth. So many of us being find out about am late. We never knew sae Bitcoin go later be wetin our whole life savings no go even think of buying one of it, instead na bits of it we go fit the buy little by little as our income d come.

I believe by 2019, some of us for here don the fit get up to $1(363naira) for hand as money we go fit d save above am for bank. But base on our lack of information about Bitcoin earlier made us not to grab such opportunities of investing that little amount we d get for Bitcoin.

Now wey we don know Bitcoin to be the digital currency. What are we using our weekly or monthly income for? Are we spending them for buying expensive things or saving it in the bank. Na the question to ask so. Because na clear evident sae that big money wey you think you saved in the bank wey big so, in 4-5 years, em value go be nothing. And Bitcoin wey d somehow expensive now, go be worth more than the current price. You go then complain of miss opportunities of buying Bitcoin when it was $100k

[Ever-young]

bitcoin is an hedge against inflation, imagine civil workers who were able to work and struggle to save 1 million naira as a retirement plan, now will be struggling. In that year things were not easy but really better than now. Every fiat currency will suffer inflation with time and the rate depends on the governments and ours is becoming worst sadly, the best option will continue to save in bitcoin because in the long run (5-10 years later) you will be smiling and struggle less in a bad economy.

This is among key reasons we can give to others why they should have part of their money in bitcoin and also using good wallets which are not just secure but also economical in regarding the transaction fee to be charged, which makes the fee cheaper in compare to receiving funds notably from other countries using different fiat currency.

If savings plan is long term then surely Bitcoin is undeniably the best option to store and save your money, and by long term I mean at least 4 to 10 years. But if the savings plan is shorter, then Bitcoin isn’t really the best option as the asset can be very volatile and could old fluctuate rapidly within the short term, so let’s assume you wanna save for something and you plan to use the money in the next 2 years, if you manage to save up, say $3k within that period, there’s every tendency that when that time comes the value of your bitcoin could drop lower than that, but if left for a couple years more, we’ll see that it’ll not only appreciate but it’ll potentially surpass that particular amount you saved up.

[Silikiem]

For many of us wey dey like save money for Fiat(Naira) you still wan continue?
I want make we check this picture so that we fit know the reason why we no need to dey save that money for bank because inflation fit make the price fall and e no go kon get value again.



Just imagine say you buy Bitcoin 2019 when the price of $1 na 363 naira. If you buy $1000 the amount for naira go be 363k that time. Even if you no use am buy Bitcoin wey supposed give you better profit but you kon leave am for dollar, $1000 now na better money wey go don worth more than 4x for profit wey person supposed make.

This one na advise make you make better plan for ourselves when we dey save money because we no know if the next government we go see go worse pass our oga Jagaban. Make I end am here but try to dey save your money for cryptocurrency not shitcoins.

Well, I think it largely depends on what the money being saved is actually for. Sometimes people do save money incase of an emergency where they can easily access the money without any delay or going through some selling and trading. Saving money is different from investing money in bitcoin. If you’re saving money then it should be that the intention isn’t attached to making profits from such money, but when it’s for bitcoin then you’re actually investing it and knowing fully well that bitcoin is highly volatile, it’s not always rosy, there’s also a potential of lose.

[Wakate]

Well, I think it largely depends on what the money being saved is actually for. Sometimes people do save money incase of an emergency where they can easily access the money without any delay or going through some selling and trading. Saving money is different from investing money in bitcoin. If you’re saving money then it should be that the intention isn’t attached to making profits from such money, but when it’s for bitcoin then you’re actually investing it and knowing fully well that bitcoin is highly volatile, it’s not always rosy, there’s also a potential of lose.

I understand watin you dey talk about people wey be say they need the moni for cases like emergency and na why we supposed get moni wey be separate from our investment money. You no go need to save all your money for cryptocurrency and na why we call am savings. Any money you go need to solve problems like emergency, you supposed keep an for fiat so you no go need to sell your crypto holding just because you need money to pay your bills.

[Spaceman1000$]

The major problem way we get be say, we allow IMF policies on our sovereignty too much, na them start to tell us say make we start dey devalue our currency, and since way we begin to adopt that policy, nai our naira don continue to go down the drain. How I wan stay for naija way be say I be I dey receive salary in naira, I go come dey safe in dollars, wey be another person currency, Omo this thing no sound well, how many oyibo people go gree save in our local currency.

As things don be like this, e be like there is no hope coming, so I go also advise, make you use your money way you wan save buy Bitcoin, at least that one dey grow, and e dey beat inflation with him growth.

[cloudbetvictim]

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[Biirakedee]

Make we no lie for ourselves, d wey naira de take fall ehn, e de very painful but that one no be excuse to stop saving, u fit complain about policies from international monetary funds from now till forever but u no go fit still control am, it just depend on how u take position urself a na Wetn de very important. Saving no be by sentiment, if na dollar u get or bitcoin use am wisely, no go all in at once. Save in Naira, dollar, bitcoin and invest small no just leave u money make u come allow inflation finish am.