How Africans Are Using Bitcoin to Beat Inflation and Weak Local Currencies. ‎

[Queen uloma]

‎I have been thinking lately how hard inflation has affected many countries in African, things keep going high and our currencies doesn't have value anymore including naira, Zimbabwe dollar,or cedi, it's looks like the story are the same In everywhere across African countries.
‎Because of this, I’ve noticed a growing number of people turning to Bitcoin as a way to protect their money. Some save in Bitcoin instead of keeping cash in the bank, others trade it, and some even use it for cross-border transactions and freelance payments.
‎This made number of people running to Bitcoin as a means in which they can save their money some people save money in Bitcoin instead of going to the bank, while  some people trade it, why others use it as a cross border transaction in which they can make payments.
‎Inflation can kill saving, just imagine you loss 30% just in a year,  it is very bad, so it is better to use something that will add value to your money than to decrease it, just like Bitcoin irrespective of all trends,  Bitcoin rise in long term,it's helps you receive and send money anytime anywhere, it's also help you transfer money across borders without any restrictions or charges fees like banks.

[tsaroz]

‎I have been thinking lately how hard inflation has affected many countries in African, things keep going high and our currencies doesn't have value anymore including naira, Zimbabwe dollar,or cedi, it's looks like the story are the same In everywhere across African countries.
‎Because of this, I’ve noticed a growing number of people turning to Bitcoin as a way to protect their money. Some save in Bitcoin instead of keeping cash in the bank, others trade it, and some even use it for cross-border transactions and freelance payments.
‎This made number of people running to Bitcoin as a means in which they can save their money some people save money in Bitcoin instead of going to the bank, while  some people trade it, why others use it as a cross border transaction in which they can make payments.
‎Inflation can kill saving, just imagine you loss 30% just in a year,  it is very bad, so it is better to use something that is most stable, just like Bitcoin irrespective of all trends,  Bitcoin rise in long term,it's helps you receive and send money anytime anywhere, it's also help you transfer money across borders without any restrictions or charges fees like banks.

A stable currency is what people look for when their currency is having an insane inflation. The move to regional currencies, us dollar and crypto is a repeatedly seen scenario in most hyper inflation cases.
There were reports from Venezuela, Lebanon where most people used usd instead of their own currency and crypto as both as a way to save the value of their assets and to use it on daily basis. The news article below claimed people had to mine bitcoin to get buy groceries as the currency was worth nothing.
This could be a thing for every countries with a noninflationary currency, previously they had fewer options but now with crypto, it's much easier if they are able to exchange their currency to crypto sooner.

https://www.reuters.com/business/energy/with-dollars-scarce-venezuela-currency-exchanges-turn-crypto-2025-09-03/

https://www.cnbc.com/2022/11/05/-in-bankrupt-lebanon-locals-mine-bitcoin-and-buy-groceries-with-tether.html

[Davidvictorson]

When inflation hit hard on Nigerians those who were knowledgeble about bitcoin and crypto currencies began to liquidate most of their cash saved in banks to buy bitcoins. It protected them from losing their wealth but the government didn't like it. They blamed crypto traders as the cause for it and started to go after them. Some of them were physically arrested. But did that change anything? No, it just proved a point to the general public and made more Nigerians aware of the protection that bitcoin has against inflation and wealth depreciation.

[₿itcoin]

I agree, inflation seems like a  silent thief &  Bitcoin is one of the tools that is actually showing people a real path. in africa the weakness of the fiat money system has only increased over the years. It is not only due to weak policies but the entire economic structure is facing collapse. It is really annoying to see peoples savings slowly disappearing, while banks are trying to help.

Bitcoin has changed the whole situation ,,  your money can be transferred to you, anywhere &  no corrupt central bank can reduce its value overnight.

yeah  in the short term its utility swing a bit, which can be a bit of a bother. However, in the longterm, Bitcoins trend is always upward &  to the right. When people in Africa are using Bitcoin for security &  freedom, it is truly a remarkable phenomenon

[NotATether]

When inflation hit hard on Nigerians those who were knowledgeble about bitcoin and crypto currencies began to liquidate most of their cash saved in banks to buy bitcoins. It protected them from losing their wealth but the government didn't like it. They blamed crypto traders as the cause for it and started to go after them. Some of them were physically arrested. But did that change anything? No, it just proved a point to the general public and made more Nigerians aware of the protection that bitcoin has against inflation and wealth depreciation.

They knew crypto traders did not cause the currency to be devalued, they were just looking for a scrapegoat.

So I say don't worry about that.

Even when they banned crypto trading some time ago, you guys still found some loops around that.

[BIT-BENDER]

When inflation hit hard on Nigerians those who were knowledgeble about bitcoin and crypto currencies began to liquidate most of their cash saved in banks to buy bitcoins. It protected them from losing their wealth but the government didn't like it. They blamed crypto traders as the cause for it and started to go after them. Some of them were physically arrested. But did that change anything? No, it just proved a point to the general public and made more Nigerians aware of the protection that bitcoin has against inflation and wealth depreciation.

Some people in Nigeria after the country was affected by inflation moved from Naira to dollars, some people started to even hold physical dollar notes and hide it somewhere they believe was safe.
Not only Africa experience their currencies losing value and so many times that country start to look for alternatives. In Nigeria now most things are valued in dollars especially expensive things so that the figures does not look to big.
Bitcoin is an alternative but not for people who does not believes strongly in volatility.

[Zaguru12]

Not only Africa experience their currencies losing value and so many times that country start to look for alternatives. In Nigeria now most things are valued in dollars especially expensive things so that the figures does not look to big.
Bitcoin is an alternative but not for people who does not believes strongly in volatility.

Yes many countries also experience this loss just that it’s common with countries with weak currencies that’s currencies that is not usually used for trades. Even the biggest currencies actually do experience periods of devaluation, not so long ago Dollar too was actually losing value just that it wasn’t showing when paired with weak currencies. Small countries with weak currencies usually paired their goods with top currencies So as not to lose much on the goods

This is part of the reason why assets like Gold are even sorted after because of this there store of value, with bitcoin you have same advantages without even stressing to buy it like compared to the hassle in getting gold or assets like that

[SuperBitMan]

The only thing I can say is that Bitcoin is one of the ways in which one can use to beat inflation or weak currency meaning you are very correct, a lot of people especially in my country right now are using Bitcoin as a means of saving their money because if you save your money in bank in my country for 2 to 3 years the money you saved won't have the same value it has when it gets to that number of years you are saving it, so it is a bad idea to save your money in bank in my country because the value will decrease so saving it in Bitcoin is more better because in 2 to 3 years surely the money we add up for you thereby increasing the value of the money, those who are still saving in bank in my country are really making a very big mistake because that money saved will not have the value it is supposed to have in the future.
So op I totally agree with you that Bitcoin is used to beat inflation and weak currency in Africa but not only in Africa but all over the world.

[OgNasty]

When inflation hit hard on Nigerians those who were knowledgeble about bitcoin and crypto currencies began to liquidate most of their cash saved in banks to buy bitcoins. It protected them from losing their wealth but the government didn't like it. They blamed crypto traders as the cause for it and started to go after them. Some of them were physically arrested. But did that change anything? No, it just proved a point to the general public and made more Nigerians aware of the protection that bitcoin has against inflation and wealth depreciation.

I'm sure there is a very small minority of people there who were able to get loans from banks to invest in crypto.  With inflation running rampant it would seem that like is really the free money glitch.  Something tells me that loans are difficult to get regardless of interest rate there.  As a bank, it would be a bit crazy to lend out currency that is suffering from inflation.  It's a real problem that I think DeFi and crypto can help solve, but we are still very far away from banking standards being global.

[Mia Chloe]

‎I have been thinking lately how hard inflation has affected many countries in African, things keep going high and our currencies doesn't have value anymore including naira, Zimbabwe dollar,or cedi, it's looks like the story are the same In everywhere across African countries.

Inflation is a general problem all over the world and the only difference is how intense it is on a particular fiat currency based on economic value and growth. Based on this what you are implying is actually wrong. Not just Africans but literally people all over the world are storing value in better ways than fiat that has constantly been depreciating...

Partially, the strength of the dollar van also be linked once again to its broad use as a form of valuation but that still doesn't mean it's not a victim of inflation too.