The reason why bitcoin is superior to fiat currency ( naira).

[Jubilee58]

Possessing bitcoin has several advantages compared to our naira currency, which is the main reason why investors are more interested in investing in Bitcoin, rather than holding fiat currency.

Some of the reasons why bitcoin is more superior to fiat currency, are as follows:

1. Bitcoin is a digital currency with a limited supply of 21 million coins, which makes bitcoin to be scarce and remain valuable, unlike fiat currency that is being regulated by government and can be printed as much as possible, causing inflation and fiat currency devaluation.

2. Bitcoin is a decentralized digital currency, and does not operate on the principles of government and central bank, while the fiat currency is being regulated by the federal government and operates on the monetary policies of central bank and federal government.

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.

4. In terms of security, bitcoin transaction is more secured , as it uses an advanced tools to secure it's transactions, while fiat currency is more susceptible to attack and fraud.

5. Bitcoin transactions can be more cheaper and faster compared to fiat currency, more especially when it comes to international transactions.

6. Counterfeiting: Bitcoin is a digital currency that cannot be faked, but fiat currency is vulnerable to counterfeiting which makes Bitcoin more superior to fiat currency.

7. Bitcoin is an asset, as well as a digital currency, you can invest in Bitcoin and make money on the long run as the value increases, unlike the fiat currency that is vulnerable to devaluation, you cannot invest in fiat currency.

Bitcoin is highly superior and valuable compared to our fiat currency, and this is the more reason why it is advisable to hold your money in bitcoin, in other to sustain stability and enhance growth.

What is your take on this?

[hmbdofficial]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

[Hypnotizer]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

Yeah, Bitcoin transaction is not anonymous rather it is pseudonymous, the transactions are recorded on the blockchain but the identity of the owner of the wallets or transaction is kinda a secret.  

You do KYC if you want to exchange coins in Centralized exchanges..to prevent against fraud and money laundering, if you don’t want to do KYC you can use decentralized exchanges for that related stuffs.

4. In terms of security, bitcoin transaction is more secured , as it uses an advanced tools to secure it's transactions, while fiat currency is more susceptible to attack and fraud.

Every system has its dowside, the Network is secured  but the security of your coin totally depends on you, so scammers cannot directly steal from the network but they can steal from the users.

[AVE5]

Possessing bitcoin has several advantages compared to our naira currency, which is the main reason why investors are more interested in investing in Bitcoin, rather than holding fiat currency.

Some of the reasons why bitcoin is more superior to fiat currency, are as follows:

In what way of view are you making this comparison? Perhaps bitcoin has a unique to fiats at its values that it is a potential asset and its practical safe haven. Their period of time of existence and its value today in the global market state it all.
Meanwhile bitcoin wasn't invented to oppose the traditional currencies, it's a digital that preserves privacies, securities, self custodial and potential to store values against inflations while fiats keep diminishing its values overtime with regulatory policies limiting individual rights.
Bitcoin has a limited supply but the fiats is unlimited. You can access your bitcoin by only the internet but the bank have to approve your access request to your funds.

[Marvelockg]

Bitcoin is highly superior and valuable compared to our fiat currency, and this is the more reason why it is advisable to hold your money in bitcoin, in other to sustain stability and enhance growth.

What is your take on this?

This comparison has been going on for ages and instead of beating around the bush as though we don't know what's really the case, let's just treat bitcoin as bitcoin and fiat as fiat because in most instances, you can hold bitcoin and hold fiat and both will be useful in meeting most of your needs.

For most of our nija fellows, they've chosen to look at bitcoin as more of an asset and not just a currency and for that reason, the narrative is always to hold bitcoin while spending their fiat. Expecially for people that are on this forum, we all know the difference between bitcoin and the Nigeria fiat and for our currency that depreciates almost on a daily bases, there's no ground for having a comparison between bitcoin and our naira to even start with.

[ObaLabsX]

I understand the point about Bitcoin advantages over our fiat currencies, but ultimately it's about regulation, and in the eyes of governments, Bitcoin flow cannot be controlled. Despite all its advantages, we need to emphasize whether governments are truly lenient if Bitcoin is adopted.
That's why, to bridge the gap between regulation and Bitcoin, a centralized exchange was created to establish a control system where every owner or trader can see the flow of funds.

[Abu-Naim]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

Bitcoin transactions have nothing to do with KYC. Only centralized exchanges do require KYC before you can access their platform to either buy or sell your coins like Bitcoin, but if you have your Bitcoin in your personal wallets like Electrum wallet, BlueWallet, and so on that you will have your seed phrase under your control, you don’t need KYC to send or receive Bitcoin even though the transaction is public and everyone can see the transaction, but no one knows who owns the wallet which is why the word anonymous is used here.

Use exchanges as marketplaces, buy and sell your coins and maybe convert some to fiat in exchanges, but don’t leave your Bitcoin in the exchange.

[FirmWars]

which is the main reason why investors are more interested in investing in Bitcoin, rather than holding fiat currency.

Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

[Callido]

Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

Fiat has never been kept or to be seen as an investment.

Fiat is for savings, there will be strings of lies if fiat is considered a store of value, whereas economic inflation has been in a rise.

Fiat is supposed to be stable, Bitcoin is a volatile asset where profits are made between the fall and rise of the coin.

[Mr Reporter]

which is the main reason why investors are more interested in investing in Bitcoin, rather than holding fiat currency.

Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

Fiat has never been kept or to be seen as an investment.

Fiat is for savings, there will be strings of lies if fiat is considered a store of value, whereas economic inflation has been in a rise.

Fiat is supposed to be stable, Bitcoin is a volatile asset where profits are made between the fall and rise of the coin.

I when I came around to see your comment and when you asked about people if they still hodl flat yes some people till date don’t even believe bitcoin enough they would save flat than even invest in bitcoin even through bitcoin reach 1000k what they fail to understand in a quick glance is that bitcoin does just exist to make you go broke in the future, well I don’t even on how people can choose flat over bitcoin all in the name of not understanding what bitcoin is all about…

[Progress101]

Possessing bitcoin has several advantages compared to our naira currency, which is the main reason why investors are more interested in investing in Bitcoin, rather than holding fiat currency.

Some of the reasons why bitcoin is more superior to fiat currency, are as follows:

1. Bitcoin is a digital currency with a limited supply of 21 million coins, which makes bitcoin to be scarce and remain valuable, unlike fiat currency that is being regulated by government and can be printed as much as possible, causing inflation and fiat currency devaluation.

2. Bitcoin is a decentralized digital currency, and does not operate on the principles of government and central bank, while the fiat currency is being regulated by the federal government and operates on the monetary policies of central bank and federal government.

What is your take on this?

OP, scarcity and decentralization sit at the core of why Bitcoin protects value better than the naira over time and seeing Bitcoin as a long-term monetary system that preserves and returns value, rather than a quick profit tool, changes how it is used. Proper education and good discipline are what ultimately will turn these advantages into actual financial stability.

[Joy- maker]

Honestly speaking, what really makes Bitcoin more better than naira is because of the peace of mind, but with naira, you can save money for years and still wake up one day to notice that naira just lost a bunch of its value to inflation. It sucks because you did nothing wrong and still yet the money you were saving is worth a lot less. At least with Bitcoin the rules stay the same and cannot change overnight.

With Bitcon you I have all the freedom you want. I like that I can do more and do it on my schedule,  no bank stress, no limits, no waiting for approvals to spend, and since Bitcoin is decentralized, I can do what I want with my money when I want.
Bitcoin has its own flaws and can be volatile, but It is great for value storing, especially if you don't want your money becoming worthless, which is my biggest problem with the Naira. I think Bitcoin is the best option considering a long term investment. I don't think it is spending money yet and that will be great for devaluation.

[justinlamode]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

It is ignorance that will make someone say that Bitcoin transaction is anonymous. That was what we thought before when we knew little about how Bitcoin works and also when the fight against privacy have not gotten to the height we have it now. But today we know that every Bitcoin transaction can be traced to several stages to know the source of the coin and who may be involved unless there is deliberate effort to hide the transaction through mixers and other cojoin services.

[Y3shot]

Volatility makes Bitcoin too to be better than fiat. You can buy some amout of bitcoin with a particular amount of fiat and if you come back in few years the amount of the fiat have lose value but due to volatility the amount of bitcoin will increase more than what you dont even expect from bitcoin.

Bitcoin can do what fiat cant, it is possible for the value of Bitcoin to go very low but after sometime it will gain back increase which will lead to good value in bitcoin

[Shadiq]

When fiat and bitcoin are in opposition to each other, I think there should be no competition between bitcoin and fiat. Fiat is a centralized financial system, decentralized financial systems like bitcoin are created to get rid of the centralized financial system.

Although fiat and bitcoin are financial systems, there are two types of uses of both in the current world, bitcoin is used for investment and fiat is used for transactions. So fiat is still the main currency for buying and selling goods and regional transactions. But bitcoin has surpassed it in terms of value, security and privacy. Still, fiat is used more. So we cannot succeed by creating a proper competition between fiat and bitcoin right now. When they start working in one of the fields, we can create a competition. Decentralized financial system vs. centralized financial system.

[igebotz]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

Bitcoin does not required you to submit KYC before making transactions, you can make transactions, buy Non-KYC coins from a decentralized exchange without submitting KYC.

KYC is against everything Bitcoin stands for, but it's the only way the government can prevent and track Illicit Activities.

[Bigjoe33]

6. Counterfeiting: Bitcoin is a digital currency that cannot be faked, but fiat currency is vulnerable to counterfeiting which makes Bitcoin more superior to fiat currency.

7. Bitcoin is an asset, as well as a digital currency, you can invest in Bitcoin and make money on the long run as the value increases, unlike the fiat currency that is vulnerable to devaluation, you cannot invest in fiat currency.

Bitcoin is bitcoin, no fake one, no counterfeit, unless you fumble with your coin and loose it to scammers, else, it is real, no devaluation, no tears or stains, nothing like that.

And most especially, the most beautiful thing, the value it adds over the years, Wow. I love Bitcoin for that. And that's why people are going into Bitcoin investment as it has a worthy record of increasing in price and adding value. Sincerely, it's a good thing. E beat fist Wella for this two points

[FirmWars]

Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

Fiat has never been kept or to be seen as an investment.

Fiat is for savings, there will be strings of lies if fiat is considered a store of value, whereas economic inflation has been in a rise.

Fiat is supposed to be stable, Bitcoin is a volatile asset where profits are made between the fall and rise of the coin.

According to an article I read, some prominent Nigerian billionaire also made wealth through their fixed savings in some Nigerian banks. It's been long though but back then, the Nigeria naira had value and naira was once higher than dollar. Now, the naira is super duper weak against dollars and I wonder how people cope holding it in fixed savings 🤷‍♀️. People can keep fiat for the purpose it's serving but if they want to invest, Bitcoin is the call, anyone still holding Fiat as an investment is missing the real call "Bitcoin"

[Josefjix]

Volatility makes Bitcoin too to be better than fiat. You can buy some amout of bitcoin with a particular amount of fiat and if you come back in few years the amount of the fiat have lose value but due to volatility the amount of bitcoin will increase more than what you dont even expect from bitcoin.

Bitcoin can do what fiat cant, it is possible for the value of Bitcoin to go very low but after sometime it will gain back increase which will lead to good value in bitcoin

I call it double edged sword, the Bitcoin revolutionary why serving the both purposes of volatility and store of value for spending and holdings, every other Fiat is equivalent to Bitcoin and looks up to it for its conversion rate.

[Princess Leah]

Volatility makes Bitcoin too to be better than fiat. You can buy some amout of bitcoin with a particular amount of fiat and if you come back in few years the amount of the fiat have lose value but due to volatility the amount of bitcoin will increase more than what you dont even expect from bitcoin.

Bitcoin can do what fiat cant, it is possible for the value of Bitcoin to go very low but after sometime it will gain back increase which will lead to good value in bitcoin

I call it double edged sword, the Bitcoin revolutionary why serving the both purposes of volatility and store of value for spending and holdings, every other Fiat is equivalent to Bitcoin and looks up to it for its conversion rate.

That's one disadvantage that volatility brought to Bitcoin, which is that it can't be used on a daily scale for transactions for transactions of goods like fiat because of volatility but then it's best as a store of value because of same volatility but it's not a big deal since people are still comfortable with fiat for daily transactions but look up to Bitcoin as a better form of investment for the future.

 And I believe that people would still embrace it in their masses in the near future, by the time it adds more value and head to $200k. For those who love to hoard fiat currencies in their bank snd end up charged for saving with the banking system, this is the best time to channel your direction towards Bitcoin.