It is better to invest in Bitcoin rather than keeping fiat currency in the bank.

[yixichloro2xx]

‎I understand you. Bank do come with some disadvantages like your savings losing value due to policy changes or inflation, charges. But still we can underestimate the roles in which banks still plays, it's not idealistic to keep money you use for daily into Bitcoin or inshort emergency funds, Banks is where those funds should be kept. And moreover not everyone are interested in investing ( into Bitcoin or other stuffs) so they rather save their money into Bank for future e.g fixed deposit. But when a person wants to invest for a long term growth, Bitcoin is the right choice. But you as a person must know the risks involved, not allow emotions to play you to force you to sell prematurely or emergency makes you sell. That's why you need to have emergency funds, reserve kept in your bank.

[Mr_Brilliant$]

The economic landscape's getting more complex. In Nigeria, inflation's a big concern, and traditional savings might not be the best option. Bitcoin's potential for high returns and its decentralized nature make it attractive, but volatility and regulatory uncertainty are real risks.

Diversification seems key. Allocating a portion to Bitcoin or other cryptocurrencies could be a hedge against inflation and currency fluctuations. What do you think about allocating a specific percentage of your portfolio to crypto?

I like the fact that you talked about some Portion to invest, because as a newbie it is good you know that regarding the fact that Bitcoin is good and can beat inflation.. That shouldn't warrant you to put all your money in it, it’s still not a certain investment, even though it has proven itself over time..

And second you talk about investing in other crypto currencies, I would advice that for now, it will be wise you just stick with Bitcoin alone, because of several reasons, one been that Bitcoin is the only one that has proven its self over time, most of those shit coins hasn’t..

[AakZaki]

But in reality, the statement of storing Bitcoin is better than storing fiat in a Bank is not entirely true, because Bitcoin is volatile, ok maybe When the price rises it will get better. but on the other hand, if Bitcoin moves downtrend it will worsen the situation which will make it worse than keeping in a bank.

Storing Bitcoin should not just be saving, it must be with careful calculations. because otherwise it would be a long wait as it is happening right now. Approximately 50% of the decline has occurred from the peak of ATH. Have you imagined that if you just save, then your money will be reduced by 50%, for example? That's really tragic, man.

[Nwada001]

I don't need to use money for long; there is no point in saving the money in the bank unless I put the money into some kind of save-to-earn deposit. Even then, the inflation that will hit the fiat means the profit won't be enough to make up for that loss. It's better for me to invest it in an asset I believe in. Even if the price drops, there is a chance of it recovering; we just have to be patient. It could be hard on us, but that's the price we have to pay if we want to enjoy profit.

[passwordnow]

I don't need to use money for long; there is no point in saving the money in the bank unless I put the money into some kind of save-to-earn deposit. Even then, the inflation that will hit the fiat means the profit won't be enough to make up for that loss. It's better for me to invest it in an asset I believe in. Even if the price drops, there is a chance of it recovering; we just have to be patient. It could be hard on us, but that's the price we have to pay if we want to enjoy profit.

Inflation is the enemy of your enemy if it's in the bank. Even you'll have it there with some deposit-earning interest product from them, you'll not like how it will be. Because the interest that you'll earn from there isn't going to be much and that's why you'll need to spend or use it somewhere like holding it in Bitcoin. And just like how the price is dropping right now, we've got now a 50% less from the ATH last year. That is what volatility works and even if we don't like to see it for so long, it seems that we've been meeting the bear market earlier than expected.