Bitcoin and inflation

[SPIDERMAN008]

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‎Some people also use Bitcoin as store of value which is very good, just like how people use gold, if inflation reduces the value of fiat or countries currency, Bitcoin can help people protect their savings.

Yes inflation has become one of the  major issues Nigeria kept facing snd this is basically because the value of the fiat has been drastically affected and depreciating beyond expectations making it unfit for individuals to have their money kept in circulation or in the banking system, which is why lots of people in the country has sticked to Bitcoin which is a way out of the inflation they kept facing .

But it is not possible for Bitcoin to create transactions like fiat currency overnight across the country. I have many friends around me who do not know much about Bitcoin yet. And those who know a little bit, some are trading or some are trying to hold it for a long time. They want to improve their standard of living through Bitcoin. They use it as a store of value. Like people store gold.

[Zanab247]

 As we speak right now, there is no country in the world you will not find Bitcoiners in that country for you to know how BTC has spread across the world. Some of the countries in the world that made BTC legal tender today discovered some favourable things from BTC that made the government to made it legal tender where people living in that country to use BTC to buy any products and pay with BTC. I know you will not forget what happened in the COVID-19 pandemic that made many companies closed down not to function, because there was no movement because of the virus that was affecting people health but BTC really pump through out the year to cost hodlers to earn massive profits from BTC.

A lot of people have switched to BTC investment in Nigeria, because they have experienced small profits from the small BTC they bought and hodl for few years, because bank will not give their customers such amount as a monthly or yearly bonus but bull run can make investors to earn massive profits from BTC.

[d5000]

True, but if you look at the bigger picture, then it should be said that the largest part of about 1 million BTC will be mined in the next 5-6 years, and 1% (210 000) will remain for the next 100+ years. Even today, the influence of newly created coins is almost insignificant, even if we are talking about the value of tens of billions on an annual level, because within 24 hours it trades with BTC worth more than $40 billion.

I agree on this.

The remaining "supply inflation" is only a short term problem. The 160k Bitcoins mined every year can still move the market during "miner capitulations", and that is one of the drivers of panic crashes. But these capitulations will thus have a smaller and smaller impact.

For some, Bitcoin has already beaten inflation if you consider that they invested almost worthless fiat and turned it into a super valuable Bitcoin that allows them to live a less stressful life today.

D'accord. I only think that we always need to take demand into account too a bit. That means, to focus on usability on a very broad sense (including volatilty and scalability) would be a good idea for the developer community.

[tygeade]

Bitcoin could create income for anyone, from anywhere in the world. Both investment, trading and also working for it is all possible. Crypto is a very good industry and it hires and employee's tens of thousands of people. Between all these exchanges, tools, and many other stuff that people start as a business, there are even tokens that hire people these days as well.

So when you think about it, yes we are going to see things change and be a lot worse and different and we have to do a better job. This is why I think crypto is a great way to make money if you know what you are doing. If you insist on it then you are going to eventually find a way to make some money with it and you will not be looking for too long, there are some even here as well.

[Cryptmuster]

Inflation is a problem for all countries, no exceptions, we've seen examples of countries devastated by inflation, such as Zimbabwe, which is still struggling to combat inflation. The fact is, we can't rely solely on the government; we still need to protect our wealth in one way or another. One way is to transfer some of our wealth to Bitcoin. Although Bitcoin is a risky asset with its fluctuations, it has been proven to be a hedge. If you understand Bitcoin well and invest in it, you're already one step ahead. And one important note: diversify your assets if you can, as this will strengthen what you protect.

Not everyone considers Bitcoin a safe enough asset to invest their savings in to protect them from inflation. Last year we saw how people were lining up to buy gold. By the way, that is also a good way to protect your capital from inflation. But buying an asset when it reaches its all-time high, is in my opinion a bad decision. You can divide your capital into different parts, use one part to buy Bitcoin, another part to buy gold, and maybe buy some real estate if it can work for you and generate rental income. But it’s definitely not a good idea to keep your savings in fiat currency.

[Joy- maker]

I can't remember the last time I deposited money in the bank, the only money that enters my bank account is my salary. However, Nigeria is not the only country inflation affect all the time, there are countries it affect as well. I don't know for other countries but in Nigeria the inflation of a is really frustrating, price of goods and petrol keep on increasing from year to year. And the annoying thing is that what ever goes up in Nigeria never come down, rather I keep on increasing. And the  so called leaders of Nigeria is not doing anything about it.

[terrific]

If it's about savings, then people will have it in stable coins.
Because their main concern of keeping their savings, that's the choice to make.
But, if they want to make their savings grow. The best option will be Bitcoin. A lot are worried now.
What can happen if there is no oil in their countries, while this isn't a big concern for the countries that are sustaining their oil.
Having Bitcoin can make them able to move from places to places without having to worry about a third party keeping their money.

[whiteblue]

The problem of inflation is not only in Nigeria but all over the world is experiencing similar problems about inflation and it is really hitting the value of the tertu currency depressed especially the worst after covid and very pronounced decline in value in the last few years.
Bitcoin is not the only option, there are many real stores of value, such as gold or property, or government bonds in chaotic situations, but for me of course bitcoin is the most important, as a store of value, it's just that we need to buy it during bearish seasons like now for example for much better value in the future, and why there are still few people who have not taken bitcoin as an asset of value because bitcoin is an asset that is still relatively new to the older generation who are currently middle-class and upper-class people, later if wealth has been distributed to the next generation it will be a different story, bitcoin will always be one of the best assets of choice.