Is saving Enough Or Bitcoin Better?

[Crypto_Timothy]

With how the economy has been moving, especially with the recent crisis, I have been thinking and I want to ask the question if just saving money is still enough. We can see inflation as it keeps reducing the value of cash and what you save today might not hold the same value tomorrow. This is where Bitcoin start to come into the conversation, as more people see it as an another way to store value over time instead of just holding fiat.

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

[Rockson1]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

OP,  it is not adviceable for also to continue in the traditional way of saving athough as humans we should have something left for us as investors I mean fiat, we do not have to invest everything but the truth is that, we have to take Bitcoin investment serious but no pressure, we should invest with our discreationary income, it is obvious that we are in the shit already in that country, I listened to our president just of recent where he said that he knows that Nigerians are angry and suffering but he wish he has something to do, so that statement means that we should survive, investing in Bitcoin this time is a smart decision because Bitcoin is a store if wealth which we must invest smartly in other for us not to withdraw fast, just as we know the fiat shit is highly inflationary there by making our purchasing to amount to almost nothing but what can we do, qe must have fiat to buy things we need but our core investment must be in a valuable asset to bit inflation, so Bitcoin has the key but that is if we know the actual way to go about it accordingly.

[Finebone]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

Saving your money in our fiat currency or in usdt is actually not a bad idea if you are not saving it for more than a year, but if you are going above that timeframe, then I suggest you put your money in goods if you are a business person or any asset that can hold the value or appreciate overtime.
But if you are thinking of putting your money into Bitcoin, then it should only be done if you are willing to hold for four years at least, because anything below that will be problematic later in the future, and when you want to sell and retrieve back your money, Bitcoin may be very down that moment, so it's only good to save your money in Bitcoin if you are holding for a minimum of four years.

[Nathrixxx]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin? 

There's nothing wrong with developing a saving culture, but one thing you can't afford to miss out is your investment in a profitable asset such as Bitcoin, because as you are saving, you are also preventing yourself from inflation and possible consequences as the value of your asset increases with time without being affected by inflation, unlike when your decision is to hold your money in Fiat and it's loses value with time as inflation loomthe economy.

[WhoYouCantKill]

There's nothing wrong with developing a saving culture, but one thing you can't afford to miss out is your investment in a profitable asset such as Bitcoin, because as you are saving, you are also preventing yourself from inflation and possible consequences as the value of your asset increases with time without being affected by inflation, unlike when your decision is to hold your money in Fiat and it's loses value with time as inflation loomthe economy.

Having a savings isn't bad, but you just gotta make sure that you don't have lots of fiat lying around for too long, in fact rather than saving a lot cash, it's better to just set aside a few months worth of your expenses as your emergency fund and then focus more on accumulating Bitcoin. This because of the very reason you stated, inflation can easily eat up your fiat before you know, so in order to avoid it, you gotta limit the amount of cash you leave around and keep your money on an asset that's inflation free.

[Gost ms]

The main goal of creating Bitcoin is to fight against inflation and eliminate the middleman in transactions or savings. According to the current scenario, Bitcoin is the most suitable for every citizen of our country for savings to fight against inflation. Day by day, the inflation rate of our country is increasing a lot and on the other hand, the acceptance of Bitcoin is increasing a lot. Many countries and many big companies are adopting Bitcoin. At this time, if we invest in Bitcoin, we can get very good profits in the future and protect ourselves from inflation.

We can invest some of our discretionary income in Bitcoin and save some money, but yes, investing most of our money in Bitcoin is the right decision. Because the demand for Bitcoin is increasing day by day, it seems that Bitcoin will skyrocket very soon.

[GFOXOG]

Got to be stacking both physical and digital wealth, it's pretty easy now to get access to small amounts of bitcoin and build a stack over time.
You can also put money into things like physical silver and gold those are always good plays.

Start small learn how to use wallets with small amounts and then grow over time. 

Starting small is better than never starting.

[Joy_learns_crypto]

With how the economy has been moving, especially with the recent crisis, I have been thinking and I want to ask the question if just saving money is still enough. We can see inflation as it keeps reducing the value of cash and what you save today might not hold the same value tomorrow. This is where Bitcoin start to come into the conversation, as more people see it as an another way to store value over time instead of just holding fiat.

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

Saving in inflation will make the money reduce based on what the money can afford, saving in inflation can be a great wrong doing that you go Dey regret you did. To find alternative no be only bitcoin Dey, bitcoin is not the only thing left for you when not wanting to save in fiat because of inflation.
Is saving in fiat enough? No it is not enough, it is good to have some for emergency but it is not enough. Is bitcoin better? Having some saving in bitcoin is better

[Fiatless]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

Keeping money you don't have an immediate need for in savings or current accounts in banks is not ideal. Keeping money in fixed deposits might be better since there is interest that ranges from 7% to 15%. Nigeria's inflation rate in January is 15.10%. So even the profit from fixed deposits is less than the inflation rate.

My candid advice is that you buy Bitcoin and keep it for a long time. If you can keep it till another bull market, you might make a profit that exceeds the inflation rate. Bitcoin could bring as high as 100% interest in less than four years. You could also consider other viable assets like real estate, precious metals, government bonds, etc.

[Hardyrobust]

savings is not enough when compared to bitcoin investment because inflation can eat up saved amount of money but with bitcoin it is impossible for such to happen. Bitcoin act as a hedge against inflation making it a better option than savings. The freedom that comes with having bitcoin isn't same with savings . So in every ramifications having bitcoin is far better than saving money.

[EluguHcman]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?

Saving your funds in Bitcoin is ideal that you are investing and holding it for a store of values which has the potential hedge against inflation.

When you know that the flats has stable value and inflation has also become part of the economy phenomenon that can not be avoided, perhaps investing on potential asset as Bitoin, gold, stocks and assets like real estates would safe your funds a lot from list of values in a long term.
Moreover, flats ia only valuable to hold for short term and emergency expenses.

[Coyster]

Of course you need to have some money in Naira, money for emergencies and to take care of your daily expenses, you aren't going to buy milk, bread, or pay for your electricity with bitcoin, stocks or gold; you'd have to do that in Naira. But that is about the only money you should have in fiat, the rest has to be channeled to different investments, not only bitcoin. The stock market is also a viable opportunity, stocks of Nigerian firms have been doing pretty well. You can also buy precious metals like gold and silver, etc.

[Sammye3]

With how the economy has been moving, especially with the recent crisis, I have been thinking and I want to ask the question if just saving money is still enough. We can see inflation as it keeps reducing the value of cash and what you save today might not hold the same value tomorrow. This is where Bitcoin start to come into the conversation, as more people see it as an another way to store value over time instead of just holding fiat.

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

Saving for the average man is almost impossible because of the nature of how the income is being generated. With bitcoin, it is still difficult because it does not entirely eliminate the need of urgent funds to settle necessities.

In developing countries where the cost of living could be increasingly discomforting, there is no such thing as saving for most people as living a normal life is difficult already. Saving becomes easy when there is provision for a better living and better income generation.

[justinlamode]

We have see the flaws associated with saving kn fiat, as  Nigerian you don't need anyone to teach you what inflation can do to your money on the bank. Imagine saving your money in the bank from 2023 when Buhari was in power and dollar was around N600 to a dollar and keeping same to now that we are at N1,415 to a dollar, nobody go tell you that you have made a financial mistake. Inflation is the biggest problem with saving in fiat, hence,  Bitcoin remain the best option.

[Cryptoprincess101]

Saving money in cash now is worthless, it is better to store your money where there is less chances to be affected by inflation. Bitcoin has been a store of value which will always be a hedge against inflation, so you need no soothsayer to tell you which is better between saving money in cash or storing your money in bitcoins but even if you are investing in bitcoin that doesn't mean that you should invest out of your discretionary income, invest what you can afford to lose because bitcoin is a volatile asset. You can still save some money in fiats as well so that in times of emergency you can easily sort it out without needing to sell your bitcoin.

[Lembo69]

Bitcoin is a wonderful currency, I think it is better to save in Bitcoin than to save money. The reason is that the value of Bitcoin increases and it gives a huge profit, and helps to prevent inflation. But if you save fiat, you only get a profit of a certain amount from the bank and nothing else. There are hundreds of reasons to invest in Bitcoin, one of which is to own a digital currency. Which increases in price even more than gold. If someone focuses on investing in Bitcoin now without saving fiat currency, then maybe after the next 4-10 years he can own Bitcoin. He has not understood the value of Bitcoin if he talks nonsense about Bitcoin

[Amphenomenon]

We have see the flaws associated with saving kn fiat, as  Nigerian you don't need anyone to teach you what inflation can do to your money on the bank. Imagine saving your money in the bank from 2023 when Buhari was in power and dollar was around N600 to a dollar and keeping same to now that we are at N1,415 to a dollar, nobody go tell you that you have made a financial mistake. Inflation is the biggest problem with saving in fiat, hence,  Bitcoin remain the best option.

Nigeria has taught the majority about inflation and now we often see individuals wanting to know where/what they can invest their money in.

Saving should be for living expenses and emergency funds, other money should be invested on something that gives an hedge against inflation and Bitcoin does that for us. While there are other investment we should weigh their hedge against inflation for us in order to get the whole benefits/profits of the investment.

[Abu-Naim]

So the question now is, does it make more sense to still be saving like we used to, like saving in banks and contribution or should we start putting some of that money into Bitcoin?  Which of these are realistic especially in our situation now and with the way things are going on in Nigeria today. Like is Bitcoin a better way to protect value or is it still too unpredictable compared to regular savings? Because at this point now, saving money is one thing and then making sure that money actually holds its worth is another.

These reasons are why Bitcoin was created in order to solve all these inflation problem and monopoly of banks as the o my place of saving money.

Bitcoin remain the best form of investment in this century, you will have the value of your assets regardless of the inflation that’s why Bitcoin is the best means of investment these days ahead of leaving your money in bank account because the fiat will lose value with time due to inflation, while Bitcoin will save your value and give you profit again when the market go bearish. Therefore, it is better to invest in Bitcoin than leaving your money in fiat.

[Shadiq]

When it comes to long-term savings, Bitcoin savings would be the best move. Inflation is our biggest enemy in terms of fiat savings, in the long run inflation tends to reduce the value of our savings. Since Bitcoin is bullish in the long run and is inversely proportional to inflation, we can benefit the most from Bitcoin in terms of long-term savings. You will be able to make some profit in terms of Bitcoin price and your money will not be affected by inflation.

But in the short term, you can think of alternatives, I will not advise you to save Bitcoin. Because the volatility of Bitcoin can expose you to more losses. For Nigerians, stable currencies can be a good option in the short term. In the long term, Bitcoin can be the best currency to protect your money against inflation.

[Versatile_choice]

You're asking to know if saving in Fiat or saving in bitcoin which one is more better? First you have to agree that once you start saving in bitcoin you will have to hold it for long term without tempering it for any reason unless it has stayed for like 4-5 years? Because you can't just chose to save in bitcoin when you don't even have the intention of saving for long, bitcoin is not where you will just save money maybe after some months you come back to withdraw your savings No" the volatile nature of bitcoin has make it impossible for use to save in bitcoin for short term because if you save $300 this week for example if you come back the following week to check your savings I'm going to assure you that the value will never remain the same, is either it increase or decrease so that's it.