Is saving Enough Or Bitcoin Better?

[Osas4real]

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.

In my opinion, if you are saving the money for long and you feel no circumstances will make you use the money, then it is better to store your funds in Bitcoin for the sake of overcoming inflation.
But if you are subjected to making use of the money at any close time, then just keep it in fiat. Reason because, the market doesn't wait for anybody and the time you might be in need of the money, Maybe you are already running loss. In that case, fiat is better.

[Cryptomultiplier]

Never ever underestimate the importance of having fiat savings in the bank, it might just save you some embarrassment and critical situations that may be life threatening.

You should also know that Bitcoin investment is more profitable for long term holding plan, hence why it is known mostly as digital gold instead of digital currency of which the main function of a currency is to be used everyday for normal payments and transactions, but Bitcoin currently is a function of volatilities and is not as stable as a quality that a true use case currency demands .

It could also be a huge security risk to always liquidate your Bitcoin asset in times of emergency or situations that demands immediate response, that is why it is wiser to save some funds in your local bank despite inflationary concerns and also save some Bitcoin for long term by a proper DCA strategy.

[Stable090]

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.

If u wan keep d money for long period of time, then it’s better u just leave d money for bitcoin investment, because inflation go hit u hard if u leave d money for naira, but if u know say d money wey Dey with u, ur plans na to use d money in d next few weeks, or in few months, then e better make u just leave d money for naira, e better make e just Dey ur account, because within short time u go use d money.

If u leave d money for bitcoin, when u go wan use d money bitcoin price fit don dump that period, and u won’t have choice than to sell at loss, so if u wan use am within short period, e no make sense to Dey use am buy bitcoin, but if na money wey u no go use soon, just buy bitcoin and hold.

[Smartvirus]

If you really Dey for Nigeria, you go know say, nothing ever Dey enough for this country. Either you choose to save in fiat o or you say na Bitcoin investment you wan Dey do, e no really Dey enough via say, you go Dey hang by a string. If the market dump, na wahala to you and if fiat Dey subjected to inflation as e Dey always be, your saved money no go retain en value.
Your better option Dey always be, make you do crypto as well as, manage a business. Salary work cef na another survival level, do business. E go help you and the very economy you Dey exist within.

[Josefjix]

There is no better option at the moment, the both options are not guaranteed because the price of Bitcoin keeps depreciating causing savings in Bitcoin somewhat shady too as well.

From your explanation, you said, "Some part of Fiat"

That's the only mindset that can make you survive and withstand the inflation, because putting half of the Fiat into Bitcoin and then spending some Fiat will literally save you in future., the other part should be locked in for as long as the goal is for long term.

That's the only solution to this inflation and increase in the price of goods and services.

[Y3shot]

Saving can be consider good but depends on how long the savings is going to take place . If it is longterm savings it is better to go for Bitcoin because inflation is one of the things thst kills the value of money, in this longterm of saving if Bitcoin is invested it normally yeild godd value. If it is money that will be used in a short, it is not advisable to go into Bitcoin. Bitcoin is a long-term investment and it is not an investment people should desperately think of making money in a short time.

[B-BossMan]

Saving can be consider good but depends on how long the savings is going to take place . If it is longterm savings it is better to go for Bitcoin because inflation is one of the things thst kills the value of money, in this longterm of saving if Bitcoin is invested it normally yeild godd value. If it is money that will be used in a short, it is not advisable to go into Bitcoin. Bitcoin is a long-term investment and it is not an investment people should desperately think of making money in a short time.

Sured, depending on individuals differences, though some people actually do save thier money for a purpose particularly low income earners or the less prevelage survival, but when we look at it again, instead of keeping  savings or let's say keeping the money for a long-term plans in order to use it in the nearest future for a purpose, it w8ll be more better to save the money into Bitcoin or invest it in bitcoin, because if you save it for long, it will definitely loses its value, but if it's bitcoin it will keep growing higher over a period of time,  that's for the people that know the value of Bitcoin, if not, some may prefer saving it like that than bitcoin. All depends on individuals differences

[Akaenyi]

Bitcoin was not created to abolish the banking system, they serve different purposes for everybody that makes money. Before Bitcoin was created people relied only on banks to save their money but Bitcoin came and thought us about decentralization and limited supply which is opposite of what banking system stands for.

Money that you don't plan to spend for many years should be swapped to Bitcoin because it is a hedge against inflation then what you plan to spend within a short time should be left in the bank. Many smart people don't leave a lot of money in their bank account because of depreciation they invest it in assets that will give them profit. One of the best assets to buy as if today is Bitcoin because it is a store of value.

[ZeroVinsonN]

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.

It depends entirely on how long you are planning on saving for, inflation might be a problem but bitcoin is also a volatile asset and over short periods of time might end up going lower than it was when you started saving do if you choose to withdraw your savings then you will be at a loss but if you are planning on saving for a really long time (years) then bitcoin becomes the better alternative, volatility will still be a thing but the chances are higher for it to go higher over that period of time than lower meaning you don't just store value, you gain a bit of extra.

[Bryan jessy]

Bitcoin was not created to abolish the banking system, they serve different purposes for everybody that makes money. Before Bitcoin was created people relied only on banks to save their money but Bitcoin came and thought us about decentralization and limited supply which is opposite of what banking system stands for.

Money that you don't plan to spend for many years should be swapped to Bitcoin because it is a hedge against inflation then what you plan to spend within a short time should be left in the bank. Many smart people don't leave a lot of money in their bank account because of depreciation they invest it in assets that will give them profit. One of the best assets to buy as if today is Bitcoin because it is a store of value.

Exactly, because we can still invest in Bitcoin, save some money in the bank and even engage in the money contribution  activity, as this are other means of saving money. Bitcoin investments is supposed to be for a long term, while money saved in Banks and contributions should be used to settle other personal issues. Not only this, a person can also invest in businesses too, the fact that Bitcoin exists does not mean we should not have other means of savings and income, because with other savings a person will be able to hold his Bitcoin for a long term without being tempted to temper with it. Or think otherwise.

[cxtreenal]

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.

If you analysis the statistics of keep money in the bank, you will see that your losses will be much higher than your profits. If you earned money every month you plan to deposit a part of the remaining/discretionary income in the bank after spending money for your family. The amount of increase in the size of that original fund or the profit that the bank will give you in 5 years is very negligible.

Due to inflation the value of your saved funds is being devalued, which will continue to increase in 5 years or more. Considering the current rate of inflation the product that you can buy for $ 100 today will definitely increase in value several times after 5 years. So instead of saving fiat, increase your savings in potential assets such as Bitcoin. The price of Bitcoin is likely to increase much more than the current one in the future.

[Achalugo BTC]

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.

In my opinion, if you are saving the money for long and you feel no circumstances will make you use the money, then it is better to store your funds in Bitcoin for the sake of overcoming inflation.
But if you are subjected to making use of the money at any close time, then just keep it in fiat. Reason because, the market doesn't wait for anybody and the time you might be in need of the money, Maybe you are already running loss. In that case, fiat is better.

It also depends on people on what is easier for them to do, which some people finds it hard to save or hold in Bitcoin due to the unpredictability of it, which most people can't handle the pressure in it whenever the market dips, not that you are wrong with everything you said but I'm just saying that it depends on people to make decision that will be helpful and supportive for them in the future as well and also there are people who are even doing the two at a time.

[TokenTikas]

Due to inflation the value of your saved funds is being devalued, which will continue to increase in 5 years or more. Considering the current rate of inflation the product that you can buy for $ 100 today will definitely increase in value several times after 5 years. So instead of saving fiat, increase your savings in potential assets such as Bitcoin. The price of Bitcoin is likely to increase much more than the current one in the future.

Agree with you. The value of money is dropping because of inflation. It’s really painful when you think about it, because corruption in our country is making the inflation rise day by day. You can clearly feel it when something you used to buy for 20₦ now costs 30₦. It’s the same product we were buying before at a lower price but now we are still buying that same thing and paying more for it.

When a person with a sound mind sits down to think about these things, they will understand where the difference is coming from. That’s why it’s better to invest in bitcoin than to keep money in the bank. The profit you get from saving money in the bank is very small and if the country enters a difficult period, it can even become hard to withdraw your own money. All in all, instead of keeping money in the bank, it’s better to invest in bitcoin freely as you wish.

[Tungbulu]

Exactly, because we can still invest in Bitcoin, save some money in the bank and even engage in the money contribution  activity, as this are other means of saving money. Bitcoin investments is supposed to be for a long term, while money saved in Banks and contributions should be used to settle other personal issues. Not only this, a person can also invest in businesses too, the fact that Bitcoin exists does not mean we should not have other means of savings and income, because with other savings a person will be able to hold his Bitcoin for a long term without being tempted to temper with it. Or think otherwise.

That's right, it gives one in a more comfort state, which the two have their own purposes and can be use at its own different time such as emergencies and all that. But, it will be wise and better for one to checkmate the one they can handle without having any emotional impulses and if they can afford to save and hodl Bitcoin is good as well, because most people do just because majority are doing the same and at the end, they will start regretting their actions which might become a damage to their lives and their financial status too.