Is saving Enough Or Bitcoin Better?

[Callido]

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.

You can plan to save and invest or you save to invest whichever one is okay by you and how It meets your income. Investing in Bitcoin is not by force, it is optional but beneficial for those who are able to invest and for those who choose to invest.

From my own point of view, I will advise anyone to have both savings in fiat while building a Bitcoin portfolio, first start with savings in fiat before venturing into Bitcoin, don't call it saving in Bitcoin but instead take it as an investment because your purpose will be to attain profits after a short or long period of holding.

[Miles2006]

Saving money in the bank will only bring regrets nothing else, these banks can be so tricky to an extend they send little money as an appreciation for storing funds while the interest they make out of the money store is 10x much although that’s not the topic.
There’s difference between investing and saving, fiat saving is still not advisable because fiat deprecates in value anytime according to the economy situation while bitcoin price cannot be determined. There’s no point convincing anyone when the point is clear about fiat and bitcoin because bitcoin definitely increase in value multiple times.

[Bitco55]

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 money and investing in Bitcoin are both very important. I find it unnecessary to pick one and leave the other. They're both useful in wealth creation. You can't invest what you haven't saved up. Realistically speaking, with the current economy, choosing just one side or source of income is dangerous. It's way better to diversify your income portfolio. Invest in Bitcoin, save in plans with high interest rates, invest by buying land, get many more diverse assets as you can get. So, instead of choosing one side, personally speaking I'd rather diversify as much as I can.

[Alonso_]

Honestly speaking I think buying bitcoin is better than saving money in the bank that doesn’t add any value or doesn’t have any benefits, while you’re investing in bitcoin, you have a higher chance of having a profit, while there are people who have been keeping money in the bank for years and they’ don’t have any interest in there money, and the bank keep using there money for business, while it’s really not a good way of making investments to me, money that is being saved in the bank doesn’t have value while money that is used in buying bitcoin and saving for the future is a money that have value, and we stand more chance of having a progressive profits with our bitcoin investment, than just keeping money in the bank without any value or interest.

[laijsica]

You are connected to the traditional financial system from the beginning, you cannot suddenly withdraw yourself from that system. Not only in Nigeria but in every country in the world, the government controls the financial system of that country through the central bank.

Many people accumulate fiat in banks for safety and in the hope of getting a small profit but they do not know that inflation is reducing the value of their funds. The amount of fiat they are accumulating is being devalued silently at the end of the year. You should get out of the tendency of accumulation fiat and start bitcoin. The old system will only reduce the value of your assets but a long term bitcoin accumulation strategy can gradually build a decent portfolio of your bitcoins and get decent return. You cannot completely get out of the fiat system because the government keeps the state machinery running through the people through a central system. Reduce your dependence on fiat personally and accumulate bitcoins in the DCA strategy.

[JMBitcointernational]

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.

@op, Saving money in nigeria currency is as simple as not having money at all considering the current currency devaluation.I do not Really know If the savings you are talking about is in naira or Dollar But If the answer is naira please it is quite better To invest the money on bitcoin.

Bitcoin prices might be fluctuating But it has futuristic tendencies To appreciate with time.The more reason why you should invest on bitcoin is that Its positive outcome will Liberate you from life time financial stress If you are very patient enough To engage on long term investment.

[Out of mind]

If we plan for the future, many people save money but it turns out that the saved money does not give any benefit in the future. When we buy some amount of Bitcoin with that money, at some point we will have a lot of hope of profit and will be able to earn profit. Nowadays, instead of saving their money, people are trying to build wealth for the future by investing in Bitcoin and they are succeeding. And there is no loss if we invest in Bitcoin, rather it is profitable, but when we save money, it has the possibility of loss and becomes risky mainly due to inflation. So if we invest in Bitcoin thinking about the future, it will not disappoint us but will improve our financial position. And instead of saving money for the future, I will keep it in Bitcoin which will give me financial freedom in the future.

[B-BossMan]

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.

Buying bitcoin na he better pass, for example now, if you don save all your money finish for like two or to three years for a purpose, he no go add any value wey you dwy expect oo but if na bitcoin, na something wey be say even with a space of 1 to 2 years e go later grow over time, but your money go ever increase as bitcoin does. For you to save or keep that money he go better make put all the money for bitcoin so that he go add values, he get some people here wey go still prefer say make them save money instead of bitcoin.

[Anayochukwu]

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.

Op you supposed no say saving money in Bitcoin na very long term process and no be every body wey go fit endure this process so na wetin make them dey always talk say make you invest wetin you go fit afford to lose because Bitcoin no be one day or days invest, e dey take many years before you go start to dey make am small small. So make you no think say e dey very easy like that because I know say na wetin most people think, especially the newbies. To be honest with you nothing dey good when you share your investment into many places because even though say our currency no get value you can decide to invest in business and also invest in Bitcoin because Bitcoin own na something wey you need to hold well well, e better say you invest aside so that you no go reason your Bitcoin too much.

[Pablo-wood]

It is never wise to keep your savings in bitcoin. If it's investment then fine but savings no. And not just any investment but one with long term goal in mind. Imagine having a savings in bitcoin and an emergency arises only for price to devaluate leaving you at a huge loss. No matter how inflation hits the roof it's still safer to keep those funds as fiat or preferably usdt that way it tackles emergency demands. Except you are ready for the volatile moves then fine you can save in bitcoin.

[Donneski]

From the points raised so far in the posts under this thread, it seems the real issue here isn’t whether saving is good or bad but what you’re saving in. Fiat savings lose value over time while Bitcoin is still volatile and unpredictable in the short term. I think the best practical approach is to separate your goals. Use savings for stability and emergencies and Bitcoin for long term value preservation. So instead relying on one, try miss both properly to reduces risk on both sides.

[7juju]

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 makes no sense anymore to keep all your money in the bank as savings. Money saved in the bank is more helpful to the bank than you that’s the owner of the money. My advise is that you can save small portions of your money in the bank, to help you cover some emergency and family needs that will come your way, and invest some parts of your money in bitcoin that’s not affected by inflation. I won’t advise anyone to put all their savings in bitcoin, but you have to balance your savings and investments as well.

[Princess Leah]

Saving in Fiat means you're enriching the bank you save in cause they get their maintenance charges monthly and even use their customers money for investments moreover your money would be stable and won't fetch any profits in the long run, and it's prone to inflation thereby making your money lose value.

 However investing part of your income into a digital money like Bitcoin is a better idea, it might be volatile but you'll still get profits when you hold longer, not prone to inflation and you'll never get charged monthly when you hold longer,. Therefore it's bettee to invest in Bitcoin than saving all your money in the Bank.

[Sonia_123]

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 really value your money and you want it to appreciate over time, then it is better to invest in Bitcoin, even in saving it losses its value because depreciation of the currency comes in as the time of savings extends.

Investing in bitcoin remains the best because you are sure of making a good profit at the end of your holding, it appreciate in long term than making savings in banks and contribution with our local currency.

Inflation does not affect bitcoin but traditional currency and that is why traditional currencies is always affect and values depreciates over time.

[PhilosopherKing]

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.

the answer to your question is already in what your text. With inflation it is pointless to put savings and put in the bank. Bank this days cannot be trusted, they can just use tax and charges to drain all your money. If you want to protect your money, invest it.

Bitcoin is not the only investment that is there. Hell there are real estate, stocks, anyone that you like then put your money there and let it work for you.

[Mpamaegbu]

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.

You sabi sey people differ wen investment matta shele like dis and na wetin make we dey always like play safe by saying sey anything wey we talk should not be seen as a financial advice once persin seek advice here. Na so make anyone nor com carry dem full chest take investment decision based on wetin persin tell dem here.

As I don talk dat wan, make I tell u how I take dey run my own package now. I figured out sey dis ongoing war between the US–Israel and Iran go continue dey shake dis industry as e dey bi until things normalize again. So, wetin I dey do na to convert a betta portion of my Bitcoin to fiat as I dey earn weekly while leaving small for stable coin.

[Dareo]

I would like to say that having money in the bank is not a bad thing, but should rather be done for safety. If all the money is kept in something volatile, then if the market goes down, you are going to have big problems. So saving and investing these two are different. Bitcoin has certainly done well, but it is not guaranteed that this will always be the case. In my opinion the smart way is to keep a balance keeping a part in a safe place, and other part investing for growth. This way, you do not miss opportunities and the risk does not increase totally.

[Bright0515]

Even though you want to save Bitcoin know you also need to have cash (Fiat currency) because with the crisis going on in the world today  you need Fiat currency to survive as you need to buy things with it. All the things way we dey use daily ms Fiat currency we dey use buy them. Although e never dey late to start to keep Bitcoin but you need to know if you dey invest on am abi you won just save am. Investing and saving I dey very sure say na two different things.

[Franctoshi]

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.

Inflation is real and robs you off 5% of your money yearly while sitting in the bank and that's why you don't need to put your huge sum of money in the bank. The game of wealth is a game of asset acquisition invest in appropriating Assets, buy Bitcoin, buy gold, buy silver and invest in Landed properties.

[Jubilee58]

Saving in fiat currency or keeping your money in the bank has never been a wise decision or a way of adding value to your money, and that is the main reason we should embrace investing our money in bitcoin.
There is one thing people always say, that the rich keep getting richer and the poor also keep getting poorer. The reason behind this phenomenon is the mentality between the rich and the poor. The rich people invest their money while the poor people keep their money in the bank and withdraw it anytime they want to use it.

Saving your money in the bank can only cause you financial crisis and make your money almost worthless as inflation takes over the Nigerian economy, But with bitcoin investment, your money can grow in value and you can gain financial freedom on the long run.