Is saving Enough Or Bitcoin Better?

[Halifat]

Saving can't be comparable to when one is truly investing and accumulating and when it comes to bitcoin investment and investors only make use his discretionary income that remains after his bills payments and the profits in future can not also be compared to saving only.

Just as you said, savings is not enough because it doesn't add any value to what you have saved, rather it destroy everything because it's always eat up by inflation. Invest in bitcoin is actually the best way to make things work well, but we should not forget this, invest what we can afford to lose because this is where some people got it wrong, they believe that bitcoin is a shortcut to success.

[Oshio-man]

We have experienced failure from our banking system and people have been looking for safe decentralized asset that will be safer than bank to save their funds for future purposes, there are some people that is not looking for income in their savings but security on their coins because they have a plan on those funds they have deposited in bitcoin and it will make them realize that bitcoin is a safe coin to save huge amount of funds, you can be saving and earn income but make sure you are using good wallet to save your bitcoin because there are some wallet you will use,  it will make scammers to scam your coins from your wallet.

[Salahmu]

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 through contribution is the same thing with the money in bank and there is no profit after contribution because all the money you use in contributing for people is the same amount you would be having when they are contributing for you and that's not an investment because if is the only thing a person does, means that they would remain the way they are. Bitcoin and business investment is a way the value of the money you have would not only get protected but have more value than before they starting the business, in Nigeria without something that can create value for you, you would become an object of the bad economy because every inflation would be as if you are the only one in it.

[Derekfunds]

Saving can't be comparable to when one is truly investing and accumulating and when it comes to bitcoin investment and investors only make use his discretionary income that remains after his bills payments and the profits in future can not also be compared to saving only.

Just as you said, savings is not enough because it doesn't add any value to what you have saved, rather it destroy everything because it's always eat up by inflation. Invest in bitcoin is actually the best way to make things work well, but we should not forget this, invest what we can afford to lose because this is where some people got it wrong, they believe that bitcoin is a shortcut to success.

There is no gain saving money in Fiat unless it is been kept in savings where you will be getting a percentage annually depending on the savings but I prefer saving or investing in Bitcoin than saving in Fiat because the outcome we will get in Bitcoin won't be the same with saving in Fiat regardless of the fact that Bitcoin investment is not certain but I believe if we hold for long term there will be something great at the end and it is advised to use a discrestionary income so volatility won't affect us.

[Emeraldo]

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.

You're correct when you say one should invest with his or her discretionary income because investing in Bitcoin you should be ready for a long term investment preferably for me just so you don't invest and in less than no time you rush to withdraw your investments because they are not funds you can hold for a long time. And talking about fiat currency as a person with day to day expenses and bills to pay one should also have to be fiat currency even as an investment. Because an investment is not what you should touch and withdraw at any time you are in need so as an investor strive to strick a balance with your fiat and your investment.

[ruykeri]

Saving can't be comparable to when one is truly investing and accumulating and when it comes to bitcoin investment and investors only make use his discretionary income that remains after his bills payments and the profits in future can not also be compared to saving only.

Just as you said, savings is not enough because it doesn't add any value to what you have saved, rather it destroy everything because it's always eat up by inflation. Invest in bitcoin is actually the best way to make things work well, but we should not forget this, invest what we can afford to lose because this is where some people got it wrong, they believe that bitcoin is a shortcut to success.

You are right. Bitcoin is basically a matter of patience. The longer you can hold it, the more likely you are to make a profit. If you keep money in the bank, its value will decrease due to inflation, which is a common thing. We all know and understand this. And Bitcoin keeps increasing in price with it because the supply is fixed. But the problem here is that the price fluctuates in the short term. Those who have problems with economic and psychological thinking are afraid of the price of Bitcoin and make decisions like panic selling. If you have the goal and ability to hold it for a long time, then holding Bitcoin is much more profitable than saving fiat currency.

[ZeroVinsonN]

Saving can't be comparable to when one is truly investing and accumulating and when it comes to bitcoin investment and investors only make use his discretionary income that remains after his bills payments and the profits in future can not also be compared to saving only.

Just as you said, savings is not enough because it doesn't add any value to what you have saved, rather it destroy everything because it's always eat up by inflation. Invest in bitcoin is actually the best way to make things work well, but we should not forget this, invest what we can afford to lose because this is where some people got it wrong, they believe that bitcoin is a shortcut to success.

So your are not in support of saving but you are also advocating for only investing what we can afford to lose, for someone who is just about investing then yes it's better to invest what you can afford to lose but if we are just about answering the question of the OP then your opinion is lacking, what will need to understand is that we save and invest in bitcoin with our discretionary income but there is a definition people get wrong, we invest only with what we can afford to lose but that's not all of our discretionary income but rather just an amount of it, let's say I get an inheritance right now that's worth around 5 million naira the entirety of that inheritance can be said to be my discretionary income after I could have still taken care o all of my needs without that money but that doesn't mean I'm willing to lose 5 million, I can't afford to lose it because losing such an amount can be devastating. So what happens when I want this money stored away? If o go by your opinion I can't invest it in bitcoin because I can't afford to lose it but if I just save it in my bank than inflation is going to run it down, in this situation then what should I do?

[Fiasem20]

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.

Most people still prefer investing in fiat no matter the depreciation of Naira because they find it safe.Not everyone would invest in bitcoin Let’s be realistic those set of individuals that invested in bitcoin last year with the intention to reap from their investment this year won’t reap much profits due to the drastic decline of bitcoin price,so in most cases it’s more profitable to invest in the longer term.If you know your investment would be on the short term I would advice you to start up a business that will yield profit overtime.

[Mate2237]

To me you can save in Bitcoin because the fact is that, saving your money in Fiat currency has been found to be ineffective as inflation has risen in our country to a point were the value of the Naira keeps on losing value over time. So saving money in the traditional way in the bank should be discouraged because saving money in the bank means that the bank is the one making use of your money and getting interest in return.

It's an established fact that Bitcoin is an hedge when it comes to inflation as it acts as a shield against inflation. Bitcoin growth rate makes it the best place for anyone who is this about saving money for the purpose of a long term project.

[Powerjumboo]

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.

I would say that if you have enough savings and if you can save some of your income regularly, then you can definitely invest in Bitcoin because if you invest some of your income in Bitcoin instead of saving and if you hold it for a long time, I think you will benefit a lot because if you look at the Bitcoin market, you will see that Bitcoin has brought a lot of success in long-term investment.

However, you have to be very aware of security. If you know very little about Bitcoin and cannot provide security for Bitcoin investment, then you can be harmed, so I would say that you must create security for your investment before investing.

I am investing in Bitcoin according to my ability as much as I can because keeping Bitcoin money is much safer than keeping money in the bank because currently I do not think keeping money in the bank is very safe. But I find keeping money in Bitcoin much safer than keeping money in the bank because when I invest in Bitcoin, I am in complete control of my Bitcoin.

[WhoYouCantKill]

The value of our Bitcoin has to be more than the value of what we have in our savings. Investment is often bigger because savings are for emergencies. Emergencies do not happen all the time, we may stay 6 months, 3 months, or not a single emergency will arise. Instead of keeping fiat sitting uselessly in our accounts, savings should have a maximum target. Once the savings get to that amount, the savings plan should be paused unless there is another need to save.

Yeah, savings in other words emergency funds should be at most 2 to 4 months of one’s living expenses, at least that should be enough to cover any kind of emergency that may likely arise in the future. When people allow lots of cash to just lie around, we gracefully expose those funds to inflation and it could just be losing value with time. The moment we have that particular amount of money required in the emergency fund, the rest should start going either to one's bitcoin accumulation or possibly something else rather than continuing to pile up more and more cash.

[Asiska02]

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.

They both have their advantage and disadvantages but if you’re saving up for an emergency, I’d advise you keep it in fiat and not in Bitcoin. Just like how the worth of fiat cannot be guaranteed after saving in that currency for a long time, such is the nature of the market of Bitcoin, which is mostly volatile and you can’t predict at an anticipated time what it might while considering your emergency funds you’ve kept in that currency.

If they’re not emergency funds and they are funds that will take a long time for you to use them, opting into bitcoin savings will be the best but if that’s not the case, save in fiat as the value may not really have depreciated that much and can be more quickly use to make payment in emergency cases as I the case of Bitcoin.

If your Bitcoin holdings were down as at the time of wanting to swap back to fiat, you may be hesitant not ti swap because of the fall in the currency, meanwhile, emergency cases doesn’t have that long time to think about when making payment.

[AmaGold70]

If you want to save money, only save for emergency, because while we engage in investment, we cannot totally avoid emergency.
Saving your money in the bank will only deny you your future of financial freedom. No one can become rich saving fiat currency, because fiat currency is succeptible to depreciation. To save yourself from loosing the value of your money and gain financial stability, investing your money is the only way out. There are many investment out there, but some investment are more profitable than others. Bitcoin has been a topnotch investment, especially when we talk of digital investment. Is a store of value, and an hedge against inflation. So to retain the value of your money and ensure long term growth, you have to invest in bitcoin. It is gaining widespread adoption and many institutions are involving themselves into Bitcoin investing. So their is strong confidence about value appreciation and long term growth.

[Odogwu-Blockchain]

I am investing in Bitcoin according to my ability as much as I can because keeping Bitcoin money is much safer than keeping money in the bank because currently I do not think keeping money in the bank is very safe. But I find keeping money in Bitcoin much safer than keeping money in the bank because when I invest in Bitcoin, I am in complete control of my Bitcoin.

In Bitcoin, you become your own bank and nobody owns you, Bitcoin wallet becomes your bank and such the regulatory policy by any centralized body isn't affecting you. That's how powerful Bitcoin investment is, it is the safest option ever in every financial sector seconded by Gold and silver.

Can't advise anyone close to me to store mine in the bank, it's uncivilized for Christ sake.

[Grace333]

To me you can save in Bitcoin because the fact is that, saving your money in Fiat currency has been found to be ineffective as inflation has risen in our country to a point were the value of the Naira keeps on losing value over time. So saving money in the traditional way in the bank should be discouraged because saving money in the bank means that the bank is the one making use of your money and getting interest in return.

It's an established fact that Bitcoin is an hedge when it comes to inflation as it acts as a shield against inflation. Bitcoin growth rate makes it the best place for anyone who is this about saving money for the purpose of a long term project.

I will like to clear the air that when saving in bitcoin, we shouldn't save money that we'll be needing for short term spending, it should be like money we won't be needing anytime soon. Because when we save and spend from our bitcoin every now and then we might end up building a relaxed selling mindset unknown to us and that could trigger us to sell when we get emotionally attached to the market due to dips. So it's best we keep whatever ever value of cash we'll be needing for the short term payment or spending and invest only what we won't be needing in the main time.

[God Tim]

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.

Well to own point of view that economy is as be of in investing to add of the points of interest for it for conversation as to get value of Bitcoin into many society this is where Bitcoin started to come into the activity of economic development there's making surely of money to get from it so for my own understanding.

[Marykeller]

Both are good. I wouldn't advise a citizen of Nigeria to consider having one, to leave the other because in this life we live, we should try to save money for emergency purposes at all times and invest for the future. We shouldn't forget that no matter how we try to live our lives. As there are things we can deny ourselves from doing when it comes up on our way, we must find a way to get them done. Those kinds of things are, life-threatening issues, and future investments whereby we use our money for them

[Adams0001]

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.

You're right,  to make it understand better is that if you want to invest for a short term or for business is better you save in fiat and if you're saving for long term like for some years is better you keep i in bitcoin for long term you can get he benefits for long term, bitcoin investment is very good but to enjoy the benefits you can't just invest for short and start to see the rewards. You need to keep it for long like more then 5 to 6 years and you will definitely achieve something on it because you will see difference when you keep it for long term. Let just think wisely before making decisions. If you can't saves for long term you shouldn't put it in bitcoin because you can probably make your capital deceased and you won't get the actual among you invest anymore.

[ejikeme24]

Both are good. I wouldn't advise a citizen of Nigeria to consider having one, to leave the other because in this life we live, we should try to save money for emergency purposes at all times and invest for the future. We shouldn't forget that no matter how we try to live our lives. As there are things we can deny ourselves from doing when it comes up on our way, we must find a way to get them done. Those kinds of things are, life-threatening issues, and future investments whereby we use our money for them

Yes, I think the both of them is important. But if bitcoin was made legal in Nigeria I mean using it as a  method of buying and selling of goods and services then i would have suggest that everyone should go for bitcoin but since we are not giving the access to spend it however we like then we will have to make use of the both but as for me the only money I can save in Fiat is the one I will be using for emergency purpose and also for my day to day expenses if not that then all my savings will be shift into bitcoin.