Is saving Enough Or Bitcoin Better?

[WIYO1]

As the economy continues to affect many people, many people are beginning to worry about saving just regular cash. The value of cash today will likely have decreased in value tomorrow with the slow inflation affecting all currencies. For this reason, more and more people are becoming interested in alternative methods to hold money long term, such as bitcoin and other cryptocurrencies.

Given Nigeria's current economic conditions, it may seem reasonable to be uncertain about whether or not bank savings will continue to provide a viable alternative for storing value. Investing in banks does provide a degree of security with respect to the amount you can access, but due to inflation, it will likely devalue over time. As investors begin to look for alternative means of protecting their wealth, Bitcoin is starting to emerge as a possibility to hedge against inflation. however, it still remains highly volatile, so potential short-term investors need caution when considering it. A better way forward may be to balance both options maintain some form of traditional savings for emergency purposes and liquidity, while taking a small, measured risk in exploring the potential long-term value of Bitcoin. By doing this, you have protections from being entirely exposed to the risk of a devaluing currency and also have the ability to limit your dependence on either method.

[Byebyebtc]

As you can clearly see the inflation reduces the value of NGN by the day, so the honest awnser is to store your money in Bitcoin,
Nevertheless you should have a good knowledge of how Bitcoin works before you start storing your money.

I tell you that there are sets of individuals that should rather save traditionally that storing in Bitcoin, because as soon as they choose to store their money there and they see some greens or reds their goal will completely changed, and they will start trading.

So before you choose to store in Bitcoin you should make sure you know about the Bitcoin market works

[MorganaX]

As you can clearly see the inflation reduces the value of NGN by the day, so the honest awnser is to store your money in Bitcoin,
Nevertheless you should have a good knowledge of how Bitcoin works before you start storing your money.

I tell you that there are sets of individuals that should rather save traditionally that storing in Bitcoin, because as soon as they choose to store their money there and they see some greens or reds their goal will completely changed, and they will start trading.

So before you choose to store in Bitcoin you should make sure you know about the Bitcoin market works

The knowledge about Bitcoin is limitless and is everywhere, if you find your way to this community then it would even favor you more because there are so many articles written and knowledge shared here on the basics of how Bitcoin investments and it's used as store of works. Saving your money on Bitcoin will save you so much struggle and hassle when it comes to having it as fiat that inflation caused by the government can just eat it up over time.

[Webutxo]

As you can clearly see the inflation reduces the value of NGN by the day, so the honest awnser is to store your money in Bitcoin,
Nevertheless you should have a good knowledge of how Bitcoin works before you start storing your money.

I tell you that there are sets of individuals that should rather save traditionally that storing in Bitcoin, because as soon as they choose to store their money there and they see some greens or reds their goal will completely changed, and they will start trading.

So before you choose to store in Bitcoin you should make sure you know about the Bitcoin market works

Are you storing money in Bitcoin for reuse later or you are doing it for Bitcoin investment. If you want to save your money from inflation, I will strongly advice that you save it in Usdt if you are going to use the money later. At least dollar to naira volatility isn't that big, you will get your money and if it goes well, dollar migjt appreciate against naira but if you put your investment in to Bitcoin, by the time Bitcoin dump you will have nothing left to protect.

I will strongly advice that you leave some or your money in naira for some emergency upkeep. You don't have to be changing your usdt for naira all the time whey you need money. Make sure you do it accordingly when it's important because even as we have inflation, it's not that bad to devalue your money under 1 year, it takes time before money devalue completely which I don't think any person will hold for long term.

[Obulis]

If it makes more sense to continue with traditional means of saving money or savings in Bitcoin?
The question has answered itself to an excellent percentage! First of all, trading is never savings in Bitcoin. So if the target is to save or invest in Bitcoin then not forgetting the formidable approach to Bitcoin accumulation which is the use of discretionary funds is important. When trading, any funds available is easily used but accumulation goes with discretionary funds, these means that annual targets or monthly target can't be budgeted in Bitcoin (no need of moving money to be used the next month or few months in and out of Bitcoin). Under such umbrella, you don't need Bitcoin but fiat!

So it is not a matter of comparison between savings in Bitcoin or fiat. It's a matter of necessity! The matter at hand determines what's next. Having discretionary funds goes with savings in Bitcoin and having a capital project, daily living, business and other immediate financial requirements goes with savings in fiat.

[Fiasem20]

We know it may be difficult for most Nigerians to start up an investment in this hardship and inflation.But those that are privileged to start up an investment should not put all their eggs in one basket,what I’m trying to say is that diversify your investments.Bitcoin investment is not the only investment that has a high ROI in the long term,we have other physical investments that appreciate over time,no matter what I would still recommend Bitcoin to be among your investments.Above all,I wouldn’t encourage an individual to save their hard earned money in the bank,because the value of fiat would depreciate and you would be left with no profit.

[Crakryptvest]

The knowledge about Bitcoin is limitless and is everywhere, if you find your way to this community then it would even favor you more because there are so many articles written and knowledge shared here on the basics of how Bitcoin investments and it's used as store of works. Saving your money on Bitcoin will save you so much struggle and hassle when it comes to having it as fiat that inflation caused by the government can just eat it up over time.

This community has actually been helpful to everyone that has been here whether in a short while or for long time in regards to Bitcoin, if some persons in this forum can be honest with things, many will come out to say that they knowledge they have about Bitcoin today was all gotten from this community, if you visit the Bitcoin discussion and speculation section of this forum, there's no way you won't learn if you're ready because you'll see different comments on investment and the possible way to navigate navigate through your Bitcoin investment, Bitcoin investment is a unique way of making your lifeless fiat to have more value on a different dimension without being devalued by its worst enemy which is inflation.

[Doan9269]

When you save you are only keeping your money for future use. Still, the disadvantage in doing this is that you are saving Fiat currency and this will be affected by the rate of inflation over time, but if you have Bitcoin in your portfolio for holding, the value is more likely to increase over time. You are more profitable than in laws without having the influence of inflation over the financial assets you are holding, which makes it better for us to hold bitcoin down to save Fiat currency over a long period of time.

[Pablo-wood]

It depends on what the money been saved is meant for. If it's a long term project then investing in bitcoin is the best alternative. This is because before the money will be needed to execute the plan it was been saved for it should have yielded more profits to even facilitate the plans

But for a short term project plan it's best to either save or use it for a quick business scheme, something that can generate daily income that way it's faster to increase the money with enough profits to save back.

[Father111]

Is better to invest your money than saving it in were it can't multiply, it is very important to know that no one knows what Bitcoin will be in the years to come, since there is no one hasn't predicted exactly what Bitcoin will be, is better not to saving your money but investing in Bitcoin and allow it for years and come back after so many passing years to see why is it better to invest in Bitcoin than saving it.

[fredericktaylor]

Is better to invest your money than saving it in were it can't multiply, it is very important to know that no one knows what Bitcoin will be in the years to come, since there is no one hasn't predicted exactly what Bitcoin will be, is better not to saving your money but investing in Bitcoin and allow it for years and come back after so many passing years to see why is it better to invest in Bitcoin than saving it.

Why investing in Bitcoin is better than saving money should be understood first, when a person thinks about the future and saves money in the bank for years, he can gradually accumulate a lot of money, but he can protect his hard-earned valuable money from inflation. In addition, he does not have complete control over his own money and will face banking complications while exchanging it, all the money is yours, but the control is with someone else. If we do not save extra money in the bank, but consistently buy Bitcoin in small amounts with proper knowledge and long-term planning and confidently wait for good times quickly during market instability, as a result, we can protect ourselves from inflation in the future and control our own money independently and exchange it very easily and quickly, do not have to rely on third parties and expect big profits in the long run. By continuously buy Bitcoin and holding it for a long time with confidence, all the benefits that can be enjoy from Bitcoin in the future are not available in any other asset.

[Silikiem]

We know it may be difficult for most Nigerians to start up an investment in this hardship and inflation.But those that are privileged to start up an investment should not put all their eggs in one basket,what I’m trying to say is that diversify your investments.Bitcoin investment is not the only investment that has a high ROI in the long term,we have other physical investments that appreciate over time,no matter what I would still recommend Bitcoin to be among your investments.Above all,I wouldn’t encourage an individual to save their hard earned money in the bank,because the value of fiat would depreciate and you would be left with no profit.

One good thing that differentiates bitcoin investment from other investments is the fact that you must not have a huge amount of money before you can start accumulating bitcoin and hold for long term gains. Unlike other investments where you may be needing some kind of setting out and also needing some huge amount of cash before you can start the investment, but with bitcoin you can buy with an amount even as low as $10 and hold and so on and as time goes on you’re gradually building up a portfolio for yourself.

[Rubuchi]

The knowledge about Bitcoin is limitless and is everywhere, if you find your way to this community then it would even favor you more because there are so many articles written and knowledge shared here on the basics of how Bitcoin investments and it's used as store of works. Saving your money on Bitcoin will save you so much struggle and hassle when it comes to having it as fiat that inflation caused by the government can just eat it up over time.

since you spoke about community you have kind of drawn my attention to the fact that anyone who’s here should ordinarily have a similar mindset which is to choose bitcoin over saving because it is bitcoin knowledge that has brought many of us here together today.
Without the love and interest for bitcoin investment and the details in them, you should not expect anybody among us to be here talking about bitcoin everyday. Savings is a good practice for everybody who is financially disciplined out there but I think bitcoin is better. It is another means for you to invest your money with the intention of growing it over time than just saving.
Although bitcoin investment also has it’s own disadvantages which includes when the prices plummet, you will have to wait until the market goes back up before you can make use of your money and in cases of emergency situations you lose more money but what of the other hand which is when the price goes up, you will definitely be more at advantage

[LOVER BOY 422]

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.

While this is actually a good speech and questions, to me it's right for someone to keep accumulating more Bitcoin rather than saving it in the bank, my reasons just as you said the money save in the bank keep on deminshing as the price of Bitcoin got higher and inflation also bring the Nigeria money down.

So it's a good idea if some folks embrace in accumulating more Bitcoin than saving it (fiat) since the naira doesn't have value anymore so the best way is to buy more Bitcoin aggressively using the DCA method with your descretionary income I hope this is a better situation than saving it in the bank.
Even though today bank has started abducting the style of Bitcoin gradually that the more you save the more values your money becomes in the future yes that's true but you can't still compare it to when you keep on accumulating more Bitcoin, it's good and a necessity for someone to keep on accumulating more Bitcoin and hold for future references and consumption.

[Chilwell]

It depends on what the money been saved is meant for. If it's a long term project then investing in bitcoin is the best alternative. This is because before the money will be needed to execute the plan it was been saved for it should have yielded more profits to even facilitate the plans

But for a short term project plan it's best to either save or use it for a quick business scheme, something that can generate daily income that way it's faster to increase the money with enough profits to save back.

Actually if the money is for a very short-term period savings is enough because if you decide to invest in Bitcoin it will be under two probabilities, it is either you gain or you lose because it will depend on the movement of the price, if it goes up then I will say you are lucky but if it comes down definitely your plan will be ruin because it have changed your plan.

If the money you have is for a long term service then I will see bitcoin is better because we always have hope that bitcoin will continue to grow everyday. The best investment in Bitcoin is a long time investment and that is why people that have invested earlier are seriously swimming in profit even right now.

[Agbam]

It depends on what the money been saved is meant for. If it's a long term project then investing in bitcoin is the best alternative. This is because before the money will be needed to execute the plan it was been saved for it should have yielded more profits to even facilitate the plans

But for a short term project plan it's best to either save or use it for a quick business scheme, something that can generate daily income that way it's faster to increase the money with enough profits to save back.

Actually if the money is for a very short-term period savings is enough because if you decide to invest in Bitcoin it will be under two probabilities, it is either you gain or you lose because it will depend on the movement of the price, if it goes up then I will say you are lucky but if it comes down definitely your plan will be ruin because it have changed your plan.

If the money you have is for a long term service then I will see bitcoin is better because we always have hope that bitcoin will continue to grow everyday. The best investment in Bitcoin is a long time investment and that is why people that have invested earlier are seriously swimming in profit even right now.

Yeah you guys are correct on this… they both have their purposes and where they’re more beneficial than the other. I think when investors are building backup funds aside from the emergency funds they are in a way saving cos reserves fund is usually flexible and can be used to sort out planned and unplanned expenses.
So in a way saving is how you build your emergency funds to sustain your bitcoin.

So answering the general question Saving is enough for it’s purposes and investing in bitcoin is good but if you’re saving for a four year and above plan then bitcoin is better.

[BluebloodCXVI]

Is better to invest your money than saving it in were it can't multiply, it is very important to know that no one knows what Bitcoin will be in the years to come, since there is no one hasn't predicted exactly what Bitcoin will be, is better not to saving your money but investing in Bitcoin and allow it for years and come back after so many passing years to see why is it better to invest in Bitcoin than saving it.

How can you even say this @father111?, perhaps you are insinuating that a person does not need to have any savings simply because it won’t multiply like if it was an investment like bitcoin. What makes you so confident that you think you know what bitcoin will become in some years from now ?. Don’t be oblivious to the fact that bitcoin investment and savings are serving completely different purposes and they complement each other because when unexpected occurrence happens, you won’t dip your hand into your investment, rather you’ll take from the savings  to sort out those things.
Nobody is saying that investment is bad, but when you’re saying that savings is irrelevant to a person because it is not going to multiply in value later on makes me wanna believe you’re not being realistic here.

[Y3shot]

As you can clearly see the inflation reduces the value of NGN by the day, so the honest awnser is to store your money in Bitcoin,
Nevertheless you should have a good knowledge of how Bitcoin works before you start storing your money.

I tell you that there are sets of individuals that should rather save traditionally that storing in Bitcoin, because as soon as they choose to store their money there and they see some greens or reds their goal will completely changed, and they will start trading.

So before you choose to store in Bitcoin you should make sure you know about the Bitcoin market works

Thetrut is that saving your money in the bank will never do any good for you instead it will make you lose more money because after this might have sone for some years, you will discover that their is no value in uour money. But most people are are living in ignorance because  they think the bank is the safest place for money  but inflation is real and it normally  have good effect on fiat that there will be no value , it is just better to to invest in Bitcoin because for sure it brings good value.

[Fivestar4everMVP]

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 stopped saving in naira since last year and till this very moment, I look at what is happening in the country and I am always glad because I made the right decision to quit saving in naira.
I've been saving my money in bitcoin and a few other strong crypto assets I believe will always move up along side bitcoin when the bull season finally comes again, and so far this has turned out to be the best decision amongst several other decisions I've made in the past.

Who ever has a means of earning, like working and getting paid or running their own business can create a plan to start saving in bitcoin, it can be done weekly or monthly depending on how frequently you make money, to make it make more sense, you can simply assume that you are saving for your retirement, every assigned day of the week or month, you save a small portion of your total earning there, you did one day be surprised how this little act could turn out to one day become your only ticket to financial freedom and stability.

[SPIDERMAN008]

Is better to invest your money than saving it in were it can't multiply, it is very important to know that no one knows what Bitcoin will be in the years to come, since there is no one hasn't predicted exactly what Bitcoin will be, is better not to saving your money but investing in Bitcoin and allow it for years and come back after so many passing years to see why is it better to invest in Bitcoin than saving it.

It is also very difficult for us to imagine what the economic situation of our country will be like in the future. Now we also notice that inflation is increasing in our country, I think that some of the accumulated money can be bought and hold in Bitcoin. Now that it will become a type of investment, it is not possible to say that any invest will give sure profit. But if we consider the current price of Bitcoin in the past and the time after which Bitcoin has repeatedly realized its truth and strength , we can understand that the possibility of Bitcoin's price increasing in the future is very high. Because if we think about the economic issue, since the supply of Bitcoin is fixed, its demand will increase more in the future than at present, but it will not be possible to supply according to the demand, then the price of Bitcoin will automatically increase. Although it is a very unstable price, but even then, after a long time, we can see that the price of Bitcoin has increased relatively a lot compared to the past and will continue to do so in the future.