Is saving Enough Or Bitcoin Better?

[cxtreenal]

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.

If you deposit fiat in a bank, the bank will pay a profit on your deposit which you can withdraw after a certain period of time. It is directly visible that the bank is giving you profit but in reality you do not realize that there is a deficit in your deposit. Inflation increases the price of every product, thus reducing the value of fiat. If the product you bought for $1 in 5 years ago is now worth $5, does that not reduce the value of your fiat? Those who have understood this are accumulating Bitcoin instead of deposit fiat because the value of your funds has been decreasing gradually over the past 5 years compared to the bank only paying a small amount of profit but that is not profit thats reduce fund. Smart investors do not keep excess funds as deposits in the bank, they invest and strive for multiple increases in the funds.

[Princess Leah]

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.

If you deposit fiat in a bank, the bank will pay a profit on your deposit which you can withdraw after a certain period of time. It is directly visible that the bank is giving you profit but in reality you do not realize that there is a deficit in your deposit. Inflation increases the price of every product, thus reducing the value of fiat. If the product you bought for $1 in 5 years ago is now worth $5, does that not reduce the value of your fiat? Those who have understood this are accumulating Bitcoin instead of deposit fiat because the value of your funds has been decreasing gradually over the past 5 years compared to the bank only paying a small amount of profit but that is not profit thats reduce fund. Smart investors do not keep excess funds as deposits in the bank, they invest and strive for multiple increases in the funds.

As it stands, this present government has no plans on how they want to elevate the economy of the country and reduce inflation, they're more focused in campaigning for their next elections which means we shouldn't expect things to get better soon, which is why it makes more sense to use Bitcoin as a hedge against inflation than saving with the bank.

 Like you said, the value of fiat is reducing thereby making the money being saved in the bank useless, it's better for people to channel their attention towards Bitcoin before things gets worst, atleast there's hope when money is stored in Bitcoin for long in about 4-10 years, it more better than the banking system that charges monthly for tax and account maintenance.

[yixichloro2xx]

The best thing someone can do is balance both together.  You can have different types of savings e.g emergency savings, food savings, miscellaneous etc. With that  they give you stability and also you can be able to invest properly with the little portion of money you have left with you. Whereby your savings would prevent you from touching your Bitcoin investments for survival. Our way the economy is so bad now , no one knows how long it will last. Both have their advantages and disadvantages. Saving in the bank gives us easy access but it's  value depreciates during economic recess. As for Bitcoin, it values keep increasing when you hold for a longer term but it is risky and volatile if not done properly.