Is Bitcoin Really a Safe “Savings Account” for Nigerians?

[Cryptoprincess101]

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

Why did you say that bitcoin isn't safe? something that you have in your own custody isn't safe to you right. Maybe you have you own understanding of what being safe means to you but if you should know, bitcoin is the safest investment you can think of because it is difficult for someone to hack your wallet without the seed phrase, what you just owe yourself is to keep your seed phrase in a safe place. The price changes of bitcoin have nothing to do with its safety because we already know that bitcoin is a volatile asset therefore its price fluctuates all the time. Bitcoin is a safe asset so don't get it twisted.

[Little _damsel]

I'd say bitcoin is not a perfect “safe account” but most Nigerians have realised that there's a greater risk in naira saving, because of how high inflation is becoming on naira. Bitcoin should be understood properly. It's no longer best for short-term savings, a type that if you need money for rent, food, school fee or urgency, No it's not. The price can swing heavily, and if you don't understand volatility, whenever you're in a dip you may end up selling out, and you become at loss. A person who doesn't understand wallet, seed phrase, or basic security can lose funds easily.

So would I advise an average Nigerian to save in bitcoin? Yes I will, but with carefulness and it shouldn't be with the money they can't leave untouched for years, I'll also make sure they don't put all their funds into it. Not without learning first.

I also think people should stop asking, “is bitcoin risk free?”
The question should be, “which risk is easier to survive?”
Bitcoin volatility, or constant naira depreciation? Because almost everything in life is a risk.

[CryptoHeadlineNews]

Honestly, with how fast the naira keeps losing value, I understand why many Nigerians are turning to Bitcoin just to protect their savings... leaving money in the bank sometimes feels like watching it slowly disappear

Using the phrase "disappear" looks as if the money vanishes, but the sad thing there is that your money will still be there, but yet can't afford to buy the same thing it used to afford before due to the fact that the currency loses it's value as a result of inflation. That's what Naira causes. Whereas, when you try to open a dormiciallary account, which happens to be the dollar accounts to save your money, banks will stress you and even ask for exorbitant fees, simply because they don't want you to stop using the Naira account that keeps losing its value. So now you see what triggered many people into using Bitcoin, due to the fact that you can Open a Bitcoin wallet right, write down it's seed phrases and start using it instantly to receive and send funds across the world.

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

Yes of course, if I'm being asked what is the best alternative where they can save their funds, most especially funds meant to be kept for long term and not be in use, Bitcoin is the best alternative I will give, due to its ability for it to grant us full control over our asset, and likewise save us from the inflation of our Naira due to bad government policies.

[Grace333]

Honestly, with how fast the naira keeps losing value, I understand why many Nigerians are turning to Bitcoin just to protect their savings... leaving money in the bank sometimes feels like watching it slowly disappear

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

Alot of testimonies have been said online even common sense can tell that if you had held your bitcoin since the past 10-6 years you wouldn't have any doubt to whether bitcoin is betwe than saving in fiat. Sometimes it's best to let some people have the experience themselves to see if it really works. Experimenting has been my greatest solution to solving problems like this i recommend it to anyone who has doubt to begin or pursue any financial journey. We are in a generation of information however you can also learn quickly about something from other people experience written in books, articles, podcasts...

[Queen uloma]

Honestly, ehhh with the way our Naira Dey lose value, I don understand y many Nigerians dem Dey run go bitcoin to protect dere savings. I remember wen person been Dey put money for bank d value too Dey disappear becos of inflation. But bitcoin no Dey entirely safe since d price Dey volatility. If u mistakenly lose access to ur wallet or scam com scam you, e fit turn to losing all your money. Some times I no know y people Dey chose bitcoin wether na because na the better option. Bitcoin Dey offer financial freedom and e Dey protect against inflation for longterm but e Dey come with risk way average people no fit  understand. And even if dem won invest make them try to understand wella

[Stable090]

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

Before u go leave money for bitcoin, u suppose understand the basics of bitcoin, u suppose don accumulate much knowledge about bitcoin, u go don understand the price volatility before u go put money for bitcoin, u go don sabi how u go properly secured ur bitcoin before u leave money for bitcoin, u no go invest in bitcoin just because say u see people Dey invest and u self wan invest in bitcoin.

People Dey always talk am. If u wan invest in bitcoin, make sure say na long term investment u go get for mind, make sure say na d money wey u no go use within a short period na him u go use. So imagine say u invest in bitcoin for like 10 years now, anyhow wey e wan be u go don Dey profits already. If u Dey hold for long term, u no go even need Dey check ur bitcoin always.

If u Dey hold, u go don sabi some scam strategies wey Dey, u go don sabi how u go Dey hold ur bitcoin, d best wallet to use, and how u go secure ur seed phrase. No be say u go just rush go invest when u no get small knowledge about bitcoin investment.

[Jegileman]

Honestly, with how fast the naira keeps losing value, I understand why many Nigerians are turning to Bitcoin just to protect their savings... leaving money in the bank sometimes feels like watching it slowly disappear

It is not sometimes but most of the times. Historically, the Nigerian Naira has been losing its value for a very long term till now, so saving in Naira in the bank is like spending your money daily without having anything to account for it or get a return on investment.

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

You just need to be more cautious of your funds, you need to be more careful with how you safe your seed phrase and not you always publicly showcasing you have more bitcoin in your savings, that’s how scammers get to know and wants to track you to steal from you. Bitcoin investment is highly delicate, but you should not see it as a bad option over banks because it all revolves around how you can handle what is yours which is important for everyone.

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

You don’t convince people to invest in bitcoin, it is very clear what they want and what they see, telling them about it is enough but forcing them is not something I’ll do even though it looks so clear to be the right option to go for.

[SmartGold01]

Honestly, with how fast the naira keeps losing value, I understand why many Nigerians are turning to Bitcoin just to protect their savings... leaving money in the bank sometimes feels like watching it slowly disappear

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

At first you need to understand the real concept of Bitcoin and also know the reason why it's introduced. From what I am seeing from your end you seem so shortsightedness about the whole thing. Bitcoin is created as an alternative to fiat which in real purpose as a financial freedom where you can make transfer when fiat are limited, in fact you have your freedom to make transfer Bitcoin and payment are your own discretion without involving the third party. But aside that, people found it more worthier than that where you could hold it back and after specific duration of Years the price increases due to its circler season.

Of course, those who knows the benefits wouldn't hold fiat anymore on their bank account instead they would decide to hold back bitcoin as form of savings where many people sees it as an investment, and of course our currency keep losing value so holding Bitcoin could yield a better benefit than holding fiat while it keep depreciating in our account.

Honestly, I wouldn't be that too haste to encourage someone who doesn't know about Bitcoin to go do investment or to convert all their fiat to Bitcoin knowing to well that they don't have any knowledge of Bitcoin or when the price should be increasing or not. They may not withstand any little price changes over the time because they would feels that their money is gone where they would be that panicking about the percentage that they lose.

[Y3shot]

Honestly, with how fast the naira keeps losing value, I understand why many Nigerians are turning to Bitcoin just to protect their savings... leaving money in the bank sometimes feels like watching it slowly disappear

But at the same time, Bitcoin isn’t exactly “safe” too because of the price swings and mistakes people make with self custody... One wrong move and funds are gone.

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

Bitcoin is a better option for value, and if you must go into Bitcoin because of the depreciation of fiat, then you must keep in mind to invest for the long term. Bitcoin is a volatile asset, and you don't need to invest money that you will need quickly in Bitcoin.

This is where a lot of people make mistakes; they lack the understanding of how the value of Bitcoin works, thinking it is instantaneous. In an economic crisis where fiat is thoroughly affected, Bitcoin is a good option to consider for the long term. If one is not ready for the long term, it is better to remain in fiat because Bitcoin is very volatile and can drop in value when you least expect it.

[Rockson1]

Bitcoin is a better option for value, and if you must go into Bitcoin because of the depreciation of fiat, then you must keep in mind to invest for the long term. Bitcoin is a volatile asset, and you don't need to invest money that you will need quickly in Bitcoin.

This is where a lot of people make mistakes; they lack the understanding of how the value of Bitcoin works, thinking it is instantaneous. In an economic crisis where fiat is thoroughly affected, Bitcoin is a good option to consider for the long term. If one is not ready for the long term, it is better to remain in fiat because Bitcoin is very volatile and can drop in value when you least expect it.

In terms of investment fiat is not an option but whoever thinks exactly as you presented it here should better go elsewhere because  Bitcoin is not a get rich quick investment so in other not to deceive oneself it will be better such persons to look elsewhere, people get themselves confused about Bitcoin, when they hear Bitcoin, the first thing that comes to their mind is quick profit as if they kept any money inside for someone to give them as they start investing.
Yes you are right that Bitcoin investment is a valuable investment but appropriate measures has to be taken to get to that point, some people are not just meant to be part of Bitcoin investment because their mindset is totally different from what Bitcoin investment represents.

[Antonixx]

So sometimes I wonder… are we choosing Bitcoin because it’s truly the better option, or just because every other option looks worse?
Would you actually advise the average Nigerian to save in Bitcoin today? Or is it still too risky?

Oh well I'll be making almost same reply today in most of my replies.

There is no safe heaven. If you don't take risk, you will not be able to make it big. With Bitcoin you have freedom, this freedom which you won't get saving your money in banks.

Banks are not your friend they use your money to invest without giving you any returns. putting money in Bitcoin offers you the chances to make profits from your own money. Now the bank does not have the chance to cheat you.

It all comes with risk, but we don't want to allow the idea of risk to stop oneself. Bitcoin is volatile, yes. But that volatility is what makes it the best option to invest in.

Very insightful thanks for sharing your opinion