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

[Bitcoin.com97]

Saving in Bitcoin will be nice if you are investing for a long time, it’s not longer a news that money in the banks decreased value over time , any amount save is still what you will get and some ,sometimes you may not even be able to buy what you had in mind before saving it , but Bitcoin investment is mainly for long term , since its volatile in nature , but one can get a good portfolio in a long term investment,so if you will need it within a short period then I will say no point .

That should be the goal of anyone that intends using it as a store of value because as an asset it's meant to be held for a longer-term of about 4-10 years so the investor can get more better ROI in the future. I believe that more people in our country would divert their attention to Bitcoin if our economy continues to get worst.
 You can see how we've been hit by inflation and saving in the bank currently is as good as nothing whereas Bitcoin is a safe heaven for hedge against inflation and offers better security than the bank.

That is the point , very soon banks will lose a lot , because the way our economy is going is not really funny at all, our money is also losing value every day , I don’t see any point saving in the banks again , Bitcoin is actually the best now despite there is a little risk , but that risk is far bette than saving in the banks, but the most important thing is that it should be for a longer time , just as you have specified.

[Antotena]

That is the point , very soon banks will lose a lot , because the way our economy is going is not really funny at all, our money is also losing value every day , I don’t see any point saving in the banks again , Bitcoin is actually the best now despite there is a little risk , but that risk is far bette than saving in the banks, but the most important thing is that it should be for a longer time , just as you have specified.

I will like to make some correction and this is not to look down on Bitcoin but to say the reality of people and the Nigeria Banking system. Bitcoin isn't going to replace bank and people are not running away and not because banks are better but because the government controls everything we do. An average Nigerian have a bank account but doesn't have Bitcoin, most have not even use Bitcoin before and some are even scared of holding it due to government.

Bitcoin is going to grow in Nigeria as years go but the bank will remain. They will rather work together for people to use but banks are not getting back for Bitcoin. Most of these banks are  owned and operated by the wealthy people, the rest of them are own by the government and even the banks that are owned by external institutions have some shares that are been controlled by the Nigerian government, Bitcoin taking away banks is like taking away government from Nigeria.

[Adbitco]

Saving in Bitcoin will be nice if you are investing for a long time, it’s not longer a news that money in the banks decreased value over time , any amount save is still what you will get and some ,sometimes you may not even be able to buy what you had in mind before saving it , but Bitcoin investment is mainly for long term , since its volatile in nature , but one can get a good portfolio in a long term investment,so if you will need it within a short period then I will say no point .

That should be the goal of anyone that intends using it as a store of value because as an asset it's meant to be held for a longer-term of about 4-10 years so the investor can get more better ROI in the future. I believe that more people in our country would divert their attention to Bitcoin if our economy continues to get worst.
 You can see how we've been hit by inflation and saving in the bank currently is as good as nothing whereas Bitcoin is a safe heaven for hedge against inflation and offers better security than the bank.

That is the point , very soon banks will lose a lot , because the way our economy is going is not really funny at all, our money is also losing value every day , I don’t see any point saving in the banks again , Bitcoin is actually the best now despite there is a little risk , but that risk is far bette than saving in the banks, but the most important thing is that it should be for a longer time , just as you have specified.

Is been a while I found myself into bank to make use of them because money are no longer having the value they should instead it keeps decreasing on a regular basis, if you are finding interest to move all your savings to Bitcoin investment then it's fine because that would serve as safe haven for that person since currency is losing against the dollar, when money are in bank they charges you every month for their service as you are making of the bank but in Bitcoin you would never have any losses except for the change of the market. You can keep it for your wallet for Years without them taking service fee and it's only when you want to transfer to someone or exchange you could be charged.

[Bitcoin.com97]

That is the point , very soon banks will lose a lot , because the way our economy is going is not really funny at all, our money is also losing value every day , I don’t see any point saving in the banks again , Bitcoin is actually the best now despite there is a little risk , but that risk is far bette than saving in the banks, but the most important thing is that it should be for a longer time , just as you have specified.

I will like to make some correction and this is not to look down on Bitcoin but to say the reality of people and the Nigeria Banking system. Bitcoin isn't going to replace bank and people are not running away and not because banks are better but because the government controls everything we do. An average Nigerian have a bank account but doesn't have Bitcoin, most have not even use Bitcoin before and some are even scared of holding it due to government.

Bitcoin is going to grow in Nigeria as years go but the bank will remain. They will rather work together for people to use but banks are not getting back for Bitcoin. Most of these banks are  owned and operated by the wealthy people, the rest of them are own by the government and even the banks that are owned by external institutions have some shares that are been controlled by the Nigerian government, Bitcoin taking away banks is like taking away government from Nigeria.

Bitcoin may not replace banks now but in time to come many Nigerians won’t bother too much about banks, just watch how pos came on board and look at the country now , if not because of a big problems many hasn’t step there  foot into banks , so changes don’t take time or happen as we expected it , the way banks deduct money , charge for sms, card maintenance and so on, the awareness people are creating on Bitcoin trust me in years to come , many will deviate from banks and go fully into Bitcoin.

[Miles2006]

Bitcoin may not replace banks now but in time to come many Nigerians won’t bother too much about banks, just watch how pos came on board and look at the country now , if not because of a big problems many hasn’t step there  foot into banks , so changes don’t take time or happen as we expected it , the way banks deduct money , charge for sms, card maintenance and so on, the awareness people are creating on Bitcoin trust me in years to come , many will deviate from banks and go fully into Bitcoin.

Bitcoin cannot replace fiat real, both are different and majorly the concept of fiat is use for purchase meanwhile bitcoin is an investment choice.
One of the reason why bitcoin will only stand as an investment choice and a digital asset basically the popularity is not common compared to that of fiat aside popularity let’s assume bitcoin is a legal tender and can be use for trade, what are the possibility people will go for bitcoin only? Without considering this and aside the basic fact about fiat depreciating in value any knowledgeable person must learn about investment and know the bank is not the right place to store money rather we have numerous investments most common is bitcoin.

[Coyster]

Saving fiat in the bank has never been a good option for people who understand finance and want to be rich. Money in the bank does not work for you, rather it works for the bank and they make profits off it, while you have to bear the risk of devaluation due to inflation.

That said, bitcoin is one of the assets that you can hedge your fiat against. But it is not the only one, there are stocks, bonds, precious metals, etc, and each of them have their accompanying level of risk, you cannot want to invest and you're looking for 100% safety. So on that note, it is up to the investor to figure out what their risk appetite is and then invest based on that. Diversifying is also another option, you can buy bitcoin and silver, that is another good combo.