Bitcoin's fractional, 1 Satoshi is worth more than Nigerian paper money

[KawasakiNinja1_]

In fact my purpose in creating this thread is that we are facing various economic problems due to the increasing inflation,In comparison, the value of paper money in this country is gradually decreasing, which shows that the lower and middle class people living in this country are living in a war-like situation. So if we are a little educated or try to be a little educated to get out of this fragile economic situation, then those educated people should choose BTC as an alternative currency because the value of Satoshi is much higher than the NGN of our country.

Currently it appears that 1 Satoshi = 433.34 NGN (according to Coinbase)

The value of this tiny fraction of a Satoshi has defeated the value of our Nigerian paper,This proves that if everyone living in this country started buying and accumulating Satoshi, it might be the right decision, but that is not possible.To be financially self-sufficient and not have to worry about the gradual decline in the value of NGN, we should jump into BTC investment,maybe this will be a timely decision for everyone.

Therefore, keep depositing small portions of Bitcoin systematically and HODL for the long term and with patience,That will keep you from worrying even if the value of the paper money decreases.

[abaeze]

Bitcoin not only protects assets from inflation but also protects against rapid depreciation of the local currency of any country or acts as a hedge. Also, the protection and control of the assets lies with the investor. That is why people are naturally leaning towards Bitcoin as an alternative asset instead of Naira.

Another thing is that how small or large a unit of an asset is, does not determine its real value. Here, 1 Bitcoin is divided into 100 million Satoshis, which is why the price of Satoshi looks like this. It is mainly a matter of the unit, not the ability to store value. So, even for financial safety in Naija, disciplined accumulation according to a long-term plan in Bitcoin is important.

[Doan9269]

Naira value as devaluated to an extent that some of its currency are not even of relevance any longer, we have these as extinction or invaluable currency in Nigeria presently and it will be like a shame if you have or willing to spend them, coins, #5, #10, #20 and #50 altogether, so when it comes to exchange rate as well in relation to Nigerian naira compared to USD or any other form of cryptocurrency, we know the value it worth when converted to those currency to show us how strong this currency are against naira, and nothing is affecting the whole economy than inflation, this is why bitcoin has become the solution to avoid the effects of inflation over the economy and our own personal income.

[knowngunman]

No be today Nigeria inflation start. In fact Nigeria inflation rate has been in double digits for many years now. When central bank dey print money anyhow and our government dey borrow money unlimited, definitely our currency go lose value. BTC has a fixed supply of twenty one million so normally e go dey more valuable as demand dey increase.

But the fact be say Bitcoin is volatile asset, he fit lose value overnight more than wetin our currency don lose for years. Besides people decides on what or where to put their money, if you can not afford to bear the risk, you should not go near bitcoin. Na productivity dey affect us for this country and na why our currency dey depreciate day by day. If you are not productive, you'll be consumer and your currency becomes worthless over time.

[Hypnotizer]

Wow…I’m actually just finding out that 1Sat is more than N400 right now, if you look at the Nigerian economy you go just dey vex…see as the our economic sectors like agriculture are crumbly because of insecurity and nothing the government dey do about am. The only focus of the politicians in this country is theirs power and how they’ll retain it or get it.

The inflation in Nigeria is unbelievable especially in the past three-four years, just take a look at the prices in the market…..goods have triple their prices just imagine somebody that saved N100k in Naira in 2023! The amount of money him don lose to inflation no be small oh.

Hodling Bitcoin is really important I think but it’s depends on how the person looks at his money and investments, anybody wey wan keep money right now eh better make him either invest in bitcoin or buy some physical asset that can appreciate in the future instead of leaving it in the Naira for inflation to dey chop am gradually..

[Karl_3000]

Currently it appears that 1 Satoshi = 433.34 NGN (according to Coinbase)

This is not true but probably it will be true in the future

Bitcoin price in naira = 100,768,500
Multiply by 1 sat = 0.00000001 BTC = 1.007685. It is 1.007685 NGN and not 433.34 NGN

If I first convert bitcoin to dollar and convert it to naira, it will give similar result.

[The Founding Titan]

Pushing bitcoin as a hedge against inflation and as a means to store value is a smart idea and that's why alot of people have already been doing it for years now and it also works for alot of international trade but if you are pushing for a day to day use to buy and sell regular commodities then your plan won't work, the country is already in a bad place where the price of things changed almost daily, how do you explain buying something for N2k today, N900 tomorrow and N1500 the day after? because that's what bitcoin will do to regular everyday commodities.

[DiMarxist]

The value of Bitcoin has been on the increase because of the significant level of embrace that Bitcoin has been able to get. At the first place there is no need of comparing Bitcoin with our naira because the Naira is one of the most weakest currency in the world currently. This is the more reason people are encouraged to the use of Bitcoin in the Nigerian society, this is Bitcoin the price of the Naira keeps dropping and Bitcoin is one asset that has been associated with Been an hedge against the effects of inflation which has affected our currency as a country.

[Agbamoni]

Well, 1 satoshi is worth more than many currencies in the world, not the NGN alone. There are many countries in the world where the NGN has more value and worth, so it's a usual thing. Just like how a Bitcoin has more value than 1 dollar.

Bitcoin helps in inflation, especially in developing countries like Nigeria.

[Joy_learns_crypto]

The value of Bitcoin has been on the increase because of the significant level of embrace that Bitcoin has been able to get. At the first place there is no need of comparing Bitcoin with our naira because the Naira is one of the most weakest currency in the world currently. This is the more reason people are encouraged to the use of Bitcoin in the Nigerian society, this is Bitcoin the price of the Naira keeps dropping and Bitcoin is one asset that has been associated with Been an hedge against the effects of inflation which has affected our currency as a country.

The significant level of embrace bitcoin has had from people increase the demand of bitcoin and the value of bitcoin then increases, the demand and supply chain.
It’s will be more than a year saving one Naira every day to bring you to one dollars, that currency that saving one of it a day every year isn’t up to a dollar should not be compared to bitcoin, we should just wrap our mind around the fact that the Naira is not economically stable.

[Obim34]

~snip

Listen to Karl, 1 Satoshi is worth N1.05 as at the current rate.

Don't forget that 100,000,000 Satoshi makes up 1 Bitcoin.

Doing the calc. according to Karl explanation, you will get N1.05 after conversion, which isn't near the smallest denomination of the Nigerian currency. As at our current economy, N50 is replacing the worth of what we buy for N5 as at then.