Since we discovered bitcoin, E don changed di way we see Bank note in Nigeria

[Youngrebel]

Recently I have noticed that crypto has changed the way so many Nigerians look at money mostly the people around me and have been curious about it, as at before, most of us been dey very comfortable keeping our savings in naira, but with inflation and the way exchange rates change daily most Nigerians now dey find way for to protect their money and some people prefer Bitcoin, while others keep stablecoins like USDT or USDC because they want make e be something wey dey close to the dollar.

Though na gradual process but most of us, wey dey here prefer keeping our money in bitcoin or other Cryptocurrencies in large quantities than banks and we only keep small for emergency use only. Like dis I can't really tell when last I visited bank, it is from my wallet to Fin-tech

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

[PostQuantumBTC]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

People in the US are using better assets like stocks and gold to hedge against inflation but we are using dollar to hedge against inflation.

But this year I noticed that naira is getting strong but I do not like to have naira I prefer cryptocurrencies.

I have bitcoin and and few digital gold.

Bitcoin will perform better if talking about prices.

[Don Saga]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

Personally, the major reason I prefer saving with stable coins over fiat is because of cross border payments and transactions. Inflation is also another factor but could be secondary to the latter.

As a person who is mostly involved in international businesses and contracts, there is no better way to receive payments than using stable coins like USDT or USDC.

For some pther people, there could be other alternatives but this should be my own peculiarity with the use of bitcoin and other cryptocurrency over fiat.

[Donk1]

Well I don't think crypto have changed that much if it did we wouldn't have been making use of fiat currency anymore, because even till now, you have to still measure the value of a coin in fiat currency, so we are still relying on it in most part. we can all just agree that crypto/Bitcoin gave us a better alternative to fiat currency, one that offers utility without any third party involvement. That said, banks are now mostly used by old people in our country Nigeria, as they do not understand or have any knowledge of what or how cryptocurrency works. Perhaps with the arrival of fintech it's way easier to confirm transactions quickly when making use of P2P because just imagine if it was a bank it would take time for the money to reach your account before you can confirm payment and release the coin. Considering the fact that saving in crypto is way better than fiat folks are now more focused on the long term profits from the market, so perhaps our view of money presently is based on digital values and less on fiat inflation. That's all.......

[Freeveto]

Recently I have noticed that crypto has changed the way so many Nigerians look at money mostly the people around me and have been curious about it, as at before, most of us been dey very comfortable keeping our savings in naira, but with inflation and the way exchange rates change daily most Nigerians now dey find way for to protect their money and some people prefer Bitcoin, while others keep stablecoins like USDT or USDC because they want make e be something wey dey close to the dollar.

Though na gradual process but most of us, wey dey here prefer keeping our money in bitcoin or other Cryptocurrencies in large quantities than banks and we only keep small for emergency use only. Like dis I can't really tell when last I visited bank, it is from my wallet to Fin-tech

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

Naira and fiat generally is losing value due to inflation, saving in fiat through bank account is now stressful because apart from the fiat losing value, the bank also have their problems when it comes to withdrawal of your savings, it is better to save your investment in different way which is why crypto is being used as an alternative method of savings.

Not just crypto, but Bitcoin for long term holdings, and stable coins like USDT for short time savings for people who don’t want to take risk. Leaving your investment in fiat is very risky due to inflation, and most of us here earn through crypto, they will rather keep the Bitcoin they can’t use for now than to convert them into fiat which will be affected by inflation.

[Promocodeudo]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

One thing we should know is that people are beginning to see reasons why they are supposed to invest in Bitcoin, I'm talking about Nigerian, as Nigerians continue to adopt Bitcoin, they won't bother to keep much fiat in the bank, because adoption comes with some level of enlightenment that fiat is inflationary, Bitcoin is not, meaning that saving in Bitcoin is more secured than leaving your money in fiat, making it vulnerable for inflation to mess up with, which eventually reduces the purchasing power, fiat is not bad after all it has it's functions, bit saving in fiat when Bitcoin is there, is not the best, you can have some fiat for emergency use or other reasons but your major saving and investment should be in Bitcoin or may be landed properties depending on your choice.

[The Founding Titan]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

People in the US are using better assets like stocks and gold to hedge against inflation but we are using dollar to hedge against inflation.

I'm even more annoyed by it because recently the dollar has been struggling due to inflation, the different wars happening around the world anfnthe fact that major countries no longer want to use it as the currency for international trade, the dollar might have more value thsn the naira but that doesn't exactly mean it's a better store of value and storing value in bitcoin only works if you sre doing it long term, anyone who knows they can't leave that money untouched for years shouldn't even bother with saving it in bitcoin they are better off with their own local currency.

[HajiBagi]

I think people are beginning to know that investing our money is best option, we have many banks in the country and each banks deducted from our savings and claim it is a monthly fee, if you are the one are you going to put all your savings in the bank where they will be deducting from your account? I know we are using fiat currency to pay our bills and solve our daily needs, but as a person who knows about bitcoin and crypto will know how to use his money wisely, you can not save all your money in the bank, sometimes, you have to invest for the future.

Another reason why some people prefer to keep their money in stable coins like, USDT or USDC is because they know that there is advantage of they do so, sometimes, they can get profit if the price rises, crypto has changed some things, which is very important for any individual that know about crypto should do the right thing, but we should not forget that we can not also do with fiat, because we are in a country where most people only value naira.

[Moreno233]

I think say na only me dey observe say crypto don change plenty things especially how I take dey safe and spend money in fiat. Make I no lie, I no dey dread keeping money in Naira at all  since I begin buy Bitcoin. The only Naira wey I dey keep na for my Opay and that na to buy things wey I no fit pay with Bitcoin. Before now, I been get many accounts where I dey use save money, now I know inflation is always a problem so I no longer save in fiat but in Bitcoin.

[Princess Leah]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

Eh no get anybody wey dem go put honey for em mouth wey go say eh no sweet, eh sweet die! Wetin I dey try talk na say if person discover say em fit use Bitcoin as hedge against inflation and na better way of saving money wey go bring more ROI on the long run, tell me why tbe person no go embrace am.

 Although people stil dey keep their money for fiat for day to day transactions but many Nigerians especially the youths done get sense as to how to use Bitcoin to their advantage, dem fit save daily expenses money for bank but invest for Bitcoin.

[Versatile_choice]

That's in your part. In this part where I live you barely see someone talk about bitcoin not to talk of saving in bitcoin, and when you try to put them through they won't listen. In this part where I live many do not know if there's anything like bitcoin or crypto, but when i moved out from here I see a lot of people talked about bitcoin while some business Men accept it as another method of transfer.

So yeah, bitcoin have really changed a lot of things. And one of the things I like most about bitcoin is that it gives privacy and it can also serve as hedge against inflation, and inflation has always been the problem we are facing in this country.

[DiMarxist]

The reason why people have started seeing our Fiat currency in Nigeria differently is simple, and I believe that you have already explained it in your thread. Fiat currency is not what people will trust that much these days again because of the effect of inflation which has been an issue especially in Niger Nigeria were we have a very weak economy. This has caused an unprecedented rate of inflation that the purchasing power of the currency is lossing value each day that passes.

Bitcoin has been vied by many as anti inflationary tool were by one can use , to avoid the effect that inflation has when it comes to Fiat currency. So in countries like Nigeria people who are informed about Bitcoin has come to embrace it and made use of it because of the role it plays. These days you see more people talking about Bitcoin and even online payment because of the level of information that has been created so far in the country.

So allot of people has changed the the way that they see our bank notes because, with the way that things are going Bitcoin has been part of the Nigerian society when it comes to payment of goods and services. Bitcoin can function as everyday money.

[Gost ms]

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

People in the US are using better assets like stocks and gold to hedge against inflation but we are using dollar to hedge against inflation.

But this year I noticed that naira is getting strong but I do not like to have naira I prefer cryptocurrencies.

I have bitcoin and and few digital gold.

Bitcoin will perform better if talking about prices.

Bitcoin has definitely become a much better asset than gold. If I were to speak for myself, I would definitely say that I would put more money in Bitcoin and my second choice would be gold. Bitcoin is a volatile asset and even in the case of long-term investment, there is a possibility of profit and there is a possibility of loss. So I would prefer to spread my assets. For example, 40% in Bitcoin and 30% in gold and the remaining 30% I would prefer to keep in fiat currency or in dollars.

Although every investment is very good, if there is any kind of bad effect, I will not face a big loss. Because if I cannot profit from Bitcoin, then I will definitely be able to profit from gold.

[Cryptoprincess101]

Recently I have noticed that crypto has changed the way so many Nigerians look at money mostly the people around me and have been curious about it, as at before, most of us been dey very comfortable keeping our savings in naira, but with inflation and the way exchange rates change daily most Nigerians now dey find way for to protect their money and some people prefer Bitcoin, while others keep stablecoins like USDT or USDC because they want make e be something wey dey close to the dollar.

Anyone who is saving their money in stablecoins like USDT or USDC lacks understanding because it won't protect your money from inflation. The only way your money can be protected is if you store it in bitcoins.

Though na gradual process but most of us, wey dey here prefer keeping our money in bitcoin or other Cryptocurrencies in large quantities than banks and we only keep small for emergency use only. Like dis I can't really tell when last I visited bank, it is from my wallet to Fin-tech

Bank is old fashioned, in this digital world, a civilised person is not supposed to visit or keep their money in the banks. Recently, there have been reports from people about their money missing in banks. Banks are becoming so fraudulent, it is better to avoid them than regret. FINTECH such as Opay and Monie point are good but still you don't need to keep huge amount in your account.

And i come Dey ask myself for those of us wey dey Nija, sha crypto don really change the way you save, spend or think about money mostly our own currency? Or na just say you  prefer to keep most of your money in fiat?

Bitcoins has changed the way we save our money, but it's not everyone that saves their money in crypto assets, some people still prefer keeping their money in fiats so that it can be accessible to them. Someone who really wants to maintain discipline while saving is not supposed to make their money accessible to them, that is why saving in bitcoins should be preferable because it will be difficult for you to sell your bitcoins when the market is falling.

[gracreavix]

Bitcoin and stable coins use in Nigeria are solving different problems. Bitcoin is to preserve wealth or grow savings and stable coins most times as Bitcoin too is used to hedge inflation in Nigeria. The notion that people are leaving banks is not true. Just that people are changing how they save money. For me personally I use both for savings. Which is still very ok. At the end, everyone is trying to protect themselves from inflation.

[POPOLUV]

I think say na only me dey observe say crypto don change plenty things especially how I take dey safe and spend money in fiat. Make I no lie, I no dey dread keeping money in Naira at all  since I begin buy Bitcoin. The only Naira wey I dey keep na for my Opay and that na to buy things wey I no fit pay with Bitcoin. Before now, I been get many accounts where I dey use save money, now I know inflation is always a problem so I no longer save in fiat but in Bitcoin.

No Nigerian that will be so exposed on how Bitcoin works and will still prefer saving money in naira and spending it, assuming it is very possible to eliminate all banking system in Nigeria and install crypto to rule everywhere in the country but i still there are hope because with the way crypto is spreading gradually by gradually to the ears of those that has not hard or idea about Bitcoin before and now they are been taught how Bitcoin works and that is why every countries in the forum are producing newbies on a daily basis, to see how far Bitcoin can separate to the world, so it is believe that people don't want bank stress anymore and that is why most people still prefer making use of opay account for easy and fast transactions.

[Cryptomultiplier]

I go totally agree with the fact say the discovery of Bitcoin change people perspective about money and I especially, with the discovery of Bitcoin come get to believe in digital currency and cashless society, where e be say I no dey carry cash around again and I get multiple accounts wey I spread money put wey include not just fintech banks, but normal fiat bank, Bitcoin wallet and even up to stocks account Incase my interest in the use of any of these come become necessary at any given time.

Fiat in the bank na mostly for emergency and many businesses suppose get am if you want make people and investors believe say you dey do legit business and then come patronize you for this country. Otherwise, you for see mostly fintech banks and crypto currencies wallet as the main option for payments transactions for many of us for this country, because we simply don tire for bank palava and CBN policies and even exchange rate and inflation problems.