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

[Wiwo]

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 a 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?

Make we no lie for ourselves, saving in bitcoin or other cryptocurrency is appealing for Nigerians simply because of the expectation of making profits from their savings.

Most Nigerians see bitcoin and cryptocurrency as a means to make money and not because of country inflation or anything like you speculate.

Those who don't know about bitcoin ot can not manage bitcoin risks still save their money in the bank; the trend has not changed anything.

[Homemade-IQ]

Make we no lie for ourselves, saving in bitcoin or other cryptocurrency is appealing for Nigerians simply because of the expectation of making profits from their savings.

Most Nigerians see bitcoin and cryptocurrency as a means to make money and not because of country inflation or anything like you speculate.

Those who don't know about bitcoin ot can not manage bitcoin risks still save their money in the bank; the trend has not changed anything.

Wetin you dey talk here no be lie, almost everyone for Nigerians think of profit first before anything else when them invest in bitcoin, so if we dey talk about benefit like beating inflation, that one good, but no be him be the main reason most of us dey invest or get involve with Bitcoin, na profit be the main thing.

Keeping your money in the bank no be bad thing oo, but inflation go do you strong thing by reducing the value of ur money, but with Bitcoin, na the opposite because na asset wey dey appreciate in value overtime.

[CryptopreneurBrainboss]

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?

Anybody wey say crypto never change the way they see money, dey lie. (I say crypto to generalized as some people here dey for altcoins self and not Bitcoin) But all sha follow as this industry done really do something special for person life.

Me self I no remember the last time I go bank as e no only change my perspective about money but the way I handle money too in whole. My bank apps for Naira self no be normal banks again as everything I want to do about money need dey fast or I no go interest me to do.

Talk about the investments aspect, na Bitcoin dey person mind every time oh, e no matter if e they favour me or not, I they game because name  know how e dey be when the market begin they show love.

[Asiska02]

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?

Most of my money for spending dey in fiat and I no even know when last I enter bank because that place sef dey always be time wasting to me. Na fin-tech way be the way forward. Even when you get issues with them, na just only complain or out call through their customer care and they’ll attend to you sharply unlike the commercial banks wey dey before.

Fin-tech banks come still be the way forward for us wey dey do p2p, na them no dey waste time to receive money ASAP. If I get my ways, I go wan even delete my data for commercials banks but nothing spoil as far as my money no hang there wey I no fit comot. Crypto wey come for us really change how we dey view things and na why we dey mostly take caution make our exchange money from crypto no enter commercial banks directly.

[Frankolala]

Since, I start to dey for the cryptospace, I like to keep coins than fiat. My savings dey for bitcoin and I no dey touch that one at all. My weekly spending Na to change coins to fiat before I go spend. I no get time for keeping too much fiat, Na only the one I won spend immediately, dey dey my hand. My mentality for fiat don change.

[Fiatless]

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?

Since way Goodluck Jonathan leave power, the value of our naira to fall like water. The worst one happen immedaitely Boal Tinubu take power. This one make Nigerians to begin seek avenue to protect their fiat against inflation. Men way sharp begin enter the crypto space because coins like Bitcoin na hedge against inflation.

Crypto don change the way Naija people dey see fiat. Na him make even when our government dey attack crypto, adoption dey increase the more. Nothing go make me keep big money for fiat because inflation go chop the money finish.

[SatoPrincess]

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.

That’s not true. Saving in usdc can be used as an hedge against naira inflation. The risks is minimal as the naira as we know it is not surpassing or even matching the US dollar value anytime soon.

Bank is old fashioned, in this digital world, a civilised person is not supposed to visit or keep their money in the banks.

This is simply not true. It seems you do not fully understand what a bank is.

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.

Firstly, bitcoin is always accessible. Secondly, you’d be surprised how many sell their bitcoins in the bearish market. Some people are not just cut out for hodling long term especially when they listen to all the noise on the internet.

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.

You have access to those same stocks and gold. It’s a global market and people living in Nigeria are also trading gold as well.

[Fiasem20]

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

Bitcoin no come to replace fiat but e don change ehn enthusiasts their perspective towards holding fiat currency in the bank.Fiat currency no be better hedge against inflation because e dey lose ehn value well well,so if you dey look for asset wey go stand as hedge against inflation during economic downturn then I go recommend bitcoin because bitcoin na safe haven asset for the long term.You dey even talk of when last you visit bank,as for me I no wan visit bank again because their level of incompetency dey increase,how I no go authorize transaction then bank go just dey permit the transaction,then when you reach bank dem go con dey delay you with their long queue and few computer,e better make you just use fintech to save all this drama.

[Bitcoin.com97]

Nothing give me joy reach say , people don dey see reason to invest in Bitcoin,if not before you go see people go dey save for bank for years ,at the end person no fit use the money do better thing because of inflation, many Nigeria way still dey use bank nah just for domestic use ,at least to buy some stuff , which is food and others ,but anything future purpose them don divert am to crypto, the awareness of Bitcoin really changed many on how they see banks note , almost every one I know dey aware of Bitcoin investment and e really dey interesting, meaning the changes and awareness don dey go round and very soon people no go dey even reason if bank still dey exist ,unless things don dey better for this our country naija .

[Cryptoprincess101]

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.

That’s not true. Saving in usdc can be used as an hedge against naira inflation. The risks is minimal as the naira as we know it is not surpassing or even matching the US dollar value anytime soon.

Supposing you saved your money in USDT when the Naira exchange rate was 1900 Naira to 1 dollar and you want to convert that USDT to Naira now that the exchange rate is at 1375 Naira per 1 dollar, will you be in profits or loss? There is no utility in saving your money in stablecoins, this is not supposed to even be an argument and it is not about naira inflation either.

[SatoPrincess]

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.

That’s not true. Saving in usdc can be used as an hedge against naira inflation. The risks is minimal as the naira as we know it is not surpassing or even matching the US dollar value anytime soon.

Supposing you saved your money in USDT when the Naira exchange rate was 1900 Naira to 1 dollar and you want to convert that USDT to Naira now that the exchange rate is at 1375 Naira per 1 dollar, will you be in profits or loss? There is no utility in saving your money in stablecoins, this is not supposed to even be an argument and it is not about naira inflation either.

You could say the same thing about buying bitcoins at ATH and selling in bearish markets. Although I can’t remember a time when usd was trading for N1900. My point is that saving your money in a base currency that’s more stable than yours is a good financial decision.

[Byebyebtc]

Right from when nira started too loose value, I never saw it the same way, it was not even crypto that made me loose trust for it when it comes to savings money and doing business,
Right from a certain change of government Nira inflation became something else and I started saving with dollar and doing business sometimes with dollar as well, then when I discovered crypto, I also started using crypto to for savings along side dollars.

[Bryan jessy]

My perspective of saving money in the Bank has changed now, to be honest, now I prefer saving my money in crypto currencies, but I just leave little amount in my Bank account, the annoying thing is the fact that almost everyday I see debit alert from my account deducting small amounts of money from different strange services that I do not understand and if such thing is even in existence, it just upsets me anytime I see a debit alert from them for an unknown service. But the funds on cryptocurrency are just there untouched, so now why would people not prefer making use of Bitcoin or other cryptocurrencies, I am sorry to say this but the Banks are not helping,.if cryptocurrencies gets approval for generally usage today, trust me everyone will want to adopt it.

[Zigabel]

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 now know wetin dem dey see b4 dem make money, na why dem no go wan keep am for bank make e just dey dia dey fall anyhow when inflation come, for moeny wey be say pipo don suffer for years come gather com say make dem invest, dem no go wan see am say d value dey fall dey go like dat, na why you dey see say many people now don dey put eye for the crypto mata, d attention don shift go dia like safty net for de value of dia money.

We plenty wey dey do like you OP, like me now, e don dey go up to 3 years now, i never enter bank and the bank app sef na occasinally i dey use am, because dia wahala no be wetin person dey ever ready to face at any time. whne you keep moni for crypto, you go get small confidence say your money go dey still maintain value, especially when e be say na for stable coins or Bitcoin you put am. since i come know about crypto com understand am well, my idea about our money don really change, especially as e be say inflation too dey wori am, na safe corridor crypto come be for most of us now.

[Davidloki]

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.

People in Nigeria also use stocks, and someone made the statement that stocks are a better asset. Each currency has a particular asset that gives it leverage to hedge against inflation. In Nigeria, the US dollar is a currency used to preserve value, but Bitcoin has been what is used to hedge against inflation since the US dollar became somewhat stable for sometime.

I prefer to have both the naira, the US dollar, and Bitcoin. It all depends on the intention of holding them.

Obviously, if we are talking about long-term preservation of wealth, Bitcoin must be involved. Assets like real estate and stocks are also in the same conversation for long-term preservation of wealth.

[B-BossMan]

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?

As we don see money wey pass our own for power wetting you they expect. Bitcoin don bring biggest turn up for our Naija, na why many people they pay attention to bitcoin, because he worth am, before we if we don save like 2millions naira for our account, we go dey feel big say we get savings since that 2 Milla go still remain there. But as bitcoin come, we come dey realize say na better asset wey we suppose put money for long-term period, so we come dey look say our traditional money no too get value again.

But, even with that, we no still get certainty on bitcoin, so we no need to invest all our money inside, at least make we put small percentage wey we no go use for long-term period, and  using some percentage for any emergencies,

[Sticky Bomb]

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?

My brother banks lost a client in me. I rarely have personal money in conventional banks now, most of my personal funds are in USDT and BTC. To be honest, guys have been positive about whatever would enable them break free from the witchcraft of the banking sector and that of weak Naira. I think the only bank I actively use now is OPAY, apart from company account.

My perception of fiat has changed since getting into crypto, I'm more about self-custody now than having my money in the banks, even for the stable coins I possess, I still hold them in non-custodial wallets(although I know they're still centralized coins), but I'll want to hold them myself and not in CEXs.

[Fiatless]

Supposing you saved your money in USDT when the Naira exchange rate was 1900 Naira to 1 dollar and you want to convert that USDT to Naira now that the exchange rate is at 1375 Naira per 1 dollar, will you be in profits or loss? There is no utility in saving your money in stablecoins, this is not supposed to even be an argument and it is not about naira inflation either.

Baba you just open my eye oh. I never reason say person fit lose money way him save for USDT if naira value go up. Wetin you talk na the whole truth.

You no say people dey get the mentality say naira go always fall no matter wetin happen. I no blame them because our currency too dey fall hand. According to the official market, the dollar ATH against the Naira na ₦1,717.50, and the period na for November 2024. So anybody way buy USDT that time go dey lose money since Naira na 1375 Naira for 1 dollar now.

That means keeping USDT as a hedge against inflation is risky because the local currency could increase in value. Bitcoin na the best to run inflation hedge package.

Baba, your brain sharp.

[Somto9Light]

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?

It's not as if Nigerians don't like saving their money in crypto, they like it but the problem is that most of us are always in need of money all the time, it makes us to keep money if fiats so that in case of any emergency need it will be easier to get the money instead of going through the rigorous process of selling crypto on p2p which will be like a waste of time. Though except for someone who is saving their money in bitcoin, that is the only way to save money from inflation but if you keep stablecoins, it doesn't add much value and risking it on exchange platforms is another thing to consider.