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

[Rgram]

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?

Watin you talk no Dey far from watin dey happen for the country for cryptocurrency users and other citizens way no Dey affiliated with the currency.

This move way Dey truly keep people from the bank no Dey hooked go cryptocurrency o, e start from the election matter way see our current seating president to en chair. That move way make our naira con scares, the bank network wahala and the fintech industry entering mainstream and getting more traction, na watin make people no too Dey go bank again o.

People don realize how seamless e dey and without stress to dey bank online, even resolving some customer support issues online. As a cryptocurrency user cef, e even make things better, all aspect to your finances just Dey online, plenty things no just Dey worry you again.

[PremiumcryptoHub]

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.

Bitcoin has undoubtedly become a better asset than gold and I think that since the invention of Bitcoin, people’s perspective on money has changed especially in our country Nigeria because Bitcoin is being chosen as a hedge against high inflation and it gives financial freedom to all users.

However you have diversified your portfolio which is also a good strategy in terms of investment because we should not spend all our money in just one investment but should also invest in gold or other investments and even keep some money in fiat currency or dollars. In fact many people may have been comfortable keeping their savings in Naira but those who understand Bitcoin are now investing that money in Bitcoin so it can be said that Bitcoin has changed the way we save money.

[osasshem]

Omo, big change done de on the way I de view our currency oh and the way I been de look savings back then. Our currency almost on monthly basis, we de see price fluctuations between NGN/USD, of which the rate of devaluation go just make you tire. The only people way no de get this feeling, na people way no get anything way dem de do online way de give money. Cause when you see the price difference between USD/NGN, bro, you go wan your every earnings to de in USD.

Funny enough, our leaders done already abandon NGN, na USD dem de take patrol now.

[Stable090]

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.

If na money wey I no go use within a short period of time, na for USDT I Dey leave am, but if na money wey I no go use for long period of time, I Dey always leave that one for bitcoin. I no even remember d last time wey I keep plenty money for Naira, even if inflation no Dey, I just feel say my momey no Dey safe if I leave am for bank, so e better make I put am for place wey my mind go Dey at rest say my money Dey.

Most people wey I know wey Dey into crypto, most of them no Dey leave money for Naira, some of them go just leave money wey dem go Dey swap frequently for Bybit, since if u wan swap for bybit now, swift payment don Dey, so even if Dey wan commot money, e no Dey delay again.

[Webutxo]

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.

Na the only way be that my brother. Banks can freeze your account which you have to go to them and explain to them about your money, like a random account can send you money and the bank will freeze not just the money that came into the account, they will freeze the money that was there and the one that came later. This can not happen in crypto wallet except for people that are using centralized exchanges to hold their coins which are not advisable.

Fiat get their advantages, you can hold few but don't leave everything on your account. I dey twale for people wey dy live millions inside their bank account and sleep like it's nothing to them. When I see people even lock their money on their accounts because of the peanuts they give them as interest rate, it makes me think that people don't know about inflation before they save money on their accounts.

[MorganaX]

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.

If na money wey I no go use within a short period of time, na for USDT I Dey leave am, but if na money wey I no go use for long period of time, I Dey always leave that one for bitcoin. I no even remember d last time wey I keep plenty money for Naira, even if inflation no Dey, I just feel say my momey no Dey safe if I leave am for bank, so e better make I put am for place wey my mind go Dey at rest say my money Dey.

Most people wey I know wey Dey into crypto, most of them no Dey leave money for Naira, some of them go just leave money wey dem go Dey swap frequently for Bybit, since if u wan swap for bybit now, swift payment don Dey, so even if Dey wan commot money, e no Dey delay again.

I believe Nigeria na one of the biggest consumers of crypto most especially bitcoin since we all don know the big benefits of having to keep your money on bitcoin rather than keeping it on Naira wen devaluation and inflation of things go just destroy am finish. I go use one case scenario wey happen for Nigeria like last year and I believe no be even the first time too. I believe everyone fit recall how federal government just wake up decide to change Naira and make the old notes valueless meaning people who had old ones will need to change to new note or have their entire stash of fiat currency useless and the thing affected so many Nigerians and the only set of people wey e no touch na be people wey get savings on USDT or bitcoin.

[Jubilee58]

The existence of Bitcoin really changed our mentality about the use of fiat currency as Nigerians, and the reason is because since the fiat currency which is naira does not maintain stability compared to other currencies like dollar, many Nigerians don't see the need to leave their money in naira note because it makes your money very invaluable instead it is far better to keep your fund in digital asset like Bitcoin to maintain value, and growth on the long run. However, transactions in the bank is also another thing that use to inconvenience people since bank charges very high rate in their services, and also make you undergo some stress before you will be able to make your transition, but with Bitcoin, transaction is very cheap, and you make transition at your convenience.

[Versatile_choice]

However, transactions in the bank is also another thing that use to inconvenience people since bank charges very high rate in their services, and also make you undergo some stress before you will be able to make your transition, but with Bitcoin, transaction is very cheap, and you make transition at your convenience.

As for inconvenience yes, you're right bank can give you headache most of the time infact almost all the time due to the fact that there are other customers they are attending to. But as for the transaction charges I don't quite agree with you on that, bank does not charge high while making transaction.

But in all I would say that holding our money in bitcoin is much more better and safe especially when you're using non-custodial wallet to hold it. There you have full control over your money than that of the Bank where you will have to take permission from them before you access your funds.

[Samlucky O]

Truely Bitcoin don change de way we dey to think or how we dey handle money, when I been no dey into crypto or Bitcoin, I been they think how to find alternative to bank, like a place where my money fit dey safe apart from bank but when I know about Bitcoin e come change everything I know about saving. Before when I been no Sabi about Bitcoin na gold and land dy always be my target to invest against it inflation, but when I come know about Bitcoin I just dey so happy because e come make me set do transaction locally and internationaly without going to bank, and I fit still use am as asset, but e really changed how I feel about finance and I get authority for my money unlike before wey bank get final authority. Now I mo need to dey Waka for Bank for almost any slight thing. Now I hardly go bank like before wey e be my second home.

[JimaGod]

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?

The Nigeria economy is not longer helping and we're seeing the fist currency as sort of uncirculated currency, we know the movement of the dollar and naira and how fast the naira currency have lost its value and purchasing power in the stock market and you think this is funny? Nigerians have changed entirely how they think about money, they no longer want to keep money in the bank because they're bother about how much worth their money will be in the future since inflation is hitting harder than before in the country, everyone want to see their money grow and not losing value and stability.

However Nigerians doesn't move away from fiat currency because they know themselves and how stocked they can be and I see those ones as ignorant Nigerians because they're not just helping rather just having mixed feelings and FUD setting in.

[L E G E N D A R Y]

Omo, big change done de on the way I de view our currency oh and the way I been de look savings back then. Our currency almost on monthly basis, we de see price fluctuations between NGN/USD, of which the rate of devaluation go just make you tire. The only people way no de get this feeling, na people way no get anything way dem de do online way de give money. Cause when you see the price difference between USD/NGN, bro, you go wan your every earnings to de in USD.

Funny enough, our leaders done already abandon NGN, na USD dem de take patrol now.

Normally, big difference go Dey between person wey don sabi Bitcoin and person wey never sabi Bitcoin. I been Dey follow one of my cousin talk one certain time, and e been Dey confide in me on investment ideas, so I tell am say if na long term investment, make e just buy Bitcoin, but e been no really like the idea because e say person tell am say make e go do fixed deposit inside bank, Dey collect annual returns from the bank. I just look am shake head because if e really understand wetin e Dey do, e no go even reason that idea.

[Gragebox]

Omo, big change done de on the way I de view our currency oh and the way I been de look savings back then. Our currency almost on monthly basis, we de see price fluctuations between NGN/USD, of which the rate of devaluation go just make you tire. The only people way no de get this feeling, na people way no get anything way dem de do online way de give money. Cause when you see the price difference between USD/NGN, bro, you go wan your every earnings to de in USD.

Funny enough, our leaders done already abandon NGN, na USD dem de take patrol now.

Normally, big difference go Dey between person wey don sabi Bitcoin and person wey never sabi Bitcoin. I been Dey follow one of my cousin talk one certain time, and e been Dey confide in me on investment ideas, so I tell am say if na long term investment, make e just buy Bitcoin, but e been no really like the idea because e say person tell am say make e go do fixed deposit inside bank, Dey collect annual returns from the bank. I just look am shake head because if e really understand wetin e Dey do, e no go even reason that idea.

The gap between knowing about Bitcoin and listening to someone else talk about it is huge. Your cousin's mistake illustrates the need to understand an investment before buying any asset. A fixed deposit is a fixed return asset, but there are inflation and opportunity-costs, and a Bitcoin is vastly different, because you could see a big swing in the price and there is no fixed return. Which one is better for you depends on your aims, risk appetite and investment timeline.

If you want to buy Bitcoin as a long-term asset, learn about its supply, volatility, security and risks before you buy. Telling someone to buy Bitcoin doesn't make for good customer service. The same is true for any investment. Knowing what you buy is always better than knowing what you hear.

[Crypto_Timothy]

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?

I swear, I can't remember the last time I reach bank, but like thats to show how powerful and easily accessible this technology is and to think of how it can improve alot of people's life in Nigeria. Some persons have been inducted with the concept of multiplying their money so when naturally it doesn't initially work their way, they quit and some have been traumatised with alot of online scams before Bitcoin, all in all I know it will take time and certainly as the year is going by we can see that crypto adoption is increasing and maybe some day we can see the masses in Nigeria adopt to the technology.
But I honestly can't remember when last I visited a bank to do anything at all, that's crazy for real.
I like having fiat money ready at hand just incase because of course na Nigeria we dey, any small thing you must burn funds but asides that, I just dey steadily build up my portfolio.

[Cryptoprincess101]

Normally, big difference go Dey between person wey don sabi Bitcoin and person wey never sabi Bitcoin. I been Dey follow one of my cousin talk one certain time, and e been Dey confide in me on investment ideas, so I tell am say if na long term investment, make e just buy Bitcoin, but e been no really like the idea because e say person tell am say make e go do fixed deposit inside bank, Dey collect annual returns from the bank. I just look am shake head because if e really understand wetin e Dey do, e no go even reason that idea.

I will say that anyone who still prefer saving their money in the bank instead of using it to buy bitcoin and hold is just not serious with their life because the annual profit in percentage of a fixed deposit is not even up to 20% yet you will still have to pay 10% as tax. And if you also wants to withdraw before the agreed date it will attract some charges.

Fixed deposit are for people who have huge amount of money to save and leave it for about a year or more. Bitcoin is far better than fixed deposit because your investment is secured and you can still make profits from it. Having your money in your custody is the best feeling ever.

[Bryan jessy]

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?

I swear, I can't remember the last time I reach bank, but like thats to show how powerful and easily accessible this technology is and to think of how it can improve alot of people's life in Nigeria. Some persons have been inducted with the concept of multiplying their money so when naturally it doesn't initially work their way, they quit and some have been traumatised with alot of online scams before Bitcoin, all in all I know it will take time and certainly as the year is going by we can see that crypto adoption is increasing and maybe some day we can see the masses in Nigeria adopt to the technology.
But I honestly can't remember when last I visited a bank to do anything at all, that's crazy for real.
I like having fiat money ready at hand just incase because of course na Nigeria we dey, any small thing you must burn funds but asides that, I just dey steadily build up my portfolio.

You know in Naija is not everything you can make payment with using your Bitcoin, but what matters is for a person to have some Bitcoin stored and uses when the environment accepts it. In as much as the discovery of Bitcoin has changed my mindset about our currency the fact remains that no matter what we can not still avoid using our currency because it is not generally accepted by everyone yet, for the past few days now I have been having issues making transition with my Naija Bank that I had to visit the bank today it was so draining imagine Bitcoin was fully accepted for transactions I would not have gone through this stress.

[Richbased]

I swear, I can't remember the last time I reach bank, but like thats to show how powerful and easily accessible this technology is and to think of how it can improve alot of people's life in Nigeria. Some persons have been inducted with the concept of multiplying their money so when naturally it doesn't initially work their way, they quit and some have been traumatised with alot of online scams before Bitcoin, all in all I know it will take time and certainly as the year is going by we can see that crypto adoption is increasing and maybe some day we can see the masses in Nigeria adopt to the technology.
But I honestly can't remember when last I visited a bank to do anything at all, that's crazy for real.
I like having fiat money ready at hand just incase because of course na Nigeria we dey, any small thing you must burn funds but asides that, I just dey steadily build up my portfolio.

You know in Naija is not everything you can make payment with using your Bitcoin, but what matters is for a person to have some Bitcoin stored and uses when the environment accepts it. In as much as the discovery of Bitcoin has changed my mindset about our currency the fact remains that no matter what we can not still avoid using our currency because it is not generally accepted by everyone yet, for the past few days now I have been having issues making transition with my Naija Bank that I had to visit the bank today it was so draining imagine Bitcoin was fully accepted for transactions I would not have gone through this stress.

Satoshi Nakamoto didn't create bitcoin to replace our traditional currencies so no matter how bitcoin adoption grows and businesses starts using it for day to day payments, our naira will still be in circulation.

Bank can be very frustrating and tiring, the last time I went to the Bank I felt so exhausted because of the numerous bank protocols. I don't even advice anybody to have any dealings with Banks because the day they will disappoint you will be a very serious day that you needed money to sort out a bill.

[MainIbem]

Satoshi Nakamoto didn't create bitcoin to replace our traditional currencies so no matter how bitcoin adoption grows and businesses starts using it for day to day payments, our naira will still be in circulation.

Bank can be very frustrating and tiring, the last time I went to the Bank I felt so exhausted because of the numerous bank protocols. I don't even advice anybody to have any dealings with Banks because the day they will disappoint you will be a very serious day that you needed money to sort out a bill.

That's true, Bitcoin wasn't a replacement but an alternative, although it's a decentralized P2P digital currency so some people see it as a big competition to the traditional currencies cause it can be used as a storage of value, hedge against inflation amongst others but then our traditional currency is still very relevant and even those who adopt Bitcoin still need it for day to day transactions cause volatility makes it tough for Bitcoin to serve that purpose. My advice is that people who adopt Bitcoin should store the portion of their traditional currency that they won't use urgently in Bitcoin and leave the ones that would be used for essentials in the near future or urgently in Bank.

[L E G E N D A R Y]

The gap between knowing about Bitcoin and listening to someone else talk about it is huge. Your cousin's mistake illustrates the need to understand an investment before buying any asset. A fixed deposit is a fixed return asset, but there are inflation and opportunity-costs, and a Bitcoin is vastly different, because you could see a big swing in the price and there is no fixed return. Which one is better for you depends on your aims, risk appetite and investment timeline.

If you want to buy Bitcoin as a long-term asset, learn about its supply, volatility, security and risks before you buy. Telling someone to buy Bitcoin doesn't make for good customer service. The same is true for any investment. Knowing what you buy is always better than knowing what you hear.

It’s a lot more easier to simply buy something because someone you know recommended it to you, but holding onto it through difficult time requires someone that truly knows its value, someone that has that understanding and conviction. Especially when it’s Bitcoin, you need to be 100% sure of what you’re getting into before even making your first purchase, because in the long run, you’re the only one who can manage your emotions by yourself especially when the market turns against you.

[Gragebox]

The gap between knowing about Bitcoin and listening to someone else talk about it is huge. Your cousin's mistake illustrates the need to understand an investment before buying any asset. A fixed deposit is a fixed return asset, but there are inflation and opportunity-costs, and a Bitcoin is vastly different, because you could see a big swing in the price and there is no fixed return. Which one is better for you depends on your aims, risk appetite and investment timeline.

If you want to buy Bitcoin as a long-term asset, learn about its supply, volatility, security and risks before you buy. Telling someone to buy Bitcoin doesn't make for good customer service. The same is true for any investment. Knowing what you buy is always better than knowing what you hear.

It’s a lot more easier to simply buy something because someone you know recommended it to you, but holding onto it through difficult time requires someone that truly knows its value, someone that has that understanding and conviction. Especially when it’s Bitcoin, you need to be 100% sure of what you’re getting into before even making your first purchase, because in the long run, you’re the only one who can manage your emotions by yourself especially when the market turns against you.

It's easy to buy Bitcoin because somebody else told you to, but it's much harder to hold it through a large market downturn. That's why doing your own research is so important, if you don't understand why you bought a certain asset, a falling price can lead to panic selling. At the same time, to have conviction doesn't mean to ignore the inherent volatility of any asset.

Investors need to accept the possibility of a huge market dump before buying Bitcoin.

Only then should they consider using a rainy day fund money set aside for daily emergencies, which one doesn't have to sell during a market crash.

I also believe newcomers need a clear investment thesis before they buy their first Bitcoin. The what, when and how much of loss we are willing to sustain can help avoid emotional selling. After all, no one else will ever be able to manage our emotions and our cash.

[L E G E N D A R Y]

It's easy to buy Bitcoin because somebody else told you to, but it's much harder to hold it through a large market downturn. That's why doing your own research is so important, if you don't understand why you bought a certain asset, a falling price can lead to panic selling. At the same time, to have conviction doesn't mean to ignore the inherent volatility of any asset.

Investors need to accept the possibility of a huge market dump before buying Bitcoin.

Only then should they consider using a rainy day fund money set aside for daily emergencies, which one doesn't have to sell during a market crash.

I also believe newcomers need a clear investment thesis before they buy their first Bitcoin. The what, when and how much of loss we are willing to sustain can help avoid emotional selling. After all, no one else will ever be able to manage our emotions and our cash.

You when the money you invested in Bitcoin completely discretionary and you absolutely don’t have any plans for it anytime sooner, then it becomes easier to maintain conviction. If your ability to pay for your daily needs or attending to emergencies could actually be disrupted or pressured, simply because of a sudden market drop, then even a solid investment roadmap can be impossible to follow you know. We need to understand that financial preparation is not only something investors should know or choose to do, it’s in fact part of understanding the asset itself, so if you only know how to accumulate bitcoin but fail to realize that you need to lay a solid foundation for your portfolio then you have another thing coming.