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

[Ummeettaa]

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.

It is almost a must for anyone that has ideas on what and how Bitcoin works and is, to comfortably safe keep their money in Naira rather than in Bitcoin, USDT or USDC.

Because Bitcoins have had massive increase in value if compared to recently and the last 5 years, on like Naira that has drastically reduced value since then.

Bitcoin in the last 5 years was valued at around 20-25 Million Naira, while USDT and USDC was valued around ₦300-₦500 Naira then. BTC is currently valued at around 100 Million, USDT & USDC now valued around ₦1300-₦1400.

As for the value of Naira then if looked through fuel was not up to ₦200 per litre, and in recent times fuel is now almost ₦1500 per litre. If both values of Bitcoin, USDT & USDC and Naira are carefully being compared between then and now, it clearly shows that Bitcoins are more reliable in value than Naira, which will make any informed person safe their money in Bitcoin rather than in Naira.

Saving in Bitcoin also kind of trains and controls ones spending, a person will feel a bit hard to trade funds from Bitcoin to spend unnecessarily than being easily spent if in Naira.

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

I personally also can't remember the last time I saved money in my commercial bank account, one of the major problem many people are having with them is the usual fluctuation of their network and limitation of daily transactions.

Not to also talk about the unnecessary charges that are usually debited in commercial banks, some commercial banks do even illegally debit funds in customers account claiming it to be some form of charges.

Banks are also easily been hacked this days and your funds being controlled by another person, but Bitcoin gives opportunity for anyone to safe keep their funds themselves.

[SDS11]

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.

Before, many people are comfortable to keep saving for bank in naira but with inflation and naira to dollar rate that change everyday, naira loses it value people are trying to protect their money. That’s why some prefer bitcoin to hold for long term, while others use USDT or USDC because it is stable like dollar. These days many of us even keep our money for crypto wallet than for bank, we only leave small for emergency. Fintech and crypto wallet don almost replace bank sef .

[Cityhunter34]

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 be only you o, because na the best way to keep our money safe. Honestly, I no even know whether bank still dey exist again because I no fit remember when last I go bank. Na only when I receive salary I dey remember say I get account for bank, apart from that nothing concern me with them because their wahala too much. Na only people wey never start to invest for Bitcoin go dey rely heavily on bank. Once you understand the value of Bitcoin investment, you no go evenly like to stress yourself at all.

[Different patterns]

People that decided to keep their money in bitcoin, they no make bad decision, the way naira is losing value now, they actually make good decision that can favor them, because anyone like seeing the value of their money to dey increasing, and you decide to keep it in bitcoin, that mean you make a good choice. These days, A lot of people are pay more attention to crypto, some don’t even like to save their funds into to mobile banking again, because of stress and delays, when it comes to transactions, especially if the large amount involved, you have to go bank, going through some process before having your money with you. But when you keep your money in bitcoin or any others cryptocurrency, you find it easy to get access to your money anytime anywhere, keep your funds in bitcoin is the best.

[Fiasem20]

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 be only you o, because na the best way to keep our money safe. Honestly, I no even know whether bank still dey exist again because I no fit remember when last I go bank. Na only when I receive salary I dey remember say I get account for bank, apart from that nothing concern me with them because their wahala too much. Na only people wey never start to invest for Bitcoin go dey rely heavily on bank. Once you understand the value of Bitcoin investment, you no go evenly like to stress yourself at all.

Wetin una dey yan na the reality oh,I no fit remember the last time wey I step my legs for bank.The last time I visit bank na anger I carry leave the bank,because say their system no dey fit address all their customers problems for short time nai make the queue for bank dey alway dey discouraging.Anyhow e be we no go fit run away from commercial banks because e get some appointments most governmental/political appointees no go gree make you fill in your fintech bank details so that one follow why you need to dey bank with one or more commercial banks for this country.See as financial freedom sweet all thanks to Satoshi wey don bring this kind better invention.

[Uhwuchukwu53]

This talk way dey this table ma the Koko wey many today done forget their account number for off hand even when ATM card expired dey no border Bitcoin, cryptocurrency and Fintech which includes opay as digital and others don reshaped people mind for anything way involved and engaged in bank note, many buy and sell without using bank note for couples of time. Those with high understanding dey even avoid investment way go carry Dem go near bank as dey no get their time, the coming on board don really humble our commercial bank. Wen I saw one bank advertising for customers I realized say the system Don dabaru for Dem as our youth now focus having selfcustodian of their asset than having middle man who secure it as bank.

[Hyphen(-)]

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 had changed the way we look at our local currency and also the way we save; some of us don’t usually keep Naira again for long.

Let me use myself as example; I hardly keep Naira with me until I needed some; I make sure I have some in my bank account for emergency purposes, but the way some people keep money in their bank account, I don’t do that  anymore because the rat at which prices of goods are becoming high, and the rate at which our Naira is losing value, I prefer holding stable coins for short time use, I do swap using p2p when I needed to use naira because of the currency value.

[MainIbem]

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 had changed the way we look at our local currency and also the way we save; some of us don’t usually keep Naira again for long.

Let me use myself as example; I hardly keep Naira with me until I needed some; I make sure I have some in my bank account for emergency purposes, but the way some people keep money in their bank account, I don’t do that  anymore because the rat at which prices of goods are becoming high, and the rate at which our Naira is losing value, I prefer holding stable coins for short time use, I do swap using p2p when I needed to use naira because of the currency value.

The country is undergoing serious inflation and Naira can't serve as a good inflation hedge so people who know that Bitcoin is serving that purpose well has channeled their focus towards it for saving. You made a good decision cause for instance someone who choose Bitcoin for investment purposes should have an emergency fund set aside for emergency situations and it should be saved in fiat and not a volatile currency. Your choice of using stablecoins for short-term goals is not a bad idea too.

[Pearl_20]

People have seen the value of Bitcoin compared to when people trust bank's to keep their money for them, with bitcoin you can send money to any part of the country and I also feel that most young people are seeing that bank notes loosing to inflation while digital currencies are more profitable. These days you can actually have someone who is a billionaire digitally, like someone who has kept his money in his phone than someone who is holding physical cash.

People trust bitcoin to keeping money in banks now, besides how money disappears from people's accounts have even kept some persons in fear so they prefer where there money is save and secured.

[Yeesha]

People that decided to keep their money in bitcoin, they no make bad decision, the way naira is losing value now, they actually make good decision that can favor them, because anyone like seeing the value of their money to dey increasing, and you decide to keep it in bitcoin, that mean you make a good choice. These days, A lot of people are pay more attention to crypto, some don’t even like to save their funds into to mobile banking again, because of stress and delays, when it comes to transactions, especially if the large amount involved, you have to go bank, going through some process before having your money with you. But when you keep your money in bitcoin or any others cryptocurrency, you find it easy to get access to your money anytime anywhere, keep your funds in bitcoin is the best.

That's because everyone is looking for the best opportunity to save their money and secure them  to prevent inflation from affecting it. Bitcoin is one of the trusted and steady way of saving your money for future reference. The value of our currency (which is naira) is actually decreasing day by day, so people have to look for the suitable way. And part from that, they are several reasons why one should choose cryptocurrency over fiat currency. Example for international exchange, and in order to perform easy transaction without any problem. Everyone prefers freedom over everything, and stability over struggles, so since bitcoin has made transactions easier and flexible, everyone will make the best choice.