If You Happen To Earn 1million Naira Monthly, It is good to Save in Fiat and BTC

[Youngrebel]

Have been meaning to ask and am not just asking am asking out of curiosity on what I headed from a friend of recent. If you happen to earn 1 million naira every month in Nigeria and after paying for your basic bills like paying for food, transportation, electricity, and other basic needs, and if you have some money left to save.

Now, the question is: would you keep your savings in naira, put some into Bitcoin, or use both?

We all know that the cost of living in Nigeria can be challenging, and most of us are looking for ways to manage our money better.  Most of us might prefer to save in Bitcoin which I would love to hear our reason and most of us might prefer Naira because it’s easy to access but when I remember that Bitcoin has risks because the price can fall and no guarantee of making profit

So am curious if it were to be you:

Would you save entirely in naira, buy Bitcoin, or combine both?

Do you think Bitcoin is a practical savings option for we Nigerians?

[Bitcoin-Forever]

The value of your money increases with Bitcoin, while when you have it in Fiat currency, it decreases, so which one will you go for after knowing about the two circumstances?

Everything about Bitcoin is an opportunity to secure the future. This is why investing in it is as important as creating a feasible future with our investment and being able to stand in a better position to make profits. This is why you can't have your money in local currency and expect its value to increase over time; it will rather decrease, and the financial institution will also charge you for holding your money in their custody.

[Su-asa]

Now, the question is: would you keep your savings in naira, put some into Bitcoin, or use both?

Okay, now let me give you an answer through a question: if you save your money in Bitcoin, what will happen if at the end of the day, you want to take part of the funds you saved in Bitcoin for an emergency situation? Will you sell immediately, or will you wait for the price to go up before you sell? (Remember, it's an emergency,, and Bitcoin is below the amount you bought it for).

The simple advice I can give to you is that you should not save money through Bitcoin if you know that you will be needing that same amount/money within a few days or months, because the value of Bitcoin might be very low during the time you will need the money. A lot of people have made this mistake, and they end up selling at a loss most of the time, so to avoid making the same mistakes, it's better to save that money in the bank, as you will be needing it anytime soon.

Any money that you put into Bitcoin should be as a long term investment and not for saving.

[Spaceman1000$]

Most Nigerians that are putting their money in Bitcoin are not doing that for savings actually, they are doing that for investment which is always a long term plan, and there is a percentage of their income that goes to bitcoin investments, is not entirely their savings, however if as a Nigerian you feel the currency of Nigeria is fluctuating and is not stable, you can do well to save some money in USD by opening a USD account in our local Banks, that way you are sure that you have some money in a stable currently at least.

[Alvin_talk]

Save in fiat but invest in bitcoin and other valuable assets. Saving and investment are possible ways to manage your money but they are not exactly the same thing. We invest in assets whereas we save money. Bitcoin is money and also an asset, but the volatility of bitcoin should be enough to discourage you to save in bitcoin. Maybe in the future when bitcoin volatility becomes relatively low compared to other form of money, then you can save in bitcoin.

However if as a Nigerian you feel the currency of Nigeria is fluctuating and is not stable, you can do well to save some money in USD by opening a USD account in our local Banks, that way you are sure that you have some money in a stable currently at least.

Recently, Naira has been gaining against dollar, so I won't advise him to do that either.

[Bright0515]

Saving in fiat is also important because this serves as your emergency funds should Incase anything comes up that you need to solve immediately, selling your Bitcoin to solve such urgent matters can be very risky because you might need to sell when the market is going through a dip. Earning such an amount monthly in a country like Nigeria is actually going to give you a lot of leverage and investing in Bitcoin would be a lot easier. This would be one of the best way for anyone that earns such an amount of money to build wealth.

[CryptoHeadlineNews]

Have been meaning to ask and am not just asking am asking out of curiosity on what I headed from a friend of recent. If you happen to earn 1 million naira every month in Nigeria and after paying for your basic bills like paying for food, transportation, electricity, and other basic needs, and if you have some money left to save.

Now, the question is: would you keep your savings in naira, put some into Bitcoin, or use both?

And that money left can also be regarded as discretionary income, since it do not have an immediate need for it now. And for that reason, Bitcoin will be my best alternative to keeping that money, and if I  do not intend to touch the money for a longer period. But if I do not intend to hold long term, then saving it in USDT will be a better alternative, rather than keeping it in Naira where it keep losing market value. While for someone earning a million Naira monthly, it's very important you save 20%, while you invest 40% in Bitcoin and the remaining 40% you use It to buy things. And in 5 years, you probably would have save over N24million.

[Sammysmart001]

Any money that you put into Bitcoin should be as a long term investment and not for saving.

That just it man. This just the ma main difference between investing abd saving that most individuals get wrong. In the aspects of saving it a short term need and emergencies, and this money must be highly stable and liquid. Which means that you either need it in stablecoin or Naira for availability when life happens.

My boss do call Bitcoin an investment vehicle, cause of it volatility. It will be like asking for trouble if you put your rent funds or emergency money into Bitcoin. But if earning a huge amount of money every month like the range of 1 million Naira it gives the perfect opportunity to do both. Buy building up a solid cash cushion for peace of mind and then DCA the rest into Bitcoin for a long term wealth generation.

[Mia Chloe]

~snip

Saving in the end actually kinda puts you in a loss if you are saving fiat because of inflation. It's worse in a place like Nigeria where inflation is getting worse every year that passes. If you save with zero interest or very low interest, it eventually puts you in value loss but you don't notice because of the numbers.

The major reason why the discussion of bitcoin being a better investment is that tendency to escape inflation because of the overall gross profit or ROI. However at the end of the day you still need to diversify. You can't have all your eggs in one basket.

[Moreno233]

One million Naira is a huge amount of money despite the inflation but if you have big family or responsibility, such money might not be too big of an amount. What we should be aiming for is discretionary income and if a million Naira can allow the investor have enough discretionary income, then investing in Bitcoin should be given priority over saving in fiat. We cannot pretend about the crippling inflation we are facing now, so keeping money in fiat is like willingly handing over ones fortune to inflation which is not a good decision. Bitcoin is the right place to save for the future.

[Grace333]

A lot of people prioritise saving in fiat without having an investment, in the long run such people end up being broke because fiat losses value due to inflation and other economical changes but bitcoin is always going to keep on appreciating and gaining more value. it is good to have your fiat savings and also your bitcoin investment as well. And to correct your statement majority of people don't put their money in bitcoin to save, it's an investment, savings are fixed or in Stable currencies that can be used at anytime most especially for emergency purposes.

[IceLincoln]

Have been meaning to ask and am not just asking am asking out of curiosity on what I headed from a friend of recent. If you happen to earn 1 million naira every month in Nigeria and after paying for your basic bills like paying for food, transportation, electricity, and other basic needs, and if you have some money left to save.

Now, the question is: would you keep your savings in naira, put some into Bitcoin, or use both?

We all know that the cost of living in Nigeria can be challenging, and most of us are looking for ways to manage our money better.  Most of us might prefer to save in Bitcoin which I would love to hear our reason and most of us might prefer Naira because it’s easy to access but when I remember that Bitcoin has risks because the price can fall and no guarantee of making profit

So am curious if it were to be you:

Would you save entirely in naira, buy Bitcoin, or combine both?

Do you think Bitcoin is a practical savings option for we Nigerians?

First you need to edit some of your words…
Use “I’m” instead of “am” ….
Also “heard” instead of “headed”.
Now after setting your major bills and your left with a reasonable amount that money is what most call discretionary money. I’ll advise to choose a percentage and invest in bitcoin, save in fiat for emergency and as reserves for a rainy day, you can also take yourself on a good treat.(don’t overdo this)

[Richbased]

So am curious if it were to be you:

Would you save entirely in naira, buy Bitcoin, or combine both?

Do you think Bitcoin is a practical savings option for we Nigerians?

I will use that money to buy bitcoin and keep some money in fiats in case of emergency needs. Bitcoin might not be practical saving option for Nigerians in the sense that a lot of Nigerians are impatient, they might not really have the mind to save for a long term.

1 million naira is not a small amount for me to leave it in fiats where it can suffer inflation, I rather buy bitcoin and hold because that's where my money will have value.

[nelson4lov]

I know a lot of people would not agree with my take but hear me out.

I think it'd be more better to invest it in money market and then use whatever interests that comes to invest directly into Bitcoin, fiat or whatever rocks your boat. This way, you end up with a risk free investment while still compounding the MMF savings that increase your interests over time which also means the interest going to BTC purchases will go up as well.

[letteredhub]

One million Naira is not a small money in amount for someone living in Nigeria and conduct himself to a moderate living standard. After taking care of all that monthly bills there should be something tangible enough to save for uncertainty and as security for the future.

I would go with saving part of what is left in bitcoin and some other in fiat for fast access when a need for funds arises. Bitcoin may be volatile but not as it was a decade ago, so what does that tell us? As bitcoin keeps making it cycles with each bitcoin halving so does the volatility slows gradually, making value for your money more achievable on a long term holding than having it all in fiat which value depreciates and never rises against inflation.

[EluguHcman]

Have been meaning to ask and am not just asking am asking out of curiosity on what I headed from a friend of recent. If you happen to earn 1 million naira every month in Nigeria and after paying for your basic bills like paying for food, transportation, electricity, and other basic needs, and if you have some money left to save.

Now, the question is: would you keep your savings in naira, put some into Bitcoin, or use both?

It is good to use both or other wise. It all depends on your motive why you are doing the savings as there are some that is suitable just to make funds available to be used at when in need at the immediate times and that is where saving in the bank can be necessary.

Saving in Bitcoin refers to investment and Bitcoin price being unpredictable and in regards to the 4 years cycle, it is also adviced to hold on your Bitcoin saving for the long term.
Note that your funds looses values ahead of time as inflation rises while Bitcoin is a store of value with an hedge against inflation.

You can also consider having part of your saving to diversify on your investment while you definitely have your savings to tackle emergency needs and therefore allows your investment funds to grow and yield you profits as much longer you holds in Bitcoin. That is if you dont panic to sell in the quick time.

[igebotz]

Duplicate https://bitcointalk.org/index.php?topic=5596379.0