Why saving in bitcoin make sense.

[BoiCrypto]

I'm bringing this up here as an advice to my people, or some r people who are still scared or doubting bitcoin investment. All we need is proper understanding on how to invest in Bitcoin.

One of my friend saved money in his bank account for a long time to buy a car. When he was ready to withdraw the money, he got exactly what he deposited. But when he got to the car stand, he was asked to add even more money than he had budgeted. He was surprised because he had saved specifically to buy the car, but when he was ready to buy it, he couldn't afford it due to the high price.

I bring this here, so some people will know how dangerous saving money in bank is going affecting our plan, if that money was saved in bitcoin I believe he would have gain profit that will likely give him what he want, because he saved that money there for a long. But all this commercial banks keep using our money for business without any return. So I'm advising my fellow beginners to stop saving in Naira rather than Bitcoin.

[Bit-Mj1014]

This is why they said knowledge is power, obviously your friend did not get the information that Bitcoin would've been a profitable way to save his money, maybe he only understood Bitcoin as an investment scheme.
Bringing this up here will probably help someone.

[devouring-DARKNESS]

This depends entirely on how long he saved the money for and after that, the direction of the movement of the price of bitcoin from when he started saving to when he decided it was time to buy the car because if he started saving from last year when the last ATH was hit then it's very likely for him to currently be in losss (depending on some factors) or if he is lucky have the exact same amount of money still with him.
I'm saying this because it's very important to know that bitcoin investment isn't something you can just get rich quick from, it will take years of investment and even with that success still isn't guaranteed, if you are not a long term investors, don't even bother.

[fredericktaylor]

because he saved that money there for a long.

Normally if you keep saving money according to the rules and regulations of the bank and wait for the specified time according to the bank then you will definitely get some profit after a certain time. But if you do not save money according to the rules and regulations of the bank and withdraw the money before the specified time then you will not get any profit from the bank only your principal. But you say that your friend had saved that money for a long time but did not get any profit from the bank.

It cannot be said for confirm that a person can make 100% money by investing in Bitcoin, because Bitcoin is unstable, there is no possibility of making money through short-term investment.

By taking basic knowledge about Bitcoin and being aware of the risks of investment, taking risk management and investing consistently with a long-term plan and holding Bitcoin for a long time with confidence, there is a possibility of making money in the future. Remember one thing, invest in Bitcoin with money that you can lose. Never invest all your money in one place, of course, it is very important to have diversification in investments, which will reduce your investment risk.

[Nasdel4]

With the rate of consistent inflation I don't think it's entirely ideal to save your money in banks. Although if you keep your money in the bank you get some profit according to the savings option you're in but I don't think it's still the best though.
Saving money in bitcoin saves you from a lot since it's an independent variable, inflation got nothing on it. While your currency devalues, it doesn't affect your growth in bitcoin if you follow the right strategy.
If your friend saved in bitcoin depending on how long he did, I'm sure the price difference of the car wouldn't have stopped him from buying it and that makes a lot of difference.

[Silikiem]

That’s simply inflation at work so it’s normal that in a country, the prices of goods and services can go up over time and this basically reduces the purchasing power of money especially the fiat currency. Saving money in fiat whether in your bank or at home does not add profit, whenever you decide to take the money what you see is what you have saved no addition, no substraction and if you had saved the money for the purpose of buying something in the future, and if there’s inflation as at when you went to buy the stuffs the money saved might not be enough to cover the price of that goods at that time.

Bitcoin has edge over inflation but that doesn’t mean that there’s a continuous guarantee of profit as you could also be in a loss especially during period of heavy market crash or downturn. Why bitcoin is better than the fiat is because it beats inflation and it has potential for profit in the long run.

[Bigjoe33]

One of my friend saved money in his bank account for a long time to buy a car. When he was ready to withdraw the money, he got exactly what he deposited. But when he got to the car stand, he was asked to add even more money than he had budgeted. He was surprised because he had saved specifically to buy the car, but when he was ready to buy it, he couldn't afford it due to the high price.

I bring this here, so some people will know how dangerous saving money in bank is going affecting our plan, if that money was saved in bitcoin I believe he would have gain profit that will likely give him what he want, because he saved that money there for a long. But all this commercial banks keep using our money for business without any return.

The thing is, how long did he save? Secondly, there is no guarantee that if he had saved up the money in Bitcoin, that he would have made gains at the time he wanted it, because the volatility of Bitcoin cannot be predicted. You don't know wether it will be climbing or coming down. So you can't rely on Bitcoin to be saving money that you planned to do something with. Let's say he saved for 5 years, and he wants to buy the car, there is every possiblity that by fiat or traditional bank standard, the money he saved might be enough to buy his car, but buy Bitcoin standard, Bitcoin might have dropped that it is not even equal.

Bitcoin investment needs long term planning and investment. According to your topic, saving I'm Bitcoin will make more sense if it's for a long term and a store of value kind of savings, not the one you are planning to buy something with next month or next year. You might get really disappointed.

[ZeroVinsonN]

I want to assume that since he was saving up to buy a care that he saved for a long time but if buying a car was the priority then he definitely didn't save for that long and seeing as we all know that bitcoin as an asset is volatile, there is no way to say for sure that he would have made enough profit to have been able to buy the car if he would have been able to make any profit at all because over a short period of time he is as much likely if not more to lose as he is to make profit.
The smart thing to do right now is to figure out how long he saved for and also figure out bitcoin's price movement during that time to know if he would have actually made any profit or if he would have been at a loss.

[Btcdeybodi]

One of my friend saved money in his bank account for a long time to buy a car. When he was ready to withdraw the money, he got exactly what he deposited. But when he got to the car stand, he was asked to add even more money than he had budgeted. He was surprised because he had saved specifically to buy the car, but when he was ready to buy it, he couldn't afford it due to the high price.

Inflation will always make the money in your bank account become valueless because the more days are going, the more the prices of things are going up and the money you're budgeting to use in acquiring something will no longer be enough. Bitcoin stands as hedge against inflation which means saving money in Bitcoins is as good as saving your money from inflation. I don't know how long your friend has been saving the money or how much he has saved but if he was investing that money it bitcoin it would have been valuable and he could have possibly met his expectations when he converts it to fiat in order to purchase the car. However, someone who is investing in Bitcoin will need a lot of patience too, so if you a having a short term target it means you are unlikely to succeed. By saving your money in Bitcoin, you should know that you've signed up for long term investment.]

[Alexx_123]

Saving money in bitcoin actually makes sense because for instance, in Nigeria if you keep money in the bank, inflation will eat your money but if it is saved in bitcoin. There is high guarantee that your money will rise above inflation compared to being saved in the bank.

[EjiukaSpecial]

Many people on this space who understands Bitcoin and it's hedge against inflation I think are already aware of the lesson from your friend's story which is; saving money and preserving it's purchasing power are two different things.

Your friends inability to afford the car after saving was caused by inflation which would've probably been different if he saved with Bitcoin. Bitcoin doesn't guarantee profit but it's history has strongly shown that it's long-term holders always profits from holding it.

[Itz-prisigold]

The thing is, how long did he save? Secondly, there is no guarantee that if he had saved up the money in Bitcoin, that he would have made gains at the time he wanted it, because the volatility of Bitcoin cannot be predicted. You don't know wether it will be climbing or coming down. So you can't rely on Bitcoin to be saving money that you planned to do something with. Let's say he saved for 5 years, and he wants to buy the car, there is every possiblity that by fiat or traditional bank standard, the money he saved might be enough to buy his car, but buy Bitcoin standard, Bitcoin might have dropped that it is not even equal.

Another factor I believe we should also look at is the mental pressure that actually comes with saving money for a particular purpose on Bitcoin.  If you like decide that you’re going to save that money for 5 years, you’ll still panic and be under pressure whenever you see the price crashing because that money is not something you can comfortably afford to leave untouched for long.

So it’s very possible that whenever they see the price of Bitcoin dropping, they may start panicking because they are worried about not having enough money to achieve their goal. This fear could ultimately lead them to sell it at a loss, especially if the date for the car's purchase approaches. So aside from the volatility itself, the main question is can this person handle that kind of pressure?

We all can still remember what happened to Bitcoin last year, when Bitcoin experienced a major crash and such market movements can cause serious anxiety to a person whose money is on bitcoin for a particular purpose.  When it comes to Bitcoin accumulation, the better choice is to invest with money that you can afford to leave invested and that will not have an impact on your plans and daily needs.

[Charles-Tim]

Maybe it happened when Tinubu became the president. That was the time naira was floated. Before naira was floated, there were news about it which indicated that naira will be significantly devalued. In anything people are doing, they should learn the importance of what is going on or about to go on in a country and its effect that it would have on their naira.

Although, saving bitcoin is the best and a good hedge against inflation, but if you do not want your result to be seen in long term, best know about the right time to invest in bitcoin.

[Mr_Brilliant$]

Let's not be too fast to think Bitcoin is the almighty that can solve problems regarding naira. It has surely helped and it will still help. But remember that Bitcoin is volatile and at the same time it's also risky. Just imagine that within that period your friend saved, the market tanked down. I don't think the story would have been sweet. As we are saving in Bitcoin, don't eliminate the risk involved in it. There's one thing that needs also not to be dismissed and must be emphasize as much as the loss in Bitcoin. It's the gain in it. Banks takes all the reward after investing your money and gives you nothing. With Bitcoin the gain is very good. I will also advise to save in Bitcoin, but don't throw away the risk in it.

[RockBell]

For does that really want to I vest should understand that bitcoin is the best way to save your money everyone is going to be recommending bitcoin because it has more advantages when you save in bitcoin than in your banks and bitcoin is seen as an asset and that way you are saving and the sake time you are making profit. When you do the evaluation we should know which is better at this point, and even if is not for savings there is nothing wrong with you still buying for investment sake that some day you are going to be making profits.

[Anayochukwu]

Since the money was saved specifically for the car you should know that it's a 50/50 chance that he might not get any profits from saving it in Bitcoin since it's obviously a short term investment just to get a car, Bitcoin is volatile and the best way to make profit is if you are in for a long term investment. Bitcoin isn't just for saving to get something because you may be disappointed at the end as your Bitcoin at the value of $100k may go down drastically to $30k and make profits is impossible for short term investment. And there's a difference between saving money in Bitcoin and investing in Bitcoin so your friend need to understand both before making any decisions on Bitcoin.

[PremiumcryptoHub]

Definately everyone should save money in bitcoins instead of naira, because saving bitcoins is the best and a good hedge against inflation, OP if your friend knew about this he might have saved them in bitcoins instead of bank deposits. But you mentioned that your friend kept money in the bank for a long time but there was no profit.

Actually it is known to all of us that depositing money as per the rules of the bank and as per the time prescribed by the bank earns some profit from it, however you should also avoid the idea that your friend would have been able to make a profit only if he invested in Bitcoin because, in fact, Bitcoin is a very volatile currency, so if one wants to earn profit by investing in this currency, one should acquire basic knowledge about investment, take risk management,Everyone needs to hold on for the long term.

[Crypto_Timothy]

I bring this here, so some people will know how dangerous saving money in bank is going affecting our plan, if that money was saved in bitcoin I believe he would have gain profit that will likely give him what he want, because he saved that money there for a long. But all this commercial banks keep using our money for business without any return. So I'm advising my fellow beginners to stop saving in Naira rather than Bitcoin.

I wouldn't say it's dangerous to save money in traditional banks but there are certainly better advantages if you research online for options. Doing this simple research will introduce you different apps asides traditional banks that you can explore saving with, especially when you have a target.
I can't advise anyone who wants to buy something within a short period of time to use or rather save with Bitcoin because Bitcoin isn't something you should be reducing just to get something, you only should touch your assets when it has matured enough for your target otherwise you risk being careless with the handling of your assets.

[Perfectbaby]

Anyone who understands what they are doing will really know that Bitcoin is always the best but, then there are people who doesn't understand how Bitcoin works may likely keep their investments and savings into fiat currency.
They could be having doubts in Bitcoin where as they will save their money in fiat, but those who understand how digital currency works would always want to hold Bitcoin to themselves than having their money stored and save in the bank while they uses their money for business without any profits and benefits.

[Orpichukwu]

This is why they said knowledge is power, obviously your friend did not get the information that Bitcoin would've been a profitable way to save his money, maybe he only understood Bitcoin as an investment scheme.
Bringing this up here will probably help someone.

Even with Bitcoin, there are times when you might want to withdraw, and the value will be down, just like what happens with bank savings – not really the same but a similar thing. Imagine buying Bitcoin when the value was around $120,000, and the plan is to buy and hold until you gather up a certain amount or for a particular year. Now the time has arrived, and the price of Bitcoin has dropped. Instead of you seeing the value, it will be lost on value. There is a high chance of getting profit from Bitcoin, but we should not always make it sound like it’s a must.