Can an average Nigerian truly accumulate Bitcoin?

[Youngrebel]

Investing in bitcoin is a matter of decision and not based on financial strength,  many may be strength financially but may not invest because they lack the required knowledge for bitcoin investment.
For now i will say Nigeria is one of the of the country with highest rate of inflation that surviving is very difficult for an average citizen. As we talk about surviving we should not also forget about making life saving investment that will help in rainy days which I see bitcoin as the most preferable option. Seeing it as the option in not a problem what the problem here is the capital requirements for investment which i know most Nigerians lack.
With the current situation of Nigeria today i will see the DCA strategy is the most preferable option as it gives room for an installmental investment option because that is the only way to accumulate bitcoin in Nigeria.

True that knowledge and personal decisions matter when it comes to Bitcoin adoption but, financial strength is the most important thing when it comes to any investment not just bitcoin because you might understand Bitcoin but lack the money to invest after meeting basic needs. Funds is very very important and we still need financial stability to invest consistently, and we should also learn to accumulate only what we can afford to leave untouched without putting our financial lives under pressure and at risk.

[B-BossMan]

Investing in bitcoin is a matter of decision and not based on financial strength,  many may be strength financially but may not invest because they lack the required knowledge for bitcoin investment.
For now i will say Nigeria is one of the of the country with highest rate of inflation that surviving is very difficult for an average citizen. As we talk about surviving we should not also forget about making life saving investment that will help in rainy days which I see bitcoin as the most preferable option. Seeing it as the option in not a problem what the problem here is the capital requirements for investment which i know most Nigerians lack.
With the current situation of Nigeria today i will see the DCA strategy is the most preferable option as it gives room for an installmental investment option because that is the only way to accumulate bitcoin in Nigeria.

True that knowledge and personal decisions matter when it comes to Bitcoin adoption but, financial strength is the most important thing when it comes to any investment not just bitcoin because you might understand Bitcoin but lack the money to invest after meeting basic needs. Funds is very very important and we still need financial stability to invest consistently, and we should also learn to accumulate only what we can afford to leave untouched without putting our financial lives under pressure and at risk.

It's true and what matters most is the financial strength, knowledge alone cannot give us what we want in bitcoin investment journey,because you don't necessarily need to have the knowledge before investing, as you can even invest without having a full knowledge about Bitcoin. The only thing is, even as a small earners you can be investing, since it doesn't matter whether you are a rich or poor, so an average person can truly invest in bitcoin and holding it for long-term period, it all depends on how each an everyone of us takes thier lifestyle and how we planned our own financial goals.

[Bitcoin.com97]

Despite inflammation in the country and whatever thing the country is facing ,trust me, not everyone is suffering it ,some have a better job ,the only thing I can say, Bitcoin investment is not for everyone,

Bitcoin is open to everyone who wishes to invest and hold for the long term. It could be difficult to invest in bitcoin if is restricted or banned in a country otherwise,  anyone can invest as long as they have some discretionary income to spare. If a country law doesn't permit the general use of bitcoin, people will be intimidated to invest because their government is against it. But since our government is not against investing in bitcoin, everyone is free to invest and hold as long as they want.  There are no limits as to how many bitcoin you can own which means you can accumulate as many bitcoin you can provided that you are buying from your discretionary income.

All I'm saying is that ,not everyone has the financial capacity to invest in Bitcoin, our government is not against it , everyone is permitted to invest ,but what guarantee your journey is funds , whereas you have the desire but don't have the capacity them what else are you going to do about it , maybe I was supposed to say it's for everyone but depending on the your financial strength,prices of goods are high, and with what you are earning,you can only afford  feeding and some maintenance of the house , what do you expect such person to do ? When money is not even enough to feed the family talk more of having a discretionary income to invest, some are earning well while some are managing their life ,so it's not compulsory you kill yourself in other to invest in Bitcoin.

[Btcdeybodi]

OP let me respond to your topic title "can an average Nigerian truly accumulate Bitcoin"? Of course they can accumulate Bitcoin gradually regardless of the economic hardship that has rampage our financial system. Do you know that irrespective of the economic hardship there are still many Nigerians who do this ajo savings, so if they can do that they can as well accumulate Bitcoin as well. Many Nigerians can still manage to accumulate Bitcoin but they will accumulate very little amount of it. Building wealth through Bitcoin is not easy because you will have to buy enough Bitcoin before you can get enough profit in the future.

[Queen uloma]

I agree with you that bitcoin isn’t an investment that everyone need to rush into. Before anyone think even investing, they should first make sure that their basic needs and emergency funds is covered. Don’t make the mistake of sacrificing your present survival because you want to secure your future.

Investment is supposed to follow your financial capacity, it’s not suppose to be seen as pressure from what other people are doing.

[AYOBA]

First of all, the most important thing is to have a financial plan and this does not work without having a source of income. DCA works perfectly when there's an income, a lot of people struggle because they don't a guaranteed or specific amount of money that they make consistently. No matter how bad the economy gets you can make set out a plan to use DCA as long as you are earning.

Yes having financial plans is the most important part to be successful in the Bitcoin investments but some think that investment can work for them even though they didn’t have steady sources of income. And why having consistent sources of income is a good thing, because none know when the emergency will come up after investing all the money; at this point even the DCA doesn’t work for those kind of investors.

Not everyone can invest in Bitcoin and that is a fact, even though we say that bitcoin investment is for everyone it does not mean that e everyone is capable of investing in it. The category of people that can't invest in bitcoin are those that have no income source and also those that earn below minimum wage, such people should have no business with Bitcoin investment. Someone that earns an amount below minimum wage is barely surviving.

Why not everyone can invest in Bitcoin is because not everyone can afford to lose their money just like that, as we all know that some people’s don’t want anything that can temper with their money, especially people that save money at home refuse to take their to bank for savings thinking that if take it to bank they might lost their money what a wrong mindset.

[yixichloro2xx]

I agree with you that bitcoin isn’t an investment that everyone need to rush into. Before anyone think even investing, they should first make sure that their basic needs and emergency funds is covered. Don’t make the mistake of sacrificing your present survival because you want to secure your future.

Investment is supposed to follow your financial capacity, it’s not suppose to be seen as pressure from what other people are doing.

I agree with you. We have some guys who would rather invest into bitcoin without even trying to settle their important needs first. A lot them jump into Bitcoin with no cash left in their hands, so when the time comes like emergencies or bills arises they will have no choice but to sell off their Bitcoin. Investing in bitcoin is not a must, what should be your concern is your survival, before every other things like investments can then be considered. Let's even say after sorting out your important needs, and no spare Cash left. It's better not feel sad about it, instead work towards earning more money in which you could then use to invest into bitcoin. The important tool that makes an investor have a good investment without any future financial implications, is by having good financial plans.

[Sonia_123]

The reason behind this topic is quite simple based on the economic situation of the country. It's been proven that the best strategy so far in the accumulation of bitcoin is the DCA method but looking at the financial situation of the current Nigeria where inflation is the order of the day, how many Nigerians can truly generate wealth through bitcoin?
Another factor I looked into is the level of unemployment and the struggle to save money. We are aware of the rate of employment, those who are able to get good jobs and earn still need to have emergency money and some savings before thinking of buying bitcoin especially when he pays high bills.
Considering that many people earn below the minimum wage, can we say that Nigerians accumulate bitcoin?

As an average Naija person wey don Taya for suffer for this country e nor go take you anything to invest for Bitcoin because you wan come out of your current financial problem if not you go dey continue to suffer forever, na to just gather yourself well well and double your hustle so that you go overcome poverty once and for all because Bitcoin na sure investment wey if you take serious go save you from poverty .

So far you dey survive for Naija you fit buy Bitcoin, because inside this hardship wey you dey talk, people still dey do akawo, make i sey your akawo mainly na to meet up your needs for the year, what if you divide am into two, use the second half dey invest for bitcoin monthly using your dca, den the second half go akawo, e still better, everything na determination except you nor ready.