Can an average Nigerian truly accumulate Bitcoin?

[Franctoshi]

Firstly, we have to understand who an average Nigerian is. Based on the minimum wage, an average Nigerian is someone who earns about 70k-150k, or 200k a month, regardless of if you're a salary earner or you're into business to earn such an amount a month.

Can average truly accumulate Bitcoin? Yes, because you don't need to buy a whole 1 BTC to own a Bitcoin.
Bitcoin is divisible into fractions called Satoshi, and as a Nigerian, you can literally buy any amount of Bitcoin you #1000, and with a proper DCA approach, your goal to buy Bitcoin is achievable as an average Nigerian.

[osasshem]

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?

I think it depends on personal mindset on how you earn and how you wish or desire to invest in Bitcoin or not.
The unemployment rate in the country is alarming, yes, but it doesn't mean we will remain idol doing nothing. In this country, it is your mindset that keeps you in a situation of no growth, poverty and struggling earning nothing.

Based on the current situation of the country waiting for job employment that will pay you well may not come easily, therefore making a way to earn on daily basis is a safer means of surviving in the country, and it is when you have continous income (even if it is ₦1k daily) after a time of accumulation and settling all your debts, then you can have what to invest no matter how little it can be.

[Fiasem20]

Wetin I get to talk be say average Nigerian fit accumulate bitcoin,na this thought wey many average Nigerians get na make them no dey fit achieve productive things with their moni at the end of the year.If you don finish your essential expenses for the month and the moni wey remain fit still go inside bitcoin because bitcoin no dey ask you to pack all your salary put inside ham,you go just dey accumulate according to wetin you fit afford to lose.Then pipo wey no dey earn salary or even get business make dem no reason go that side of accumulating bitcoin because how to wan start wetin you no go fit continue,bitcoin accumulation na something wey pipo wey dey do am suppose dey consistent with their accumulation.

[Obulis]

Very difficult or hard adventure! Well when you say average Nigerians we can refer to different standards in whatever we take to be average Nigerians. This is because some average Nigerians can't even afford a decent accomodations to start with. Although all that can't be talked about without consideration to personal financial lifestyle and location which are highly important factor of consideration. Plus or minus, an average Nigerian can actually have what it takes to hold Bitcoin irrespective of stash of Bitcoin and the number of years it takes to get that amount of Bitcoin.

[Byebyebtc]

Nigeria at the moment is in a very difficult state I admit, and a lot of Nigerians right now are on survival state, even if they have some good amounts of money they go for short term investment that will give them profits, because at this moment if you put the money wa you get now for Bitcoin before you say you wan wait for how many years to get back the money and profits on top, you fit don go heaven already, and to me for an average Nigerian (hmm this averysha get level by level)your priority should be short term investment, buy fowl, buy Keke, do business prioritize these things then from any extra money commot money for food, and any thing wa remain put am for Bitcoin, na person wa get balance life de do long term investment,
You fit still de average make your life neva balance.

[MorganaX]

It is agreeable to say that there is a current hardship in the country economically but at the same time this doesn't mean that investing in Bitcoin is impossible as an average Nigerian, all it takes is proper planning. Bitcoin investment is is for everyone and this also includes those that don't really earn high amounts of money. Using DCA makes it easier for anyone to make an investment in bitcoin but the most important thing is having a source of income without this it is impossible to invest.

[Bright0515]

It is almost impossible for those that are struggling to survive to accumulate Bitcoin, Nigeria is currently dealing with a lot of hardship and the poor economy makes it difficult for people to make any investment especially in Bitcoin. A lot of people that are struggling financially prefer to save up so they can invest in Bitcoin but instead of doing that I think that the best thing to do would always be to buy gradually using DCA instead of waiting to have a lot of money before making an investment.

[B-BossMan]

It is almost impossible for those that are struggling to survive to accumulate Bitcoin, Nigeria is currently dealing with a lot of hardship and the poor economy makes it difficult for people to make any investment especially in Bitcoin. A lot of people that are struggling financially prefer to save up so they can invest in Bitcoin but instead of doing that I think that the best thing to do would always be to buy gradually using DCA instead of waiting to have a lot of money before making an investment.

Some people actually have the intrest on investing in Bitcoin, but things are truly not easy at all, due to the harsh economy of the country. Everyone of us has ways of generating income, being it businesses or from skills and all hands are not equal, it actually took a tough time for some people before seeing thier daily bread, so those kind of people that only struggling to survive would not be able to invest into bitcoin, but someone that is earning atleast a little and the person is getting the opportunity to save some earnings, they can be accumulating bitcoin, by buying gradually through DCA strategy irrespective of how small it is, with time and long-term patience and consistency they would probably yield a valuable investment growth.

[Su-asa]

It's not compulsory that you must accumulate bitcoin when you don't have enough money to take care of your basic needs. Bitcoin is just like a normal investment that needs money to start and the money that you need wouldn't be the money you will need in the next six months.

Good point, there is actually no pressure involved in this, a lot of people put themselves under unnecessary pressure simply because they want to start up an investment in Bitcoin but they don't really have the financial capacity for it, this is just something that pushes them into making serious mistakes.

I believe that no matter how bad the economy is, people are still progressing in their businesses and some the government is favoring them. It's these set of people that can invest into bitcoin, people with discretionary income. If you buy bitcoin with money for your basic needs, you are only a gambler because bitcoin investment isn't a try your luck thing.

Absolutely right, buying Bitcoin from amounts of money meant for other things is actually gambling, the reason why a lot of people sell their coins is because they invest funds that they cannot afford to lose.

[Rgram]

It is almost impossible for those that are struggling to survive to accumulate Bitcoin, Nigeria is currently dealing with a lot of hardship and the poor economy makes it difficult for people to make any investment especially in Bitcoin. A lot of people that are struggling financially prefer to save up so they can invest in Bitcoin but instead of doing that I think that the best thing to do would always be to buy gradually using DCA instead of waiting to have a lot of money before making an investment.

Yes, there is a large population of Nigerians that are struggling and there is also a good number of the populace that are doing just fine as well.

The ideal definition of what a common Nigerian might be wouldn’t be known by any number but, if I were to put that to some clear terms, I would say who ever earns below the minimum wage which would be somewhere below #70k.

Clearly, there are those that earn a lot less and some persons that earn a little above that which still falls within this category as commoners but, I think they can be able to build a portfolio if they want to.

The will to build surpasses any challenges you might face in your finances. In the event that it is constrained, you would find an alternative means to making extra cash, that’s how it works.

[BitcoinLitingNetwork]

The current economic situation in Nigeria has significantly reduced the purchasing power of the average person. When one’s primary focus is simply on securing enough food to eat and sustaining one’s family, the idea of ​​purchasing digital assets for the future might seem unrealistic. For those who have even a small surplus of income, DCA is an highly effective strategy to navigate the high volatility of the crypto market. It eliminates the need to obsess over specific market prices as you are essentially buying at various price points which averages out your overall cost.

[Qhunman]

It is almost impossible for those that are struggling to survive to accumulate Bitcoin, Nigeria is currently dealing with a lot of hardship and the poor economy makes it difficult for people to make any investment especially in Bitcoin. A lot of people that are struggling financially prefer to save up so they can invest in Bitcoin but instead of doing that I think that the best thing to do would always be to buy gradually using DCA instead of waiting to have a lot of money before making an investment.

You are right, this current economy is frustrating people, there are lots of policies that has been implemented to frustrate people from doing businesses and succeed. People who hasn't stand firm should stay way from bitcoin because just as other investments requires money to start, bitcoin is not an exception. You'll need money to startup a bitcoin investment, so people whose finances is unstable should work on it and see how they can be able to figure out a discretionary income even if its small and invest first. they can gradually invest with any little amount of discretionary income for the meantime, once they have worked on improving their finances, they can increase the amount and invest consistently.