Can an average Nigerian truly accumulate Bitcoin?

[Nasdel4]

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?

[Y3shot]

Right now, there is an economic challenge that is making it difficult for many to meet their investment goals due to high demand. However, irrespective of this economic challenge, if you still want to invest, you can. Bitcoin investment requires a decision, interest, and discipline, so if you really want to invest, you can. The economic situation will only affect how much bitcoin you can buy, and you should definitely only invest an amount you can afford to lose, which is not a problem.

If you can still do things that give you pleasure, no matter how small they are, and even if you don't do them regularly, then you can still invest in bitcoin. What matters here is the interest you have in investing in bitcoin.

[Joy_learns_crypto]

If other it is assumed that other countries can accumulate Bitcoin then Nigerians can, I know a nurse in the UK and we talk regularly, she earns far higher than what someone of her level earns in Nigeria but her take home salary is less than half of what the original salary is before any tax or other commitments, what she does is create other opportunities for herself, work extra shifts, do other things online so she can have something to invest.

Nigeria may not have the opportunities like the UK but your investment should not be in competition with another person, one can accumulate gradually, take the little opportunities that comes one way, Nigeria is a hard place to break into wealth but gnashing our teeths won't solve anything, it may be hard to accumulate as an average Nigeria but it is not impossible.

[Hyphen(-)]

If you are making reference to the minimum wage earners as average Nigerians, I don’t think it is possible for the average Nigerians to accumulate Bitcoin because their earnings is not up to what they need to cover their needs.

But should we call them the average Nigerians?
I think an average person is a person that can be able to cover their needs without asking for help, and they might even have some money to save for their needs sometimes. If we will consider them as average Nigerians, then they can invest using the DCA method.

The things is just that, we cannot overlook our needs to buy Bitcoin because we will be forced to sell the Bitcoin to solve our problems, that’s why it is important to be financially stable before thinking about Bitcoin investment so that you can hold for long.

[Karl_3000]

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?

Do not think you can become wealthy or generate wealth with bitcoin, only see bitcoin as a store of value. That means if you hold 1 million naira in bitcoin, expect the amount of money to be higher than 1 million naira after a long time period.

Considering that many people earn below the minimum wage, can we say that Nigerians accumulate bitcoin?

Anyone that is having savings can convert the savings to bitcoin after taking his emergency fund from it. Little things can add up to become something big in the future.

[ZeroVinsonN]

If you are looking to get rich from bitcoin and you are starting to hold just recently then bear in mind that the only way for that to happen if for bitcoin to experience from now to when you are planning on withdrawing that is over 10x and this is to me the very least since it will need to go higher for it to actually amount to much ( this is if you are looking to get healthy through buying and holding bitcoin alone).

A good amount of Nigerians are barely able to generate discretionary income seeing as most are operating on a hand to mouth method of living, it's hard to be able to save anything from that, though for the group that are able to generate discretionary income investing in bitcoin will be possible but only if they are willing to sacrifice some of the nonessentials they spend their discretionary income on. Go to a bar one evening and you will see men who are complaining about the cost of everything drinking away up to 10k naira in a single night and they are living in rented apartments, it's not like saving all that money will suddenly make them rich but they can definitely do without the drinks and if they transferred that money to bitcoin it will amount to something substantial over time.

[Bigjoe33]

Considering that many people earn below the minimum wage, can we say that Nigerians accumulate bitcoin?

It is true that the economy is poor and depreciating, but it wouldn't stop some people to invest. You know that as some people are crying that things are very bad and they are suffering, there are some people who are celebrating and jubilating, they are making plenty build f money and hitting contracts. There are still those that are building houses and doing very well, and those people can still invest if they really want to.

An average Nigerian may not earn enough to have excess money, but it he loves to invest and is willing to do so, he can still figure out some discretionary to do so. It may not be regularly as the rich folks who may be having consistent discretionary. But the truth is that an average man can still manage to invest. But in this case, it is best for them to invest and HODL, at least for a longer period since they will be buying bit by bit due to low discretionary. If they invest for short time, they may not make enough income because if the volatility.

[Antidote47k]

The average Nigerian is struggling if where being honest, most people have it hard, they are finding it hard to even afford the basics talk more of thinking about investing. Can’t they afford to invest? I don’t think so, I mean they can try but a lot of factors may force them to sell prematurely. The term “affordability” indicates that you can be to without strain or consequences which I don’t think the average Nigerian can be able to.
One has to get his finances in order before you can start thinking of investments and bitcoin is not a get rich quick scheme, sure it has given people massive returns in the past but it’s not guaranteeing you 10x reward anytime time soon.

[Rockson1]

Op yes an average Nigerian can invest in Bitcoin, despite the economic situation which Nigerians are been faced with, Bitcoin investment is not taken all our money, the portion of our funds that adviceable to be used to invest in Bitcoin is our discreationary income and it depends on how is left after we are done with taking care of our essential needs, it could be small thing, I do not think it is right for any average person to give excuses why he is not able to invest in Bitcoin, with good financial management, any average person maintain his or her Bitcoin investment, let's not forget that an average person is either poor or rich, and as long as he has a source where finances flows from, it means his discreationary income can be discovered which is what he needs to invest with.

[DPHOR]

Accumulation of Bitcoin is by choice and it's not something that is compulsory or mandatory.
There are people who go into Bitcoin investment with a sole purpose of holding for long time while there are people who only go to make quick profits from their investments either due to market changes at the moment and or something.
But sincerely, before anyone go into Bitcoin investment they should be at least having multiple stream of income, at least they wouldn't have to touch their investments at all time because they already have another means of income to help them not to touch their investments.

[Nasdel4]

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?

Do not think you can become wealthy or generate wealth with bitcoin, only see bitcoin as a store of value. That means if you hold 1 million naira in bitcoin, expect the amount of money to be higher than 1 million naira after a long time period.

Considering that many people earn below the minimum wage, can we say that Nigerians accumulate bitcoin?

Anyone that is having savings can convert the savings to bitcoin after taking his emergency fund from it. Little things can add up to become something big in the future.

I'll agree with you on this one right here. If someone is truly willing they can compromise right?

[Fivestar4everMVP]

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?

Yes, it is possible for an average Nigerian to accumulate Bitcoin so long as he or she has something doing that he or she makes money from, but one challenge we all have aside the economic challenges is that an average Nigerian naturally loves to live above his or her means, an average Nigerian can comfortably afford a house where the rent is #200k per year, but he or she will prefer to go rent an apartment where the rent is #1.8 million naira per year and this same person will come back complaining that things are hard for him or her, this is why fake life in this country is regarded as PACKAGING.

If every Nigerian working, doing business and earning money will learn to live a modest life, avoiding unnecessary expenditures, then having some extra change to throw into bitcoin at the end of the day wouldn't be so much a challenge or hassle.

[Patrol69]

For those who are involved in various campaigns on the forum, depositing Bitcoin may be relatively easy, but for those who have low incomes, depositing Bitcoin is quite difficult. There are also many people who work hard and in return they earn a dollar or a little more in a day. Now think about it, this one dollar income is not very big to keep up with the current market, and at the same time if he plans to invest with this money while running his family, then it becomes more difficult.

However, for those who have a strong will, the situation is different, for example, a person who earns one dollar and has a strong desire to invest will work harder on this one dollar to earn more money and with that more money, he will try to implement his investment plan.

[kingstep]

Considering that many people earn below the minimum wage, can we say that Nigerians accumulate bitcoin?

Are you trying to say that there are no Nigerian on this forum that is accumulating bitcoin? If there are, it already answers your question and points to the fact that Nigerians have been accumulating bitcoin and that they are still accumulating bitcoin.

The economy of the country might be doing bad but yet, there are different class of people in the country most of which are earning enough to carry out frequent DCA regardless of the current condition of our economy. we have a lot of our population as youths and most of them are earning in dollars through freelance jobs. those are the category of people that can easily invest in bitcoin. the others that are still struggling will have to grow their income to a reasonable degree before they can get started in their bitcoin investment or else, they will even struggle to invest in other things even if their interest is not in  bitcoin.

[cocadalcan]

I know an example of an investor who was very calculating and did not waste money at all. He did not hang out with friends for fear of spending too much money. Since his income was very limited, it was difficult for him to meet the needs of his family, but he had one good quality. He received a weekly salary and deposited a small amount of Naira for the future. This person had the habit of saving for the future. Later instead of saving Naira, he started accumulation Bitcoin and within a few years, things started to change. Now he hangs out with friends and spends money because his financial situation has changed.

The purpose of telling this true story among many unfortunate incidents is to show that no matter how small your income is, the habit of saving can put you in a better financial position in the future. And if you can save bitcoins regularly, it will be even more positive because every 4-year cycle can provide you with high profits.

[Doan9269]

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?

There are traders that have made fortune from Bitcoin here in Nigeria and are doing well, we also have those that have invested in Bitcoin and are also making profit with their assets and continue with the process, the moment you know what you are doing and we're able to discover the strategy that could give us best position in from making profit with our investment in Bitcoin, every other thing we fall in place as long as we are making a deliberate step.

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?

Investing in Bitcoin opportunity is never too late at any time, from your earnings, you could plan how you channel your income on what to invest and that is why what is the priority to you is being considered first for an asset, any low income earner can also find a suitable entry to invest in Bitcoin as long as you can work and afford to earn, investing in Bitcoin is always with an affordable flexibility if you plan well and know what you are doing.

[KawasakiNinja1_]

Op yes an average Nigerian can invest in Bitcoin, despite the economic situation which Nigerians are been faced with, Bitcoin investment is not taken all our money, the portion of our funds that adviceable to be used to invest in Bitcoin is our discreationary income and it depends on how is left after we are done with taking care of our essential needs, it could be small thing, I do not think it is right for any average person to give excuses why he is not able to invest in Bitcoin, with good financial management, any average person maintain his or her Bitcoin investment, let's not forget that an average person is either poor or rich, and as long as he has a source where finances flows from, it means his discreationary income can be discovered which is what he needs to invest with.

Despite the economic situation Nigerians are facing, the fact that an average Nigerian can invest in Bitcoin if they have discretionary income should be the main point of discussion. In fact we should abandon the idea that investing in Bitcoin is justified by buying a whole Bitcoin, rather than investing with as much as we can afford to lose. We get advice from many investment advisors that bitcoin investment can be started even fractionally, all that is required is discretionary income, long-term mindset but it is not possible to get 15X or more profit from it very soon.

It is arguable that the average person cannot make an excuse for not investing in Bitcoin, but the investment should take into account the financial situation, risk-taking ability, also in my opinion those who have sources of cash will be able to invest in Bitcoin and even find discretionary income to invest from it.

[Rockson1]

Op yes an average Nigerian can invest in Bitcoin, despite the economic situation which Nigerians are been faced with, Bitcoin investment is not taken all our money, the portion of our funds that adviceable to be used to invest in Bitcoin is our discreationary income and it depends on how is left after we are done with taking care of our essential needs, it could be small thing, I do not think it is right for any average person to give excuses why he is not able to invest in Bitcoin, with good financial management, any average person maintain his or her Bitcoin investment, let's not forget that an average person is either poor or rich, and as long as he has a source where finances flows from, it means his discreationary income can be discovered which is what he needs to invest with.

Despite the economic situation Nigerians are facing, the fact that an average Nigerian can invest in Bitcoin if they have discretionary income should be the main point of discussion. In fact we should abandon the idea that investing in Bitcoin is justified by buying a whole Bitcoin, rather than investing with as much as we can afford to lose. We get advice from many investment advisors that bitcoin investment can be started even fractionally, all that is required is discretionary income, long-term mindset but it is not possible to get 15X or more profit from it very soon.

It is arguable that the average person cannot make an excuse for not investing in Bitcoin, but the investment should take into account the financial situation, risk-taking ability,Also those who have sources of cash will be able to invest in Bitcoin and even find discretionary income to invest from it.

I'm very happy that you see through my view on this topic, what does it take to invest in Bitcoin, to some people they need millions to invest, but that is a very wrong idea, Bitcoin investment is very easy if we understand it, I will say it again, an average person have the capacity to invest in Bitcoin except he has no interest to invest, because if he has, there is nothing much to do than to figure out his discreationary income, no matter the amount, as long as it is what he can afford, there shouldn't be any problem with that, the amount might not be much at first, but no one should joke with the power of little beginnings, start first and do more when there more sources as I said earlier and I think it is th best way to go, since I understand that excuses is the easiest way to fail in life, I do not encourage it.

[Merit.s]

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.

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.

[rachael9385]

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?

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.

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?

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.