Can an average Nigerian truly accumulate Bitcoin?

[Odohu]

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?

Even as it look like there is poverty and suffering in Nigeria,  a lot of people are able to see opportunities in the midst of the trouble and use same to change their financial situation. Nigerians are very resilient people so when government fails to create the enabling environment for people to prosper, people are not folding hands. The average Nigerian is a hustler that is striving hard to survive, such person can spare the least to put into Bitcoin if he is convinced that Bitcoin is a good investment. This is the reason Nigerians are among the highest holders of Bitcoin.

[Livingleged]

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?

You see this bitcoin investment, is very simple if you understand how to go about it. Yes the economy isn’t friendly but if your have a decent cash flow you can actually plan and start investing in bitcoin. You must not start big, just with as little at $10-20 for your accumulation. The thing is that we all spend money on unnecessary things and we complaining that we can’t afford to invest in something like bitcoin.
As income varies, that’s how expenses varies. So if you can attend to your basic need and have something left, then that your discretionary funds. and it’s the best form of income that should be used for this kind of investment. you must not even have emergency funds at first just start and later you can build your emergency fund along the line.
Just make sure that the money you are using for the investment isn’t what you’ll want to use in the nearest time.

[AmaGold70]

I really think an average Nigerian can accumulate Bitcoin. The point is that even though the country is tough, people still spend money, and we don't even give every account of the money we spend. Your source of income might not be from salary before you invest in Bitcoin, which ever way you make money, ensure you keep some amount of money aside for your Bitcoin investing, no matter how small it might be . Investing in Bitcoin does require much money to start, you actually have to start from very little, and since the plan is long term one can build his portfolio gradually in a long period of time.

[Cryptomultiplier]

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?

You see this bitcoin investment, is very simple if you understand how to go about it. Yes the economy isn’t friendly but if your have a decent cash flow you can actually plan and start investing in bitcoin. You must not start big, just with as little at $10-20 for your accumulation. The thing is that we all spend money on unnecessary things and we complaining that we can’t afford to invest in something like bitcoin.
As income varies, that’s how expenses varies. So if you can attend to your basic need and have something left, then that your discretionary funds. and it’s the best form of income that should be used for this kind of investment. you must not even have emergency funds at first just start and later you can build your emergency fund along the line.
Just make sure that the money you are using for the investment isn’t what you’ll want to use in the nearest time.

DCA strategy of investment isn't a by force strategy to be used. That means that it doesn't hold  you to ransom to invest by force once you can start it.

It is a strategy that works with your patience and earning capacity. It works with your pace and discretion and can allow the most minimum fraction you can afford after spending on what's necessary in real life.

[Shadiq]

Why can't Nigerians? No matter the financial crisis, if you work hard and work smart, your income will definitely increase. If you are still unable to find discretionary funds to invest, consider that you are either lazy or not smart. Maybe you are working hard, but you are not getting the right remuneration because you are not working smart. If your family is bigger than normal or your basic expenses are higher than normal, then you are a victim of circumstances, it is not your fault.

Unemployment is just an excuse, a smart hardworking person is never unemployed. He has to find some source of income. Our youth are unemployed because they are not yet able to value labor properly and are not yet accustomed to innovative thinking, although the government is also at fault here. Value labor and jump into any legitimate job to earn money. If others can do it, you can too, maybe the investment will be smaller than others. Bitcoin investment is still within reach for Nigerians, it may be more difficult for us than for others, but it is possible.

[Yorubek]

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?

Even as it look like there is poverty and suffering in Nigeria,  a lot of people are able to see opportunities in the midst of the trouble and use same to change their financial situation. Nigerians are very resilient people so when government fails to create the enabling environment for people to prosper, people are not folding hands. The average Nigerian is a hustler that is striving hard to survive, such person can spare the least to put into Bitcoin if he is convinced that Bitcoin is a good investment. This is the reason Nigerians are among the highest holders of Bitcoin.

Of course, despite facing bad situation some people are looking for good opportunities they want to change their situation, they are capable of investing. With time the situation is getting worse the government is failing to take the right steps to normalize the situation so the common people are not sitting still trying their best to change their position from their place they are working hard from their place those who understand that investing in Bitcoin will provide great benefits to protect themselves from inflation in the future they are investing as much as they can from their place and holding Bitcoin for a long time to enjoy the benefits that come from Bitcoin in the future.

[adultcrypto]

If we consider the minimum wage, economic condition and the fact that a lot of Nigerians are living below the poverty line, we can say that the average Nigerian barely has enough to contemplate investing in bitcoin. Even the Nigerian workers, most of them are heavily underemployed and spend most of their earnings on basic needs like food. But these are all excuses because anyone who is not challenged to plan for the future is already settling for suffering. So, we have to go all out and try other complimentary things to be able to save some money in bitcoin for the future we desire. If the country fail us, we should not also fail ourselves.

[ejikeme24]

Speaking of economy situation of the country, I believe other countries are also experiencing it so why are you making it look as though Nigeria is the only country that is facing this hardship? Of course there are countries whose economy situation is hard as much as it is over here even though I don't have prove/ evidence about such countries but certainly there are countries like that and yet, they are still accumulating bitcoin.

It is true that the economy situation of the country is hard, and it has made most people not to think about investment of any kind if not on how they could get money to take care of their family. yet at the same time there are also some folks who are trying as much as they could to accumulate Bitcoin, The truth is many Nigerians don't even show interest in Bitcoin because if they do I'm sure they will do it irrespective of their financial situation knowing fully well that it will help them in the future.

[Exitoral]

As it stands now, Nigerians can't do DCA that properly because of high inflation, poor salaries and low purchasing power. But i also think Nigerians can still do DCA properly. The once that can do it should do it. The once that can't should find a way to do it. The once that don't have the cash should first focus on leaving poverty before you spread your money across board. Let no one be pressured into doing what he or she can't do. Take care of your finances first before you invest.

[Humblevirus]

I don't know what you may really mean by an average Nigerian, but the meaning of average is middle class. That means the person is neither poor nor rich, but can take good care of themselves. If someone is doing well financially, it is likely that they will have discretionary funds. It may not be that much, but they will likely have some extra money left after taking care of their needs.By the way, average Nigerians can invest in Bitcoin if they wish to. Bitcoin is not something that requires a large amount of money before someone can invest in it. Even with a small amount, someone can start investing and gradually build a reasonable portfolio if they remain consistent with their accumulation.So, it is mainly those in the lower class who may struggle to afford Bitcoin investments because they find it difficult to meet their basic needs and are constantly struggling to make ends meet

[I_Anime]

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?

First don’t see your bitcoin investment as something that will endup making you wealthy, especially within a short period of time . The reason is that , Bitcoin is that there’s no guarantee when come to bitcoin investment, yes base on past data it has created a lot of wealthy folks (those that invested during the early early stage ).

Now to your question, yes , an average Nigerian can accumulate bitcoin , by following the right principles of investing. Now using the recent economy, things are not getting easier at all but rather the opposite. But there are ways you can still accumulate bitcoin in this economy, you just have to disciplined about it . Although it may affect the rate of your accumulation which may make your process of building your bitcoin investment slower.

[Stable090]

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?

I don’t understand Wetin u mean by how Nigerians can truly generate wealth through bitcoin. D only way to make money from bitcoin is either u trade bitcoin, or you invest in bitcoin, and if u Dey plan invest in bitcoin, make sure say u ready to hold for long term, no expect any money from bitcoin, and no go put ur bitcoin for any platform thinking u go Dey get any return, u are going to lose your bitcoin.

Another factor I looked into is the level of unemployment and the struggle to save money.

D level of unemployment Dey high for dis country, and everybody sabi that one which I feel it’s going to reduce d way people Dey accumulate bitcoin, because people no really Dey earn well. But even as unemployment rate dey high, people still Dey struggle to survive. Some people still Dey keep small small money for investment.

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

If u have d opportunity to accumulate bitcoin, then do that, if ur no get better source of income, and u no go fit accumulate bitcoin, e better make u use d money chop, and take care of urself.

[Taricoins]

Speaking of economy situation of the country, I believe other countries are also experiencing it so why are you making it look as though Nigeria is the only country that is facing this hardship? Of course there are countries whose economy situation is hard as much as it is over here even though I don't have prove/ evidence about such countries but certainly there are countries like that and yet, they are still accumulating bitcoin.

It is true that the economy situation of the country is hard, and it has made most people not to think about investment of any kind if not on how they could get money to take care of their family. yet at the same time there are also some folks who are trying as much as they could to accumulate Bitcoin, The truth is many Nigerians don't even show interest in Bitcoin because if they do I'm sure they will do it irrespective of their financial situation knowing fully well that it will help them in the future.

Bro, we come compare ourselves with lesser countries, Nigerian had reached the point where we should be comparing with power house countries with a livable economic line and with that comes the ability and potential to accumulate, currently I feel the average Nigerian can't accumulate bitcoin to a significant sum, accumulating depends on the context. Alot of Nigerains are surviving from hands to mouth alot of times they skip meals and we expect them to start accumulating ? Its impossible especially with the middle class being erased

[coinlary]

In reality, most average Nigerians don't even know what exactly Bitcoin is all a about even if they've heard it. Accumulating  Bitcoin isn't  hard actually , you can accumulate as much as you can or as little as you can, so everyone has the privilege to accumulate Bitcoin if they want but most people won't get rich  by investing in it . Yet, it is better than fiat, preserve your value depending on how you want to hold and sell  while still giving you some good profit according to your accumution if you take the right path.

[Grace333]

Using DCA makes it easier for even a low income earner to invest in Bitcoin, the keyword here is earning, this is what makes anyone qualified to invest. The average Nigerian can accumulate Bitcoin but it would take a lot of patience and discipline for them to actually gain something substantial from it in the long run. The minimum wage of a Nigerian is 70 thousand naira and let's assume that this is what someone who wants to invest in bitcoin using DCA, they can allocate 14 percent of their monthly salary on this and keep up with it, this should not be inconvenient for them. DCA is a helpful strategy, as long as you are consistent with it you are definitely going to make profit.

[Makus]

Average Nigerians set their goals when using DCA but with the epileptic economy it's absolutely fine to reduce your investment plan if you have to, the main thing that actually attracts result in the long run is to be consistent, even if you cannot invest the same amount due to financial hardship, you can actually reduce it for a short period of time till you can continue with the initial amount or you can increase it.

[BoiCrypto]

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.

Interest is the first thing to invest in Bitcoin, if you don't have the interest you will hardly naie tbe right moves, but through the interest you have for bitcoin investment to learn the important part of bitcoin investment will be easier for upu as investor. If you look at those who just rush into the space just because they think making money is easy end up loosing, because all their mind is in the money that they're going to be making, without thinking of the process they should follow before anything.

[Felicity_Tide]

~snip

Afaik, there are different levels to this "average" you're talking about. We have the majority who live within the minimum wage level, which means they basically have to work before they can afford to feed themselves. It's more of a hand to mouth lifestyle, where they hardly have anything left to save. I doubt if people in this category would even show much interest in accumulating Bitcoin. And we also have those I consider slightly above average. These are people who can afford to feed themselves, take care of their basic needs, and still have something left to save.

I think both categories should be considered factors when determining whether someone can willingly accumulate Bitcoin or not.
I think it would be weird for anyone who truly lives in this country to assume everyone can willingly accumulate Bitcoin despite the many economic challenges we all experience in one way or another.

[Asiska02]

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?

Bitcoin investment is not a must for most people if they’re not financially capable of investing into it, but people go out of there normal means to try and gather to invest into something they feel will benefit them in the future. That’s the case of many Nigerians today that are earning below minimum wage but just have to do something else to enable them flow with the current economy situation of the country while upholding their plans to also be part of the moving train. It could get really hard but people can still squeeze from their savings to invest into an investment like bitcoin. This may affect the rate of people investing but it doesn’t mean many will not invest and use that as an excuse to not be part of the investment when it matters to them.

[Tonimez]

Whoever has a paying job or a source of income can invest in y. It is true that the condition of the country is so bad economically but that doesn't mean that anything is not possible for anyone who is determined to buy bitcoin. Bitcoin can be bought with as low as $10 or even less up to $2. So as long as a person is surviving,, he may be able to figure out his Discretionary income and once he has figured out his Discretionary income, he may be able to buy bitcoin without being greedy. He can keep it within his financial situation to ensure that he doesn't overdo it.

Buying bitcoin starts from the mind, decision to buy and decision to keep. When a person has decided to start buying bitcoin, it gets easier to moderate his expenses into his basic needs and by so doing may have the money to buy and break out the level of a no coiner.