Can an average Nigerian truly accumulate Bitcoin?

[Out of mind]

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?

Based on the economic situation, most people nowadays make a plan so that they can keep their financial position strong in the future. When you keep Naira, it will not benefit you much in the future but will face losses due to inflation. So instead, if you want, you can invest in Bitcoin gradually through the DCA strategy. This is the best method so far, investing using this method reduces the risk a lot. Investing in Bitcoin rather than holding Naira will make you financially independent and will create wealth owners in the future. To keep your financial position strong, I definitely think it is better to invest in Bitcoin for the long term.
Those who are employed can meet their needs and save emergency funds later and they can continue their investments, but it is very difficult for an unemployed person to do this. There are some people who work hard enough and save a small amount of money and then want to invest in Bitcoin later to make their financial position better in the future. However, I think most people in the current generation have started saving in Bitcoin, even if it is difficult, for financial freedom, instead of saving in Naira.

[danieldavidd]

When you look at the system economy of the country is not going to be easy for average earner to be able to Invest on bitcoin why?because the economy is not functioning well in the favor of the average person lack of jobs that pays high salaries and the
person  still pays bills and if the person had family he has to take care of the family wages which it will be very difficult for a average family person to invest on because what he's earning it can only the family bills.

[OsaiEmma]

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.

Let me reference  you to two points in this thread that I resonate with, and that I would've used as the center of my push back to your POV.

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.

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.

These points are outstanding. Now, let's first understand something. Let's not kid or lie to ourselves, the only way most average earners can actually be satisfied with their investment is when we make profit, at least 10x—I'm quoting this guy—and I don't even think that is enough.

Before we go into the theatrics of whether an average earner can "invest" in Bitcoin, what does the average earner tends to achieve from investing in Bitcoin? The most logical and sensible answer is wealth—not just gain, but wealth—or am I wrong? (I'd love to be corrected if I'm wrong though).

Let's say an average earner finally accumulates 0.01 Bitcoin, which is ~1.04 million naira, how long do you think it will take to get 10 Million naira—which is around $10k?

Let's look at the previous ATH, the ATH before that was around $60k, the previous ATH was at $104k+, that's not even 2x meanwhile, the previous did way more than that. This shows the upside movement is shrinking. This demonstrate a diminishing return pattern: as Bitcoin becomes harder to attain and the price keeps increasing, increased input/investment will yield lower profit, because the upside movement is shrinking. For example, if Mr. A buys 10 Bitcoin in the 2017 cycle, their marginal profit will be higher than when they buy in the next cycle despite putting in more investment to get 10 Bitcoins; that's because the upside movement keeps shrinking.

See how it keeps on declining:



In as much as we love Bitcoin and want to invest in it, let's not delude ourselves into reckless indulgence by taking unnecessary risk because we want to be wealthy; rather, let's use it to preserve our wealth. Just as Satoshi said, "Secure our wealth".

And that's why I agree with hypen(-), and karl_3000. So..if you don't have wealth to preserve, investing in Bitcoin now because of profit should be done with caution and a good strategy—even when using DCA. Not just preaching discretionary funds and whatnot, you should really understand what you're getting into and apply an investment strategy that can help you achieve your desired result. So even when saying an average earner can invest in Bitcoin migy theoritically and technically be true, it is impractical and most of the time difficult, especially in Nigeria.

[Alonso_]

There are things you need to consider before going into bitcoin, you have to consider your income, first of all you have to consider if you have a discretionary income after you’ve finished figuring out your expenses and paying your bills this are important things you have to consider before getting into bitcoin, it’s advisable that if you don’t have a discretionary income it’s better not to get yourself into investing in bitcoin, the truth is that most average Nigerians wouldn’t be able to invest in bitcoin because they don’t have enough money for their expenses, talk-less of having a discretionary income to invest in bitcoin, the Nigerian economy is very poor and bad that it doesn’t accommodate people who wants to invest in bitcoin, most especially average Nigerians.

[Zackz5000]

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?

Despite the economy challenges we are facing in the country I believe there are still people accumulating Bitcoin because the economy meltdown doesn't affect every body as there are still people doing very well in the country.
Another thing is that investing in Bitcoin doesn't ever required us to break the bank, anyone who still want to invest in Bitcoin will surely invest as long as he or she is mean to do it, what they need is just to figure out if they have some discretionary income left with them once they can figure this they are good to start accumulating Bitcoin and hold for long.

[EarnOnVictor]

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

I wanted to use my own economic mathematics, but on a second thought, it would be so unfair on an average Nigerian. Wait a minute, is an average Nigerian not even poor? Let's start from there.

An average Nigerian is certainly poor. They earn between 70,000-150,000 a month; what can that do in this unfortunate economy? Imagine a man is making that a month, and he has a wife and 2 children, for example, how would they cope, especially if the wife is also not earning much?

This people can't save, let alone invest in Bitcoin, they shouldn't deceive themselves. I can only advice them to find a better source of income or add to the current one.

[Itz-prisigold]

There are things you need to consider before going into bitcoin, you have to consider your income, first of all you have to consider if you have a discretionary income after you’ve finished figuring out your expenses and paying your bills this are important things you have to consider before getting into bitcoin, it’s advisable that if you don’t have a discretionary income it’s better not to get yourself into investing in bitcoin, the truth is that most average Nigerians wouldn’t be able to invest in bitcoin because they don’t have enough money for their expenses, talk-less of having a discretionary income to invest in bitcoin, the Nigerian economy is very poor and bad that it doesn’t accommodate people who wants to invest in bitcoin, most especially average Nigerians.

I agree that a person financial status should play a role when it comes to deciding if he or she can afford to save up Bitcoin. But I wouldn't say that the average Nigerian is totally uncapable of accumulating Bitcoin though. The more difficult aspect is that most people don't actually have that enough financial space to save regularly, and easily find themselves caught up in an emergency that drains the little funds they managed to save.

However I don’t think it's necessary that someone must start with a huge amount to accumulate. If a person has the means for some discretionary income,  he or she can begin with a smaller portion and then increase the amount depending on the person's situation. The key here is not to rush into a situation that puts your finances under any kind of pressure, simply because you want to purchase more Bitcoins.

[Stormisover]

When you look at the system economy of the country is not going to be easy for average earner to be able to Invest on bitcoin why?because the economy is not functioning well in the favor of the average person lack of jobs that pays high salaries and the
person  still pays bills and if the person had family he has to take care of the family wages which it will be very difficult for a average family person to invest on because what he's earning it can only the family bills.

We just have to accept it that everybody responsibilities are not the same and the same as their financial muscles, most people have more money and at the same time more responsibility, some have more money and less responsibilities, some have less money and more responsibilities. Considering the economy now, an average man can actually accumulate Bitcoin only if he has less responsibilities, of course he will first put his basic needs at the front before considering accumulating bitcoin so doesn't sell too soon, while for those average man with more responsibilities where in most cases the income is not even enough to take care of the family, they can't accumulate Bitcoin because if they do, they will get to sell too soon to take care of family needs and that wouldn't go well with the accumulation process.

[cxtreenal]

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 you may believe DCA method is an easy way to accumulate Bitcoin and most investors believe in it and are implementing it. Inflation is not new today, it has evolved into this situation over the past few years. Due to lack of good governance and proper monetary policy, inflation in Nigeria is on the rise, resulting in daily expenses increasing compared to income. Although there are no exact statistics on how many investors are able to invest in Bitcoin, the number of Bitcoin users in my locality is increasing.

Due to the poor economic situation, a section of Nigerian citizens have adopted the policy of protecting their finances through Bitcoin which has enabled them to maintain their personal financial growth.

Citizens are moving away from those speculative investment strategies and are building Bitcoin holdings through long term DCA strategies. The strategy of increasing their financial stability by converting to Bitcoin to prevent the depreciation of the Naira has gained great popularity and this process will continue in the future.

https://hodlhodl.com/blog/en/bitcoin-naira-devaluation

[Silverstonez]

Bitcoin can become a means of generating wealth,  but it is not a guaranteed way to become wealthy.  Nigerians are increasingly accumulating bitcoin with the intention of holding it for the long term, despite the rate of unemployment and inflation in the country.
So, as a Nigerian accumulating bitcoin to hold for the long term it’s best you do so with your disposable income rather than money you will need anytime soon. And holding unto your bitcoin investment can be very difficult because of the country’s economic realities.

[Mate2237]

It's possible for an average Nigerian to actually accumulate Bitcoin if they are determined to invest in it because buying Bitcoin starts from having a plan to invest. A lot of people earn way above the minimum wage and yet they still find it difficult to invest even though they want to, this is because they don't have proper financial plan. It can be difficult for those that invest small amounts of money to build wealth from investing in Bitcoin but this is possible, it's only going to take a long period of time.


Buying Bitcoin is better than saving your money in the bank, a lot of people fail to understand this, Nigerians are used to the idea of saving for the future and not even an emergency, but fiat isn't something you can hold on to in order for it to multiply, this is the mindset that a lot of people don't have.

[Bryan jessy]

It is true that the country is facing financial difficulties and with how things are now a question like this necessary because of the effect of hardship in the society and the cost of living, but when I looked at some persons I see that it's not everyone that is actually financially stranded or facing financial difficulties, in my church our harvest is fast approaching so almost every mass day people come out to donate very huge amount of money to support the harvest activities, in this economy! Regardless of how hard it looks there are still some of us who are not bothered about finances, because some people are living large, so there are people who have Bitcoin in store though it might be difficult to believe but some persons already accumulated Bitcoin.

[Big Dirams]

Bitcoin can become a means of generating wealth,  but it is not a guaranteed way to become wealthy.  Nigerians are increasingly accumulating bitcoin with the intention of holding it for the long term, despite the rate of unemployment and inflation in the country.
So, as a Nigerian accumulating bitcoin to hold for the long term it’s best you do so with your disposable income rather than money you will need anytime soon. And holding unto your bitcoin investment can be very difficult because of the country’s economic realities.

You did said the right thing, bitcoin can become a means of generating wealth but no guarantee on that no matter how long we hold there isn’t guarantee on that. Investing in bitcoin with the intention of getting rich isn’t a good idea because that mindset might end up getting us frustrated and depressed when our bitcoin holding isn’t in a good shape but when we go into bitcoin investment with the mindset of accepting any outcome that might show up then we will be free from frustration and regrets. And however investing with our discretionary income and money we can afford to loss is the right approach so at least we won’t be worried about any outcome at all.

[Tony Adams]

Based on the economic situation of the country, there are many people who instead of depositing their money in their local currency, they deposit Bitcoin as an alternative. Although most people in Nigeria today, especially the youth, do not deposit their money in banks and do not keep it locked in lockers, they try to create a wealth for the future. And the only reliable place to create that wealth is Bitcoin, it will bring financial freedom as well as much profit in the future. So I think looking to the future, instead of depositing local currency now, if you deposit Bitcoin and increase your portfolio, it will improve your financial future, that is why my preferred virtual currency is Bitcoin.

[Ummeettaa]

You did said the right thing, bitcoin can become a means of generating wealth but no guarantee on that no matter how long we hold there isn’t guarantee on that. Investing in bitcoin with the intention of getting rich isn’t a good idea because that mindset might end up getting us frustrated and depressed when our bitcoin holding isn’t in a good shape but when we go into bitcoin investment with the mindset of accepting any outcome that might show up then we will be free from frustration and regrets. And however investing with our discretionary income and money we can afford to loss is the right approach so at least we won’t be worried about any outcome at all.

Your explanation and thought about Bitcoin is discouraging and can scare anyone that is new into it or has interest in investing in it, although most of what you said about Bitcoin investment like profit not being guaranteed no matter how long one hold it and others are true.

But one should always be positive in what investment they are venting into, beacsue that alone can make one have confident in what he/she is investing in.

Also one should also not invest in Bitcoin with a clear intention in mind of him/she being 100% successful, but Bitcoin investment portfolio has made many more wealthy than the opposite.

So your thought and advice in Bitcoin investment should always be negative than putting fear in interested Investors or new members.

[sokani]

You did said the right thing, bitcoin can become a means of generating wealth but no guarantee on that no matter how long we hold there isn’t guarantee on that. Investing in bitcoin with the intention of getting rich isn’t a good idea because that mindset might end up getting us frustrated and depressed when our bitcoin holding isn’t in a good shape but when we go into bitcoin investment with the mindset of accepting any outcome that might show up then we will be free from frustration and regrets.

I understand the point you're trying to make, but be honest. Is there anyone who is buying Bitcoin because he feels like decorating his wallet with the asset? I don't think so. Everyone buying Bitcoin wants his investment to appreciate. So it still boils down to making money and getting rich.

And for what it's worth, the only worse thing that can happen to a person's bag after accumulation is losing it to scammers. As long as the person is patient and holds on for a longer period of time, he will surely be in profit.

[PremiumcryptoHub]

There are things you need to consider before going into bitcoin, you have to consider your income, first of all you have to consider if you have a discretionary income after you’ve finished figuring out your expenses and paying your bills this are important things you have to consider before getting into bitcoin, it’s advisable that if you don’t have a discretionary income it’s better not to get yourself into investing in bitcoin, the truth is that most average Nigerians wouldn’t be able to invest in bitcoin because they don’t have enough money for their expenses, talk-less of having a discretionary income to invest in bitcoin, the Nigerian economy is very poor and bad that it doesn’t accommodate people who wants to invest in bitcoin, most especially average Nigerians.

Even though the economy of Nigeria is weak and bad, there are many people who are able to thrive in their business. Such people will be able to invest in Bitcoin because it seems to me they will be able to generate discretionary income. That's right some things to consider in order to invest in Bitcoin are to think about the source of income, take out discretionary income, and avoid investing in Bitcoin with money to meet basic needs.

The bottom line is that if the average Nigerian can generate even a small discretionary income after accounting for their rent and bill payments, that might be enough for him to invest in Bitcoin. We can say that everyone may not have the same financial needs but everyone should prioritize their basic needs before investing in Bitcoin or other investments. However you should remember that those who are not struggling to meet the needs of the family may find it easy to invest and should save bitcoins with a long-term mindset and use multisig wallets to keep bitcoin holdings safe.

[SDS11]

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?

  The economic situation of Nigeria is very bad. With inflation everywhere, low income, unemployment, even to feed and pays bills is hard talk more of saving to buy bitcoin. But i think that is even more reason why DCA still makes sense. It doesn't mean you must buy big, you gat do as your power reach Na consistency be the strategy. Yes, many people earn below minimum wage and it will be hard to accumulate, i agree. But if people fit get emergency fund small and still commit small small money wey no go affect e survival, with time e go still accumulate something. So, e no easy for average nigerian, that one na truth. But e still possible if we dey realistic with amount wey we dey use DCA.

[Nicho-brown]

When the question came to me that "can average Nigeria accumulate Bitcoin" first of all it's rings in my mind to ask myself a question. Is there anything too hard for a Nigerian to do when he or her has the interest and all it takes to do?

So i thought about it deeply and came to the group that we have good brains in Nigeria and if the opportunity is being given to us we can make the work a better place.

So therefore; Yes, an average Nigerian can accumulate Bitcoin, and millions already do, though doing so effectively requires viewing it as a long-term store of value rather than a quick path to wealth.

[PhilosopherKing]

Yes Nigerian can accumulate bitcoin. Anyone can so I don't see why Nigerian case should be different because it isn't only in Nigeria that we have unemployment and all sort of economic stuff that we deal with.  I don't know the part of Nigeria you stay in, but since seeing is believing, how about you try taking a evening stroll to maybe a local bar or club in your area and you will see how the same Nigerians you think are small are blowing money on pleasure.

And funny enough man, this are still the same Nigeria that you think are poor because they are getting below minimum wage.

There are some guys that are average guys and still have skills that they do, extra physical hussles that they can do and if you check what they earn it is more than enough for them to use to invest yet you will see them using it on something else. See guy, even someone that is average can ongoingly accumulate bitcoin if the person has interest in it. Don't judge a guy by the one job you know he does because that person could be a jack of all trade without your knowledge.