Can an average Nigerian truly accumulate Bitcoin?

[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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

[Patrol69]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,

In this case, the decision will depend on the income and expenditure of a person and other factors. Even after starting the investment, if an investor feels that it is not possible for him to continue the investment for the time being, then he can stop continuing the investment and he can focus his full attention on increasing his income and when his income increases again, he can continue his investment from the previous place. You have made an important point here that not everyone's income is the same and not everyone's financial situation is the same, so some people are able to invest comfortably and some people are not able to do it even if they want to.

you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

To invest, an investor should always look at his discretionary income. If there is some discretionary income left after meeting all the needs, then the investor can continue his continuous investment with a part of that discretionary income.
However, if it is difficult for an investor to build an emergency fund at the time of starting the investment, then he can only focus on continuing the investment because taking all these types of pressure at the same time can mess up his investment and building an emergency fund, as well as meeting his needs.

[Inior]

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?

Op do you agree with me that irrespective of the inflation or economic stand of Nigeria people are still building houses and buying cars? Now if I may ask where are all this money coming from? Even some average Nigerian still manage to pull a 3 square meal which is quite expensive.
This tells us one thing, irrespective of the inflation people would still do what they have to do because if the inflation worsens, you will discover that the previous one has now become the demand of the people.
Inflation is something we as citizens cannot stop or control so we should learn how to vote for the right person and also learn how to manage ourselves.

[Dareo]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

But I do not believe that people with low incomes or those who do not have any extra money to invest in cryptocurrencies should refrain themselves from Bitcoin. If people do not have enough money to purchase Bitcoin, they can concentrate on earning or getting crypto through online work. One such fantastic way is to earn Bitcoin without investing in the form of signature campaigns or many crypto freelancing tasks offered on this same forum.  Even if you cannot afford Bitcoin through your pocket money, you can create your portfolio with the help of your skills and hard work. In this case there is no financial risk of losing your pocket money, rather you will gain many skills along with creating some savings for the future.

[PremiumcryptoHub]

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.

Certainly it can be said that the country is currently going through an economic crisis and nigeria is currently suffering from many adversities but that does not mean that it is impossible for the average nigerian to invest in Bitcoin. It may be we all know people of all professions can invest in Bitcoin so if a person has a profession that earns little money then he will be able to invest as well. Have you noticed people who are struggling financially are interested in investing in this currency to save money because they want to insulate their money from inflation.

An average person can easily invest in bitcoins in a few steps, my opinion they are not required to buy whole bitcoins in saving bitcoins because one wants fractions of fixed amount or can buy Satoshi. It is also important to note investing in Bitcoin like any other investment requires money, so it can be said with emphasis those who are not determined should stay away from this investment because the average person should understand that the main key to starting investing in this currency is discretionary income.

[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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

But I do not believe that people with low incomes or those who do not have any extra money to invest in cryptocurrencies should refrain themselves from Bitcoin. If people do not have enough money to purchase Bitcoin, they can concentrate on earning or getting crypto through online work. One such fantastic way is to earn Bitcoin without investing in the form of signature campaigns or many crypto freelancing tasks offered on this same forum.  Even if you cannot afford Bitcoin through your pocket money, you can create your portfolio with the help of your skills and hard work. In this case there is no financial risk of losing your pocket money, rather you will gain many skills along with creating some savings for the future.

Do you think online job is for everybody ? Many do not have the mental capacity to handle it , just as the question applies ,I really do not think Bitcoin investment is for everybody,if your capacity carries fine and if it doesn't there is no point to outdo yourself, the country is going through difficult time , although not everyone is suffering,but an average man who has family and earn a little can concentrate on his self and family, probably when the time is right and he got a suitable job that can keep his or her family running , them with what is left they can invest in Bitcoin,me I don't force things ,I like it to follow naturally, imagine investing when you don't have enough, it will lead to selling your Bitcoin whenever you are broke .

[Loyang]

It is definitely possible to buy Bitcoin. If we spend within our financial capacity and manage our finances well, then it is definitely possible for us. Because a person whose income source is less has a lot less demand than a person with a high income. So if such a person can manage their financial situation properly, then they will definitely be able to continue investing.

But yes, if at some time or month they are not able to find a source of discretionary income, then they will stop their investment for that month or week and later when they find their source of discretionary income, they will start investing again.

Such a person needs to keep trying to increase their source of income. Because they can also earn extra income and are able to find a source of discretionary income continuously.

[Nasdel4]

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.

The averages Nigerian should already know say no body they come save am and na him supposed try save himself so why keep repeating the same things that haven't changed your life since wey be say na to buy food and just dey chop you dey do. Make we no wise up, na we go hear am tomorrow because it's getting worse from here oh, nothing dey change make we no dey lie to ourselves.

We can only hope for the best but be ready to survive in the economy wey our President dey put us and who knows what the next after him will do since it's a culture now for each president to be worst than the previous. The little we can keep aside for investing should be kept and invest in Bitcoin.

it's a difficult thing to ask for but that's only how we can save ourselves from the mess the county is getting into. The least 1k wey we dey keep weekly na 52k by year end and that can get you something then imagined doing that for 10 years that's around 520k invested and it should have grown more than that along the way. The average Nigerian can't say they have 500k to 1.5 million in 10yrs time but you can if you start.

I want us to be realistic CryptopreneurBrainboss, can you survive of 52k monthly and still save 1k? I believe you'd even be in debt before the month runs out so how can someone earning 52k be able to save 1k comfortably when the money could even go in for the previous month's debt. Also with the rate of inflation in this current day economy Will that even suffice?

[Barikui1]

Yes an average Nigerian can invest in Bitcoin if he truly wishes to, because if he had a source of discretionary income, and he can figure out a discretionary income from it, then he can invest freely without no interruption, as long as the said person has a good money management skills, because no body can be successful in investment if he does not know how to control his money properly.

It's true that the economy is not friendly, but as long as you have a job where you can figure out your discretionary income from, then I believe that you can invest without no obstruction, unless your income is too small, and is not enough to take care of your basic needs.

[Cossyblack]

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.

[Cityhunter34]

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.

You are absolutely right - that's exactly what is eating us up in this country, and yet we keep blaming the government. You just need to cut your coat according to your size if you don't want to have problems in the future, because failure to do so will definitely turn against you. Of course, as long as you have something giving you money monthly or weekly, you can easily invest in Bitcoin regardless the amount you are earning.

We don't have to be compare ourselves with others, because those are the things that are leading us to zero. You should always spend according your source of income.

[Princess Leah]

Edited..

I want us to be realistic CryptopreneurBrainboss, can you survive of 52k monthly and still save 1k? I believe you'd even be in debt before the month runs out so how can someone earning 52k be able to save 1k comfortably when the money could even go in for the previous month's debt. Also with the rate of inflation in this current day economy Will that even suffice?

Honestly, i doubt if someone with 52k monthly salary can comfortably sort out important expenses and still have enough leftover funds for investment, too many responsibilities would make that impossible especially when it someone with wife and kids to carter for but that alone should encourage the person ro seek other means of earning so discreationary funds can be generated.

 So it's either such person cut cost and try to manage the finance to be able to get even though it's about 3k for monthly investment or look for more income to be able to invest better but if you ask me, i think looking for more source of income is better, to increase the level of accumulation.

[Different patterns]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

Very true, and that's why you need to make sure that your income is able to deal with your daily essentials and building emergency funds too alongside your bitcoin investment is a very nice move, because not having emergency funds or using the money you are supposed to use for emergency funds as discretionary funds will affect your bitcoin investment when emergencies happen, so that's why as a investor there’s need to understand difference between emergency funds and discretionary funds, so that you can make your investment without having an issue or pressure whatsoever. Not everyone is suffering what's happening in the country right now, and that's why you need to be patient and focus on building your investment.

[Big Dirams]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

Very true, and that's why you need to make sure that your income is able to deal with your daily essentials and building emergency funds too alongside your bitcoin investment is a very nice move, because not having emergency funds or using the money you are supposed to use for emergency funds as discretionary funds will affect your bitcoin investment when emergencies happen, so that's why as a investor there’s need to understand difference between emergency funds and discretionary funds, so that you can make your investment without having an issue or pressure whatsoever. Not everyone is suffering what's happening in the country right now, and that's why you need to be patient and focus on building your investment.

Our emergency funds is important during our bitcoin investment and we should not take it for granted or something less because if we do then we might end up using our discretionary income and consumption funds for emergency when it arise during our investment and if they couldn’t fix our emergency then we have no other options other than using our investment it self and that not what a good investor does. We should build our emergency funds alongside our investment so at least when emergency shows up we have funds for it and it won’t affect our investments even a bit.

[Beke_26]

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.

I honestly think that an average Nigerian can accumulate Bitcoin because there are other local crypto apps like, peer- to -peer platform that allows users to start with a small amount even as low as #1,000 naira. That can buy "Satoshi" that is, a tiny fraction of a con. This nature and scale of accumulation is absolutely dependent on mostly, fractional purchase power and economic. For example, #100,000 naira worth of Bitcoin, you can buy #500,000 which gives you a small fraction of the coin if you cannot afford to buy a whole coin because digital currencies are highly divisible.

[SPIDERMAN008]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

You are right. Only those who have discretionary income should make investment decisions in bitcoin. Because bitcoin does not give guaranteed profit. In the long run, the possibility of getting profit from bitcoin increases, but no one can say exactly how many years. So if you cannot hold it for a long time by investing in bitcoin, investing in bitcoin can be a risky decision for you.

And this is exactly why most people in our country refrain from investing in bitcoin. And those who invested with their needed money for a short time, but once they suffered losses, they no longer took risky decisions like investing. Many have even lost their financial capacity. So you will notice for yourself, most people in our country want to make a lot of profit in a short time, but do not want to make decisions like investing. People's financial condition is constantly getting worse. Where it becomes difficult to meet their own necessary expenses, it is absolutely impossible to invest in bitcoin.

This is exactly why I do not see many people among the average people holding or investing in bitcoin for a long time. Even if someone is secretly investing in it, that is a different matter.

[Abdulzuruku01]

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, if your income cannot carry you through, there is no point of forcing things , you can't jump into investment when your income is low , because investing in Bitcoin has some steps to take in other for one not to sell it ,you invest from your discretionary income, and you must set aside emergency funds,so if you can't go through this process with what you are earning them there is no point of forcing things .

You are right, Investing in Bitcoin has nothing to do with country hardship but it depends on an individual's financial stability. Bitcoin investment isn't for everyone, you shouldn't invest in Bitcoin if you don't have the means to be consistent with it, because consistency is what matters, So once you know that you cannot be consistent with investing in Bitcoin from your salary or business, don't force yourself to invest because you will end up making wrong decisions. As an average Nigerian you don't have to wait to get rich before you invest in Bitcoin, the DCA strategy is there for you to use in order to accumulate with the little you have.

[Abuobyda218]

As an ordinary Nigerian, you can definitely save Bitcoin because based on your source of income and the amount of money you have left after spending, you can definitely save Bitcoin. You must have the willpower to save Bitcoin, regardless of the country you are from. If you spend unnecessarily and you cannot reduce that spending in any way, it will be difficult for you to save Bitcoin. Therefore, you need to reduce unnecessary expenses and if you live an excessively luxurious life, it will not be possible for you to save Bitcoin. First, restrain yourself and then be frugal, then you can definitely save Bitcoin, whether you are a Nigerian or a person from any community in the world.

[Judith87403]

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?

The average Nigerians cannot generate wealth through bitcoin because the price is high and they can't even own half bitcoin not to talk of one Bitcoin so how can they be able to generate wealth from Bitcoin investment. However, Bitcoin investment is not a scheme to get rich so if you're investing with that kind of mindset then you're getting it all wrong. We invest in bitcoin to protect our money from deprecating in value, not really because when want to become wealthy through Bitcoin investment.

[DYOR+BTC]

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.