Can an average Nigerian truly accumulate Bitcoin?

[Versatile_choice]

For me I have always seen bitcoin investment as something every one could venture into irrespective of our financial situation, but not that we will have to force anyone to invest; since we know that everyone's financial situation aren't the same then it's our choice to decide if we are going to invest or not. But I believe if an average person want to invest in bitcoin they will surely invest, of course I have seen many nigerians struggling hard to achieve something that you will doubt when you're being told that this thing belongs to this particular person because with his financial situation you might say that there's no way they could do such a thing.

[Lembo69]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

[DYOR+BTC]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

The word if he wishes is the answer to it all, before now it have been made clear to all that Bitcoin operates in a neutral ground that allows all to invest at there own desired choices but depending on financial strength.
The operational pattern of bitcoin gives all willing investors the chance to invest and the best investment option is still the DCA strategy mentioned above,  so an investor with hope of getting stronger through bitcoin must learn to invest with this same strategy so it won't be difficult for him while investing.

[CryptoHeadlineNews]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

Yes, I investing according to your financial capabilities and what you can afford to let go over time is literally just the best approach any average Nigerian can follow for his Bitcoin investment. Because the good thing about Bitcoin investment now is the fact that you can buy even as low as $3 to $5 worth of Bitcoin on our popular crypto exchanges. And as a newbie, starting from an exchange is usually the highly recommended, since it allows you to easily buy, sell or swap into other cryptos. Hence, all an average Nigerian can do to accumulate Bitcoin to ensure they use part of their discretionary income to invest, rather than using the money that was meant to be spent on basics needs.

[Gost ms]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

The word if he wishes is the answer to it all, before now it have been made clear to all that Bitcoin operates in a neutral ground that allows all to invest at there own desired choices but depending on financial strength.
The operational pattern of bitcoin gives all willing investors the chance to invest and the best investment option is still the DCA strategy mentioned above,  so an investor with hope of getting stronger through bitcoin must learn to invest with this same strategy so it won't be difficult for him while investing.

A person can use any investment strategy. Each person needs to decide on an investment strategy based on their financial situation. Just because someone is using the DCA strategy does not mean that another person has to use that strategy, rather choose an investment strategy according to your financial capacity. But yes, the biggest reason why everyone uses the DCA strategy is that the DCA method provides us with many advantages over all other investment methods. For example, it helps us buy at an average purchase price, it helps us to continue buying continuously without the pressure of market volatility. The DCA method is the most effective method for a person with a low income source. If a person with a low income is able to find a source of discretionary income of $ 10 per week or month, then they can continue buying continuously through the DCA method.

[SOKO-DEKE]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

It will really be hard for a common Nigerian to invest in Bitcoin with the kind of economic challenges Nigerians are facing current. How much is the common Nigerian earning that will allow them to have discretionary funds to invest in Bitcoin when they are already struggling to meet their basic needs?I don't think a common Nigerian can easily invest in Bitcoin because, if they try, they will likely end up selling at the wrong time. How can someone who earns a small amount, which is barely enough to feed them properly for a month, be expected to hold Bitcoin for the long term?

Before someone can hold Bitcoin for the long term, they should be able to set aside emergency funds to take care of unforeseen circumstances while building their Bitcoin portfolio. It is better for someone to focus on building themselves financially first, even if they are earning a small amount, before starting to invest in Bitcoin.I will never encourage anyone who is struggling to meet their basic needs to invest in Bitcoin.

[liasbaa]

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 have raised an important point. The number of poor people in Nigeria is higher than the rich. According to the World Bank and the United Nations, about 63% of the people in our country live below the poverty line. More than half of the country's people still cannot meet their basic needs. Rising inflation is one of the reasons for poverty.

Source: https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099253204222517873

Although there are no exact statistics on the percentage of people investing in Bitcoin in Nigeria, about 10%-25% of the total population is associated with cryptocurrency. This rate of crypto adoption in a poor country is certainly satisfactory, meaning that many people invest in Bitcoin to prevent the depreciation of the Naira from inflation.

Source: https://www.triple-a.io/cryptocurrency-ownership-data/nigeria

Despite this poverty many investors use the DCA method to accumulate Bitcoin. Their financial capacity is limited but they want to improve their financial position in the future and are accumulation Bitcoin for the long term.

[Taricoins]

On paper the answer is yes if we are speaking hypothetically, because anybody can invest if thru pit their mind into it but the problem is they wouldn't get as much out of it because for an average person, minimum is 70k, how much can you bring out of there to invest in bitcoin ? And from that extra, what is the percentage value you are going to get for 14% invest. Plus it's really possible because domestic needs out cost minimum wage and that wage bill hasn't even been adopted by every state, so I doesn't look too convincing realistically

[Abu-Naim]

On paper the answer is yes if we are speaking hypothetically, because anybody can invest if thru pit their mind into it but the problem is they wouldn't get as much out of it because for an average person, minimum is 70k, how much can you bring out of there to invest in bitcoin ? And from that extra, what is the percentage value you are going to get for 14% invest. Plus it's really possible because domestic needs out cost minimum wage and that wage bill hasn't even been adopted by every state, so I doesn't look too convincing realistically

Even on paper, how many people have the white collar job that are getting paid the minimum wage of 70 Naira ?
This assumption will just be on paper because an average Nigerian should be earning more than 70 thousand Naira because if the 70,000 is what you earn, you should only focus on taking care of yourself and your family to the best of your ability because the money will not be enough for you to feed and even invest due to inflation.

However, it is clear that relying on salary will not make us successful, so we need find other means of income especially if you want to invest in Bitcoin for the future, but with only your salary, I don’t think it is possible to invest in Bitcoin.

[Homemade-IQ]

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?

My brother, e no get how e wan be, wey e never be before, so a Nigerian citizen wey know him left and right and how to grind go fit invest in bitcoin and be successful.  Make we no dy always use the economy as an excuse for everything, because if you truly wan invest in bitcoin you go do am without looking for excuses. 

We dy complain of the economy every now and then, but people dy buy motor dy build houses on a steady, that one show say some people still dy get an clear, so if your mind really dy to do am, nothing dy there as long as you get something doing wey dy fetch you monthly or weekly income.

[JimaGod]

Yes, a common Nigerian can invest in Bitcoin and if he wants to, he can invest, but it is based on his financial capacity. Those who can keep some amount of discretionary income after spending their livelihood can invest easily. As you said about the dca strategy, the easiest process is the dca strategy. Because through the dca strategy, one can easily invest on a monthly, weekly or yearly basis. However, the ability to invest may not be the same for everyone. But if someone has less ability and if he cannot buy a large amount, there is no problem. Because the real discipline of investment is to maintain consistency. If a Nigerian has the ability to invest, he will definitely be able to.

However, of course, he has to invest within his limitations and cannot invest with any amount that is necessary for his daily life. Because if he invests with such money, he may fear losing his investment, so he may decide to sell the investment

Don't look down on Nigerians because they're more updated with key information in the space. We can simply understand what the people wants when we're talking about cryptocurrency and how to generate higher profits from the market. Anybody can invest as long as you have the knowledge and what it takes to invest, we shouldn't be here lashing out because investing is very sure for everyone of us. Although it do take a lot of nerve to know what we need and how we can invest in the market without having to worry about vulnerable spots.

[Mate2237]

It will really be hard for a common Nigerian to invest in Bitcoin with the kind of economic challenges Nigerians are facing current. How much is the common Nigerian earning that will allow them to have discretionary funds to invest in Bitcoin when they are already struggling to meet their basic needs?I don't think a common Nigerian can easily invest in Bitcoin because, if they try, they will likely end up selling at the wrong time. How can someone who earns a small amount, which is barely enough to feed them properly for a month, be expected to hold Bitcoin for the long term?

Before someone can hold Bitcoin for the long term, they should be able to set aside emergency funds to take care of unforeseen circumstances while building their Bitcoin portfolio. It is better for someone to focus on building themselves financially first, even if they are earning a small amount, before starting to invest in Bitcoin.I will never encourage anyone who is struggling to meet their basic needs to invest in Bitcoin.

Weti you talk na di konkon be that. E no go easy for di common man go invest in bitcoin unless him get small business wey dey bring money steady daily as income wey him dey use am dey solve matter them.  And even at dat things go still hard for him because im go still need di money to yard to im business wey go go live am study income. And those people like dat e no fir dey wait for years before selling their bitcoin.


So in my conclusion be say common man e no go fit wait for the long time but the average Nigerian go fir invest. Because di average which can be di middle class man e don get experience and probably na civil servant so im fit use di salary wey im dey get remove emergency funds and use part of di emergency funds to invest. But di way di economy dey now e no go easy for the average Nigerian to invest in bitcoin too.

[Crypto_Timothy]

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

There is no doubt alot of Nigerians are in one financial gbese based on our economic and the government we have and specifically that's why investment is based on what you can afford. i have seen someone who struggles financially, i have seen him save up to purchase land, so i have this feeling that if it is something you want and you understand why you want it, you will go beyond just to get that thing, even if you have sound factor hindering you and lets be frank, its not like every other country is financially stable, of course some persons are struggling there but they are committing what they can. Its not a force to start big or even invest especially when you are just starting and understanding it, as you progress, nobody will tell you, you will just increase your portfolio yourself