Topic: Bank in dollar is more safer than naira (Read 195 times)

Because of the inflation rate right now it inot every money you can put in in business to invest because things are very expensive . I think instead of keeping money in the bank with this current situation I will rather buy bitcoin and invest or get a dollar account because everyday the dollar is on increase against the naira,  so I think it will be unwise for tp save money in the bank as naira is loosing value every day.

The thing is that many people despite having the knowledge about stalking money in Bitcoin when the price is low still fail to do and I know this because it's kind of an habit that humans have come to posses which is being adamant to your own teachings.

Well for the case of saving money in the bank, I would rather buy any altcoins that keep my money in fiat in the bank because they is no gain to that at all and what you will end up with is probably just losses and losses so better safe than sorry for me and that's why I don't deal with fait anymore except for the figures I use as income and daily expenditures.

It is the profit we were looking for that land us to this level of economy situation where inflation is on the peak now. If you want to save in dollar for profit then you have to leave Nigeria and to go America so that you will be saving in dollar. Dollar is the one that killing us here. The more dollar increase the more cost of living increase as well. And now the profit we were looking for has hooked up our throat.

Let's value our naira more than the dollar so that things will be better.

OP, you made a good point by trying to advise people on the way forward about fiat investment in dollar for country with weaker.currency, though many people know this already, the profit from dollar holding may not be for the future but the immediate profit is needed by many people, for now naira is always appreciating against the dollar and converting your naira to usdt wouldn't be a bad idea in the business settings but in the other way round as a Nigerian doing this, is as if you are  indirectly enslaving your currency.

In the aspect of bitcoin investment, I would have preferred it if you say that some people don't like purchasing bitcoin when the price is in the dip stage not in the general terms, though naturally many people tend to have interest in something when such innovation are trending or in it's appreciative state, fear is the greatest enemy of progress, though we should expect a new investor to just invest without being afraid for the first time or making an overall research about the system before investing.

First of all dollar is not rising while naira is depreciating rather the depreciation of fiat is the cause while it looks like dollar is rising. Dollar is constant but our naira I struggling to meet up in gaining it strength against dollar.  For example there was a time when $1 is equal to #1 but due to economic inflation and other things put together has made Naira depreciated from #1 to #2 down to #1850 as of yesterday so what that mean I sothat Naira is trying to retrace its step back to $1 = #1 which may not be possible due to bad government. because government has not yet done what they sopos to do to return its glory.

Those set of people are lazy and weak investors. Whoever that has waited for dip and refuse to buy when it's dip and expect to buy when it has risen is not worthy to be called a bitcoin investor.

Telling them of the best way of investment can only work if they are ready and willing to listen to you. Because as human is concerned advice is alway like an insult although to some people not all. Most people love to answer the name investor. not sabinus oo. But don't want to work hard to achieve the goal. because everyone has his dream, you can only try your best but not force anyone.

Cold saying. It is indeed a waste of time saving your money with the naira currency because it wouldn't yield you any form of profit. While it is encouraging to Invest with the money while it profers you profit returns.
There is no just tangible reason why you must stock your funds in the bank, especially fund you don't have an immediate usage plans for.
Instead you can purchase an amount of Bitcoin with it but though you must be knowledgeable about Bitcoin and if at your first experience, you must begin your purchase with a minimal amount which is comfortable for you because I he market do have fluctuating potentials which might weaken your emotions at the downtimes whispering Tou with had I know, I wouldn't had invested in this program and my money would had be safe for me in the bank.
Just the true fact. You must be a risk taker to make it in life but your risks involvements should be genuine and easy to manage also at your determinate to understand business factors to be undetermined which could go south somedays.

And Id you must Invest in Bitcoin, you should be endivoired to invest at when the market rumours isn't influencer yet. I mean when the volume of the market isn't hike yet. The investment strategy in Bitcoin is that if you want to make it a huge profitability, then you must bargain to a long time hodling and by so, you can purchase your Bitcoin during when the volume is at a low rate so that you could stand a very safe side of partaking at every bold steps that the market offers and not when there is already purchasing pressure in the market at when the market is already set or had been set to a vey high price. Although one can still run a DCA method of purchasing Bitcoin.
This is one side non secretive intense some person don't know about accumulating Bitcoin and how time and resources are being wasted while saving their Naira funds with the bank.

Due to the current condition of the economy of Nigeria, the Naira has been suffering in the market. Fiats normally no be wetin we supposed dey advise people to invest inside because they can be easily manipulative like with wetin the FG do recently wey dun make Naira regain some value against the dollars but no be genuine growth be that and all this type of growth no dey last because the market go soon return to the norm and Naira go fall pass as e being dey fall before the FG step in. Don't hodl your fiats but invest them into assets so they can appreciate in value and also store your money for you. You can invest in landed properties and also digital assets like Bitcoin and others.


It's called FOMO and na normal something wey dey happen for all market but if you no wan get that fomo e go better you dey invest inside Bitcoin through DCA. DCA go make you not to dey spend much to buy Bitcoin and at the end of the day you go dun get more Bitcoin while investing in a lesser amount of money than when if you been buy one time. Dollars strong pass Naira so saving in dollars make sense but make you know say since na still fiats you dey hold so, tomorrow the government of either countries fit bring in policy wey go affect the currency and you fit dun waste all your time and efforts.

Of course Bitcoin would remain a wiser option especially with the halving almost at hand and the fact that, Bitcoin has been found to move towards a bullish trend in recent times. Having to invest in Bitcoin at this time, you tend to have a two directional increase in your asset if you’re able to hodl.

While the dollar value continues to increase, giving more value to what you’ve got as against Naira, you would as well find Bitcoin increasing in value as against dollar. That’s you having to profit from both ends in a one asset Bitcoin investment. It’s a more wise option than saving some dollar in a domiciliary account.

It’s not a wrong option I must say, hell no but, it’s not the best option as well. You could profit more should you know how to make some Bitcoin investment in this current dispensation.

First of all op there's something you need to understand about this recent fall in naira and dollar increase before choosing to invest or save your money in dollars. Most people in the country are not been paid in dollars so they will need to use the naira to buy dollars to save meaning that they will gather enough money to be able to save in dollars. Saving your money in dollars will not increase the amount you have saved rather the value will be added when their is an increase in dollars but you won't make much profit unless you decide to be saving all your money in dollars how to you intend to pay your bills?

On the other aspect of not investing in bitcoin when the price is low, I don't think people don't invest but I think they invest with little amount because they are afraid to lose their money sincw they don't know how the is going to be in the nearest future but i think people need to understand the importance of DCA in bitcoin investment, wether you invest when the price is very low, high or just low you stand to make profit so long as you maintain consistency in your investments you will always make profit.

As our naira be now wey e de depreciate everyday, di best option for anybody wey no want make im money follow di naira de lose value na to find alternative currency wey de stable like dollar, so anyhow naira devalue reach, e no go affect you personally.

Aldo my personal opinion for anybody wey wan combine to save im money and at di same time e go be investment for am na to take am de accumulate Bitcoin, de hodle am, especially now wey we de enter bull run, di money go just de multiply plenty returns on investment for di person.  Person wey know way make em look beyond our worsening economy and wise up to de buy Bitcoin.

It is obvious now that the naira is in a free fall state and has no support or anything to back it up. Our government is bereft of ideas to sustain the economy.  The price of goods and commodities are on the rise owing to the fact that the naira is devaluing. At this point, people who are well schooled, learned and exposed would always opt for options to secure their assets and funds from depreciating. Every right thinking individual would always make a fast move to secure their assets and finance from loosing value and as such, some would go for dollar hodling against the naira so they could get more profit as the case may be. In times like this, people would prefer Savings or holding in dollars to avoid losing assets values. I have no doubt that our leaders re doing this as well.

Saving in dollars will yield profits because the dollar is volatile, whereas the naira will never increase or decrease, so some people do not like taking risks and prefer to keep their funds in a bank so that they can access them whenever they need them, but investing can cause problems when the price falls and they are disappointed. That's why is better. You should only invest money you can afford to lose; you should not invest money you believe you will need at any time; nonetheless, investing in dollars is a very smart investment that will pay off if you are patient. You can't just say you would introduce individuals to invest in cryptocurrency without telling them the positive and negative side of it.

many people if they just see bitcoin is increase they will think the price will continue raising without dropping down and definitely nothing will stay for long term without dropping down and anyone that engaged in bitcoin no that Is unpredictable no one can say when the price will increase or decrease.

Fiat are fiat and they are not appreciative in design because of government manipulation to against inflation. Resulting to declination of fiat value. Dollar is better than naira. That is why you think you should save dollar in domiciliary account that it would be better. But why not go for an appreciative asset like bitcoin instead of depreciating fiat? We are still expecting all-time-high and six figures. Bitcoin would be better than saving fiat.

Banking your naira for long time will not give you any profits but if you are Banking in dollars that will make you to have profits because dollar is rising every day and naira is depreciating every time, so what needed us to know is that those of us who stock money instead of investing it, is bad of them because naira is loosing value every day, its better to use our naira to buy bitcoin and stock it, it will give us a profit in future than stocking our money.

Theirs things we need to understand the principle, do you know people don't think of investing in Bitcoin when the price is low, but immediately the price is high many more will be interested to invest in bitcoin, let us let our brothers and sisters to know that is not the best way to invest in bitcoin properly, because investing bitcoin you will learn when the price is high or not before you invest and many people lack interest for the investment, base on fear but now they are interested for investing in bitcoin.