Topic: Bitcoin savings vs fiat savings (Read 122 times)

You no need to say so, because people wey dey use fiat for investment dey, like get people wey holding of fiat is their own business, like people wey dey sell money, wey we dey call Pos business, they hold fiat for business and they make profit for the business, another thing that holding fiat currency can save your life from hoodlums, they are criminals that will come to your house and if you don't give them money they will not spare your life but immediately you give them money they will leave you alive so we have many reasons that will make us to hold fiat currency and is good to hold not only the one you want to spend.

I don choose to dey save my money for bitcoin since I see how bitcoin dey increase in value overtime, and fiat dey depreciate in value. The high level of inflation no suppose make anybody still dey save money for bank because na you dey lose. Bitcoin na very good investment wey if you fit get good amount as your own, in future, bitcoin go give you enjoy good profit and keep the value of your money too.

Bitcoin don change di naretive of holding our money, people wey don wise up about im potentials no fit to leave reasonable amount of money for dem bank account. Inflation don make naira to become worthless, as di prices of commodities de increase everyday for market na so di value de dip. I just de very grateful say something like Bitcoin wey be hedge against inflation de to help people wey know di value, instead to leave money for long term inside bank, na to take am hodl Bitcoin. People wey still de skeptical about Bitcoin being a store of value na dem lose because if di economy still de experience depreciation, dem money go further become worthless.

Aldo I no de happy as our currency de loose value because e de affect di economy negatively and na falling of hand to us as Nigerians. But personally as far as Bitcoin and stablecoins de available as alternatives to hold my money, di inflation no go too affect me like people wey still depend on banks to save dem money.

Hodling fiat na bad choice for anybody, you suppose hodl fiat wey you need to settle certain bills and for some kind emergency, no more than that. The wealthy no dey hodl fiat na, it even becomes worse when you are hodling the currency of a third world country like Nigeria, na that one foolish pass. Even if you no wan hodl bitcoin, there are other assets, we get real estate, gold dey, silver dey, bonds dey, investments plenty, just hodl wetin dey appreciate, no be wetin dey dump due to inflation.

Nah better example wey you give. You see ehn, knowledge nah everything, if you lack knowledge you go suffer. Whenever I see banks dey advertise make people open infant savings account to save for their children tertiary education while dem still dey nursery school, I go just dey laugh. Money wey the bank go use run their business and las las when you collect am, e no go get value again because inflation don kill am finish. But if you buy Bitcoin small small for your child education and hodl, when the time ripe for them to enter uni, you go get more than enough to see them through school because Bitcoin nah edge against inflation.

The true Bitcoiners does not need to be told or reminded that the value of Bitcoin have created a history that would not stop but would continue in regards to bull and bear season, whereas during every bull season, the price will always create a greater ATH that investors would make a lot of profit and new investor would purchase little fraction of Bitcoin with a large sum of money compared to the volume they would have got if they invested earlier.  For some people that does not know about this yet, well, it's a reminder for them because the image you posted already explains everything.

@OP, you should also add the 2009 early days when $5 could get you thousands of Bitcoin.
According to my research, back in 2009 on the liberty standard exchange, Bitcoin started off with $0.00099 and someone traded 5,050 Bitcoin for $5.02 only. So what's the value of 5,050 today? 

I dey hold fiat for long term wen I never no d important of bitcoin holding, but since i no d important of bitcoin holding, I prefer to hold bitcoin for long term than holding fiat, because bitcoin will be increasing wen d bull season is on while fiat will not increasing in d inflation, wen u save your bitcoins in d bear season, it will make u to relax on something that will bring huge income to u wen d bull season appear because d more d price of bitcoin is increasing, d more d bitcoins is increasing in people wallet, which is one of d advantage that is making people to save bitcoins for future use.

The way inflation dey go up, e no get any need make person dey keep money for bank anymore. For the last 2 years prices of always every commodity don go above triple. Sometimes na when you price something before you go understand say you broke. Buying Bitcoin or saving money for bitcoin go at least help small. But the koko be say, inflation don even pass even bitcoin rise. So even if say you save money for bitcoin, you go still hear am when you go sell am say make you buy things.

This country don cast as e be so, just do anything wey you get money to do that time. No talk say na later or say make you leave money for account use am dey intimidate bannies.

Why won't fiat depreciate over time, when there is no proper regulatory means to how these money are printed into circulation.
The government seeking for means to pay for something, first thing that might run through their mind is, ooh why don't we print more of it then.

You see, aside the fact that Bitcoin appreciates overtime, I also like it for having a fixed cap(amount). Because if actually these same people also have their way, they would have also printed more of it, which unfortunately isn't visible as it isn't their call to make.

Regardless, I just dey happy say some Nigerians done come across better asset wey dey appreciate, not just with time, but in a more rapid manner than other assets. Just imagine cars that were been sold for around 4M-5M as at 4-5 years ago are now sold for around 12-14M. What a funny country we live in. But it's all good to see Bitcoin as a sustaining asset, and also to be part of it.

Op wattin you talk na true oo, the way things price take dey skyrocket ehn, e come dey fear me oo. Even as the dollar rate don dey statik sef tins still dey increase price everyday omor bitcoin is the only way to escape this inflation expecially for long term plan just as you talk. Because e come be like say you dey pursue shadow or air, as you dey run na so em sef dey run and you no fit catch am. Anything saving for our fiat i no advise anybody agian because instead of gain you go dey run at loss due to inflation. Even the interest sef wey banks dey give to hold you money for a duration of period no really dey mean anythinh again rather that one come even be like trap for dem to take hold you down to suffer the inflation.

You have indeed made a good point, short term plans could experience some delay due to volatility but I also love the fact that you pointed out that the market will bounce back irrespective of the bear season, the bulls are always leading. That is one exceptional characteristics bitcoin posses that cannot  be found in any altcoin  else there would be many other project with almost thesame price value as bitcoin but no, bitcoin keep flexing its muscles as the king of cryptocurrency. The value bitcoin has gotten to is as a result of reputation ut has built over the years, in real sense bitcoin keep building reputation while fiat keeps lossing its reputation.

even though the picture you added to the thread no really explain the point you de try make well, there is always a context to savings vs investment and most times wetin be the main factor when de affect wether you go need save or invest de usually be the timeframe when you de look out for and if wetin you wan achieve na short term something, then investing the fund in something that is as volatile as bitcoin fit give you small problem because at the time you wan sell am use the money buy your car like the instance you de give, the market fit de experience some sort of correction which go make you stay till the market bounce back and then you fit de in a better position to sell.

if the goal na something when fit last above one year before you intend gathering the complete money for the purchase of the vehicle, then certainly, bitcoin go always be the oga for that side because as inflation de hit savings in the bank, your investment in bitcoin de skyrocket placing you at a better point and helping you achieve your goal faster than anyone that is depending on his savings in the bank that will rather depreciate as time progresses.

Well spoken and I believe say anybody wey dey this forum supposed done know say investing in Bitcoin is always better than holding fiats. Fiats wey we dey see so was made for spending purposes and na why e no get value.

Na before wey saving fiats be get some profits to it and that was when fiats were still backed by gold and not in this times when there's nothing backing the fiats but just lies from the government.

In general, investing is always better than saving but you go need save first before you fit invest because if you no get the capital to carry invest how you wan run am.

This country so sha, the way things dey go, jf you get the money to buy something, buy am oh because at the rate of things increasing, that thing wey you been dey see for 100k, you fit see an 500k the next time you go buy.

Invest (normally) and buy things too as you get the cash.

It's rare this 21st century to see an educated young man who has prior knowledge about Bitcoin this days to keep his millions in bank with the intension of saving it for long term that may depreciate with respect to time,  which is one advantage Bitcoin gave to us, been a decentralized digital currency. Because the truth of the fact is that Bitcoin has potential, and the earlier many people understand this and venture into it, the better for them far more than stocking in our traditional banks where in a year time, the average return of investment might be around 5 to 9% percent per annual, unlike Bitcoin that you can make such profit in just a mere single ladies.

To be honest since the sudden rise of inflation rate these past years and even till now majority must have learned the hard way that saving his different from investment. Those who had their money in USD or any other much stronger fiat currency than our naira will not be feeling the pressure as much as others who was only concerned in saving their naira in the banks.

The truth be say either ways inflation go dey hit evey fiat currency and USD nor be exception although the rate of inflation different sha but e go still happen and Bitcoin na better hedge against inflation and many don dey know, and so many many go invest in Bitcoin and HODL for long term plan.

Aside Investing on Bitcoin nothing beat investment because saving na wrong plan for the future oh. Just find good investment like Bitcoin, Real estate and others but make sure you learn about the risks and dangers around m, make person nor go scam you or through mismanagement or fear your investment go just becomes waste or mistake. Knowledge dey highly important.

Like I usually say those of us that really understand the system of bitcoin are privileged, there some folks at there that would have been ready to put their money into bitcoin, but they couldn't because they don't have any knowledge about it , I was once like that also I had the money then to invest some significant amount to bitcoin but didn't because I lacks proper knowledge rather I went into trading and I got reckt countless time.

Bitcoin being able to fluctuate makes things more exciting, that's why we usually experience up and down movement in the market till date , due to that fluctuation folks has been wble to make good amount of profit has they hold some of their assets in bitcoin. Beautiful thing about bitcoin is that it's usually bounce back after experiencing a dips and of you understand all this you be able to keep it cool while others panic during the dip .

Greetings my follow Nigerians and Nigerian board members, I know its been a while since I last posted in the Nigerian board and even forum at large. Well i'm back and I came with a little  comparison between bitcoin and fiat savings.
We all are conversant with the inflation rate in our country and how it has stabilized above #1500 for a while now, though we are hoping for the best but for the mean time it is what it is. You could imagine someone who was saving to buy a car and with a #500k difference from buying the car the rapid inflation came and the price of the car skyrocket with a difference a #4.3 millon. There is a high percent probability that the person may divert the money into doing something else. And his initial plan in buying a car has been ruined. Perhaps if that same person was making his investment in bitcoin, he wouldn't have experienced that situation but rather he would be happy because of the increase in value bitcoin has added over the last few years. Well unlike any fiat currency, bitcoin keeps soaring higher as the day progresses though we sometimes experience some dips but the market keeps runing in a bullish direction in the long run. So why not develop some faith to make your savings in bitcoin rather than in fiat currency that may loss value? I understand that sometimes we love to make use of channel and means that are easily accesible but you could save up some portion and keep a little that can be of service when you need it.

Its all over the news that Czech central bank governor is making proposal to buy $7.3 billion worth of bitcoin and if that gets approved that would lead to another bull, bitcoin may like rise to $120k. These are opportunities to not miss in the market the. They say "early to bed, early to rise" the earlier you start your bitcoin investment or savings the earlier you start receiving profits from the market.

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