Topic: Holding fiat not the best against Inflation (Read 168 times)

Holding money in Bitcoin is better than saving it in your bank account because Bitcoin will help you overcome inflation for Naija. But I will advise you to save some of your money in Naira because na Naira wey they spend for Naira.

The way naira take dey fall I nor know where next we go see ourselves because the current administration only dey concerned about corn and agbado. Hodling fiat nor really bad like that, e just depend on where you dey and which currency you dey hodl. Like we for this side now, if you dey hodl USDT or you get dollar account wey you dey save money every month you go see say the inflation go dey favour you.

Obviously, the faith on FIAT is dying every day and this is as a result of not giving attention to the cause by the government. Until the government decide to take action to fight against Inflation that is when we may see the Naira gain value. Currently now people are storing their FIAT on assets or investment that will yield them positively because keeping money in banks will do nothing but kill the value of the money. Ill rather get a plot of land and save the value of my money instead of saving it in the bank. Also, i will rather lose the value of my money in Bitcoin than spend it on unnecessary things that holding FIAT could cause.

I feel there is nothing that can be done to save the steady devaluation of naira because the inflation rate keeps increasing. 


With the above quote, there has been a new prediction of inflation hitting 29% in the first quarter of this year. This will cause more devaluation, and in such a case, saving in dollars will be a better option. Some years ago, the naira was $1/₦480. If someone had kept ₦12, 000, 000 since then till now, the money would have lost a lot of value by now, but if another person had save $12k since then till now, he or she would have been making a lot of profit by now.

Saving in dollars now is a better option than saving a huge sum of Naira in the bank for so long.

I love the fact that you used Fiat you should understand Fiat to some extent....
You should understand  that generally, Fiat is controlled  by other factors entirely among which we have Economic as a backbone so I don't  really  think BTC is a factor  to be considered  because  BTC  is just another stand alone Currency  itself  but in a digital  format .
However, BTC is decentralized  entirely  and free from  any influence  from Fiat systems while Fiat system is centralised and influenced by government and its agencies , so there's not really a variation  comparison between  the Fiat currency  and BTC.....

Some of the best investment practice I have come to know speaks more about investing fiat than saving it up. Holding fiat in our local banks these days has been one sure way to get debited on a regular basis, both with funding and withdrawal or transfers.
If one should come into much money at some point and has good I.Q for investment, the best options would be real estate firstly, cryptocurrency especially BTC , and lastly would be to invest in accomplishment of dreams or possessions.

No be Bitcoin wey dey control Naira price, na the economy of the country and the government policies wey dem go pass to use strengthen the country growth so we fit no really know wetin go dey happen dat time but I fit say since the pressure go dey high and the demand for BTC/usdt go high too people fit dey find way to buy BTC or USDT and that one go dey drive up the price of dollars for the cryptocurrency space. Normally dollars prices for the crypto market dey always high well during this time and we fit dey get more higher prices but if governments dun do better things to help the economy, dollars fit fall self..


It has never been a good decision to hodl fiats whether na Naira or other fiat currency. Instead of you holding, investing it will be a better option because of how fiats dey depreciate normally. Investing is the best way to go but since this country get as him dey be, investing no come dey too sure for the country again so if you fit take your investments outside the country e go better and when you invest inside Bitcoin na universal investment you dun do so as e no dey tied to any country but dey independent.

The rapid fall of the value of the Naira in the parallel market is something that should be of a trembling concern to the government as it's an indication that the economy of the country isn't improving contrary to what we get from the government controlled media.

Pegging the Naira to the  Dollar I would advise that we all save our money in dollar because saving your money in Naira in the bank it doesn't add any interest on it but rather your money continues to lose value compared to the cost of goods and services in the country as prices keeps skyrocketing.
The best hedge to your money is to save it in dollars. That's how you can help yourself fight the biting inflation in the country your money.

No be small thing oo, the naira just dey depreciate in value and all this one na to just make the price of things to cost more and more. Dem say person wey dey keep em saving for naira, say em no know wattin e dey do emself. If you be that kind of person, abeg try use the money make you buy bitcoin until e don reach to take buy better something, like maybe land wey the op talk. The worse part of everything na be say the government just fold hand they look as the currency dey die dey go, na for this kind of currency naim Dem wan peg stable coin to. The stable coin name go just change to dying coin.

No be lie, naira don fall hand, as day de break na so e de lose value, if you get 100k for your account one year ago, and e still de there reach now, na im be say di value don reduce drastically but di amount still be100k, so dis fact go make us to understand say e no de favorable to de keep our money for naira again. For people wey sabi wetin de for crypto level na to make use of di knowledge wey we get and de buy and hodle Bitcoin for our none custodial wallets, and di value go just de appreciate as we de enter bull run. Gold and real estate na other better places to invest our money, but me na Bitcoin I de knowledgeable about, so na di best option for me to de keep my money. Knowledge is power.

Inflation is getting worse everyday and it will keep on affecting the value of naira, I think keeping the naira as savings in the bank is not the best because with time naira will keep losing value because of inflation. I think people needs to do research to see alternative way that money can be saved without losing value. Bitcoin is a good option but not even can use bitcoin as a store value because one needs to understand the market value of bitcoin before making decisions of investing in bitcoin to excuse the lose of value in saving money in banks.

normal as the rate of dollars they rise e dey affect we cryptocurrencies enthusiasts in both positively and negatively. As you talk so say you withdraw small amount in dollars but for fiat e bring out something wey make sense. But due to this inflation things they Cost any how now (expensive) because this our contri we too focus on abroad product we nor dey lie lie they try do our own. Nah to they import goods and before we buy am we go first convert our currency to their own, that particular currency wey first big for our eye go con small for their own.
We just hope say how things dey go make God just continue they provide forus oh.

Government get plenty thing wey dem go do to revive our fiat wey dey die, but them no wan do am. everybody get where them dey make there money. Our politician don embesle money convert am to dollar, they expect more inflation, make them dey make more profit, just as you dey get joy when you dey sell you usdt to fiat. Just like last week when I sell 1 dollar, E been dey like #1270 but this week na #1370. If na big amount like $12700 to $13700 1 for don make like $1k. So wetting dey sweet you dey sweet them. Them dey make more money by economic inflation and na there plan that is why dem no want make the currency gain value. Even if E regain E go be when them don also sell there dollar to fiat before dem go stabliz am,come buy again and inflation go also rise.

Although this analysis na base on assumption but not actually from a reliable source but I feel say na wetting dem dey do.
E better to save money for dollar dan to keep am for fiat. If you want dey trade on USDT self you go dey make money well well. For example now the fiat don increase from 1270 to 1370 if you allow am to drop to 1200 maybe by nest week, you buy am in bulk come leave am. and if e mange reach #1300 you sell am. That #100profit multiply by how many usdt you buy, you go see how much you go make

Of a truth, wetin you talk no be lie, holding fiat, naira to be precise na very bad mistake wey we as Nigerian dy make sometimes, it's already been proven that the best way to hold money  is to hold it in anything that appreciate in value overtime, something like Bitcoin, gold and land, even if you dy stubborn say you must hold fiat, make e no be naira, make e be dollars, because people wey been buy dollars at the rate of 750 naira last year, go still dy at a profit because dollars now na 1350 naira.
As naira dy so, 1 million naira now and 1million naira next year no go be the same, because inflation go reduce the value of that amount before then.

So as e be so, I dy advice anyone wey wan hold money, make him hold am in Bitcoin, gold or land, because na dem be the real deal

Naira falls massively this week trading around #1370 this is getting similar to the rises around last halving
How do you think Naira would cope when Bitcoin beats ATH?
I nor really sure say government fit help ahn currently.
We dey experience persistent inflation and dem neva still do anything.


This one na proof of the failure of fiat instead of ahn to appreciate e dey Depreciate compare to other product.
Holding fiat not the best against Inflation
Land na one good example of wetin to get wey dey appreciate but u nor fit buy ahn really in minute quantity. This i believe is where investments like bitcoin comes in.