Topic: How the current economic situation affect bitcoiner (Read 114 times)

No be person way done chop finish go invest or you go invest money when you never see food to chop. The hardship reach everybody side. Before a wife can seat at home and take care of the family while the husband goes out to look for their daily bread for the family.

Things are very tough for everybody right now in Nigeria. It doesn't matter what work you're doing because you'll still have to buy things in the market and everybody is affected.

People earning in dollars are quite fortunate because they're getting paid above the minimum wage but still the money mightn't be enough without proper planning. The kind of budgeting I and my family have been in recently, the thing no easy oh. To have money left after expenses and every other things is now a difficulty. I won't had believe that a time will come like this that  living is like hell. Everybody has to contribute now. If you're in a relationship, your girlfriend or boyfriend should be doing something and if you're in a marriage, everybody hands has to be active bringing food to the table so that the family can stand strong and not feel the hardship in the country that much.

Bitcoin holders will do what he expected and he is likely to become very rich in at least 2 cycles. This can mainly be done through long-term DCA and a strong determination to accumulate Bitcoins alongside daily household expenses. In order not to touch bitcoins you should strive for a backup fund such as putting aside a portion every week from discretionary income so that the investment can be managed successfully in the long term.
Your financial success depends on coordinating every effort to keep the holdings intact as well as future financial independence.

The current economic situation in the country have not only affected bitcoiners but everyone living a life in Nigeria right now. This is not because things are too expensive to afford per say, because when you look at the rate of commodities in the Nigerian market and compare it to the world, you will realize we are still enjoying our economy till now but two things are happening now which is bringing the hardship.

One is, Nigerians are not used to the skyrocketed prices of commodities like this time around and are finding it difficult to cope with the new prices. Secondly, the country is living under abject poverty where a great percentage of its people are earning a little above $1 per day and around $30 per month. When you compare such cheap labor with what's practiced outside the country, you will realize how our people are suffering under poverty.

For your friend who decided to sell his bitcoin, I don't want him to blame his decision to do so, because first of all, man must to survive. If by doing so, he gets to satisfy his needs as an individual, then I don't see anything wrong with his decision to sell one out of his other bitcoin. If he must invest in real business, I will advise he goes into real estate as it is still one of the most reliable businesses to fall on in this economy.

He can still hold the remaining bitcoin as we hope the worth increases over time up until it hits a target of 100k which has been a topic of discussion and speculation all this while. Then, he can still decide to either hold it or sell it and use the funds to build a better life for himself and his family.

Normally, na wetin suppose happen be that so, e no easy for any bitcoiners to just hodl their assets for long time this period expect say you get many streams of income wey be say you no go touch your Bitcoin, since it's the surest way of becoming rich be that.

No joy for this economy no be play, and e con be say na the time wey all the coins dey show red for the crypto market, na on God every body dey look on, if not man go don die of hunger.

While growing up them say make person cut him coat according to him size in order to fit maintain a normal standard of living but right now no matter how person want cut size down the harshness of the economy no even fit allow you meet up.

At this point wey the Nigeria economy done get to and with how the value of the Naira the fall constantly, nah only people with multiple income source fit conveniently invest long in bitcoin because the economic impact done the make this bitcoin investment the turn exclusively to a big man venture wey the average person are without an opportunity to benefit from it.

Your friend do well as him sell him Bitcoin. Man pikin no go continue to dey hodl bitcoin make hunger kill am, at least I thank God say him get something to sell take hold body because di economic situation for the country right now dey very bloody. Yes, we dey encourage people to HODL their bitcoin, but e no mean say when you get serious challenges like feeding, health or academic issue, you no go sell am take solve your problem. So, na good thing him do, and since na small portion wey him sell out of the 3 Bitcoin stash, him fit use am pump money into the business and get back on him feet.

No be only when economic don bad you go dey look for side hustle, whether the economic good or e no good, e dey advisable for person to get multiple streams of income because e go give you options, especially when things dey difficult, you go get something to fall on. Also, I go like talk say make we no dey see Bitcoin investment as a source of income because na long term matter, except you be trader wey dey trade on daily basis and you dey see money steadily.

Is it advisable to hold bitcoin for an emergency need? I don’t think this is a nice idea. Why don’t you just keep your emergency funds in your local currency? If you keep bitcoin and call it your emergency money, you may later fail because there are some emergency needs that may come if the bitcoin price drops.

Your money may not be able to meet up with what you do at the moment, so the best thing for you is to invest what you can and keep the rest of the money where you won’t touch it till you need it. But keeping it as bitcoin so that anytime you have an emergency, that is when you will swap money, that is not a nice idea.

However, investing for a long time is the best option as a bitcoin investor concerned because that is when you will be able to get money back with profit. If you plan for a short-term investment, there is a probability that you may lose your money when the time comes because the value of bitcoin increases after a long time. 

anybody when hold up to 3 BTC for this our Nija economy na block boy the person be oh. I know say holding Bitcoin make sense but when you hold up to that amount of Bitcoin your friend get so eh, the best thing when him supposed do na him he do so. Sell part to use gain better ground through establishing of business and from that business you fit still de buy more Bitcoin. You know say for this our Nija side like this when things get as e take be, if you get one Bitcoin like that and e come be say na since 2014 you don de hold am, you don already make majority of your profit finish and nothing de wrong to use part of am start small business regardless of the current economic condition. Check out na, if we assume say him still get up to 3 BTC like you take talk am and only wants to sell one of them while still holding the remaining two, you know wetin e go come out for our Naira? E de nothing less than N92M for this our currency oh. Person when get that amount of money as an initial capital for any business no supposed follow complain about the bad economy because with that amount of money, if you don't waste it, you will never run broke again.


normally for the average Bitcoin investor that plans holding for the long term, e de deficult to fit do am well with this current economic condition and high cost of living when de choke like wetin no good. For you to fit buy Bitcoin, you no need be government worker or anyone when de earn locally from an average paying job that's below N200k, if you fall in any of those category, just know say nothing come out for your side be that because that money no go even do you to use take care of your needs not to talk of investing in Bitcoin. The bad economy na better hindrance to current investors and even the once when de plan to start thier investment journey.

You for carry pigin fire this post nai e for sweet pass nah... Una self, na wa oh, una too do oh😅.

This talk you bring so about the current situation how e dey affect Bitcoiners, no be new thing. See that your friend suppose hold till when him choose but since him allow the current situation of this country to touch am I no sure say him fit continue to hold becos as day dey break nah so things dey change and e go always force am to collect from where him dey hold, for the change no be for good but change na for worse.
I only think say if that your friend get another thing wey him for dey use dey sustain this hot dance for no reach am. One thing about holding na determine and to endure when the whole matter don red, as long as you dey naija you suppose get am for mind say your savings no be really your savings, one day wetin you no plan to do with your money wey you wan use till whenever you go must go use am, the country problem big pass one side hustle.
Wetin I dey talk be say if you wan hold your Bitcoin and you no wan touch am e better to split am, one go be for emergency and the other one go be for holding till any year you feel like, becos this country don make some people name their savings as wahala money and na that one them dey touch and not the other one wey them plan to save. No matter the type of investment long or short the best is to plan well and think ahead and also remember say na Naija you dey, nothing is stable even Bitcoin no dey stable.

The current situation of the economic is affecting bitcoiners alot even though the exchange rate is high but the inflation on foodstuffs affect bitcoiner in many way but what i want to focus on is ;
 The inflation affect people doing a long time investment in bitcoin -
This inflation has made many investors sell some of their coin in order to survive this current economic ,i had this experience with my friend he has almost 3 bitcoins ans he plan to hold it till 2030 because he got it from a friend in 2014 at that time he had 4 ,wen bitcoin break he then sold 1 and invested in a real business to keep up with life so as to hold the remaining 3 ,but because of this current economic the real business was not able to sustain him he had to sell some of the bitcoin he planned to hold to be able to cope with this current situation.so something needs to be done if not the effect might increase and if something is not done it will be hard to hold a bitcoin in the nearest future.
 Doing a long time investment might be hard in this current economic situation if you don't have a side hustle that can sustain you during this time,so it mandatory to have a side hustle before deciding to hold a bitcoin for a long time
 so btt members how has this current economic situation affect you , share your experience.