Topic: Inflation rate and Bitcoin. (Read 139 times)

If I may ask, money gotten from bitcoin through bitcoin investment? or mining? or from signature campaign?
I think before one could afford such bitcoin to acquire building, one must have accumulated alot of bitcoin in portfolio. Bitcoin is not just something you get easily before you become rich in bitcoin you must have been a long time investor. And that fact should not be excluded so that it should serve as an encouragement for people
 to invest in bitcoin before results.

Bitcoin investment is the best way to reduce inflation. That's why it's always advisable to invest in bitcoin for long so that when the price increase it will multiply your profit by 2X or 3X, depending on how long you hold your coin.

We can only help ourselves and the future generation,  but if only the future generation will see the important of bitcoin and if only bitcoin would still be the best financial  technology. Because as the world is growing so do technology also advanced. Each generation always have a new trend.before bitcoin came into existence, there were things people believed in, but now those things are no longer usefull any longer. So if only bitcoin would stand for long.

Haven read through the content of your post, I would say you have made a good point in some areas I must say it's a very good one but the country isn't what we are really seeing to be. we now know our problem but the root is still very strong that inflation can not be beating so fast.

Even from the concept of Nigeria it was just a business or should I call it investment of some business men who claim to be missionaries but I won't go deep to this. if you want to know more about Nigeria you should read one of the books from Micheal crowder (history of Nigeria). what I'm saying is the governments are trading the country for their selfish reasons.

External forces are the cause of inflation in Nigeria, the country is so blessed with natural resources that it has been recorded that it stands the chance of becoming one of the greatest if opportunities are being used. we have resources far more than United Arab Emirates but can't use them because some countries including world power are making alot of profit from goods imported here.
Anyways that will be a discussion for another day,, Individuals efforts can't make the country better but can contribute alot that is the exactly meaning of what you have been saying I get it all, but framing it to sound like individuals can change the country... it's a big NO to me. Haven seen the past election and other things you should have understood the way the federal government and it's elites manipulate things.

Among the 5 things you mentioned about I only see the farming to be a good point because Nigeria survive from natural farming and lived better than now that the so called civilization has take place by the selfish colonial servants (masters).

Well I think the rave at which politicians are starting to use Bitcoin as their agenda manifesto is just starting to look really odd although I would or might count it as a good development as the adoption of Bitcoin would be on a larger scale but one thing that should be understood is that a politician promising to work closely with Bitcoin might be just a strategy for them to win their election because they definitely know the masses will follow them just like the dramatic Argentina president and his flaunting talks about Bitcoin.

Bitcoin is good in many aspect but am sure its not a magic saviour that can wipe out the inflation like the way we are proposing it to be or even make the country okay overnight and I say this with El Salvador in the picture, even though they have made Bitcoin their legal tender doesn't mean there are not still facing challenges.

https://thenationonlineng.net/costs-of-food-gas-fuel-push-inflation-to-28-20-says-nbs/
Most of my information comes from here.

When I say the rate of demand is 28.9% ahead of supply..i simply mean the rate of inflation.

No one ever said Bitcoin determines the inflation rate of a country. If you read very well there's a paragraph in the thread where I emphasized on people saving their wealth in Bitcoin, leading to the reduction of money supply in the economy, therefore also leading to the increase in value of the currency.

And lastly, if you believe the citizens can't do anything to help the economy then, no offense, you're just like an adult waiting for your parents to send you allowance before you survive.

I don already mention 2 abii, oya

Learn digital skills- sometimes you don't need millions to start a company, you just need the right skills and also this would greatly boost our economy cause when you learn, you earn, you teach and they earn.

Farming- this may seem silly, but do you know that if 60 % of our current population farm food stuffs, it'll reduce hunger and you can build that into industries that'll produce the things we currently import?  It'll also increase employment rates.

Saving- one of the major reasons we're in this mess is the cause of the too much money in circulation. You don't need to wait for the government to come up with saving schemes, save your money into assets for future use. Of course, I don't need to say that Bitcoin is the best asset you can have.

Building schools- for those who have the money, building a school no matter how small it is for a start up can act as a business to you, employment opportunities to about 10-20 people ( for start ups), and a scheme to reduce illiteracy in this country.

Buying from local stores and supermarkets- this may seem little but for those who are into importation businesses, no offense, you may be fattening your pockets but in the long run, you're ruining the economy. Buying from local stores may not yield as much profits as that of importation from China does but in the long run, you'd be helping the economy significantly.

Reducing scams- this has brought more than enough bad names to our country, leading to the loss of foreign investors or foreigners dwelling or coming for tourism. Please don't get me wrong, saying I accused anybody of being a scammer. You may not be a scammer but if you know one kindly let them know that they're not only giving a bad name to our economy but people literally die from the shock of losing their money.

You know sometimes I wonder, if I'm to be the president or hold a government post, I'll do a very good job But let me calm down and be careful what I wish for. Anyways, I mentioned 5 like you asked, and trust me... I can go on and on because the people are really the ones with the power.

You said a lot of stats and facts that is able to help the economy of this country. Our government is our number one fault at which we are still in this state of suffering and economic downcast. The rate of inflation is really affecting everyone, especially in this festive season it has become even worst.

I believe if the government can look into making Nigeria mainly the manufacturers and reduce the importation of goods not solely dependent on import we can be able to stop the inflation.

We have the most resources that would help the country all we need now is the industrialization of this goods into finish products.
We hope someday the government will look into this and make out strategies to control inflation in Nigeria

You don try for compiling dis kind of thread, di inflation in di country e don too much and why we dey really suffer because di government support di inflation very well. Nai make dem no dey talk anything about di high cost of living in di country.
Op you talk well but you for tell us where you get di information. You say di demands now na 28.9% I no dey argue with you but where you come get di data? Or na just imagination you come produced di percentage?
Nigerian Government know weti dem dey do. If dey want to stop all dis nonsense wey dey happens in di country na just small things for dem. Dis thing wey dey happens like dis na joint work with di internal body nd external bodies. Nigerians can produce enough food for demselves wey dem go even use supply anoda countries but di external and internal work together dey destroy do food crops so dat we go only import things from outside countries. All di plan if di government we know dem.

Bitcoin can't determine di inflation of di country but di fiat currency nai go determine di inflation, Bitcoin na just di alternative digital currency dat e no get anything to do with inflation but can make di country economy to grow faster if di country invest in di bear market and sell in di bull market. Nd be like say I don tok am for somewhere before, our naija leaders e no fit do things by demselves and always dey depends on di oyinbo people.

Op I no go agree with you for dis one at all. And if you say you no go fit forget dis guy statement, abeg make you forget in sharp. Di citizens cannot make di economy better for any country. Even though dey know the important nd understand di monetary policy in a country my broda dey no go fit do anything. Na di government go do good environment for di people to do business. Nd dat thing wey you dey talk na REVOLUTION which e no go happens in any day. #Endsars was an Revolutional movement but di government used di same youth plus di army to destroy everything.

Op you don talk well oo, and you try to gather this kind of educative thread wey dey in details, inflation for this country na 🔥, even if say we dey form James bond say we go sti survive no matter the cost of things, my brother we dey get am hot for the price of thing. And abeg that talk wey you talk say individually say we go fit reduce inflation, abeg come explain further because, me I nor dey see any thing wey individual fit do for this country wey go help am. The kind of talk wey you talk for your last paragraph nor follow at all, oya you tell me like 5 tins wey you fit do to better this country. The only thing wey we fit do for this country na to do business like production but that one sef sti need better moni to carry start am.

Good day, my country people.

It's no news that the inflation rate in our country has just recently hit 28.9, meaning it's already in hyperinflation.

For those who don't really get a grasp of the inflation rate, in layman's terms, it is just the rate at which the general price level of a country increases. Monetarists see it as the rate at which too much money in the economy chases fewer goods. While economists see it as the rate at which aggregate ( total ) demand runs ahead of total supply in an Economy.

 Now, the rate at which people are demanding in the country is over 28.9% ahead of the rate at which we are producing and that is very bad. Making us depend on imports, making the prices of goods to be high eventually leading to high costs of production factors. The causes and effects of inflation in relationship with bad Economy are all related.

With the rate at which we're even losing foreign investors, we may end up going deeper into the hyperinflation or depression phases of the economic cycle. Nigeria needs serious monetary and fiscal policies, but we're still focusing on important things.

The vice presidential candidate of Indonesia, santiaga Uno, in expressing interest in Bitcoin and for his campaigns said he would raise Bitcoin experts in order to help the country's economy. Let's not even dive into the fact that the Nigerian government has shown no interest whatsoever in Bitcoin talk more of accepting it for Economic purposes. Let's move into the facts that Santiaga wants to raise Bitcoin experts meanwhile, we have Bitcoin experts in this country why isn't it helping the economy even if it's a little? Or does it have to be a political thing before it makes an impact on the economy?

A very famous entrepreneur once said ( and I will never stop making reference to this saying ) " If only the people can understand how money works and how the monetary policies work, the economy will change before tomorrow morning". We as citizens can help this country with individual efforts.

Money obtained from Bitcoin can be used in acquiring, building, or running businesses, which would in turn lead to employment opportunities, reduction In imports, increased production in the country, and many other benefits.

Educating people, even if it's informally, in Bitcoin would mean that people would be able to properly save their wealth in it and more people would accept it as a means of payment, therefore leading to the increase in value of our currency. Stats show that our currency, Naira has lost over 20% of it's value. When people begin to use alternatives, the supply/circulation would reduce and therefore it's value will increase.

There are a million and one things we can do to better this country, and most of these solutions are in our hands.So, let's do what we can to help not only ourselves but the future generation.