You are correct, buddy. If you are holding dollars or bitcoin right now, know that you are among the wealthy; the value of a dollar in Nigeria right now is not negligible. You can't be complaining that things are too expensive or difficult to purchase when you can't even afford them. If you have money in a bank that you won't be using right now, it would be wise for you to invest it in bitcoin instead of a bank, as the latter will take a monthly withdrawal from your account. Additionally, if someone puts $1 million in a bank right now, I don't think they will be able to withdraw that amount of money within the next two to three years because of the charges.
Many people in Nigeria were unaware of the type of investment bitcoin is. I have witnessed situations where someone was advised to invest in bitcoin rather than saving money in an account and was told it was a scam. I don't think this person understood what bitcoin was about, and my assumption is that he is illiterate, as if someone is well educated and you introduce him to bitcoin, he will never question whether he is being scammed because if you know how to hold your coin without allowing anybody to access your wallet, you won't know anything about scam.
Topic: Life is cheaper with Bitcoin and cryptocurrencies in general - page 5. (Read 953 times)
I don't really see that item as either expensive or cheap. From my perspective, it always feels like my money is either increasing or decreasing when converted to FIAT. Yeah, in my country, the use of cryptocurrency is limited to being just an asset; you can't use it to buy food or drinks directly. So, it's quite common here for the majority of BTC users and savers to hold onto it and monitor the value changes due to the volatility of BTC prices.
Inflation doesn't impact me too much because the amount of FIAT I have isn't that large. The FIAT I have is only enough to live for a few weeks, maybe just one month ahead. I find savings more appealing in the form of BTC because when savings are in fiat, there's a high likelihood of it running out quickly due to poor money management. Yeah, my emotions aren't stable enough to manage FIAT in a reckless way.
Inflation doesn't impact me too much because the amount of FIAT I have isn't that large. The FIAT I have is only enough to live for a few weeks, maybe just one month ahead. I find savings more appealing in the form of BTC because when savings are in fiat, there's a high likelihood of it running out quickly due to poor money management. Yeah, my emotions aren't stable enough to manage FIAT in a reckless way.
You should've stopped at Bitcoin. Why add "and cryptocurrencies in general"?
You save in fiat, you earn a little interest, but it can hardly keep up with the speed at which prices of goods and services are rising. You save in Bitcoin, what you can buy with 1BTC today, you can buy it with 0.2BTC a decade later. You save in other cryptocurrencies, what you can buy today, you cannot afford it anymore in the next decade because what you've got are already worthless.
You save in fiat, you earn a little interest, but it can hardly keep up with the speed at which prices of goods and services are rising. You save in Bitcoin, what you can buy with 1BTC today, you can buy it with 0.2BTC a decade later. You save in other cryptocurrencies, what you can buy today, you cannot afford it anymore in the next decade because what you've got are already worthless.
I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.
This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
Yes, you are right there, dude. That is the nature of Bitcoin; it can provide good future savings in terms of financial stability, or sometimes, in other cryptocurrency, it gives an opportunity to achieve others dreams in life.
And there are many people who have proven it here and who have also been helped to somehow move their lives forward. That's why others, whether they admit it or not, are already addicted to putting money in the bank; even if they have something in the bank, it won't hurt their eyes or pocket. Because they saw potential that was the opposite of the bank.
I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.
It's not like buy bitcoin and sit & go. You have to trade, buy low sell high to make life cheaper or otherwise your life will be the same. This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
As far as I know there is not any bank that offers you 10 years deposit interest. If someone wants to make deposit, 12 or 24 months should be selected but if someone has one million dollars, then that person should forget banks and start a business or invest in cryptos like you say OP. Keep one million dollars in crypto for 10 years is absolutely the best solution compared to keeping 1 million dollars in deposit over and over multiple times up to 10 years. Deposit interests work in a way that over time, inflation eats your earnings from interest rate and actually you earn nothing by placing your money in bank while bank loans them with two, three and more times higher higher interest rate, that's how money is made. Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
snip
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
i once argued with my friend, regarding the issue of good investment instruments, he said that deposits were the best but i said that the money you have in deposits will only decrease, he said why is it decreasing, i explained that the value of item A should be able to bought with 1 now, in the next few years item A can only be bought with 2 or 3, that means the value of the money he owns will halve in a few decades, he started to think about that and invested in bitcoin using the reward he got earn from deposit interest, even though he doesn't really believe in bitcoin, i'm happy because he wants to listen to me that bitcoin is the best investment instrument to protect the value of the money we have forever. This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
-snip-
But it takes a lot of research to understand bitcoin and how it works in its crypto market. And if you are faint-hearted, I suggest bitcoin investment is not right for you.
There is no need for more research on Bitcoin, we all generally already know how Bitcoin works and what is good to do.But it takes a lot of research to understand bitcoin and how it works in its crypto market. And if you are faint-hearted, I suggest bitcoin investment is not right for you.
For long-term investment is advice to do.
Moreover, approaching this halving will be the main asset that everyone needs to hold starting today.
With regard to altcoins, they are just created on the image of bitcoin, but it does not mean that whatever bitcoin achieves, altcoins are also capable of obtaining it. Bitcoin has reached a lot of all-time highs in the market, but altcoins just resort into pumping and dumping their value until they lose totally their value and end like shitcoins.
Some altcoins still deserve to be held long-term and still follow the price of Bitcoin.Like ETH, which is the top altcoin that must be held from now on.
Bitcoin pumping will also increase the price of ETH because ETH is always correlated with Bitcoin and is not much different.
Yes, definitely bitcoin is better. But it is worth knowing about bitcoin and know the right time to invest.
It is better you mention the altcoins. This is because some people will invest or have all their fiat on some altcoins and it would be the worst regret of their lives.
Some altcoins did not got to all-time-high when bitcoin and some other altcoins got to all-time-high in 2020/2021. Many altcoins can be gambled with while their prices have been plummeted to their lowest, but because they may not reach all-time-high, those that invested before when their prices are high may be losing.
Some altcoins are just dead. So research, knowledge and experience are all important.
Fiat value depreciates while bitcoin's value continue to appreciate. This reason alone is a good way to ponder whether you go for fiat investment or just spend your fiat so you can invest in bitcoin. But it takes a lot of research to understand bitcoin and how it works in its crypto market. And if you are faint-hearted, I suggest bitcoin investment is not right for you. It is better you mention the altcoins. This is because some people will invest or have all their fiat on some altcoins and it would be the worst regret of their lives.
Some altcoins did not got to all-time-high when bitcoin and some other altcoins got to all-time-high in 2020/2021. Many altcoins can be gambled with while their prices have been plummeted to their lowest, but because they may not reach all-time-high, those that invested before when their prices are high may be losing.
Some altcoins are just dead. So research, knowledge and experience are all important.
With regards to altcoins, they are just created on the image of bitcoin, but it does not mean that whatever bitcoin achieves, altcoins are also capable of obtaining it. Bitcoin has reached a lot of all time highs in the market, but altcoins just resort into pumping and dumping their value until they lose totally their value and end like shitcoins.
I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.
This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
It is because of this that the rich only keep a small amount of their wealth in cash, and they keep most of their wealth in stuff that appreciates in value or that it can produce additional income streams for them, the rich have known of this trick since forever, that is why they are rich, however a regular person will keep most of their money in a bank account and their retirement account and then discover that what they can buy with that money is very limited, so if someone wants to have a good financial future then they need to invest that money in good assets and hold them for a long time. This experience I coined from the current economic hardship my country is going through.
The naira lost significant value against some other major fiat currencies, most especially the dollar, this has made things in the country very expensive, which has also made life very expensive to live here in Nigeria.
But for those who have been saving investing, saving in bitcoin, and maybe some other major cryptocurrencies, life is cheaper as we all have seen that overtime, the price of bitcoin increases, and when this happens, major altcoins too experience the boom, thereby making good profit for those who spent fiat accumulating when the prices are low.
This is why I personally implore us all to be wise in how we choose to save our money,
Keep one million dollars in the bank for 10 years, by the time the 10 years is over, you pull out your one million and discover it can't buy much because things are no longer at the same price as they were 10 years ago.
But keep one million dollars in bitcoin for 10 years, by the end of the 10 years, one million dollars must have turned into 5 million dollars or more, and even if things have become more expensive in the market, this money will pay for it all and you will still have a lot of money left to do other things.
Fiat is only suitable for spending, not saving, because if fiat is saved, admin fees at the bank are not commensurate with the interest we will get.
investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.
Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general
Actually is not that life is cheaper but investing in cryptocurrency wisely can attract more profits to us for those who know how to invest properly. Investing in crypto market without knowledge of how the market works can affect us a lit if we don't learn and study the best way to hold and trade in the way. Since learning is constant, it will be a benefit for us when we keep learning about how we can diversify our investment and make as much as we intend to make from the market. Crypto has it own risks but when we understand the market fully, we might benefit more by making consistent profits. investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.
Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general
The economic realities in the country has shown how weak the naira is and how it has lost it's purchasing power. Earlier this year, 1$ was N700, right now it's N1125. Let's take for instance, I had one million naira in my account that I had budgeted to use for project in the month of november, based on the hike in prices of commodities, I won't be able to execute the project. But if I had saved same amount in Bitcoin or stablecoins, I could easily exchange it and execute the project without sourcing for additional funds.
This is not just a Nigerian problem, there are many countries that are having same challenges and it would be a good idea to save more in cryptocurrencies than fiat.
This is not just a Nigerian problem, there are many countries that are having same challenges and it would be a good idea to save more in cryptocurrencies than fiat.
Yes, definitely bitcoin is better. But it is worth knowing about bitcoin and know the right time to invest.
It is better you mention the altcoins. This is because some people will invest or have all their fiat on some altcoins and it would be the worst regret of their lives.
Some altcoins did not got to all-time-high when bitcoin and some other altcoins got to all-time-high in 2020/2021. Many altcoins can be gambled with while their prices have been plummeted to their lowest, but because they may not reach all-time-high, those that invested before when their prices are high may be losing.
Some altcoins are just dead. So research, knowledge and experience are all important.
It is better you mention the altcoins. This is because some people will invest or have all their fiat on some altcoins and it would be the worst regret of their lives.
Some altcoins did not got to all-time-high when bitcoin and some other altcoins got to all-time-high in 2020/2021. Many altcoins can be gambled with while their prices have been plummeted to their lowest, but because they may not reach all-time-high, those that invested before when their prices are high may be losing.
Some altcoins are just dead. So research, knowledge and experience are all important.
I agree with you bitcoin beats fiat hands down in value. But what if instead of saving my fiat I invest it in real estate or stocks which is also like buying and holding bitcoin long term. At the end the dividends from the investment appreciates just as bitcoin's value.
Secondly, I am thinking of a future time when the price of bitcoin stabilizes...would it still be profitable to save in bitcoin then? When can never tell if at that time it will be subject to the economic forces of inflation and whathaveyou.
You are right about BTC. As a matter of fact, in my country, people used to say earn in dollars because they thought inflation would eat away at the value of your local currency, but if you earn and store money in dollars, your fiat currency will be saved over time, and earning in dollars also means you will make more money when you convert it to fiat.
Now you said store in BTC, and I said the same: either you earn in BTC, USD, or fiat. At the current market rate, you can buy BTC with fiat and hold onto BTC rather than keeping your funds in fiat. This will give one person the benefit of the two currencies, one of which is USD and the other of which is BTC. For example, a few months ago, I bought an ATOM token and spent around 8k PKR (I don't remember the exact amount, but it was around 8k PKR), and I bought USD with them and bought the ATOM token at the price of around $19. Maybe well, the point is, when I sold them, I sold the token at the price of $9 to $10, but I was still in profit because the dollar rates were up. Haha, now you would understand what I meant by the benefit of two currencies.
I made a loss by selling low, but I made a profit due to the high rates of USD.
Now you said store in BTC, and I said the same: either you earn in BTC, USD, or fiat. At the current market rate, you can buy BTC with fiat and hold onto BTC rather than keeping your funds in fiat. This will give one person the benefit of the two currencies, one of which is USD and the other of which is BTC. For example, a few months ago, I bought an ATOM token and spent around 8k PKR (I don't remember the exact amount, but it was around 8k PKR), and I bought USD with them and bought the ATOM token at the price of around $19. Maybe well, the point is, when I sold them, I sold the token at the price of $9 to $10, but I was still in profit because the dollar rates were up. Haha, now you would understand what I meant by the benefit of two currencies.
I made a loss by selling low, but I made a profit due to the high rates of USD.
Fiat is only suitable for spending, not saving, because if fiat is saved, admin fees at the bank are not commensurate with the interest we will get.
investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.
Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general
investing in bitcoin can indeed provide more value than we buy it, but it requires patience if the bitcoin we own experiences a decline, and if we need it urgently we are prepared for the losses we incur.
Because there are still many countries that prohibit payments/transactions using Bitcoin, Bitcoin cannot be said to make life easier in general
Keeping the coins safe is important too, otherwise the one million dollars worth bitcoin will turn zero the next time you check. Keeping devices secure and not falling for phishing scams is important here.
Although in many countries crypto is still in an outlaw state, the people there are collecting it secretly. I hope they dont fall in trouble because of this and eventually governments will be forced to become lenient about it.
My portfolio has a mix of all types of asset class as I dont like being all-in on one, but defenitely crypto is a promising asset of them all.
Although in many countries crypto is still in an outlaw state, the people there are collecting it secretly. I hope they dont fall in trouble because of this and eventually governments will be forced to become lenient about it.
My portfolio has a mix of all types of asset class as I dont like being all-in on one, but defenitely crypto is a promising asset of them all.
Totally agree to this. I’m not this kind of financially independent before I start on Bitcoin investments and just relying to my salary. Everything changes when I invest on Bitcoin 2015 using my major savings on bank but the amount is not that huge at that time. I put my future in Bitcoin that and I’m so glad that my gamble works a lot.
Right now I still have some of my early Bitcoin investments while I barely touch my salary since I earn a lot now on trading and my investment. This will not happened if I just stay working and never venture to Bitcoin. So yeah, Life is indeed cheaper if you invest in Bitcoin in long term.
Right now I still have some of my early Bitcoin investments while I barely touch my salary since I earn a lot now on trading and my investment. This will not happened if I just stay working and never venture to Bitcoin. So yeah, Life is indeed cheaper if you invest in Bitcoin in long term.
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That happens in many countries. That is why we are advised to have investments in the form of crypto or gold.
Gold today is not a good investment to beat inflation, rather to hold value, and I think that is partly because Bitcoin has eaten into the market. Before Bitcoin, people who could save to escape inflation basically had gold, and then the rich had real estate, bought shares and things like that. Today we have the bitcoin, and also to escape inflation you can share index funds or shares of good companies, because it is not like 40 years ago, you can do it with small capitals, with low commissions and from your mobile phone. But of course, and it is normal that we say this in this forum, the best would be bitcoin, although you have to take into account the volatility, as DrBeer says.
I don't know about you guys, but for me, I have discovered that the longer one save in fiat, that is, hold fiat, the more life gets expensive, this is because fiat is known to lose value overtime for several reasons, when fiat loses value, they lose purchasing power, goods and services become more expensive, which in turn makes life more expensive.
Life is indeed sweeter with bitcoin if we indeed know how to achieve this beauty in it, I've seen some some always complaining about bitcoin all because their level of understanding about it is very poor, we cannot be doing what is not safe and expected the best from it, some don't know how to maintain a perfect security measures, wallet to use or how to safely store their wallet private keys for their privacy, some might have been scammed as well for some reasons they permitted for that unknowingly to them, yet out of these countless diverse experience, bitcoin is still better than fiat if we understand how to make use of this decentralized digital currency for our privacy and security, including being profitable.
That happens in many countries. That is why we are advised to have investments in the form of crypto or gold. This is to anticipate the worst possibility that could happen in our country. By having investments, at least we can prepare ourselves and our families.
Investing in Bitcoin has provided clear evidence that Bitcoin is the best choice we have today. Even though there are still many people who still choose gold, we can also still choose Bitcoin as our main investment. A million dollars that we save in the bank won't be able to buy many things in the future. But a million dollars in bitcoin could have a higher price in the future.
For this reason, we have to prepare ourselves from now on before everything changes and we start too late.
Investing in Bitcoin has provided clear evidence that Bitcoin is the best choice we have today. Even though there are still many people who still choose gold, we can also still choose Bitcoin as our main investment. A million dollars that we save in the bank won't be able to buy many things in the future. But a million dollars in bitcoin could have a higher price in the future.
For this reason, we have to prepare ourselves from now on before everything changes and we start too late.
FIAT is not for saving. It is only good for spending. It is because of the inflation the central banks create as you already pointed out. The more assets you own, the richer you are. Even if the central banks raise the interest rates to a ridiculous number (like 10%+), eventually they will have to lower them again and then asset prices will go up against the dollar. The only fools here are those who sell their assets (unless they have to sell it for various real life reasons) during that high interest period. Do you sell your house or car just because the rates went up? Then you shouldn’t sell your investments too because your investments make you money. They may fail to make big money today but that will eventually change in the future.
Fiat is indeed suitable for spending to meet the needs of each country. However, using it as long-term savings is not the right choice. If it takes 5 to 10 years, perhaps the money we save will be meaningless because money continues to experience inflation every year. We can feel this for real, in the 1990s $100 was already a lot and could cover 2 months' living needs in my country, currently $100 can only last for 1 week or less. Maybe gold could help with the store of value problem, but after Bitcoin appeared we could have a better option. Gold investment is also complicated, having to go through KYC, has quite large taxes and a fairly large buying and selling gap. It is clear that Bitcoin has more advantages compared to investing in gold.
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