Topic: What to do with 1 BTC as a Nigerian (Read 351 times)

If I happen to be in possession of 1BTC, I'd invest in five things:
• Real Estate
• Agriculture
• AI (Artificial Intelligence)
• My passion (or as the Spanish call it "mi pasión")
• My family

Such an interesting question,but it complicated.As a Nigerian if I have 1 BTC in my wallet, I would hodl it because my focus is fixed on the all time high price.If 1 BTC is stored in my wallet till it gets to the all time high price(Bull run market) with that I can acquire all I want,I can even invest on real estate business, establish other businesses with the money.

    But with the continuous hardship in Naija it seems impossible to hodl 1 BTC for a long period of time.

There are many things you can do with one bitcoin but before I will give you my opinion, I want to chip in something about the economy. Everyday, we complain that the country is getting hard day by day because of the new policy implementation but do you know that as policy change, the economy favoritism changes too and it's changing from group to another group, so anytime we complain that the economy is not favorable, just know that there are people that are making millions in that hardship others are complaining about, it is left for  you to make use of the same opportunities that group are using to make money, that is how the economy changes and it's okay for change to occur.

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If you are given a single bitcoin, the next line of actions comes from how well to do you were before the bitcoin was given to you. If you are financially buoyant and very okay, it will be very easy to hold it without looking at it for a long time but if you are hungry man that has financial challenges that can barely eat 3 squire meal, the first thing that will come to your head is how to spend that bitcoin. A hungry man cannot be holding money for investment and be thinking of investment, it will not work.

However, even if I'm not financially okay, I will not spend everything. I mean look at how bitcoin went to $58k+, if that should happen again, I will sell like 15% sats and take care of myself because health is wealth and I will sell the rest at all time high and then wait for the price to retrace again and then buy back, if the price retrace even lower, I may be able to have more than a bitcoin next time when I buy it.

Omor if I should have 1btc now hmmmm my people I will make judicious use of it very well like what I will do is to open a modern day luxury fashion hub as a fashionista and fashion designer that I'm and then a luxury boutique. That's what I will do if I'm opportune to have 1btc. Hmm my people e go loud o

I barely understand the contexts of your post after I was enticed by the topic but bringing in here the threads of the similar thread from the other boards as you said you had paved a much understandable backup for you.

However, if you mean to ask what I would do with 1BTC or having the money equivalent to 1BTC, that is not a thought for just Nigerians alone but basically for anyone who owns Bitcoin both home and abroad just as you briefly entailed "the foreigners who talked about owning a car and houses if got 1BTC".

I honestly does not see an average citizen in Nigeria with the current hardened economy being able to own 1BTC or equivalent. Hungry dey oh. Unless there is an overnight supersonic bull-run in the market value.
So eventually I have such a stake, I would set up an algorithm fundamental obligations by diversifying my investments including essential liabilities because it has been on a long time budget but doesn't mean to living a luxurious life considering the peak of a savage poverty

Hence, the fear of poverty would be my ring tunes to avoid "once upon a time I was rich". This singularly would be served as significant gearing-up to Invest in my financial growth and not settling for less.

I know those threads from other boards and it remembers me of a well-known saying:
Don't dream for success but work for it!

Dreaming might be pleasure but it is unproductive waste of time which you could otherwise use to learn something new, improve yourself or do something good to your family and friends.

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As an outsider, i have some difficulties in understanding the Naira problem:
As mentioned above i already noticed that there are two prices for USD/Naira the offical one and the real one. Therefore the Bitcoin Price in Nigeria (corresponding to the official rate) seems to be much highter for the rest of the world. Is that valid for all commodities?  
For example gold: how much gold could i buy as a nigerian for 1 BTC?

What more can we say than to set up a business that generate daily income that will help us reinvest on bitcoins.  The idea of buying those things as desired by the white is unwise. That will bring me back to a story I read about, a musician used 20million naira to build a house and another man use thesame amount of money to start a bank. After many years, the owner of bank turned to multi billionaire while the musician house has become a dilapidated building. At the stage of world economy now, no normal human being will prioritize extravagant life to real investment. As far as Nigeria is concerned,  1bitcoins Is enough to start a medium scale enterprise.

As for me, this are the list of business I will venture into
1. Satchet water factory
2. Bottle water production
3. Poultry and fishery
4. Provisions
5. Selling of materials : electrical, bricklayer, plumber, aluminum glass, abestos, doors materials.

Bros na truth you talk but the real matter be say if that kind money enter  my hand I go try as much as possible to make the best out of it. I know the body need flexing to we all have that gene in us good life vibes 😄  1 BTC no be here oooh I see person life don change be that ooo , I go just get one kind business when go dey bring more income.becuse the way the country dey go before the change we dey look for go come we don suffer taya.

As a Nigerian that  faces different kind of challenges, there are quantum of things I will do with 1BTC, Omo  I will try to impact positively on the economy to the extent my strength will carry me, because I can only do my best. I will as well touch the lives of the less privileged in our society. That money in our local currency is big, so my impact in the society too will be big.

Nah true you talk, even some places self, you fit use you one BTC do enough things for your self, like from bachelors to married man, buy a car, buy a house and also launch a new business that will also fetch more money for you, your plans are good ones and hope you can stick to it by hold fore dear life, however it is not an easy task to hold or accumulate Bitcoin till 1btc but with discipline and constant income that you are getting from your job you can easily achieve 1 BTC in a twinkle of an eye (dey play).

Op, if I get 1BTC now, I go divide the BTC into two equal parts, I go still dey hodl one part for bitcoin so that if bull run comes I go make a better profit and I go convert the second part to Naira to use start business so that I go dey see wey tin I go carry dey hold myself and dey wait for the bull run to come. From that business wey, I go start I go dey take money dey buy bitcoin small small with the DCA strategy. Because if I say make in hodl the 1 BTC and I no get anything way go dey give me money to survive daily, when hunger go hold me, I no go get any other choice than to go sell my bitcoin to fit see money to use chop food even when the Bitcoin done dump for price self. But if I dey financially okay, who I be to sell my 1BTC? wey dey very hard to get now, I go hodl the 1BTC until in give money wey go give me my financial freedom. After the 1BTC done gives me the financial freedom I fit decide to enjoy my life anyhow because the money done long.

Omo the money huge ooh but even if say things they cost well well for this country but if I get 1BTC omo things way I go use am do go plenty ooh, first I go use am go collect better house German standard, for my state the price go they like 19 to 21 million.

Then the remaining ones I go use am for investment way go they yield better profits on daily or weekly basis for me, omo getting that kind money your life done sweet ooh waiting person they find again na, na to just they your office they run your business.

Omo 1 BTC for Naija now na big money o. For PH where I base, you fit use the money for 1BTC achieve plenty things them. E get some kind houses them wey be N28m and some even dey N20m. So person wey get 1 BTC like this don become landlord for PH and untop of that some money go still remain to fit do other things them like start up a business or buy a car or even both of them.

If na only business person wan take 1BTC open ehh, na better plaza person go arrange o. You fit use the money take bring better container from China if you sabi the road.

Those Naija Bitcoin millionaires them dey live large now o... we go reach their sha na small small.

I don’t agree with the idea of selling one bitcoin in the name of diversification. Not even diversifying in dollars come be say na Naira that one na die na. Na big mistake be that. 1 bitcoin na real treasure be that. This person wey Dey say him go sell bitcoin to diversify in Naira no really understand say bitcoin na the main investment wey go give you rest and give you guaranteed profit within the shortest period of time. Let’s imagine say him sell come build house for rent for any city for Naija as him say na real estate be him problem. If him spend #30m to build for place like Port-Harcourt maybe 2bedrooms apartments and he has like 6 units of it and the rents come be like #600k per year. Each year year him go make about #3,600,000 and the thing go take am about 9 years to make back the capital invested to construct the house and start making profits. Imagine the amount of time him go take to get back his capital and the value of Naira in that year won’t be the same again as Naira keeps depreciating every year. And the condition of the house won’t be the same. Considering taxes and repairs and others. There is no bitcoin tax in Naija at the moment and Bitcoin will give him more in that time frame of 9 years. I like as you take time talk about this thing and e sweet me say person like you throw light on this issue of diversification.

1BTC is equivalent to about #38,554,119, so I would have love to HODL this amount but my people the future of bitcoin is very uncertain as no body can predict what will happen to bitcoin in the future as our confidence in bitcoin gaining popularity is just an assumption. So for me, if I should have that amount of money with me what I will do is venture into building material business. Due to the high cost of building materials these days, if one ventures into selling of building material, before a short interval one will start recording successes in the business because people build houses from day to day so the demand of building materials is very high.

From your analogy, if I am to paraphrase what you are asking, you are asking what I will do with 27  million naira. That's a huge sum of money that can change my life big time.

If I'm able to accumulate up to one BTC bro! I am 100% sure that I won't be broke again. Even with the 27 million your conversion gave you, even though I know it's actually more than that, I can decide to hold the 7 million in BTC and the remaining 20 million is enough to start up a very lucrative business and still buy one or two cars for bolt and that way I will be damn comfortable.

But as I know go wan allow imagination to wond me yet, make I just de do my own small small till hopefully, we get there someday.

I reason your talk well, landed property na im be one of di surest investment wey person fit get. Because hardly make you hear say land or building depreciate, e go just de depreciate de go. Even as di economy be now, landlords dem just de cash in by increasing rent because of di high cost of living inside di country. I like di investment because you no need to de educated or to stress yourself for inside.

I always believe in diversification for business because i reason say e no good to put all your eggs in one basket, so if i get 1 btc, i go decide di percentage wey i go leave inside di investment, den i go take di rest invest for real estate. Di good thing be say i still fit to reinvest part of di profit from real estate, enter bitcoin again, begin de grow am back. As e be now na di two investments na im de sure pass for my side, no stress, just de monitor bitcoin wey you hold for your wallet, if e appreciate reach where you wan sell, you sell. Same thing if your land appreciate reach where you wan sell, you sell.

1 bitcoin will change my life and I will use it to buy things will last longer in my life. But that will not be the main thing to do if I got 1 bitcoin. The first thing to do is to invest in a business that will bring income every day. And still use like 2 millions to invest in bitcoin and buy land and start a building. That topic you are referring to, many naija people wey dey there dey tok say na house and I believed day that time bitcoin bin dey in di bearish market.

But if today pen want to use 1 bitcoin to buy only one thing in naija, e go 1 house.

I no know which exchange rate you use but if you use d one wey all of us know and dey use always, d current amount wey you put for dis post, bitcoin still worth pass am wella. If you wan sell 1 BTC for dat price, many buyers go full your DM in a minute time. So use the worth wey if you wan buy, na wetin dem go use for you too.

With d way our naira dey depreciate against dollar every day, if I get 1 BTC, na to invest am back for bitcoin because I know say d value of my investment go increase over time since I go fit convert back to dollar wey dey appreciate against our naira daily. No try go invest for anything wey go dey earn you return for naira o, your business no go last with dat kind investment for naija now. Better make you take d one you go use settle yourself for living and invest the rest for bitcoin again, so day your profit go get grow overtime and you no go come back come touch am again.

OP as far as I am concerned, your exchange rate is not correct. I will assume you used the old exchange rate to do your calculations and as much as I know, the price of 1btc is far much higher than you have stated here. Now I will digres a little bit into your quest for knowledge on what to do with 1 bitcoin. As a matter of fact mate, 1 Bitcoin is a bit money here in our country which we all know about.  Talking from the striving perspective of becoming relevant to the society and earning a living by making profit, I would  go into business although it is big enough to buy land and build a portable house for living but business is very much important because that would sustain you as an individual MD build more houses if you wish to but investment is paramount and of great importance.

Looking at the way our currency is getting devalued, one would have no option than to invest in Bitcoin because that alone could salvage our investment of it be the contrary. Investing in Bitcoin could be helpful and profitable in the long run because of the potential of Bitcoin price increase. Bitcoin investment could be the alternative to our local currency since it has been on a free fall state f ok r quite some time now.