Topic: What to do with 1 BTC as a Nigerian - page 4. (Read 1238 times)

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.

1btc is enough to make one live a good life, not just even a good life but to generate more money from good businesses establishment. 1btc is good enough to start up any dream career, no matter how things are very expensive right now I don't think 1btc won't be amount of money that won't be of very good value. The money is big enough to go into real estate which is one of the big investment you can think of that is profitable. Buying car should be the last thing anyone should think of because burying won't bring money instead it is something that will consume more money. Going into agriculture is another business idea that will can bring more value to the money.

Dem dun use diversification brainwash una for the forum that when una here diversification una go immediately think say una dey do the right thing, that's why many people go investing in altcoins with the mindset of diversifying and they think they're doing the right thing. Investment in this country are all sinking so be careful what you're investing in make you no go sell gold go buy iron. You said if you have one Bitcoin, why will you sell want has the potential to increase more in dollars for another thing wey even though e increase for Naira, the devaluation of naira dun make you lose all the profits you supposed make. If you have Bitcoin continue holding it if all you're going to buy are labilities which is what most business in Nigeria has become of recent (Read the second part of my post below for better understanding).


Well said and make I just use some rough explanation give an example. If you convert your Bitcoin to Naira (do investment in Naira) make we say you covert at $35,000 and dollars dey $1=1000 naira (note this is a rough explanation so all figures no dey accurate). It mean say your invested #35 million naira. In 2025 Bitcoin reach $100k per Bitcoin e mean say by just holding you would have made 100million Naira that's if dollars no increase oh then imagine a situation wey dollar reach 2k naira per dollars that's 200 million. That Naira investment wey you get no fit give you 100 or 200 million in just 2 years. Unless you dey extra lucky and buy land for where e explode due to development. People wey Invest for shares 10 years ago are regretting because the devaluation of naira dey make dem no get profits. I no dey against diversifying but no go dey sell your Bitcoin for that kind thing, Bitcoin itself is an investment with more higher potential, you fit use your Naira dey diversify not selling Bitcoin.

If I have the opportunity to achieve 1BTC, and change it to our naira which is #39,780,000, I will make my dreams to come to reality by establishing wholesale provisions store in a good location with #10,000,000 that will be bringing me stable income I can use to invest in BTC whenever there is a bear season in the market and apply long hodling. This gas factory that is in my mind over some years, I will invest #20,000,000 to establish such company since many businesses men and women are now using generators that is using gas to carry out their activities without fuel because, the high cost of fuel price is high for business men to make profits from their daily activities.

 I will use the remaining money to build a standard house in my village because I like traveling to the village every december period to go and celebrate Christmas and new year with my native friends and family members where I use to have opportunity to real bush meat.

I have been dreaming of this, so if I own 1 BTC, I wouldn't even want to sell my BTC because you will have the overall benefit of owing a Bitcoin, So I do agree with your point @BrainBoss, as Nigeria and you own 1 BTC,  in fact, you can make more money or profit with 1BTC if you know what to do, take advantage of the market during when the price of Bitcoin falls and rises, as a trader I would buy the lows and sell the highs using spot trading.

Aside from that, I would look into engaging in other businesses as well, Like investing in real or going into the importation business.

If I get 1btc wetin I go take am do na to hodl am for my wallet first so that it will appreciate for this bull wey dey come then if I hodl am to double it, I go back out and convert am. Then immediately if I get land I go begin build on it at least a storey building or two. Then if I no get land, I go buy and begin build something on it. But if na to use the money go dey do business for this kind economy, that one no be better decision. Na to build and put for rent be the best now.

I will go straight to the point of your question OP. If I have 1btc today, I don't have anything much to do with it than to hodli. I wouldn't sell and invest into another business, since the country economy is a mess presently. Therefore, why will I want to start suffering myself running up and down on how to start a business and the rest. What if my business fails, that is why I will keep my bitcoin and when bitcoin reach my price target, I will diversify into gold and leave the rest in my wallet, because I know that during the bull run, the price might be up to 3x the current price. Naira is not worth keeping because it depreciates with time.

first of all op i go like make you follow our boss recommendation to link this thread to the original thread wey bring out this idea. you be newbie and e no go hard for make dem delete or ban your account for this forum, and if dem do so u go lost both the small merit wey you don try gather.

to the main discussion, the price of bitcoin converted to our currency naira, dey up to about 44 million plus+ as and that na very huge sum of money wey if person package well e fit use am create better investment for em life wey e nor go poor again. 44 million fit set up better super store, small transportation company etc

Exactly, you are apparently right, the naira currency is dying, as the naira is dying. It has no value anymore, and it is not a wise thing to do if anyone wants to get an asset that has to do with naira value.
Now that naira has no value, it will be a good thing for someone to buy enough Bitcoin and hold on for dear life. The current price of Bitcoin today is very much better than the naira rate, so if one can store some good amount of Bitcoin in Nigeria it will be of good help to the person than saving his/her funds in naira.

With the rate that the naira is massively falling against dollar, it is not wise enough to invest in anything that has to do with naira currently because is will loose in value over time since naira is fast increasing in the falling on parallel market, what is more profitable is for you to hold your asset no in bitcoin, because bitcoin will rise and it's currently on the pump market season, secondly it value will appreciate over time towards what it could be exchaged for in naira, so easy time you're just ready to use money in fiat should be when to exchange your bitcoin.

The idea is diversifying. Why would I leave all my capital and profit in one place when i can turn my profits into Capital in another place and ensure profit ? Personally, I'm a real estate enthusiast and in as much as I can get a whole lot of profit from Bitcoin I wouldn't want to let go of that dream just to sit at home waiting for speculations about Bitcoin price rising and falling.

And about the wrong Bitcoin price in Naira, my bad. There are too much wrong information on the internet and I fell into the hands of a few while writing this thread. So sorry for the wrong information but the current price is not 27M oo.... Thank you .

Our economy is in a downward spiral, and there are additional opportunities to start earning money online. Are you serious about owning 1 bitcoin? In the current situation of the Nigerian economy, one Bitcoin will undoubtedly go quite a distance. Remember that our objective should be to channel these profits into multiple streams so that we can continue to reap immensely from the system. To get started, I will purchase hectares of fertile land in an ideal location, in a developing or already established vicinity, add one or two suitable automobiles, a comfortable 4-5 bedroom flat, and then channel the remainder of the funds to businesses. I would contemplate starting a phone enterprise, which I feel will make significant earnings, but all businesses encounter difficulties, which is understandable. I would then save up, invest in transportation, and try to be successful.

I go advice you to reference the thread wey you copy this idea from make dem no go talk say you take someone write up without acknowledge the person and furthermore make we dey try dey original with wetin we dey bring here. All of us dey main board so anytime wey you dey see there we dey see am too and it doesn't make sense to have two ongoing discussion wey go come make us to dey repeat ourselves (post for main board still post here). Dollar been dun pass 1k Naira so that your figure no correct as if Bitcoin was $34,000 when you dey write this thread then the price for Naira supposed pass #34 million Naira. So correct am make e no mislead people abeg.


Why are you investing in Bitcoin? What's the essence of selling your Bitcoin to go run another investment if na profit wey you dey find and you fit get that one easily for Bitcoin. Bitcoin wey cost like this you go come use your 1 BTC wey you dun try get go sell am to go run another business wey no dey guarantee say e go dey successful or go buy liability say you wan flex your money. Abeg na to dey continue dey HODL they go and unless you enter tight situation na when I go advice you sell small take handle the problem and you continue to dey DCA dey invest inside Bitcoin as the money dey come from your other hustle. If na trading give you the one Bitcoin na to continue to dey trade dey go and if you been dey accumulate na to continue until you dun reach a quantity wey dey okay den you fit put attention for other business wey go support you to hold well in bear market season.

What to do with one BTC as a Nigerian,my dear this is a very good topic and a very good topic you have thrown on the floor..

As it stands now my country Nigerian and one had the opportunity to acquire just 1btc my brother my sister,you are a millionaire in Nigeria, and you have alot to do with it and still have change left,
With one BTC in Nigeria i can buy land and build house and packing in my New house my dear, this is honestly speaking you are don with just one BTC in Nigeria,you are able and capable of doing anything you like and want, you can open store, acquire a land property, I will start up building of my house till finishing, invest it again in different investment like, stock business like rice, rearing of fowl I will make sure I secured my future, and I can still try to buy more coins, I will spend it wisely because our country Nigerian is not a country you can mess up with your great opportunity..

So it is uncountable what one can use one BTC to do in Nigeria, because our economy have crashed and our naira depreciate and no longer have value,to the extent that if one is able to acquire one BTC in this Nigeria he or she can do alot with it and still live a boneyard life .. how i wish you are talking about the other countries like US ,UK and Kuwait,then I can say it will not be much to do with it,but it's also something meaningful too ok,but the greatest of it is Nigeria ..