Crypto vs. Banks: Unveiling Nigeria's Secret Wealth Strategy!
Aside from the traditional banks, we all know that there are so many cryptocurrencies available that can serve as a means of saving or investing. For some people, they prefer keeping their money in the Traditional bank, while others may choose to keep their money in crypto. They all depend on whichever we think benefits us the most.
There are many advantages and disadvantages to choosing any of these methods. I would prefer to keep my money in crypto instead of a traditional bank. This is because storing money in fiat is not as safe for maintaining its value over time. Stable coins offer a more reliable and secure alternative for those looking to protect their wealth.
In my country, Nigeria, the rate at which our currency devalues is so high that you can sleep today and wake up with a 10% devaluation in your money when there are HBD savings that offer security to your money and also an interest rate of 20% APR.
These have made me fear keeping most of my money in traditional banks. It's not like I even have any money anyway. _ All the money I have that I spend to live is earned from Hive. I don't have any other means of income aside from my post-employment earnings. So if I don't have any use for it, I'll preferably leave it there.
And the fact that I keep most of my money in crypto has been of great benefit to me, as the greater the devaluation of my country's currency, the greater my purchasing power for a limited period before prices go up.
If you don't get what I mean, the thing is, I would be able to get more naira from trading dollars, and at that point of devaluation, there would not be an immediate increase in the prices of goods in the market. I would have to act fast to get those items before the retailers knew of the devaluation. I have been able to get some stuff at a lower price because I acted this way.
Although it is true that a lot of people are not comfortable with cryptocurrency, many people still have the mindset that anything that involves crypto is a SCAM. It would be great if we all tried to inform our friends and families of the opportunities that crypto has to offer.
Traditional banks do not offer much in terms of giving good interest when you save your money; instead, they borrow your money from industries and business organisations, use your money to make money, and do not give you anything from it. That is how they work most of the time.
If one does not see crypto as the best place to save or invest money, then there are other means of doing that without having to keep it in traditional banks. You can choose to invest in real estate, which would have to be long-term as the interest in real estate is not immediate but may be linear with time.
When I find other means of income or am able to generate more income, I will consider investing in real estate myself. If you are thinking the same and are also a Nigerian, you can connect to my plug and contact @nkemakonam89 or @babymoyin.
Don't worry, I know you were expecting the secret of a secret 😅. This is everything I actually have for you.
𝙰𝙱𝙾𝚄𝚃 𝚃𝙷𝙴 𝙰𝚄𝚃𝙷𝙾𝚁
Designed by @ grisvisa
Starstrings01, also known as Giftedhands, attends the Federal University of Agriculture in Abeokuta to study mechatronics engineering. He is a lover of the hive, a guitarist from Nigeria, and a student.
His ambition on Hive is to be more than just an ordinary blogger; he wants to be someone with a purpose. That's why he started the newbies initiative @newbies-hive to help guide and support newbies. Please follow the @newbies-hive curation trail by clicking here.
He tries to juggle education with being active on the chain, but his love and passion for Hive keep him on track..
All gifs included are powered by Tenor
Some posts you might be interested to read:
QUALITY ENGAGEMENT Vs. QUALITY CONTENTS Vs. GAINING VISIBILITY ON HIVE
BEING UNIQUE DOESN'T MAKE IT ORIGINAL || HIVE REWARDS ORIGINALITY
SETTING YOUR RECOVERY ACCOUNT USING PEAKD INTERFACE
Posted Using LeoFinance Alpha
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
Saving your funds in dollars is much likely to have generated more profits in the last few years compared to keeping such monies in the bank. This reveals the high devaluation of the currency.
One has to be extra careful in the protection of our wallets otherwise, the DEX is a life and game changer
Exactly the point. If I have any money in my traditional bank that means I have plans on buying something as soon as possible. I can never put money in my bank for keeping.
Plus, crypto has made it easy for us to safe in dollars. It is not as easy to get a domicinary account. I can't really say though. I haven't tried getting one because I have not seen the use of it.
Having our savings in naira isn't a good option due to how naira loses value every now and then plus there is no meaningful interest from the bank. Savings via crypto wallet is the goal although it has its own risk but being very careful with our keys can be helpful.
All in all, having a physical investment, reliable one like real estate just like you mentioned is a smart move for sure 😃
Thanks for advertising my business oo 😂🎉👏😍
When time reach I would just contact you and say, Nkem sell me 10 hectares of land.
Hahaha 😂😂😂
10 hectares, see rich kid move oo 😂🤣
I can't wait for that time abeg
Lol
Our banks here are so unfaithful, we keep our money with them and they unnecessarily deduct money in the name of bank card charges, maintenance fee, etc. This month they have deducted close to 95 Naira from my UBA account.
Crypto is a better place to safe, my parents don't really see cryptocurrency as something important they want to be involved in.
Real estate is a cool business and like you said the interst isn't immediate; but the money in it is cool.
Thank you for the honorable mention. I am glad to see people are finally understanding how traditional banking is a scam. Beat them at their own game! Instead of letting them give you devaluation and take your interest in the same of "safekeeping your money", you can invest your money, put it where it can grow steadily, and gain your interest while also keeping your money safe. Btw keeping money in banks is also risky. The bank could close down, experience bankruptcy, or even be robbed.
That's why I love real estate. Not only is your money growing, it is an investment that cannot get lost and that you can see with your two eyes. Best investment option ever! Everyone should invest in real estate