I live in Nigerian and since our presidential election,the our local fiat became scarce due to change in the newly redesign of the currency which makes it difficult for most people here to get physical cash for business and daily transactions because the banking system is overloaded with too many internet transactions making it hard for me to access my cash. So now I want to convert my whole cash in my bank account to bitcoin but dont know if is a good idea for me or not. I know in crypto world, it will be easy to access my money but the issue is, will my money be same value when I invest all of it in bitcoin .
Because literally in banking system for example, if you have $5000 that will be the value in 3 to 5 months and will add a little interest in it so my question is- I don't fully know how bitcoin works. Is it the same way with the banking system? Will I get more value or less value in future times?
Your physical cash might have chances to depreciate in the future, unlike bitcoin its highly volatile so it has bigger chances that its present value will still grow in the future, or it may drop quickly when you least expect it, so the risks is still there. I suggest you keep some physical cash and convert some into bitcoin, but always remember to convert only an amount you can afford to lose. Bitcoin is still uncertain in the future, but it will be life changing if ever its price suddenly reaches its highest peak and turn you highly profitable that time.