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?
The bank interest they charge is meager and doesn't cover inflation at all. Especially the inflation that is in African countries (it's just crazy). By keeping your notional $5,000 in the bank, you're just watching it depreciate and lose purchasing power. There is such an assertion that money is not a tool for storing value and it is extremely unprofitable to store it in this way. Money is an instrument of exchange. BTC - on the contrary, it has already become an investment tool, which allows not only to compensate for inflation, but also to increase wealth due to the growth in value. If you don't know enough about bitcoin, then look it up on the forum. In the long run, you will most likely be able to get more value at it. With money, especially in the bank, this is basically impossible.