A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.
Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.
So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?
Would like to hear from others who are already using these methods to save.
Bitcoin is an asset that increases its value in the passage of time and gives you 100% control over your money, and no government entities will spy on you if you save your money in Bitcoin. I prefer to save my money in bitcoin over USDT because if I save my money in Bitcoin for 4-5 years, there is a big chance Bitcoin price will increase, which will make my savings in bitcoin increase too.
The fact about saving money in Bitcoin remains that such money is the money that you will not be needing anytime soon since Bitcoin value appreciation can only be maximize over a long time because saving money in Bitcoin with a short perspective can be very dangerous and the only way we can ensure this is that we are always saving from our discretionary income which implies that whatever that has been considered to be a basic needs has been sorted out and as well as making provisional emergency funds.