The Plummeting Value Of The (Naira) & The Dilemma With Commercial Banks

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Crypto & Naira

For a while now I've been watching the (Naira) the Nigerian currency, plummet, taking a huge nosedive down the drain and so far this has made me appreciate crypto. I used to say that more African countries needs to see the essence of crypto because it doesn't only create a different means to wealth, it can act as a savior to inflation and the unsteadiness of fiat currency.

People living in countries with currency that's sustained value overtime wouldn't understand. One of the countries that's that's managed to do so in Africa has been South Africa and I guess it's why the country in itself isn't big on crypto.

Poorer countries like Zimbabwe with highly inflated economies aren't doing big either on the crypto front, and Africa basically is where crypto adoption could have definitely been huge. I was looking at the update about on leofi.com the other day, and I was just so amazed to see utility, for people looking to put their Leo stake out there and earning for it. It's awesome, direct and quite flexible.

The inability for a crypto project to be flexible is really great. It's why I didn't really buy into hex, I didn't know if that was a stupid or wise decision, but I wasn't really comfortable locking away funds for a period of like five years Just to earn passively.

The Flexibility Against Fiat

What if I needed the money? I had previously gotten into a scheme with a commercial bank like that, having them lock a specific amount for me for a time frame of close to three years. I instantly regretted it, I wanted to use that money for a project, but I made the mistake of not converting it to crypto or a stable coin.

Locking it away in a bank was a big mistake, fast-forward to today, crypto has "upped" while the value of the naira (Nigerian currency) continues to take a huge dip against the dollar. This kind of discovery makes you see the utility and assurance that crypto brings, especially for someone living in the kind of country where I come from. The government needs Crypto, the citizens needs it, they need the adoption of blockchain and the numerous projects that comes with it.

The Fiat Crypto Way

It's basically why I'm stacking everything I currently own in crypto, in the long run it pays even better to do so. Some people feel they're actually rich, to have millions and billions stocked in their accounts. With crypto, having all that money in diverse crypto project gives you versatility, it opens you up to more opportunities.

It spoils you with more opportunities and keeps you rich and valuable, unless you're into landed properties and housing for example which is an excellent way to maintain value for money, having all your money in the bank only, is the quickest way to become poor, especially in a country like Nigeria.

Hive & Leo: The Utility

For a blockchain project like hive or Leo, it's not about the prices for me, it's about passively earning, using it as a personal bank as well as securing whatever I have against inflation, while having the flexibility of putting my stake to any use as well as contributing to the ecosystem as well. These reasons are excellent enough, HBD is on its way to maintaining that stability and, once again, having the choice to save funds without the fear of having it fluctuate whatsoever.

I'd have probably thrown that fund into HBD savings, but then that's it, we're open to learning about making the better choices each and every day and at every point in time. Crypto offers excellent choices especially to most African countries battered by inflated or bloated currencies without value, but once again we still have to continue preaching this

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My name is @Josediccus, a young Nigerian entrepreneur who is a Vlogger, A Psychologist, Poet, Sports Writer/Analyst & Personal Finance Coach. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers

@Josediccus, your brother-in-pen & heart

I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog

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19 comments
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Crypto currency has come to stay.It will lift many people from poverty. crypto currency is not a new things unless you want to choose poverty that's when you forget crypto, once you want to be Rich, investing in Bitcoin and hive coin is the best

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Are you able to buy land in Nigeria?

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Yeah, it's very possible to buy lands, infact it's the best way to make sure your money will appreciate overtime

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love ya bro hope your health is strong now and days!

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Yeah, I'm getting better, thought I might not be able to make videos currently because i need to notice a change in my face and all at least for 14 days.

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Keep funds in crypto for 10 years. Then buy all the real estate🤑

Or just keep funds in crypto. You can travel with your real estate to any country😅

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Real estates are quite for real wealthy people, I might manage to buy just a land and manage to build one, but that's how far I can go, unless crypto does the unbelievable in a space of 2 years.

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So I understand that the fiat value of the local currencies in Africa is starting to fail compared to the dollar. Do you see a flight of people in Africa into the dollar? Either through the foreign exchange or stable coins?

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People are still saving in the naira, they feel that the more money they can acquire, the more it's possible to attain economic of scale. But this is untrue, making more money doesn't make them immune to inflation.

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I wrote a post not long ago
if not this week about Africa and crypto.
Inflation is the problem if the person
managing the printer.
You see the benefits hands on to hold
as much crypto as possible.
Hive is making thing real for you.
We in the community has a lot to do with Hive price.
While the Naira has more actors making it worst for you.

!BEER

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While the Naira has more actors making it worst for you.

The worst and most terrible of actors no doubt, it's becoming increasingly bad each and everyday

You see the benefits hands on to hold
as much crypto as possible.

It's the fact that crypto can act as a tool against that plummeting fiat currency that makes it even more intentional. I mean the utility is there, saving all you have in fiat in a country as Nigeria, makes you even poorer overtime. That's why I'm intentional about hive, it works the magic.

Thank you for stopping by sir.

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I believe that governments are waiting for currencies to lose absolutely all value before adopting cryptocurrencies.

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