Which is better for Nigerians: saving in Bitcoin or saving in USDT?

[Skydrill]

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.

For me I would prefer using both platforms, and the reason is due to the advantages that are associated with both platforms even if the dollar seem to be more stable in terms of volatility which I think could be more preferable to the Bitcoin, the situations that affect the value of the dollar are not as swift as that which affect the Bitcoins re but one unique advantage that the bitcoin has over the dollar is that when it rises it's value surpasses that of the dollar and same applied when it also drops in value.

[MainIbem]

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.

For those people seeking ways to protect their funds against our depreciating currency for short-term, then the USDT is a good option since it's a stable coin, it would be very preferable for owners of business and individuals who ain't interested in saving their funds for a longer period. However those people who are patient enough to wait for a very long period and are looking for a good digital asset that would increase the value of their money when held for a longer time, then saving in Bitcoin is the best option, the different is that Bitcoin is very volatile compared to USDT but would yield more returns when held for long than USDT.

[rachael9385]

Even though saving in USDT can help you avoid naira depreciation and help your savings maintain a high value it cannot really be compared to the profits you would make when you save in Bitcoin for a long period of time. With Bitcoin you are sure of long term growth even though it's common for the price to go through a constant undulation it's still gets to a point where it reaches ATH, a lot of people who invest in Bitcoin benefit from this. Naira is depreciating on a daily basis and saving in bitcoin is a smart decision to make because it's an asset. Both is actually preferable

[Abu-Naim]

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?

Both of them are very good, but Bitcoin is more better because you will earn after a while if the price goes up. Saving in Bitcoin is an investment, while saving in USDT can be an investment, and can also be just saving because USDT value to Naira is not stable; just as we have seen how Naira is gaining some value recently that resolves to dollar losing some value to Naira even though it’s little amount.

To avoid all these; you have choice to invest in both; if you have the plan to keep your money for a very long time, buy Bitcoin since you are holding for long, but if you are not holding for long, you can buy USDT due to Bitcoin price volatility.

Nevertheless, these two are far better than leaving your money with commercial banks because inflation will keep affecting your money.

[Out of mind]

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?

Not only for Nigerians, I think Bitcoin savings will be the best for people all over the world, those who are connected to cryptocurrency will always be interested in Bitcoin. If you think in general that if you save USDT, it will never give you any profit or loss in the future, but it is a stable coin. But if you can save in Bitcoin, it is ready to give you high returns in the future, so I think saving Bitcoin is better and holding it for a long time. Although there will be a possibility of loss in Bitcoin, when the market starts to fluctuate, there may be losses, but it is better to invest for a long time.
But if you save USDT, it will not be your loss and profit, and the risk is low here. However, due to market fluctuations in Bitcoin, it has volatility and there will be a possibility of loss, but don't be afraid, rather invest in Bitcoin, you have to hold it patiently, it will give you financial freedom.

[AmaGold70]

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.

Since Bitcoin and usdt are the only options available I would go for Bitcoin currency because it may be volatile in nature but its worth is worth taking the risk for in the long run, just imagine sometime around last year Bitcoin's price was actually below $70k and now this year it has really added in price and that speaks volume I tell you. Usdt doesn't add anything to your fund and that's bad business for a business oriented person like me so I would always take the risk for Bitcoin because I know that no matter how it drops in price it would always pull back up in price and give you the reward for being patient with it. And it you gave the option of investing in Bitcoin and investing in buying lands to resell later then I will take both options because investing in lands now is the next Gold in Nigeria.

[Fiatless]

Would like to hear from others who are already using these methods to save.

The Nigerian Naira has been stable for a few months, and it's encouraging. However, I will choose both of them based on different conditions. USDT will be my choice if I want to keep my funds for a short period. And it will not be a huge funds since stablecoin is centralised. We don't know if a USDT is really backed by one dollar. Bitcoin will be my option if I want to keep the funds for a long time and if the money is substantial. Bitcoin is decentralized, so it is safe to keep and it is also profitable in the long run.  

[PremiumcryptoHub]

There is a difference between Bitcoin and usdt because there is a volatility gap between these two assets. In fact storing Bitcoin may be the best decision for everyone but even then this currency is highly volatile, while the USDT has achieved stability. Therefore when it comes to storing Bitcoin and usdt, Bitcoin should be prioritized because the price of Bitcoin is increasing over time, which will result in a larger portfolio with Continuous investment. On the other hand if you store tether instead of Bitcoin, it may not increase in value because it is stable and it always keeps its value equal to the US dollar but if you want to make a profit in the future, you must be proactive in investing in Bitcoin, because this process might increase everyone's funds.

[Amphenomenon]

Even though saving in USDT can help you avoid naira depreciation and help your savings maintain a high value it cannot really be compared to the profits you would make when you save in Bitcoin for a long period of time. With Bitcoin you are sure of long term growth even though it's common for the price to go through a constant undulation it's still gets to a point where it reaches ATH, a lot of people who invest in Bitcoin benefit from this. Naira is depreciating on a daily basis and saving in bitcoin is a smart decision to make because it's an asset. Both is actually preferable

Naira has been appreciating recently you know?
But we know it will more like depreciate again maybe except price of things become lower even in a slightly reasonable amount.

Although Dollar Holding looks better for a long run looking at past economy but the probability of holding naira now and not regretting it later on seems good, while Hodling bitcoin is still way more profitable in the longer run against any fist currencies.

[icebar]

When inflation is affecting the whole world, everyone around the world is trying to ensure maximum security of their assets. We know that Bitcoin is a risky investment. The volatility here is very high. Its price can decrease or increase in a short period of time. In order to protect assets from this rise and fall, many will try to invest in stable coins, but those who know about Bitcoin will definitely try to keep their money in Bitcoin. If you invest in Bitcoin in the long term, there is a possibility of getting several times the return, which is not possible in stable coins. Moreover, the demand for Bitcoin has always increased in the long term so bitcoin holding is the best option to protect their assets.

[Mpamaegbu]

D choice to make between saving in Bitcoin or saving in USDT go depend d season wey d savings dey happen. If you dey try save for like four years wey u nor go touch d money, try keep am for BTC. If u wan save for just a year, you fit still do am for BTC but u must make sure sey u check d season well and know where d thing dey. If e nor be during halving year and through bull season, nor try am. Keep ur money for stablecoin.

[Franctoshi]

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.

What they wear for hand they no dey use mirror dey watch am, USDT is just like fiat currency, it doesn't appreciate in value but Bitcoin does appreciate in value overtime it a deflationary digital currency, because it has a limited supply, whereas is being printed as many as possible and it's pegged to 1:1 ratio with the United States dollars.

[Sticky Bomb]

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?

It's a simple answer, if you're saving money that you'll be needing soon, then stablecoins pegged to the dollar or any other better performing currency is better since currently Naira is a mess.

If you're ready to invest your money for a longer period of time, then Bitcoin is better since your finances has a great tendency of increasing in value and giving you profits as well when invested into Bitcoin and held for a long term.

[Makus]

Normally  who go see fire finish go put em hand inside? Na bitcoin be the right choice of cause. Abi you wan go out for where e go just dey devalue as time dey go. Instead of make i save in naira I go use the money buy asset because as inflation hit again the price of these things no go remain thesame again. But you see bitcoin investment, if you be person wey don master patient e go just good for you because the long term holders are the ones that have profited most from the network and the sweetest part be say bitcoin never finish there are still lost of ATH to be broken now na just for us to sit back and watch the market do in thing while our onl approach go be to dey accumulate.

[Mr_Brilliant$]

Omo, if we wan reason am well, e depend wetin person dey target for future. If na just to hold money make value no fall, USDT fit make sense because e dey stable, one USDT go always be like one dollar. E go protect person from Naira wey dey fall everyday..  But if na person wey dey think long term wealth, Bitcoin dey carry bigger potential..  E no stable like USDT, but na asset wey don dey appreciate value steady for years now, and e dey give better hope say tomorrow fit change life...

For Nigeria, I go talk say make person just focus on saving in Bitcoin wey fit grow well..  Because truth be say na Bitcoin dey give freedom from government wahala and inflation.. USDT still tie to Government one kai, and e just be like parking spot, but Bitcoin na real asset wey dey push person closer to financial independence if e get patience hold am..

[Fivestar4everMVP]

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.

Combine both if it's possible, but do not save in usdt alone, but again, if you can't save up, then choose bitcoin, this is not a financial advice, please do your thorough due diligence and choose what's best for your knowing fully well that you are totally responsible for whatever be the outcome of your decision.

If I was in a position to choose which currency to save money in for the long term, I would choose bitcoin, there is a high probability that the price of Bitcoin will continue to rise even though there will be some decline here and there.
USDT on the other hand is stable and tied to the dollar, but not all that stable since the dollar can fall against the naira, like we are currently seeing happening in the global exchange market, if you save in dollars alone, when dollar loses value against the naira, you will be affected.

[Silikiem]

Would like to hear from others who are already using these methods to save.

I would prefer saving in bitcoin because bitcoin is an asset that appreciate ls overtime, therefore keeping your savings in bitcoin is the best as long as you don't plan to use the money anytime soon. I have my savings in bitcoin and not USDT because it's begged to fiat which means that it depreciates overtime too. Bitcoin is a store of value.

For me I think bitcoin is more of an investment plan than saving. So, if it comes to investment I’ll go with bitcoin since bitcoin have the potential for a more added value or ROI in the future because the price of bitcoin will continue to increase even though it went down at some point, and you may not need the money invested in bitcoin anytime soon. But when it comes to saving then I’ll go with the USDT because it had the potential to not decrease or increase in value, it’s just remains the way it is, no value added and no value depreciated and you can access it anytime soon.

[SmartCharpa]

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?

My own opinion be say e really depend on wetin you dey find. If na just to hold your money make e no dey lose value because naira dey fall anyhow, USDT go better pass since e dey stable. E no go rise and e no go fall, but at least your money go dey safe from naira wahala.

But if you dey reason long-term profit, Bitcoin fit still make sense because e fit double your money 2x over time, even though e dey change in price. But the best thing na to balance am keep some for Bitcoin for future profit, and hold some for USDT as e dey stable. Because that mix e dey make sense for some people pass.

[MainIbem]

For me I think bitcoin is more of an investment plan than saving. So, if it comes to investment I’ll go with bitcoin since bitcoin have the potential for a more added value or ROI in the future because the price of bitcoin will continue to increase even though it went down at some point, and you may not need the money invested in bitcoin anytime soon. But when it comes to saving then I’ll go with the USDT because it had the potential to not decrease or increase in value, it’s just remains the way it is, no value added and no value depreciated and you can access it anytime soon.

That's very true, there a slight difference between saving and investing, when saving the value of your money remains stagnant while investing yields more profit for you as time goes on, left for me I'll advise people to go for investing in Bitcoin cause over the years it has been improving in value and according to history, anyone who invest their money in Bitcoin has hope of giving it more value in future.  USDT is not a bad idea for those who are not patient enough to wait for a very long period, it's stable and better than saving in a commercial bank where your funds would gradually be deducted for maintenance and charges, but the better option is investing on Bitcoin to get better value to your money.

[Sonia_123]

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.

Why should you be converting your Bitcoin to USDT when you are out for saving, what is the need of disturbing your investment when you have made your vow to hold Bitcoin and suddenly you get scared to convert them to USDT, what if Bitcoin starts rising and you are not aware, will you buy back and loss the initial quantity of Bitcoin you had before?

I don't hold USDT or save in USDT for any reasons, I only convert to USDT when I want to perform p2p trades, all my assets are in the coins I bought, no matter the price action that happens, I don't dare convert to USDT trying to save myself, instead I buy more.

Converting your Bitcoin to USDT whenever market goes red is an investment error, allow it to depreciate in value, be happy of that sudden price drop, grab the opportunity if you have spare money and bag more.

You can only convert to USDT if you are a daily trader, quick profit earners can only be advised to do such.

For saving, I will prefer Bitcoin, because I want to save for my personal needs,I save for a long-term therefore saving my money in bitcoin will be more beneficial to me irrespective of the market price, it is normal for the price of bitcoin to be unstable , even if it drops as long as you are saving for long term,it will definitely rebounce back while for my daily expenses I will go for usdt because I can't be tempering my savings anyhow because of my daily or monthly expenses since they are needed to be spent daily.