My Preferable Saving Method With Protection Against Inflation.

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(Edited)

Cryptocurrency has exposed a lot of things happening in the finance world and before I understood how it worked, I thought the banks were really helping us. They are helping us to an extent that involves money security since it is still safe to keep money in the bank regardless of how terrible their operations can be. Understanding crypto has given people the knowledge of how the finance world is being run and that's why crypto will never be accepted in some parts of the world not by the people by Government, they find it fun enslaving and depriving people of their rights.


Many years ago, I experienced a scene at First Bank. An elderly man who happens to be a farmer was shedding tears in the bank, I didn't know what was happening with the man but he was there to withdraw over a million naira. The bank kept pushing him here and there which made him frustrated to the point where he said they should close his account and give him all he had with them. Immediately after the man took it personally, some customers who had the same issue joined him and it was then the manager came down to interfere. He tried taking the man upstairs but he refused and insisted that they gave him all he had with them.


I won't deny that traditional banking has helped a lot, imagine being able to send money to any part of the country, withdraw anywhere, and making payments with cards. All these are things we have enjoyed but crypto currency decentralised nature beats it all and as a matter of fact, cryptocurrency can do everything except that we still need fiat which requires converting crypto to cash and the traditional banks can't be sideline in the process.

Cryptocurrency gives us total control over our money, unlike the banks who happily receive your deposit and find it difficult to release your money back to you. I didn't understand the power of decentralisation until I connected one of my experiences back in higher institution.


Exam was fast approaching and getting my school fee was a huge problem. At the very last minute before the payment Portal closed, I was able to get the money. Someone helped me with the balance and I went to the cyber cafe to make the payment with my card. Every attempt failed and it got me really pissed.

I checked the time and it was a few minutes to the bank's closing hour so I rushed down to the bank to complain and after all the stress, they made it clear that my account had been frozen.

When? Why? I started asking questions but didn't get an answer. I was told to go to the bank where I registered because that was the only place it could be fixed. I didn't believe my ears and explained why it was important they solved the problem but all my stories fell on deaf ears.

Exam was starting the next day and the bank where I opened my account was in another state. I went through hell writing exams for two days and had to travel over the weekend to another state just to fix it and return to school as early as possible on Monday.


What would it have cost them to send a mail or put a call across to the branch? A lot of these things happen every day and for these reasons, traditional banks will never match the decentralisation of cryptocurrency.

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Saving is what many do because of rainy days and I always advise that we should make it a habit no matter how little it can be. With cryptocurrency, we have the option to save in a decentralised system other than the centralised system of banks.

Saving in the decentralised system means saving with crypto while centralised is the usual depositing your money with banks. The two have their benefits but there is one thing that would me choose the decentralised system over and over again.

Keeping the value of my savings.

As a Nigerian, it would be unwise of me to choose a centralised system over saving with crypto. The value of naira has dropped drastically for some years now and it's not getting better. Our currency value keeps depreciating and that makes the value of our savings drop as well at the point of withdrawal.


Let's imagine that dollar was at 500 naira when I started saving in the bank and there was already an increase to 700 at the time of withdrawing my savings, my money has lost value because with the increase in dollar rate, the price of things must have escalated and the same savings won't be able to do what it was capable of doing before.


You might say does the naira depreciate always? It would interest you to know that it was 840naira to a dollar yesterday

I choose to save in crypto because doing that can help me retain the value of my money. You can say the crypto market isn't stable as well which is true but the fact is that I don't have to start looking for coins to buy because there are stable coins that are capable of retaining the value of my money, they resist inflation which is awesome.


Let's imagine I bought $10 of a stable coin like HBD, USDT or any other when Naira was 500. If the naira depreciates more in value, it doesn't affect me because when I withdraw, my $10 will be the current value when I change to fiat.


A lot of people do not understand it while some do but they are scared. Someone once told me that if she saves with crypto and something happens to her money, is there an office she will go to?

The fear of the decentralised system is holding a lot of people back and it's not like banks don't have issues, thinking negatively about crypto is preventing a lot from seeing how helpful it can be. Saving or withdrawing in crypto is perfect because you don't need the consent of people to take your money whenever you need it and as long as you don't make mistakes during transactions, you are good to go.

The traditional banks have a long way to go which I do not see happening because they are indirectly controlled by the government. Giving people complete control over their money in the banks will never happen.

Thanks for reading.



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37 comments
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Bank issues can be a hassle. Until you threaten them with closing down account, they wouldn't take you seriously

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That's what alot of people do now to get their money out of there because it you don't threaten them, they won't make a move.

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The advantages of saving with decentralized system can not be overemphasized. It took me long to discover most of them and I am still learning more. You see most people are scared of saving with decentralized system because of the issue of scam and you and I would agree that many people made those attempts but were disappointed because they fell into wrong hands. Getting the knowledge is one of the most important things. before anyone should go into any crypto investment, the person should ensure he has adequate knowledge on what he/she is doing ...

Banks can be so frustrating and moreover, we their customers are making them richer while we save our monies with them but with decentralized system, whatever you have is yours, there is no nothing like queue or frozen account like your case without your consent and long process for you to get what is yours. The part I love most is, even if you don't trade your resources, they are on trade automatically because crypto rises and falls .. there is tendency of reaping double of whatever you saved, though it can go south other times as well.

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You are right about people not having the first hand knowledge about crypto and its making them have difficult with it.

Crypto still remains the best option for me because of banks behave, these people only care about their purse and nothing more.

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That is it boss, the knowledge is very vital and for banks we pray that they look for ways to improve, if not wahala dey😁

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It must have been really difficult for you to pay your fees, thank goodness, you were able to do it. Banks can be very annoying and the old man in your story is a great example. Choosing decentralised systems is the best decision ever. Thank you for sharing.

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That's right, a decentralized system is what can bring a proper balance to our financial issues with banks.

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Banks often cause trouble in withdrawal of big amount of money. One deposits the money in banks for the safety but loses the access to ones own money.

The financial and moral conditions in my country are similar to that of yours. The bankers refused to prform the jobs they can do.
Also, the rapid inflation has and depreciation of PKR has made us lost a lot of value

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At the rate which currencies are losing value, it's best for us to just keep our money as crypto but only that way is safe to retain value for our money.

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When you are talking about banking system , please don't try to cover their flops, the banking system in Nigeria is very poor and I personally have lost all my trust for them , they make you pass through a lot of stress before you can access what belongs to you and this is a very bad thing , so I will always prefer crypto because my life change when I get to know about it .thanks for sharing

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Nigeria banks are truly not helping matters, it is really annoying when you have to go through all that just to withdraw the money that they have used for business and made money from.

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I have stopped going to bank oooo lolzzz

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I can't remember the last time I had more than 5000 in my fiat account. Saving money in crypto is another investment for me. Just like you said, imagine having $1000 since December last year. Then it was around 700 now almost 860, almost 25% increase.

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I honestly don't keep fiat again as well, I leave it in crypto and trade it when needed because with every second that ticks, the value of our currency depreciates which doesn't make any sense.

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I must say that people that thinks negatively about cryptocurrency has not taste what we have have tested before, because you can't see someone in the world of cryptocurrency and will choose bank over cryptocurrency. You have said it all brother thanks for sharing.

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Those who are against crypto lack in-depth knowledge about how much power it gives to us as an individual. Crypto is a blessing and those who are enjoying it are the one who can benefit.

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The main reason why I will choose crypto is because nobody has access to it except the owner unlike bank that the government control how people spend their money.

Imagine that old man that was been delayed because of his money, when he was saving there was no problem but when he needs the money bank can tell him that the government has created law that no one can collect up to that amount in a day.

Crypto wallet is the best

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Crypto gives us every bit of power over our money and nothing beats that.

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Your experience with the centralised system isn't so funny.. imagine the stress you passed through just to have access with your money
No doubt, the bank have been trying but they still need a long way to go in making things easier for the users. They the naira lost of value is another thing that makes savings in naira worthless

As long as I am careful with my password and transactions with a decentralised system, I will choose it over and over

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Banks have a long way to go and I don't see them catching up or meeting a decentralised level because of greed and the profit the government is making from them.

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I prefer decentralized system too. Banks have really frustrated me in this country. Though both have the risk of losing the value of your savings but I see the decentralized risk being able to be managed better than the centralized system.

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The risk with cryptocurrency can be controlled if we are being careful and we are responsible for it. It's annoying how we keep our money in the bank and when something unexpected happens, the banks would take the fault.

Crypto gives me the chance to be in charge of my money and I am okay with that.

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In my case I am not storing any asset in bank account. I think why I need to go bank when I can keep it in my decentralized wallet. At least my asset will be in my control all the time and I will able to access it whenever I need it. Besides our money value is decreasing against dollar. So saving in bank is not a wise idea.
!PIZZA

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Being in control of my money makes me happy. We can make quick decisions and we don't need a third party to always grant us access before we can spend money as well.

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Great analysis with the value of dollar rise against saving in the bank. To me, I will always pick saving with crypto over those banking systems.

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Everyone involved in crypto practically knows that it's the best option and we are all going for it.

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Truly, anyone that didn't know much about the financial sector will basically assume that Banks are being helpful and doing us a favor by accepting customer's deposit. However, that's very far from the Truth.

The major reason why I wouldn't save in the Bank is the rate of imbalance that exists between our currency and USD. The only money in my account is cash for expenses. Nothing more. Inflation messes up any Money left in a Bank.

I wouldn't want to be caught in that trap at all.

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Between last week and today, we have seen some changes in the dollar to naira rates and automatically, money saved in banks has lost some value.

Crypto remains a smart choice and being in charge of my money comes with a different level of peace.

Thanks for the visit.

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Exactly. Ever since I got into Crypto, every incident of Naira-Dollar imbalance always serves as a reminder that getting involved with crypto is a very nice life-changing decision.

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I totally understand you. In an economy where the fiat currency devaluates so rapidly keeping your funds in crypto especially a stablecoin is indeed the best leverage. As you know HBD gives a generous 20% interest.

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HBD is offering us a lot and that's one of the beauties on HIVE. When money value depreciates rapidly, crypto remains the best choice to opt in for.

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I understand. However not all cryto currencies but specifically stablecoins.

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