One of the most asked questions in most of the forum we attend is Why should I Bitcoin? This is such a very deep question and can be varies from person to person, your earning power, the currency you earn and spend in and even the country/continent you live in. In this blog post, we will try as much as possible to simplify and generalize the reasons why you should Bitcoin
Why should I Bitcoin? We will try as much as we can to itemize reasons why we believe you should Bitcoin as as African, we need the asset the most cos most of the problems it solves affects us the most as Africans.
Financial Inclusion: Africa has a large unbanked population, with millions lacking access to traditional banking services. Bitcoin enables these individuals to participate in the global economy with just a smartphone and internet connection, making it widely accessible.
Inflation Hedge: Many African countries face high inflation, eroding local currencies’ value and complicating saving and investing. Bitcoin, with its fixed supply and decentralized nature, offers a hedge against inflation. Unlike unlimited fiat currencies, only 21 million Bitcoins will ever exist, making it scarce and valuable. As the saying goes, the lower the supply, the higher the demand which in turn drives prizes upwards.
In Nigeria alone, the inflation is seriously on the rise with food inflation over 100% in less than 1 year. Seeofficial rate for March 2024
What is inflation? Inflation is a general increase in prices and a fall in the purchasing value of money
This means that if you had your savings in Bitcoin in January when it the prize of Bitcoin USD 29,000+, your asset would have appreciated by at least 80% with current prize at USD 67,000.
Bitcoin is a savings technology, you appreciate the prize increase in Bitcoin when you have a 3–5 years savings plan on this asset. Having a long term perspective is a better strategy when it comes to saving in Bitcoin.
Security and Privacy: Bitcoin transactions are secure and private due to its blockchain technology. This is crucial in regions with prevalent government surveillance and censorship. Bitcoin allows individuals to transact freely and securely, peer-to-peer, without third-party interference.
Investment Opportunity: For many Africans, Bitcoin offers a chance to invest in a rapidly growing asset class. Despite its volatility, Bitcoin has shown resilience and provided significant returns to early adopters. As its value becomes more recognized, adoption and acceptance are expected to increase, potentially leading to further price appreciation.
The Bitcoin slogan goes, the best time to buy Bitcoin was yesterday, the next to best is NOW. We are still very early. Invest now.
In summary, Bitcoin offers various benefits that make it appealing for Africans seeking financial stability and independence. Its decentralized nature, low transaction costs, and potential for significant returns make it a compelling choice in a digital and interconnected world. As more people in Africa and globally adopt Bitcoin, its role as a safe haven asset is expected to grow.
