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It's disheartening to witness the rapid devaluation of our currency and the immense impact of inflation on everyday life.
The exchange rate at the beginning of the year was around Naira 400 to $1, and now it's well over N900 to $1. The cost of fuel, transportation, and basic goods has surged, hitting the roof day by day.
The struggle is real, and it's not solely due to the current political situation. It's a result of broader economic issues influenced by global financial dynamics. The use of the USD as the world's reserve currency has failed, plagued by inflation, and it's affecting countries like Nigeria, amplifying our hardships.
My family isn't untouched by this turmoil. My father, a dedicated police inspector, and my aunt working in the judiciary, have faced stagnant salaries amid skyrocketing inflation. It's unjust how the system fails to adjust wages in line with the increasing living costs, hitting the hardest on the working class.
To navigate this challenging situation, I understand the need to adapt. It's crucial to develop digital skills to remain employable in an evolving economy. Earning in USD appears to be a way to cushion against the local currency's devaluation. Additionally, looking into deflationary assets like Bitcoin and exploring avenues for passive income seem like viable strategies to protect savings from this inflationary storm.
The fiat system's evident flaws, favoring the elite while burdening the masses, is glaringly unfair. We, the people at the bottom of the pyramid, bear the brunt of these economic issues. It's a call to action to seek alternative avenues to protect our livelihoods in these turbulent financial times.
It's impossible to ignore that native African currencies are performing worse compared to others. For instance, in neighbouring Cameroon, we use the "colonial" CFA (XAF/XOF), and the current inflation situation is bad. However, Nigeria takes it to another level!
The same trend can be observed in all other African currencies. In fact, among the top 20 countries with the highest inflation rates, 10 are African countries, all of which have their own currency (except Congo, which is in the 19th position, using the FCFA).
I'm not claiming that the CFA is superior; they are all fiat currencies, after all. I'm simply highlighting the obvious, as I believe the CFA has been treated unfairly in the Bitcoin community (which I've also been a part of).
A similar situation exists in Argentina, where prominent political figures actively advocate for the dollarisation of the country, much like in El Salvador.
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I really can't speak for Cameroon 🇨🇲 but the problem we're having with inflation here in Nigeria 🇳🇬 is something else, the media is misleading the people to think that our inflation is 26%, but I can tell you for a fact that our inflation is over 100% yoy
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Absolutely! They'll lie about inflation rate and blame it on Putin, Ukraine war, bitcoin etc.
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It's crazy whats happening in the world rn.
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You write exceptionally well and it's criminal that you and families income and life savings are continuously stolen.
Tell us more. Is knowledge, understanding and use of Bitcoin common? Does the common man "get Bitcoin" given such drastic need for it? What can others do to help?
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The thing over here is that most people are familiar with Bitcoin but not as money...
Most people receive Bitcoin and convert it directly to Naira because they don't understand what it is...
But people are getting 🍊 💊 daily and the narrative will be changing soon
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People often learn the most important and long lasting lessons when there is a need, rather than just a random curiosity. So that's good to hear, hopefully some of our 100+ free, Bitcoin only articles can help them learn 🙂
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21 sats \ 1 reply \ @td 6 Nov 2023
From what I have read in the news Nigeria seems to have been chosen as as test environment for CBDCs, and the logical "advances" that come hand in hand with it.
In fact, though, what seems to have happened is that the test was inadvertently a test for the people and how they might fight/reject such as top down diktat.
Just my outsider's perspective.
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Yeah, they came with the e-Naira but I can tell you for a fact that the project was dead on arrival... Nobody is using CBDC that I know of but I know that some Government bodies might start using it as payment for salaries but as of NOW; it's a dead project.
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Tell us more stories about the situation in Nigeria, how people use Bitcoin.
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People are using Bitcoin here basically for remittance and that's one of the reason I started 🍊 💊 people around me about Bitcoin in our Creole English: Pidgin.
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People should start using those BTC received from remittances as money. Never go back to fiat. For more will use Bitcoin, will make it stronger and their purchasing power will increase. This is how you kick out the weak money (fiat/CBDC), by NOT using it.
Nigeria is the best testing ground of how people could really adopt Bitcoin from the grassroots not by "a bitcoin law" and kick out any CBDC. The whole world is watching you guys.
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Exactly.
One problem we're facing is that the Government has made life hard for people that the mindset is now based on making quick bucks to cater for their daily needs but we're getting there eventually.
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Yes, a huge impact of inflation (which is of course amplified with hyperinflation) is a massive reduction in time preference.
People don't care about long term savings, they just care about having enough of their melting ice cube fiat money to be able to afford food tomorrow.
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Exactly, this is what's happening in Nigeria right now. The few Naira you make go to food and groceries and they are more expensive now that they barely have any other money to set aside for Bitcoin or invest in any other asset.
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I am sorry to hear this. Argentina is currently on the same boat, most likely about to enter (again) a hyper inflation period with confiscation of liquid assets. Same 'ol same 'ol.
The only alternative is to opt out. What happened with the peso or the naira is just a glimpse into the future of what will happen to the USD. The catalyzer will be commerce to start using other rails than the dollar and the swift standard.
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You're on point, and it's one of the reasons I started posting about Bitcoin on my social media platforms to show people that Bitcoin is the answer to all our problems.
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Thanks for sharing your story. Pls post more
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I will, thank you💯
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Nigeria or any other country that's facing difficulties must en rout Bitcoin and the people should take control in their hands.
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What are the main technical issues with Bitcoin adoption? What is the hardest?
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The breaking point I get is the fact that they can't stand to see their money might reduce in value when the price of Bitcoin goes down, they can't stand seeing their money lose value because they barely even have enough to buy it in the first place and they really don't understand that it's temporary.
So, when I 🍊 💊 I do that by telling them that Bitcoin is also a saving technology. I believe it would be easier to have them save with it than have them use it as their everyday money(for now).
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