425 sats \ 4 replies \ @KesterBils OP 6 Nov 2023 \ parent \ on: As a Nigerian, I've Seen How Our Monetary System Has Been Struggling. bitcoin
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.
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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