Physical Money or Crypto

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If you live in a country like mine where your bank account can literally be frozen if the government noticed that you do any crypto related activities then you might have to really think about this question before you reply. Though I know without a doubt that almost everyone’s answer to this topic would be Cryptocurrency but what we fail to realize is that there are two ways to this thing.

Ever since I learnt about cryptocurrency, I’ve always tried to save a larger amount of my money in crypto because I love the idea of waking up the next morning and finding out that my money has doubled but then, the main reason why I really started saving in crypto in the first place was the police. Those guys will intimidate you and take your phone and then punch in your bank ussd code to send out all of the money in your account.

Anyways, like I said, it’s a two way thing. Crypto is good but there’s always the possibility of waking up the next morning and finding out that your money has dropped and you’re almost broke even though you didn’t buy a thing and vice versa except maybe you get stable coins like usdt or busd but then what’s the point of having a crypto if it’s a stable coin and doesn’t go up or down.

So I guess the next option is physical cash, but in a country like mine where the value of our currency keeps dropping everyday, you might find yourself at a disadvantage if you’re holding cash. As a matter of fact, I would rather buy a stable coin and save than save in naira. So at the end of the day, I guess I will go with crypto even though I won’t entirely rule out physical cash. It’s more like a 60/40 kinda thing with cryptocurrency having the higher percentage.



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15 comments
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things seems very difficult in our setting here,,all we are hoping for is, crypto will be widely used as in the western world

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The ratio of 60:40 sounds fair enough to operate with
I also agree with the price fluctuations

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Everyone is free to make crypto this is also a special concern. imagine if everyone had their own crypto product. Broken world market.

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If everyone just decide to create their own coin, it's eventually going to fold if they don't have the right resources. A lot of people have done it in the past and it happened.

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Many have failed, many have succeeded. It really depends on the knowledge of technology owned and also the capital that is funded.

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The two ways are good but just like you said, saving money in our naira will make your money lose value almost every time, however, the ratio of 60/40 is still okay at least you get to have some cash in case of an urgent need for money.

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The thoughts of fiat devaluation alone is enough to push one to prefer to have digital coin than physical money.

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Yeah, the police was another reason why I had a second thought investing into crypto too due to day by day harassment by the police 👮‍♀️ and again I still chose crypto, why? because it helps to control your daily expenditure, when your money is in coin you would not want to convert it for some things that doesn’t really make sense for some immediate needs.

Good one 💯 thanks for sharing 🤝

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In a country where cryptocurrency is not a legal phenomenon, you will be left with no choice but to go for the physical cash.

Thanks for sharing this wonderful content sir.

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what’s the point of having a crypto if it’s a stable coin and doesn’t go up or down

This part is gold!

Its like the fun in crypto is mostly the volatility and the uncertainties in it.

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Fair point. Either crypto or fiat we are always running away from/to one advantage or disadvantages.
I hate those corrupt police who don't understand anything but follows the government to do trash.
Am sure if they are well enlightened about these things, they will abandon that dirty job they are always used for to do more decent activities for money...

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