Buying crypto is VERY stressful with Naira

In Nigeria, we have a couple of sayings about money that are of interest to this my current issue; the first is "money na visitor(money is a visitor)" and the second is that money be like water, e go always find place to enter".

I've been saving for a while now and while things look "good", in reality, it actually isn't. The point is, the money will always find a way to be spent, so you might as well spend it on something worth it, rather than bury it in some "safe place". From where I'm standing, crypto is a purchase, rather than an investment because it doesn't always go up, according to Dave Portnoy

I think my major issue with getting ahead is devising a strategy with relation to my peculiar predicament and finding ways to balance it with my expenses. For people using Naira, there's a lot more incentive to take out of the system, than put in, and it is not solely because of the love of milking but mostly because our currency is shit.

You see, there's no direct access between Naira and the crypto world, obviously because all cryptocurrencies are some way pegged against the dollar and no decent p2p platform to buy from. The exchanges like luno, quiddax and the likes that offer crypto for Naira, sell at absurdly high prices, so they're no help. The transport cost, as I like to call it from converting from Naira to any crypto is so damn frustrating.

As if the cost from exchanges wasn't enough, there's also the little matter of Naira constantly dropping against the dollar, thus adding an extra layer to the stress. So, at the end of the day, you find that outside of a bull run, there's more incentive to sell than to put in.

Oh well, Binance have done their best to simplify the process through the bank deposits that I make to put Naira into my wallet and then buy hive. It made life simpler but damn, it is still a lot of work to get it across the line.

Posted Using LeoFinance