Designed by me
A few days ago, the central bank of Nigeria announced that they will be abandoning certain notes in the Nigerian currency and printing new ones, this was all good, until, this information began affecting the Naira value; at the point of writing this, a dollar is at 800 Naira.
Apparently, this happened because certain people also known as our politicians who stole money were trying to return them through any means necessary so, it is making everything worse; I really don't understand why though.
Anyways, when this started occurring, people began complaining as usual because well, a decrease in the value of the Naira means an increase in the cost of living, and I was conversing with a friend of mine who angrily mentioned how a million naira is worth 1300 dollars right now and he spoke about the difference he had in value because he had some savings in naira which he had saved months ago; about a million naira.
Now, this whole conversation made me realize how shaky fiat can be, especially living in a third-world country and how crypto could be the salvation to this problem, if savings are involved.
Wait, before you talk about how volatile crypto is, I will like to tell you that when I am speaking about savings in crypto, I am specifically focusing on HBD savings.
What is HBD savings? HBD savings is a means of saving your money for an APR of 20%, this means you are saving and earning at the same time.
Just imagine, if my friend who saved 1 million naira had saved it in HBD, in a year, he would have gotten more than a 100% return without the loss in value.
Personally, even without the APR, I believe that with the stability that the leofinance team constantly tries to put in the HBD, it is still a way better option than fiat.
Obviously now, there might be downsides to savings in HBD but I haven't noticed any, and I feel it is even safer due to the three days waiting period.
Regardless of all this, it is important to do your research, so I'll advise you to surely do that before embarking on this saving method.
