Over the years, inflation rates worldwide have kept going up. Saving in USD is one of the ways to hedge against inflation and protect your savings.
Have you ever saved up to buy something, and on reaching your target, you realize that the price has increased due to inflation? Over the years, inflation rates worldwide have kept going up. In Nigeria, we had a 15.63% inflation in 2021, and it is even higher now. It was recently announced that Nigeria's inflation rate at 20.52%, the highest in 17 years. This means that if you saved your money in naira last year, you would have actually lost money by the end of the year.
If you’ve experienced this, you’re probably wondering how to keep it from happening again. I’ll show you how.
Save in USD on Bitnob
Bitnob has created a feature that helps you maintain the value of your money, or even increase it.
Saving in USD helps you protect your money whenever the naira loses value. And this is one of the many options you have on Bitnob that enables you to protect your money from devaluation.
To save on Bitnob, you can store your money in your USD wallet. Personally, I fund my USD wallet every month with a fixed percentage of my salary. This way, I get to save that amount every month and I know my money won’t lose value. I also have a Bitcoin savings plan running, but we’ll discuss that in another article. For now, I’ll walk you through the process of funding your USD wallet so you can begin saving in bitcoin.
How to fund your USD wallet on Bitnob
Funding your wallet is super easy and you can finish the whole process in a few minutes. Here’s a step-by-step guide to doing that.
Step 1: Log in to your Bitnob app. Tap on the Deposit button in the quick links section of the homepage
Step 2: Choose a currency to fund your wallet in. On Bitnob, you can currently fund your USD wallet in Naira, Ghana Cedis, and Kenyan Shillings.
Step 3: To switch your currency, tap the icon labeled ‘change sending currency’.
Step 4: Input the amount you want to fund with and tap Continue.
Step 5: Complete the short quiz displayed to confirm you fully understand the details of your transaction.
Step 6: Once you’re done with the quiz, review your payment details and pay the exact amount into the account details provided to you. Once you do this, tap “I have made payment.” then Confirm Payment.
Step 7: Once your partner confirms the transaction, you’ll have your funds. And you’ve successfully saved in USD!
Saving in Bitcoin on Bitnob
Apart from saving in USD, you can also save in Bitcoin using a Bitcoin savings plan. Click here to learn more about the available savings plans on Bitnob and why you should save in Bitcoin. Download Bitnob to get started!