Making The Better Decision: Nigeria Naira vs USD

Given the regularities in price movement, it's remarkable that the bear market has been more harsh than we had anticipated. There isn't a wisest individual when it comes to cryptocurrency, that much I've already realized.

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The sentiment, statements, and ideas of those who identify as crypto influencers are often used to persuade others, however this is not a true representation of what the long-term prospects for crypto are.

Let's be honest: most of what we refer to as fact or truth is actually what we aspire for. The truth is, this is all speculation because we can never tell. I recall that when BTC was recovering after hitting 18k some time ago, many people believed it to be the bottom.

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The Test For Hodling or Selling

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Sometimes, though, we don't see or experience the pushback we were expecting. It doesn't make sense; we want to set a specific cap and valuation, yet as the dip deepens, our dread grows more intense than it already is.

In a declining market, we frequently seek confirmation from a professional who can offer some ray of hope despite all the doom and gloom. Understandable to me. To hold on, we want an air of optimism.

This explains why some cryptocurrency owners spend so much time on Twitter following influencers and those who have a tendency to be unduly pessimistic about cryptocurrency. This may seem like an odd approach to find catharsis, particularly when one is about to make blunders out of fear and doubt.

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The Background and Emotions

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Fear and doubt are feelings that make us lose our drive, which is why we have a lot of emotions about cryptocurrency. We are more sentimental than logical because we are more sensitive to financial matters. Consider the contradiction between holding Naira and holding USD.

The former is preferred by some people for a variety of reasons, including stability. Before considering making a profit, any investor would first want to ensure the safety of their money.

Because of this, USD is designed to aid investors in making the journey to the uncharted territory of finance. However, we realize that stability would entail keeping a particular position, which could not be advantageous.

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Making The Better Decision: Naira vs USD

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Many of us witnessed the USD to Naira absurd run to 720/$ early last month; for instance, someone holding Naira prior to this run would have struggled to profit from it, but if the situation had been the opposite, they would have been safe and well-profited.

Don't, however, diminish USD's brilliance. While it may not fit your ideal stablecoin criteria entirely, we can argue that the rate to the naira can easily make up for some juicy profit.

If we started looking at the numerous benefits of using a stablecoin, I think we'd see just how far this can go.