In a world where theres no existence of fiat money, I mean no naira, no dollar nor euro. Banks and ATMsbarw useless, and every single transaction has to be crypto. You have your phone, theres access to the internet and then the blockchain. Just imagine if all those were real, I am thinking about how it will be either freedom or just chaos, I am even looking at a country like Nigeria that has a lot of rural areas, how will those uneducated people cope, even those that are educated but know little or nothing about cryptocurrency.
Here, it will take time wiwith a lot of work to be done, but let's leave that and focus. Here, our relationship with money is complicated, now the naira is trying to just hang on and any moment also inflation will set in, thereby causing it drop. And we the people, sincerely, we are fed up, we want something free from greedy set of people, free from some certain policies and economical downfall. And here is crypto, it comes promising control. No one freezes your account, no one tracks your spending, and you’re the boss of your own assets. It’s tempting right, the currency for transaction is yours and yours alone, your money is yours, not one that can be touched by hungry hands.
But also, a world without banks, no financial safety abode, nothing that shows or regulate your savings, you can't borrow or ask for loan to start a business or do something, what place would that out us, where we only have our digital crypto wallet, which also we are praying that hackers don't come for, to me it sounds risky if not reckless. Truthfully speaking, banks can be very annoying atimes and maybe corrupt, but still they have and provide certain good structures. They give us a place to save, to track, to borrow and all.
Like I mentioned earlier about the uneducated or the old ones amongst us, how should I explain blockchain to my mum or my grandma, even with cash, they kept counting and making mistakes, and don't get me wrong, I very well understand this, but also, see it from my perspective too, this is not just about the adoption of new technology, this is about changing how people understand and handle money, what they see and know as a form of transaction.
Though crypto is cool because it’s decentralized and anonymous, but that same anonymity can make it a ground for dubious acts, such as, money laundering, fraud, illegal trades and all. If one loses ones entire wallet to an hacker, I doubt if theres a way to trace it or get it back, but if a bank app/account gets hacked, one can report and investigations will be done, even if theres a mistake in transaction and one mistakenly send to another bank account, there things out in place that could help retrieve, I don't know if that is possible with crypto.
Am not saying banks are perfect, there are times they just freeze account for weird reasons. Crypto help saves time and cost, even if you need to send abroad, its not so easy with banks, or sending a huge amount, but crypto gives room for one to move their money ad they deem fit. One will be free from bank excuses, free from long queues and all, this (crypto) gives an instant and borderless payment.
Humans don’t reallly have a good record when being left unchecked/unmonitored. Even now, with some regulations, crypto scams are still out there, now imagine if the whole world went fully into crypto, wouldn't it be an avenue for financial chaos.
It would just be best to balance both, using/choosing crypto alone is risky and crypto can be also unstable, at the same time, fiat is too controlled, too restrictive and all. Both should work together, crypto when it makes sense and fiat when needed for stabily.
Whether the change is for fully crypto or not, we need to be careful, but rushing into a "just crypto" world without preparing for the risks is and would be a setup and would bring very much trouble than we can think of.
Posted Using INLEO