Ask Leo: Can crypto be a solution to bad economy?

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Hello everyone,

Happy sunday to you all. Over this weekend I've been thinking about the benefits of crypto and you must agree with me that they are so limitless. Then I thought about the current situation of my country's economy. Pardon me but most of the time I relate these issue in comparison with what is happening in my country. Its no doubt to say that we're currently living in a state of bad economy.

What is a bad economy?

Bad economy has everything to do with a failing economy. Talk of unemployment, economic recession, possibility of bank collapse. Yes you heard me right, it can be that bad and funny enough this is exactly the state of my country. Now the government seems to care less about this economy which means we have to find a solution for ourselves. This is where crypto comes in.

Crypto had provided lots of help and it's capacity is limitless. Can it save a bad economy? Yes, and this is how.

Firstly, it can be a solution to poor banking system in a place. We all know what is happening between Ukraine and Rissia now with Russia be the one attacking Ukraine. With the war going on, it became so hard to transact money of even go to the bank. Imagine being helpless with no means of accessing your saving. This is where crypto comes in, you can transact within the comfort of your room without having to worry. You can transfer money easily within and abroad. This was what we did to help the Ukrainians when the war started. People made contributions in crypto and send it to them.

Secondly, it could be a solution to unemployment. Crypto trading is a job on its own, therefore just trading can make you employed. Also there are lot of companies and platform operating on crypto thereby giving possible jobs for unemployed people.

With banks, you'd always be credited whenever you make a transaction with charges. But that's not so with crypto. With crypto, one can make transactions with little or no charges which helps to save more money thereby helping the economy indirectly.

It has lots of transparency. I remember the first time I sold my piece on opensea, I had to blur the price cus i sold it low then
Then someone told me that no need to do that. Everyone can easily see the price you're trying to hid. There is one thing about the crypto world is that you can easily see other people's transaction. Its open, plain and clear. It can not be manipulated, its direct and straightforward.

It can also provide a source of capital to start a business. You can get money via crypto lending or put in your capital and allow it to grow to grow into huge amount. Then you can use that to start the business which in turn better the economy.

I do hope the government start embracing the crypto because maybe, just maybe, it be a solution to the bad economy we currently live in.

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