What problems do cryptocurrency solve?
I shared an article about Cryptocurrency, decades from now where I talked about the reluctance to money transformation. I referred to past instances as money evolved to the present form of money we have now.
Cryptocurrency, being a currency needing some level of internet literacy to use, I believe years from now the use of cryptocurrency will be a lot easier than it is today and it is unlikely we have a dominant cryptocurrency, instead it is most likely we have multiple cryptocurrencies leaving everyone to choose which best suits them.
To transition into a better form of currency, it is vital to look at its benefits over the present and the problems it solves. Kenya’s central bank governor Patrick Njoroge believes cryptocurrency solves no problem, a statement with which I disagree.
In our economy, what problem are they resolving? Are they better vehicles for let’s say, payments, you know, transactions, and the answer is no. Are they better in terms of whatever the problems? Is its security more than your bank account, and the answer is no. We see it as sort of something that maybe is being hyped, but we do need to look at it carefully and figure out whether it will resolve a particular problem or not
Source
Cryptocurrency for transactions
Again if we look back, was trade by barter a better form of the transaction? The answer is no which is why we are here today with fiat currency, there was the need to evolve.
Let's say I want to send $1000 to a friend in Brazil, I believe we all know the process involved is accompanied by delays and ridiculous bank charges.
Perhaps oblivious to Patrick Njoroge Cryptocurrency solves the problem of delays with very minimal transaction fees, or zero transaction fees when transacting with Hive, and of course, I don't have to explain why am sending $1000 to my friend in Brazil.
How secure are cryptocurrencies?
Before going to national TV to affirm cryptocurrency is not secure Patrick Njoroge fails to understand cryptocurrency offers more security than what the bank offers.
Security over my money is when no one can have access or control my money unless in the case of my private keys gets hacked.
Being a foreign national in South Africa when your work permit expires and in the process of renewing your permit, the bank closes your account, and all funds in your bank account are gone. This I have gone through in South Africa.
Government to Use £150m from Dormant Accounts for Coronavirus Response, was the action took by the UK government during the pandemic because those accounts were dormant. How does this action explain one's money in the bank is secured? You might have to consider keeping your bank account active before governments or banks go on spending spree with your funds.
A case could be made against cryptocurrency's ease of use, and volatility but it shouldn't be seen as a reason to conclude it is a failure as a means of transactions. What can we do to curb the volatile nature of cryptocurrency? should be our focus. Is there where stablecoins comes in to mitigate volatility are things to look at to get the best out of cryptocurrency?
At present cryptocurrency is far from a better form of money we need for transactions but it doesn't imply it is not going to get better in years to come.
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I think this is already happening. I see people who prefer bitcoin and other people who prefer ethereum.
Personally, I don't seem to flow well with ethereum but I have a thing for bitcoin.
I totally agree with this use case and I consider it most times when I want to send money to a friend outside Nigeria.
I guess this is coming from a place of ignorance. You know most people cant wrap their heads around crypto.
This must be really crazy. I can imagine what you went through. I thank God nothing similar like this happens in Nigeria because it might take you a year to sort it out.
I remember when my account was blocked because of a cryptocurrency transaction, it took me one year to sort it out and yet I wasn't able to use my nbank's online service.
I had to open another account.
The only problem I see in the crypto space is the volatility and the verification of scam cryptos.
Great post
I am less of Ethereum fan when it comes to transactions, I'd rather opt for BTC or I use XRP from one exchange to the other, so the choices are already available to us and it can only expand further.
Sadly the masses that are supposed to be guided by their leaders are fed with informations like this that will keep them blinded from reality.
Yeah it was unfortunate for me back then, I left home for work and was out of cash to get back home because I couldn't access the money in my bank account. This has happened to acquaintances I know as well.
I am hopeful we will be in a better state with cryptocurrency years from now.
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Sp sad..
I am hopeful but the question is what will drive the adoption of crypto asides a rise in the price of the currency
A lot depends on us with some knowledge about cryptocurrency. As much as we want to make money and lots of it.
We are hooked onto crypto based on several other reasons aside the hype of coins mooning which often attracts people. Only if we can see beyond the quick profit making of crypto it will aid adoption to some extent.
Other factors to aid adoption is countries being forced to transact with cryptocurrency like Russia due to sanctions.
Hive providing borehole water for the people of Ghana are actions that will put crypto in positive light.
It's a slow process, I see us as the trailblazers at times, I just hope we rip the rewards for sticking around long enough.
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I totally agree with this ...
I cant wait to see the adoption of crypto.
We will be millionaire lol 😆
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STOPAs someone who has worked with Kenyan freelancers and experienced the nightmare of trying to send money to Kenya, I can't help but laugh at this politician.
I mean he has a vested interest and of course he's going to say that crypto serves no purpose.
But I'm sure your average Kenyan on the street sees right through this garbage.
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It is either he is too naive for a central bank governor or knows the truth and chooses to deceive his people.
It is high time we have people that are clued up, and evolving with time instead of having politicians stuck in the past lead us.
I hope the number of those that know the truth increase.
!PIZZA
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The "problems" crypto currencies solved are not "problems" for the governments and elites, and they are "by design" to centralized power and rob an average person blind.
Examples,
Cross border payment: banking industry wants their cut, governments want their control (controlling flow of value, tariffs, taxation, sanctions)
Inflation: another form of tax that is "invisible", and the ability to make wealthy people wealthier (they have assets already), and make poor people poorer (wages have not kept up with inflation), and middle class decimated
Creation of Currency (fiat) itself: the ability to get anything they want (up to a certain point) by giving you IOU, this is the ultimate power
Well summarized, it has been a system designed to keep people controlled and under watchful eyes. A good reason for them to oppose cryptocurrency as it takes control away from them.
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It's kind of crazy to see those banks use other people's money. Then again, it's not like its really in your hands so you can't stop them from doing so.
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More reason why cryptocurrency is a solution for me, I just can't stand the banks based on personal experience.
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