With my username and this post you about reading, I risk getting banned on Nigeria’s biggest informative blog. However I’ll be taking the risk.
From the set of rules the moderators listed it’s obvious they have little or no clue to the technology you’re about reading.
It’s probably their most hated topic because unlike the other texts, it alone is written in bold red. It’s cryptos. Please read further. This is not surprising as cryptos came into Nigeria on a negative note. Many Nigerians got to know about digital assets via Ponzi schemes and gambling platforms.
While the world’s biggest banks and financial institutions like NASDAQ, JP Morgan, Barclays… are exploring the underlying technology, Nigerians are sitting and basically doing what they do best.

I’m not here to introduce you to any hype or MLM programme. I hate them even better than the strict moderators of this site. I’m here to talk about the most disruptive innovation of the 21st century.

it's cryptos..
Think of what emails did to the post office and you already have 80% clue to what cryptos are doing to the banks. The email didn’t really interfere with our daily lives so the revolution was quit silent. In the cryptos scenario, we are up against the most powerful sector every democracy can boost of; the banks. They have the resources and can literally buy power. This would make the drawl groundbreaking.

So, in a[b] new light[/b], cryptocurrencies are basically digital currencies or tokens used just like your Naira to make payments. The prefix crypto- means to conceal or hid. Their underlying protocols are cryptographically written so as to checkmate inflation, fraud and function by means of concession (more on this later). Unlike the dollar bills, they are stored and used from electronic devices only.

So Why should I be using them?
You might consider them for a couple of reasons. Most cryptos just like bitcoin are deflationary. This means it's supply degenerates with time. This also implies that as time progresses and it gains adoption, it’s value peaks. Unlike fiat currencies where the government can wake up one morning and print more bills to fort it’s projects and causing a hyperinflation like in the case of Zimbabwe, bitcoins supply is fix over a period of time. Not to take of the callous charges the you bank charges you every now and then. As people get to use it, its value goes up. Japan recently [institutionalized bitcoin]http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/ as a legitimate medium of exchange. India, Russia and other developed countries and beginning to see it as an alternative to their national currencies.
This time last year bitcoin was just about $650. Today it’s over $4000. This implies one thing: store of value.

To send bitcoins to anyone in the world you’ll just need the counterparty’s address. A bitcoin address unlike our email address is a 160-bit string. Something like this: “146x47YG6Av65UTuNAczewLdTdzDZYyf1e” (without the quotation marks). Like the email address where you don’t need to visit any post office to send mails, you just mail the individual directly, bitcoin has not central gateway. If my sister is the States needs to send me some change, she’ll be paying western union 8-12% (minus other hidden charges). The bank would have to know my name in the process and a few other details. With bitcoin you owe no one any information. That money could be sent for less than 30 Naira today. If it isn’t a high priority transaction, you could spend way below that.
This makes it a great asset for remittance purposes. So next time you are sending Mama $$$ from Yankee, Send bitcoins to an exchanger and have them fund her bank account.

This would be enough for one post. In the following posts, I’ll be discussing the underlying technology that gave the world a breakthrough to this 30 years old research. ( that’s if I don’t get ban).
Peace!

remittance costs