I am still surprised to see that many Nigerians are yet to see the huge potential in Crypto currency.
It is just a matter of time before we all come to the understanding that Crypto currency is truly here to stay and a revolution to both the masses and the government itself. Let me begin without wasting time.

1. Inflation.

Central authorities control fiat supply and can easily go at the back to print more notes for themselves and control the price and value. Crypto eliminates such governmental power/control because the way more coins are generated is decentralized and open to all. The price of a crypto coin is also directly reflective of the law of demand and supply while fiat is not. A btc may worth $9000 now and in the next hour/Min could worth/show greater or lesser value. The value (price) of a coin is determined (set) by traders (sellers and buyers) of the coin at Crypto Exchanges. Everything is visible and decentralised.

Such cannot be spoken of fiat currency. Your 1M balance in bank from last year will still show 1M today (that is if they have not deducted from it through various charges) but the purchasing power has likely dropped a lot. The inflation (printing of more money) is internally controlled and hidden from the public while the true value of fiat currency is not directly visible and responsive to the law of demand and supply.

For example, you threw 20M at treasury bill @ 15% per annum. The government takes your 20M, spend it and pay you the interest (300k) up front. After one year, your capital is returned. You know what ?. What your 20M could buy then, your 20M + 300k now will not be able to buy it. Why ?. Because the government spent your money then at a better value, went ahead as usual to print more and more excess money at the back end and pay you off from them. Did you really profit ?. On paper yes, but on value no.

The Labour union are on strike now demanding for an increment in minimum wage. Do you think that the government cannot pay 100k/200k naira as minimum wage ?. Off course they can. All what it takes is for them to secretly instruct the CBN to print more money to cater for that demand. At the end of the day, prices of goods will sky rocket. What your 18k minimum wage can buy now, your new 200k minimum wage will likely struggle to match it. The government is only scared of criticism because the effect will surely reflect on the exchange rate of Naira to Dollar and other international currencies. 1USD could now be trading for 900 Naira.

Goverments' manipulations and control like these are impossible with crypto Currency coin.

2. Be your own bank.

Why do you need a bank to hold your cash on your behalf, use your money for their personal business and again deducts many fees from your balance monthly when you can freely be your own bank by having a decentralized Crypto wallet ?. Decentralised Crypto wallet will give you the wallet private keys which means that only you can decide what to do with your coins. You can send out coins to other people (at a zero or very low transfer fee compared to fiat) and can also receive coins from people through your wallet's receive address (similar to account no in banking world). When you send out coins to another wallet address, a transaction Hash ID will be generated which you can show to anybody around the world as a prove of the payment. The hash ID will show the wallet addresses of both the sender and receiver, amount and time being sent. Though a Hash ID do represent many transactions while you can see yours also present among many.

Crypto is about empowering people to control their own finances from anywhere...to anywhere in the world. (i.e. not letting banks dictate costs, fees and times)


3. Digital currency:

The digital currency/world that we all crave for is best suited to Crypto currency because it is naturally a digital form of currency and not in print like fiat.

4. Inter Country/Continent transfer of money.

You know how difficult it is to send fiat from one country/continent to another and the huge time it takes. I can easily transfer a Crypto coin to any where in the world within a second or few seconds (depending on the coin) and with no need for a third party. Crypto currency stands for world/global currency while fiat cannot.

5. Store of value:

Due to the volatility nature of crypto currency and the fact that its price/value is directly determined by demand and supply of the coin, one can buy coins, hold and expect it to grow in value over time in a similar way to gold/silver. When Crypto currency is finally adopted, it will surely perform better than gold/silver in this department due to its wider range of producing demands. Especially the day to day payment gateway. Permit me to define Crypto currency coin as a a digital gold that can be easily sent electronically across users' wallets on the internet.

Written by Tundejoda (KING)

Share your opinions to the writeup. Do you agree to all ?.

you are absolutely correct crytopcurrency is the money of the future, it's truly a full store of value