Hello everyone, I welcome you all to my blog today.
Today we will be discussing a contested topic which states:
"PHYSICAL MONEY OR CRYPTO”
Ever since cryptocurrency became a thing and got the attention of the world, many governments have been against it while others embraced it. What about you as a person? Do you prefer the digital form of money? Or you would rather use physical? Give reasons as well, we would love to know
Before I proceed with taking my position, I would like to, first of all, admit that this is a very interesting topic and as much essential because cryptocurrency is no longer a new thing for some people while it still remains more like a joke for some.
Ever since the creation of the first cryptocurrency (Bitcoin) in 2009 by an anonymous personality in the name of Satoshi Nakamoto, it has raised many skeptics which believed it to be one of those internet trends that will still die out.
Most of these people waited years for the trend to die off in other for the world to continue in its normal way but it was as if the more they were waiting for the cryptocurrency joke to end, the more the laughter is getting harder and the joke even funnier.
The likes of Teeka Tiwari who is a financial pioneer and former hedge fund manager and Wall Street executive were formally among those waiting for the trend to die off.
He stated in one of his interviews that he was formally wrong about cryptocurrency but he refused to stay wrong thus making him go all in to accept the reality in 2016 when he got his first Bitcoin at about $400.
This is one out of numerous examples of those who found it hard to believe in the reality of cryptocurrency but later realized that it is something that has come to stay.
Coming to me as a person, I will no doubt take sides with cryptocurrency because of its several benefits which include;
- FAST TRANSACTION
Transactions using cryptocurrency are fast due to its lack of third-party involvement which normally delays transactions due to several verifications.
- LOW COST OF TRANSACTION
The cryptocurrency transaction is also of low cost because there are no intermediaries thus nullifying extra charges required by intermediaries.
- TRANSACTION PRIVACY
Cryptocurrency is very much private as it requires only the two parties involved (peer-to-peer) thus keeping their transaction known to just themselves.
- SECURITY
There's high security of funds as users have no possibility of losing funds as long as they do not disclose their private key to anyone. This is not the same with fiat as the money kept in a bank can be accessed not just by trusted bankers but by hackers who can easily hack into bank servers than they can do on the blockchain.
- DECENTRALIZATION
This is one of the most interesting parts of the whole thing. The fact that cryptocurrency is decentralized makes it impossible for the government to restrict its transactions. Just as we saw in Nigeria after the Federal government imposed rules stopping banks from performing cryptocurrency transactions. Assuming it is within their power to totally stop cryptocurrency in general, they would have done so but all thanks to the decentralized nature of cryptocurrency thus allowing us to still perform transactions via peer-to-peer.
All the above are some of the reasons I will always take sides with cryptocurrency over fiat. In as much as there are still some difficulties with using crypto which is caused by ignorance of some persons mostly traders who doesn't accept payment in form of cryptocurrency thereby making it compulsory for one to convert to fait before using.
This ignorance I believe will only last for sometime because a lot of changes are already coming starting with some firms and big companies such as tesla, paypal, Amazon, etc. These companies amongst several others now accept cryptocurrency payment and in no time, we will start experiencing similar situations in our various local stores.
The fact that I once followed a friend to the market which he made a purchase of sound system using $35 usdt, is a good sign that we will see a much wider range of cryptocurrency acceptance sooner than we expect but until then, I will not stop believing.
Thanks for reading.
NOTE: THE IMAGE USED ON THIS POST IS CREATED BY ME USING CANVA