Hello Hivers
Howdy!
In my blog today I'll be responding to the topic for the Weekly Featured Contents;
Week 06:- Edition 02:-
"PHYSICAL MONEY OR CRYPTO"
Designed by me
I love anything money be it physical or digital but based on the enlightenment I've gotten so far, I would give some reasons why I prefer one to the other. But before I do that, I would give a little explanation of what I perceive about these two forms of money.
PHYSICAL MONEY
This form of money can also be known as FIAT( naira, dollar, euros etc)
It is a government issued currency to a country for making payments or for transactions. When it comes to the physical form of money, transactions are being controlled by the central bank meaning that it is not a one man thing and the turnout is most times not soothing to the heart of the account owners.
CRYPTOCURRENCY
Just like I defined in my previous post, Cryptocurrency is a digital asset that appreciates over time like lands or stocks unlike the physical form of money which depreciates in value. It is a form of money that has much value attached to it and in turn uses cryptography to secure transactions.
Now back to the question..
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.
I would go for the digital form of money. YES!
Have you ever imagined what that N10,000 you feel you have as your savings in your bank account would be before the end of this year?
My Nigerian hivers can relate well.lol! It probably would become a thousand naira after all those card maintenance fee, sms alert charges and bla bla has been deducted. But I can invest that same amount in cryptocurrency that's about $20 and before the end of the year I will be having more than 80% of what I invested. And so I would say in this aspect that the digital form of money has more value than the physical money.With digital money I can boldly say that I have an asset that would appreciate over time and that's why I'll go for the digital money anytime.
Again, digital money is borderless and has low transaction fees. For example, If I happen to have different employees from different parts of the country, paying salaries with cryptocurrency will be more convenient for me as I won't have to convert FIAT into different international currencies to pay employees. Paying with the digital form of money will be easier and cheaper compared to the burden of changing currencies in the traditional banking system.
Cryptocurrency is transparent.
Unlike our FIAT currency which is being controlled by the government, it is not so when it comes to cryptocurrency because it is a decentralized platform and third parties are not allowed. I can only remove or pay in money with my private keys of which no one else has access to as long as I safeguarded my keys very well.
When it comes to digital money, security is assured.
So long as I secure my passphrases from preying eyes, my money is secured. There will be no such stories as the ones we hear about a bank being robbed or being burnt and so on. My money is in the online space and even if my phone or laptop crashes, I can always get back to my account just by inputting my correct passphrases which is why it's important to save it offline too.
Not everyone is enlightened about the goodness the digital form of money has in store for us especially our business men and women in Nigeria. I can hardly go to the market and offer to pay for the products I bought with digital money, infact the normal mobile banking transactions is already slacking, out of fear of being scammed by the buyers who intend to pay using such means which is why we prefer the physical money, the money we are seeing live😅 But then, on the other way round if everyone in the business sector in Nigeria can have an idea of how good and safe it is to do transactions the crypto way, then I guess we all would have to choose cryptocurrency over our normal FIAT.
Now you may ask Is accepting the digital money as a means of payment good in business?
Personally, I will say YES and this is because It has a direct pair to pair transaction without intermediaries, there will be no drama of a buyer paying a seller for a N100,000 worth of products and the seller would inturn be getting a bank alert of N90,995😅
On the other hand, it is very fast and also serves as a secured form payment without fraud.
I wish entrepreneurs and businesses would begin to accept cryptocurrencies as a form of payment because of it's fast, reliable and secured services.
