"Hmm, I'll pay you 5,000,000 Naira for an excellent work done."
Wow, all I could see was how I was going to receive from my client huge bundles of currency and calculating the size of the bag all that money would occupy.
Week 06 Edition 02
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.
In response to this prompt by Hive learners, let's dive right in!
Fiat money
A green, red or bluish rectangular piece of paper with figures, pictures of great heroes ( like my grand daddy) and the signature of the Central Bank Governor on it, printed by some machine and regulated by the government....
This was how I perceived money all my life while growing up.
When it's in your hand it gives you a feeling of being rich, being in control; it's tangible but also fragile and unsafe.
The Crypto Counterpart
Also known as digital currency is a phenomenal revolution in the finance world. It's intangible but with just as much value as the physical form or even more. It's much safer, less fragile, dynamic, easily transferable and convertible though notwithstanding the emergence of cyber fraud that came along with it.
Though it took me some time to adapt to its dynamics because I always preferred having my money in hand but Crypto taught me one solid thing about money and about the rich that made me to give it preference over its physical counterpart. It changed my mindset about money.
There's no such thing as money.
It only exists in the mind of the poor.
These are the beautiful and thought-provoking words of my dear Man Of God and teacher, Rev Dr. Chris Oyakhilome D.Sc, D.D. He said these words even before the arrival of cryptocurrency.
Money is an intangible entity. It's spiritual. It's like the wind, it comes and goes.
It only exists in the mind of the poor and that's why the rich use it to control the poor.
It's all about figures and influence. He who has more of it reigns over him who has less of it.
- Money is a tool
There was a time when cowries were used as the medium of exchange now its currency.
If I should pick up a $1 note and burn it, does that mean that the money is gone? EMPHATICALLY NO! It still exists but in a different from, what I burnt was the currency- which is what is used to measure money.
- Money is the measurement of value and Currency is the measurement of money.
It taught me not to chase after shadows, not to think of money in naira or dollars or pounds bit in figures.
- It taught me to learn how to live above money because money naturally gravitated to the one who solves problems.
Furthermore,
Admist it's few disadvantages like the encouragement of cyber fraud (as mentioned earlier), the up and down movement of its market and so forth, Crypto gives you more control over your money. You decide where and to whom it goes and how it goes and in what quantity. You're in control of where and how your money is stored.
- It takes out the fear of your bank not wanting to release your money, bank having network issues as at when you need your funds to be withdrawn or transferred, or having to stand in a train long queue of people before you can cash out your money.
- It's also serves as a means of investment. One can buy up any Crypto tokens now and hold and later in the future, will have an increased value which can easily be withdrawn.
Ultimately, I choose Crypto mostly for long term storage of funds and investments while I'd use physical cash for day to day payment of bills, shopping and the like.
