I was prompted to publish this post after seeing a thread by taskmaster4450le where he mentioned a popular behavior among crypto enthusiasts - always focusing on the monetary value (price) of crypto, but ignoring the real benefits we already enjoy regardless of market price movements and all that.
I discovered that its all too easy to take things for granted. Its especially so when one have forgotten how far one has come. I think we quickly notice crypto prices a lot because we have failed to appreciate the true state of money and finances before the arrival of blockchain technology.
So in this discussion, I want to talk about some gains that will remain big gains that cryptocurrency has brought to people like me. Its a broad subject - the gains of crypto in my country beyond prices, but let me try to narrow it down to the following 3:
- Making money
- Owning money
- Moving money
Making money in Nigeria...
...before crypto: Well, about 15 years ago in my country, making money was business as usual. For a young person like me, education was praised as the key to unlocking any financial opportunities. Once a young person is done with high school, he is pressured to pursue tertiary education (in any college, polytechnic, or university). After he graduates (supposedly with flying colors), he enters the job market where many will spend the rest of their life looking for jobs that are not existing.
Frustrated at not getting any job for many years, the graduate now settles for any petty business they can find. In summary, making money through this route of going to school, and landing a great job after graduation does not work for many. Education has not been the key it was touted to be.
The other route to making money as a young person in Nigeria is either serving a master (apprenticeship system) for 7 years at least and getting settled, or learn a business/trade and hustle with others. Either ways, its not so easy at all to start making money after few years of working hard. So, making money and building financial stability as a youth in the Nigerian economy pre-crypto years, was not a day's job.
...after crypto: Fast-forward from 2009 when bitcoin came and beyond, a whole new universe of opportunity was created for the average Nigerian youth with a phone or computer. Each passing year saw more adoption, increased userbase and more investment. Crypto gave us the opportunity to participate in a global financial system, and an opportunity to make money.
The many avenues that opened up for Nigerians in the crypto space became too many to list. That includes getting paid in crypto for remote jobs, crypto trading, staking and payments for various skilled services offered. The emergence of crypto created a generation of young people that have left the traditional money-making system designed to enslave, frustrate and ultimately destroy its adherents. Its not surprising that Nigeria has one of the highest figures of crypto users of any country. It explains how much of a revolution crypto has been here. Beyond making money, crypto in Nigeria is now a lifestyle. So should we always talk about crypto prices and forget about this money-making gateway in the first place? That would not be kind.
Owning money in Nigeria...
...before crypto: We claim to own our money. But where do we put it? In the bank.? Is that true ownership? Not likely. To begin with, to open a bank account is tough. You have to let go of all privacy there are, in the name of KYC. In the account opening process, **they will even demand 'your mothers maiden name', which till today I dont know its relevance. And when you finally have the account, your money is taken behind you, in the name of service charges against your will. Do you actually own the money?
If you have a certain amount of money in your account, you are suspected a criminal even after proving to earn the money through legitimate sources. There are minimum withdrawals, daily transfer limits, no banking during holidays, and so many other limitations imposed by someone else - the bank. So who actually owns the money we claim to own? It is the person making all the decisions without your consent, isn't it? Before crypto, and sadly after it for some people, there is no true ownership of money in Nigeria. Once it gets to the bank, the 'real owner' determines what happens to the money and how its managed.
...after crypto: True ownership of money was restored by crypto. You do not need to line up for hours or spend a whole day to create a crypto wallet. For many, you are done in few seconds setting up a digital wallet and making your first transaction. And just to be kind, you do not have to remember your mother's maiden name or your grandfathers real age.
Crypto gave back all the powers of ownership to the owner, once you have your wallet master key. No charges or deductions without your consent. When there are charges, they are minimal. Crypto is mostly feeless. Unlike the banks that demand an initial deposit before you have a bank account, crypto participation is free. No initial deposits are required to set up a wallet. Sometimes you even receive a bonus for choosing a particular digital wallet or making your first transaction. Its so great how crypto has empowered Nigerians to own their money and enjoy all the benefits of true ownership.
Moving money in Nigeria...
...before crypto: The limitations to moving money in Nigeria is baffling. To start with, you are limited to a small space - cant transfer local currency to anyone beyond the shores of the country. Even within the country, you are not allowed to move money beyond a certain amount daily. You incur heavy charges when you do any transfers too.
If you must send money abroad, you have to change it to foreign currency and a big chunk of the money is stolen as charges by the system. Of course, you know its not instant payment. Some systems can delay for up to 3 days before the money is delivered. Again, you are at the mercy of any exchange rates imposed on you - thats another channel to loose more money. Basically, moving money before the arrival of crypto in Nigeria, is as frustrating as other things we do here.
...after crypto: The arrival of crypto ushered in a new era filled with limitless opportunities for moving money in Nigeria. For the first time in our history, cryto gave us the opportunity to participate in the global financial system from the comfort of our homes - and at the click of a few buttons.
It suddenly became possible and easy to send or receive payments globally. You do not have to spend plenty hours in the bank, filling many papers. Moving crypto money is censorship resistant and decentralized. The exchange rates are set globally, so there is no foul play here. And there are so many wallets and exchange platforms that you can compare network fees and choose the cheapest options. That is so different from relying on a particular bank for everything related to moving money.
Crypto brought us instant payments. Your funds are delivered to or received from the other party within seconds. So if there is an emergency that needs quick funds, crypto payment becomes the free and fastest option. Besides, your transaction records are anonymous. So your privacy is completely guaranteed, unlike bank transactions where you are exposed to all kinds of prying eyes. Many have become crime victims just from their banking record. Crypto ensures your privacy and peace of mind. The benefits of crypto payments are many and cannot be exhausted here. It just gave us endless possibilities as regards moving money.
Finally....
It becomes obvious from this article that the gains of crypto in Nigeria are far bigger than the bear or bull market. Crypto - regardless of the price - has changed lives forever in Nigeria. I am a beneficiary and will remain grateful for this rare opportunity.
So the next time I want to feel bad because prices were not where I want them to be, I will remember that there are more gains in crypto than just the $ figures.