There is a recent lost of money Scandal about one of our Ministers in Ghana. Actually most of the populace attributed the lost of the money to her negligence for allowing her house workers to loot these different huge sum of Millions of Dollars, Euros, Pounds and Ghanaian Cedis. Some concerned Citizenry have expressed their thought of the money Laundry being the State money which the Minister has stolen and kept in his room for many years. That's even not important to delve into detail of this long debate. But what matters most is why should the Minister keep such huge sum of different paper currencies in her room for so long without keeping them in Bank? What would had happened if Armed Robbers had gotten the tip off and come for operation.
I think there is the cause and reasons for everyone doing something whether we think is worse to be done or not. In this current economic dispensation, it become difficult for one to carry millions or trillions of dollars to Banks, especially if most people know your economical background. When you come down to our centralized Banks, I mean our local Banks like Commercial Bank, EcoBank, Prudential Bank, Zenith Bank, and other Rural Banks; they do not accept that huge money to be carried on someone to be deposited at their Banks. This is simply because they have a limit of specific amount that can be deposited or withdraw from the Bank. Once you exceed that cap, you aren't allow to make any transactions either depositing or withdrawing.
There is always a suspicion of you hold such huge amount of currencies with you, more especially if you aren't a high class Business man known by people World wide. At the state should know the foundation of your asset if it's real money. Even for Ministers and Leaders in the Presidency, before you'll assume position, you're allowed to declare your assets for the State to know so that you cannot steal the public funds claiming to be your own assets after your term in office. All these checks are screened for Leaders as the Public figure in the Presidency.
Aside all these barriers, I think there is specific amount of quantum of money that one can carry along when travelling outside the Country. For instance when you're in Ghana traveling to Europe or any other Western Countries. I can't actually quote the exact figure but, I remember we have certain amount of money that you can carry. One would have thought that the Minister holding Diplomatic passport could have conveyed all these huge money to World Bank and be saved from all these doubts about the Public. By sending these funds to Central Bank, would have raised a whole lot of issues, maybe for her being a Minister with that huge funds, the Banks may need confirmation or verification from her superior and all that. The only option to keep secret from the Public was to keep those funds in her room. And now "the cat had been led out of the bag!"
I don't support the idea of keeping huge funds in your room, even though that's one's personal option to keep money. For all you know, it sends signal to Armed Robbers around. Your make and family members maybe your "thorns of your flesh" to expose you to these Armed Robbers. Secondary, the money would keep shrinking or depreciating as you don't use to do business or expand it to get additional profits. If it worth opening factories, shops or establishing some lucrative business that would let the Citizens get jobs, there isn't need to still keep that huge funds in your room.
Keeping money in the form of Crypto is the best and convenient way
- Reducing the size of your money for easy handling
For my personal opinion the best and alternative option to keep huge funds that Centralized Banks Wouldn't allow you and aside that Keeping them in your room becomes huge risk is to convert them into Crypto and invest. Why am I saying this? When you convert paper money into digital or virtual money since it comes with figures or digits, it makes the size of the money smaller. No one would even know that you have that huge asset with you since it would be stored in the computer machine. Keeping money in Cryptos make it very simple and prevents bulky and stressful nature of sending to Banks.
You'll have a sound sleep since you wouldn't fear the risk of thefts or armed robbers attacking you. Even if they take your machine like smart phone, computer or laptop which you have your money on it, they cannot hack your money since you have the keys and your Gmail password which you used to open the account.
- Keeping your huge money in the form of Cryptos is very secured way.
We have talked about Crypto being immutable, that is unable to alter the data once stored. The keys that is used to store your funds are therefore secured permanently from other ordinary people. Currently, with web3 and Defi, it has empowered the Crypto Blockchain to be more effective way of investment. One need not to struggle when transferring or withdrawing assets. With Decentralized Finance (Defi), one is being protected from third party involvement. It's not like Banks where your funds could be delayed due to so many rules and validations.
- Expansion of capital through many options of Crypto assets
In the Crypto Blockchain , the Investor has many options of Crypto to invest his or her asset. It's not one way affairs unlike the Centralized Banks we have few Currencies one can buy and hold. There are Hundreds of Crypto assets one can invest wisely and still be profitable. An investor holding such huge assets in the case of the Minister may distribute the assets and be profitable.
The Cons of using Crypto
The cons of investing in Crypto has do with becoming expert in how to invest and get profit. As a matter of fact, Crypto could be a risky business if you don't invest wisely. The risk factor could be high volatility which always makes the Crypto market unstable. Your capital invested might not be fixed. During Bear markets, there is decline of assets and when there is bull markets, your assets would increase.
- The way forward...
Despite these challenges, there is the way to mitigate too much risk if you're Novice in Crypto trading. You can still invest in some of the "Stable Coins " like USDT and DAI which are pegged to the US Dollar so they aren't highly volatile to decline in value quickly. They are safe to invest by the Newbies in Crypto business.
In Conclusion," I think Crypto sounds the best option to invest rather than keeping your Money in Banks or Homes. It reduce the size of keeping bulky money with you, reduces the risks of armed robbers who may put your life in danger. In choosing Crypto for investment is very secured way from loss. You can expand your assets through the numerous available options of Crypto in space. This is my best option for investment and you can join me.