I know so many people will definitely want the whole world to run on cryptocurrency alone and eradicate the so-called paper money and the likes. But then just as it has its own advantages, the disadvantages are more than we could ever even think. Talking about what this could do for us, especially when you are already into it, you will know that the banking system is really dealing with us.Some months ago, there was a press release on some charges that will be deducted from our money.
Imagine deducting #50 on every # 10k from millions of people. Isn't that fraud? And there are other charges that the bank system removed from all our money that we do not talk about.Or should I talk about the #10 charges on all the transactions we are doing? Imagine doing transactions on a daily basis for a whole year multiplied by millions of people. No doubt that we have been scammed in a whole lot of ways.Now talking about the crypto space, it's a decentralized space whereby each and every one owns their own space; no second or third party here.
That reminds me of an incident that happened on social media like a month or two months ago, based on access bank issues. It happens the owner of the bank died, and to the surprise of the next of kin, she was unable to claim the money inside it, more than 500 million. That's a lot of money.Even as she went to court she was still denied her rights. That's for you to know that using banking system is hundred percent scam, you are not the owner of your own money.
But cryptocurrency will never be like that because you own your own keys, and you have control over your own money. Charges will also be reduced and so on.
On the other hand, talking about the disadvantages of crypto as a means of everything.
Security bridge: In the world where crypto is the only means, there would be a lot of scammers, hacking, and people will die young more than the people that will live long. Taking, for instance, it's not everyone that is a computer or tech expert. It will be so easy for hackers to move your money, even for you as a professional tech enthusiast. You still have all the tendencies to lose your money. Not all the people are uneducated; meanwhile, lots of cryptos are untraceable.
Fluctuation in market price: There are no fixed prices in cryptocurrency; there is already a lot of chaos in the market presently; there will be more if people start using it as a means of everything.
Here is my point:
the world cannot live on cryptocurrency alone. In the long run, it will cause more problems than we could ever think of. The government wouldn't even allow it because they always want to have access to everyone's financial status. Meanwhile, there are also average illiterates among us.
The question is, how will crypto be regulated? In the country where there is no stable power supply? Or how did the uneducated survive?
But here is a solution on my end! The world will be better if the two were in existence; I mean, if both fiat and cryptocurrency can be accepted in the whole world, that is to say, if you can't make use of crypto, you will be able to make use of the bank. For someone like me, I would prefer using crypto, but what about the rest? So in my own opinion, the existence of both fiat and cryptocurrency will definitely make the world in a better place.
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Banks are really making fortune out of us low key. Crypto will solve the issue of unnecessary transaction and maintenance fee but it has its own bad sides too, the one i dread the most is the issue of security.
It seems we are flowing together on this, i also believe that if Fiat and cryptocurrency would be in used as the valid currencies, it would go way to help, atleast those who can't use crypto can go for what they know best until they eventually have the knowledge. Crypto market is not something to joke with, without split of seconds one can lose his or her entire assets and it is not recoverable.
Oh yeah, using the two together will definitely be good, sometimes crypto go crazy too. Thanks for stopping by
Even crypto, too isn't safe to an extent. I mean, owning your keys, then someone dies especially when the person is secretive and never releasing his keys to their family members, perhaps someone they trust, even if they have billions of dollars there, it's gone forever. When dealing with crypto too, there should be a trusted person to handle the PWs because we can't keep living on forever.
Asides that, I believe in the world of crypto and yes, with the issue of more scammers trooping in, a more stronger measure would be looked into to safeguard everyone's assets.
Omor, that's a brilliant idea you dropped here. Thanks for stopping by Mama 😊
It's my pleasure 😊
Hmmmm! My brother. That person that died without showing any of his family members what the need to know about his account is equally wicked. Don't he have ATM? Haba! They should have used his atm to remove that millions abi?
For cryptocurrency alone, I don't think it will work in Nigeria ohh. No constant power supply, so how do you want to charge your phone?
Thanks for sharing