Greetings!
Change is one thing that's constant in life and there's no way the world would have got to this stage of all round development without change. If we all look around and compare the past to the current world we find ourselves, we would understand what effect the word change has had in the development of all the sector of what makes the world.
Not only that, the tremendous change that has taken place can also be felt and seen in the way we now transact with one another in the society. Before now, or let me say right from the time being, transaction has always been the major aspect of human lives and this is because it has to do with trading. And since then till now, we have had series of transactions and trading system and from the one known to me which is the trade by barter, which has to do with the exchange of good for good till the current system of the decentralized system which has to do with cryptocurrency. One would have come to the realization that change is constant.
So, in response to the topic at hand, which is about cryptocurrency as a lone form of transaction. Let me state it clear here that, everything thing has both it advantages and disadvantages, but one thing that would have been so good for the world is to run on the crypto alone and this is because of its advantages which has to do with its decentralized system which simply means that it's free from the control.of the government and other financial institutions and the security aspect of what it stands for. These two and many other reasons are the reason why I think crypto alone should be what the world should run on.
Apart from these reasons, crypto has really helped in making transaction easy for many people across border line without any form of fee or charges attached to the transactions being done or carried out by the individual and this is because of the system not any under the authority of any government or financial institutions. Now, for me to send money to a friend in another country doesn't require me to exchange it to the currency of that country before being able to send it to the friend. So, with all these and via cryptocurrency, transaction has really been made easy.
But, there's no way we would talk about the positive side of a thing without talking about its negative side as well. Though, the positive side of crypto as a lone system of transaction in the world might be numerous, but if we critically looked at the the negative side, we will also realized that series of criminal acts can also be carried out via the system as the system can be manipulated by the fraudulent people just for them to thrive away with people's asset and a whole lot of other vices which could be done via the use of crypto as a lone system of transaction through which the world should transact.
So, also, the dependency on crypto alone would also have effect on the local economy of the individual country. Though, the banks might not have done perfectly well, most especially in my country but notwithstanding, the world without bank would not really make total sense as the bank and other financial institutions serve as the major custodian of the local economy of their countries. In fact, the banks are the major financial representatives of their countries when it comes to economy. They carry the identity of their country, not only this, they also, contribute their quota to management of the local economy. They employ workers to work for them and so on. So, scrapping them totally for crypto alone would amount to a great loss to the individual country and not only that, it would also bring anarchy and chaos to the world economy system.
So, what should be done is that, the two system, I mean the centralized which has to do with the banks and fiat both of which are under the control of the government and the financial institutions should co-exist with the decentralized system which has nothing to be done with the government and other financial institutions. Doing so, would make the society to be free from all sorts of anarchy and chaos, and not only this, it will also bring options to people both locally and internationally. And lastly it will also strengthen the world co-existence.
This is my entry to the week 156 Edition 03 of the weekly prompt in the Hive Learners community.
Thanks for reading .
Pictures used is mine.
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