Most countries have been going through inflation, but countries with bad and corrupt leaders seem to be feeling the inflation way more than others. We have seen how inflation has affected a lot of countries, for instance with the Venezuelan people, you have seen how inflation has made the value of their currency worthless, and other countries are slowly getting there, like my country, Nigeria. Businesses are dying and people are complaining about the rate at which inflation is affecting their business. For a country that depends fully on importation, it is hard to keep up with the forex rate.
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Crypto is currently showing the world how it is very important and how we need a trestles financial system, something we will call decentralisation, let’s look at what is happening in the country of Lebanon. Banks are centralised and they have been showing us why we don’t need them as much as they made us believe. In the country of Lebanon, inflation is hitting them so bad because of the bad decision the banks made on people’s money. Imagine banks giving out people’s money, people’s life saving to businesses they think or consider worth investing in. This is just like what we saw with celsius and 3AC saga, where investors kept their money but these companies decided to invest their funds and lost all their money, now we have these investors helpless.
Same thing with the banks of Lebanon, they lent out these investors money to business who ended up being incompetent, this led to the bank going bankrupt, causing the whole country to go into inflation. The people of Lebanon have learnt their lesson and have diverted their money to crypto, they are spending their time mining bitcoin and spending their money in crypto. Especially with the use of tether, the dollar pegged crypto, this is going to be interesting because we are seeing the world slowly adopt crypto because of bad governance, inflation and more. The world’s financial system has failed, the world financial system has given us more reason why we need crypto, and the smarter ones have switched to crypto.
But while they are switching to crypto I hope they know to spot the difference between the centralised platforms and the decentralised platforms, because if they are doing it through the centralised platforms and storing their crypto there, then they are just doing the same thing they did with the banks.
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Come to think of it, I read somewhere before that the initial reason why Bitcoin was made was to fight off inflation.
Anyways, it is good that more people are realizing the advantage of crypto over fiat currency. I hope that they would also see the advantage crypto which is being decentralized.
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