WILL THE WORLD EVER BE READY FOR A CRYPTO-ONLY ECONOMY?

First of all, I will like to say that nothing, absolutely nothing is impossible as long as we are ready to go for it. Over the years, we have seen cryptocurrency trying to show off her head even in the presence of so many opposition it has faced from the centralized system that has existed for a long time that it starts becoming like it is impossible to change it. Since the existence of life, man has always make transactions between themselves in different ways and with the years rolling by, the currency for exchange keeps changing to the point that every country now has its own currency.

Now, I want to take us back to when we made our transactions based on bater. We called it a “trade by bater”. I’m very sure there was a point of this mode of trading that people thought it was the best and it would be hard to change to something better but then, as we know it, things eventually changed and a lot of eyes were opened to see that there was indeed another way, a better way out than a “trade by bater”. But still, even after they have discovered another way, due to some challenges they faced, they still had to opt for a change again and just like the first one, they never thought it was possible until it happened.

Well, things are pretty much the same way it was back then and now. It is us as humans that under go change but the pattern of how things work is still pretty much unchanged. If there is one thing that as humans we struggle with, it has to be change. And the interesting part is, whether we like it or not, that change will come and we will just have to accept it anyways and maybe then, we will be grateful it came.

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Our currencies for exchange have changed a lot since the past years and I wonder why we want to settle for the centralized system more than the decentralized system. If we look back today, most of those systems of exchange are still practiced today in some places and even in our lives and we don’t mind because they solve the problem. The only problem is, looking for a mode of exchange that will be generally accepted. As at today, money is what is generally accepted but then, we have different currencies for different countries but with cryptocurrency in the picture, we can all have a common currency.

Based on the fact that we have different currencies in different countries, it has become a major source of concern as there are currency barriers making it hard to make some transactions easily between two countries. Unlike the decentralized currencies, centralized currencies have a lot of processes and restrictions for use. Yes, this is their way of making sure that fraudulent transactions are discovered and discouraged but then, we all know that it is not working. People will still always find a way to carry out their criminal activities and even when the government knows about it, they can still get away with it.

So, most of these laws will mostly affect those who don’t have connections but with cryptocurrency, it will be a game changer. Transactions can be done seamlessly across borders without the fear of extra charges, regardless of local currencies too. For example, sending money to a friend in Ghana won’t be much of a hassle anymore since I don’t have to first convert my Naira to cedis. All I have to do is send a cryptocurrency to the person and they can make the transactions to their own local currency without any of us losing any extra money and I’d be sure the money has gotten to the person easily.

https://files.peakd.com/file/peakd-hive/hopestylist/23uFMFYrdw5xJ2vKFD3WZLYU2hDop7RND86144vZkyHJZwDRgdU2Vdspv5YrMfTgrYcVh.webp

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The acceptance of cryptocurrency will take a longer time than any other mode of transaction and that it’s because it has the tendency to completely take out every form of centralized exchanges and most of our government systems will never want to see that happen. Will it be a good thing to have just cryptocurrency alone? Well, like I said, most other forms of exchanges still exist but they are just not generally accepted. Cryptocurrency for me, is only going to be a currency that will be generally accepted just the way money is generally accepted for transactions.

If as humans we don’t try to fight the change and be less greedy, this won’t lead to anarchy or cause any form of chaos. It will be a step to a new level. And it will only make a way for a new change to happen. Crypto alone can work because it will only make life a lot easier for everyone and to an extent, it will keep us more united and secure too. But then, our local currencies can co-exist with cryptocurrency to aid easy local exchanges and to also give everyone the time to completely adapt to the new system of exchange.

As it is obvious that many people are yet to understand what cryptocurrency is. All they know is that it is what fraudulent people use to get away with their schemes but that is fallacy. So these people definitely needs to be educated and oriented more about what cryptocurrency is and what it is not. It’s because so many people are not willing to learn about what cryptocurrency is that is making them struggle so much with accepting it while others already have a good knowledge of what it is but they see it as an hindrance to their lives and that too is a big problem.

This is my response to the Hivelearners topic on ”CRYPTO ALONE”.

Thanks for reading through. ❤️