Cryptocurrency and Traditional Finance: A necessary coexistence

Hello everyone, trusting you're in good health.

This prompt actually leaves lots of unanswered questions that I can't even answer. It is basically same as asking why we are still burning fuels on electricity when we could opt for a more ecosystem-friendly alternative like solar system.

Are there really people on the higher pedestal who kick against these developments because of what they are gaining from the current modus operandi?

As it regards today's topic, no doubt cryptocurrencies have come to stay but some countries, Nigeria inclusive are still in constant war against it enacting many rules and regulations against it, making it difficult for her citizens who has found solace in it and further increasing unemployment in the country.

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Personally, I don't really see why everything can't be crypto when it's even better; saving you lots of minor issues that comes with fiat with minimum or no extra charges coming from transfer charges, VAT and many others we don't even know about but still pay for it.

Will It Be A Good Thing?

Personally I think yes and here's why I think so:

• Sole Ownership:

Unlike what we have today where banks can access anyone's money anytime they want, manipulate interest rates and even freeze people's money, it would never be the case because cryptocurrencies are decentralised currency.

• Reduction of Inflation:

Currently in Nigeria, we are still suffering from the inflation caused during the last election as the government went ahead printing millions of money because they had the power to do so but, in an all-cryptocurrency world, the ownership is yours alone and there's is no central authority.

Nothing comes without challenges obviously, not this method also;

• Older / Non Tech-savvy People:

How will the geriatrics age group transact? Will they have to call for help at every point in time they want to get something from a store. This is one of the challenges and not just about the old people but also some persons who for one reason or another knows little or nothing about cryptocurrencies and evolving technologies.

• Network Availability:

Unlike fiat where you already have the payment of what you're buying, using cryptocurrencies will rely on the availability of network services so you could be able to transact invariably meaning that you could spend hours even after purchases trying to clear your goods when the networks are bad.

• Cybercrime:

When everyone knows everyone's money is locked somewhere in the gadgets we carry and with the increasing cybercrime, it becomes difficult to safeguard our wealth because fraudsters are in constant quest of enhancing their fraudulent activities.

In summary, despite the challenges, I think it's a welcomed development but even, if we cannot tilt to that because of the obvious negative impacts, the least the governments could do is to make it a legal tender and lift the bans placed on it so people could easily do their crypto related activities because I believe that Cryptocurrencies and Traditional finance( fiat and banks) can coexist.

Thank you for reading and have a nice day ahead 👍

Posted Using INLEO