ARE CRYPTOCURRENCIES THE FUTURE OF MONEY?
There is no denying that cryptocurrency has fast become a household name in the world today. Primarily among the younger population. This succinctly suggests one thing- that cryptocurrency is arguably the future of money. I will refer to the tweet of Elon musk on January 29, 2021, where he categorically said, “in retrospect, it is inevitable.” Every day, cryptocurrency also screams, in the words of the great supervillain, Thanos, “I am inevitable.” From currencies, money, and down to investment, the roots of cryptocurrency tunnel deep within.
Cryptocurrency allows for more strategic and diverse access. This is premised on the fact that anyone interested in cryptocurrency can access it with very little training and knowledge. Because it is a digital asset, it is very much accessible via any good digital platform. The likes of Buycoins have made it even easier to access. Any interested party can join and trade the coins with a cell phone or any computing device as they deem fit. Apart from this, the ease of coin transfer leaves everything to be desired. Flowing from the access is the financial inclusion it allows. There is no doubt because of the ease of access that cryptocurrency promises, there will be an increase in financial inclusion such that no bank or financial institution may be able to compete or monopoly.
The ease of international money transfer is one of its many perks. A very crucial example is Nigeria: the onerous process of exchange of money within and outside Nigeria is nothing to write home about. Transfer of money through domestic banks and other financial institutions is not profitable and heavily laden with charges because of the disparity in the central bank rate and the black-market rate for foreign currencies. Even more worrisome is that international payment platforms are not entirely available to Nigerians, such as cashapp and PayPal. These unfortunate happenings are because of draconian policies or the total aversion to technology and advancement in the country. With the use of cryptocurrencies, all of these can be circumvented, and global remittance made easy.
Having shed light on the many benefits of cryptocurrency to society, it is safe to conclude that it is unarguably the future of money. Some of the characteristics of money are portability, uniformity, divisibility, limited supply, and general acceptability. Cryptocurrencies meet all these criteria and more. I honestly cannot think of a better substitute for money than the all-encompassing cryptocurrency.
