A pointless debate: Fiat vs Cryptocurrency.
Fiat or physical money has been in existence for quite some time even before I was born and choosing cryptocurrency over it is a weird choice to people who are not in or do not have the proper knowledge about the crypto-verse.
It's less than four years since I got to know about crypto but I understand how it works more than the physical money we have all been using, the differences between crypto and fiat is a huge one, that's one major reason why you see government across the world speaking against it and trying to bury it because they know how much good impact crypto can have on the people.
Cryptocurrency is unique and I am not saying this from the profit-making aspect of it, there are lots of reasons why I am choosing it over fiat. Money is money but some qualities make money more valuable than money, fiat will never give you what crypto has in store for the world if it becomes acceptable globally.
Financial freedom:
This is the biggest reason why I choose crypto over fiat, we have an edge over bad governance in this part of the world where corruption has eaten deep into the foundation of the country.
There is no how we will talk about physical money and won't include the traditional banking system which has made life difficult for a lot of people across the world and everyone would definitely have one thing or the other to say about how the fiat has at one point affected them.
During my tertiary institution days, I almost had a carryover because the bank did an error verifying my address which led to my account being frozen a few days before paying my semester tuition fee which would be my clearance for examination coming up in a few days. It is funny how you don't have even 50% power over your money, the bank can do and undo with your funds without seeking your consent but many of us are been deceived that we are in control, it is hard to make people understand how the old system is cheating them until they are also a victim of physical money problems with the banks.
Cryptocurrency is the only form of money that gives you total control over your money, you are in charge of everything which includes the safety and transactions you do. If we all had this freedom, don't you think the government will thread gently because they won't have access to the public money they use for their secret agenda.
During the lockdown, the CBN made a limit on how much can be withdrawn daily. Would that have happened if we were in control of our money? Being in control means that you can do anything with your fund at anytime you want to.
Daily unlimited transactions:
The physical money doesn't guarantee me unlimited transactions while crypto does that, there is no limit to how much you can transact daily as an individual using cryptocurrency.
At the moment, there is a limit to how much I can take from the ATM, from the bank, and trying to take more than that will involve the Federal government over my money. If I need to pay for purchasing a car or land worth millions, it is either I spread the payment for a few days or involve the federal government which doesn't make sense to me.
Crypto makes life easy, you can transfer as much as you can daily without having to take permission or seek the approval of the government.
Low transaction fee and no secret charges
Cryptocurrency is transparent and you can see everything going on in your wallet, unlike the fiat system where banks charge excess for every transaction.
The most annoying thing is been charged for every transaction you make and they still go on to debit me at the end of the month again. We don't know how huge this is and many of us overlook it but those are where the governments and banks are stealing from us without doing anything tangible in return for us. Imagine them deducting $1 each at the end of the month from over 70 million accounts in Nigeria alone, I wouldn't say more than that.
Crypto transactions are cheap, I know you will ask why is Ethereum or Bitcoin transaction fees on the high side.
The crypto-verse is wide and many of us are focused more on the big names rather than focus on what meets the needs of the people and can deliver us from the bank and government shackles.
A coin like BitcoinCash charges less than half a cent for transactions and using BCH can be of good help to us, especially with the transaction fee, there are other coins and it doesn't have to be ETH or Bitcoin for transactions.
Crypto retains value unlike fiat:
Cryptocurrency helps in retaining money value unlike fiat, it would have helped us control the inflation the world is experiencing today.
Every penny saved in the bank depreciates every minute but with crypto, your money value is secured and no matter how bad it gets, you will still have your value as long as you have them in stable coins.
Cryptocurrency can save us all from these banks' extortions, we just need to give it the chance by embracing it. Trust me when I say life is beautiful with crypto, I accept it in my business.
A lot of people choose it over making payments with banks due to bank charges and delay in processing transaction time.
All these things are what crypto can help us eradicate, so tell me why I would choose crypto over fiat.
The article first appeared here on Hive, it was an entry to a weekly contest.
Excellent write up on the virtues of owning cryptocurrency. Volatility is a common objection, so we take that into account by never investing in cryptocurrency what we can't afford to lose short term. Stock and options traders do the same, to avoid blowing up their trading accounts. That said, the primary motive for investing in crypto should be financial freedom, as you highlight wonderfully. Thanks for sharing this one.