Bitcoincash is the solution

Africa is gradually moving towards the edge of the cliff. The economic situation of most is an eyesore. When a country isn’t advancing in terms of technology it is bound to fail. Though slavery is said to be a thing of the past but it isn’t, instead slavery has evolved. It now appears in form of grants and scholarships to Africa's brightest minds. Every year our best students are given grants to carry out research, which they have no right to use as theirs. Remember, he who pays the piper dictates the tune, so the sponsors decide what to do with the research.

The number of youths leaving the country increases every day and more wish to leave. you can’t blame them. The things they see those that left a few years ago do within a short period motivate them to also leave the country in search of greener pastures. What happens to those left in the country? Some sections go into cyber crimes, tarnishing the image of the country and continent in the process.

However, talking about the various ills in the country and Continent won’t solve anything. Yes, every country on planet earth has a problem they are battling at some point but through well-laid-out plans, they survived. Yesterday, the citizens of the country were hit with the reality of where the country is Heading. Though by country I mean Nigeria, I believe our present predicament is shared by other African countries.

The Dollar to Naira rate hit a new low yesterday. One Dollar is now equivalent to seven hundred and ten Naira on the black market ($/N710) on the black market. Seven years when the present government came into power it was One hundred and eighty Naira per dollar ($/N180) and they promise to make things better. If the present situation is their definition of better, then I don’t want to imagine what bad or worse will look like.

Suddenly, everyone turned to financial experts- Some advised people to charge in dollars instead of Naira. In a country where digital currency is still on a low, how will market women and those that deal will fiat cope? Someone even tried to calm everyone down saying since they earn and spend Naira, there’s no need to worry about the dollar rate. Imagine!

The rising inflation and devaluation of the Naira have led to many businesses closing down, even Piggyvest which I talked about some weeks back, cancelled the sales of Dollars. Now everyone is panicking and looking for an alternative.

Crypto is the most talked about

Going through the trend on Twitter I notice the solution everybody was suggesting was Crypto related. Some advise people to put their money into Bitcoin and as expected others ask how will they cope with the volatility of Bitcoin and some others talked about the gas fee.

Also, what if they wish to make micro-transactions, like get a $5 bag or shoe? Imagine paying $20 as a gas fee to spend just $5. That’s illogical for a country whose average salary on paper is $50.7 and in reality $25.35. Yes, we have people that earn even far less than that per month.

Currencies fluctuate in price a lot, this is a problem because it makes it difficult to buy goods. For example if a sweater was valued at £50 today but at £80 tomorrow you would only want to buy that sweater if you can get £50 now, otherwise you would wait and hope the price goes down.

Cryptocurrency might solve this issue by removing the volatility and making it so the price will always remain the same. People are currently using crypto currencies as an investment vehicle and for online transactions, soon it will become an international currency used all over the world. With transactions being very cheap to do for both merchants and consumers.

The current problems with it are the lack of acceptance and ease of use and the availability of countless cryptocurrency.

Stable coin

Another suggestion is to buy USDT Since it’s a stablecoin and it’s constantly having more value than the Naira. This might be a good idea but the fear of losing it is still there, especially for people who witness the recent LUNA crash.

Bitcoincash is the answer

The reason why many suggested cryptocurrency is that they believe it can help fight inflation, it helps in retaining value for what you have no matter the market condition. Bitcoincash has proven to be a tool that serves as cash and a store of value.

With several merchants accepting it globally, low transaction fees, fast transactions and many more. You can send money to anyone all over the world without much fuss.  You don’t need to worry about bank rules or banks not working on weekends. Bitcoincash works 24/7. making micro-transactions is even possible with a fee lesser than one 1 cent.

-These are no physical notes or coins, unlike pounds and dollars.

-The rate of markets does not fluctuate as much as other currencies do.

-There are no restrictions for trading, unlike regular money.

-You can use it for trading, payment etc. like normal money.

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