Bitcoin Cash to the rescue

In the past few weeks in some States in Nigeria, financial institutions have been operating for periods below their usual working hours. Most banks now open for about four hours daily. Previously for about a week in my locality , the banks were shut as there was a curfew in place. This was occasioned by the chaos and air of insecurity after the endsars protests spiralled out of control as miscreants took advantage of the protests to unleash mayhem.

Government buildings were attacked in some other states. Private buildings such as banks weren't also spared. There was a video from one of the States, where the miscreants broke into an ATM and vandalised it after carting away all the cash. These series of events necessitated the banks to take precautionary measures to ensure the safety of their staff as well as their facilities.

The situation in most banks these days due to the shortened working hours is that the banking halls are filled to the brim. The worst part is that most banks have insufficient cash to meet the needs of their customers who intend to make cash withdrawals. Often times customers leave disappointed. Sadly there is no indication that the situation will improve anytime soon as Police officers who usually provide security for the bank's bullion vans have failed to turn up for the duty.

This implies that for customers and businesses who are yet to adopt the cashless option for transactions this will be precarious times. If the economy which barely survived the effects of the Covid-19 pandemic takes another hit because of the current situation, the Naira may further lose value and thus funds held in bank accounts would also lose value. This is why having some finances stored as crypto currency (preferably the stable coins) is important to safeguard its value whenever situations like these may arise.

The present situation also got me thinking that this could be an opportunity to promote the use of Bitcoin cash as a means of performing transactions. I have a small start up business in sales of Micro SD cards. I stuck with SanDisk because it's a well established brand and because of my experience thus far with their products. The first flash drive I bought was a SanDisk 8 GB cruzer and it never failed till I unfortunately misplaced it. In order to achieve my goal of promoting BCH adoption practically I decided to include Bitcoin cash as a payment option in the flyer I designed for my products. See the photo below.

With this I hope to encourage my prospective buyers who are 'crypto compliant' to make payment for products with Bitcoin cash. This could also trigger the interest of those who are not aware of Bitcoin cash and hopefully other owners of start ups like mine will take a que from my example and follow suit in adopting BCH or other crypto currency of their choice as a means of payment. Who knows we could also see well established businesses also keying in to the trend.

The reality is that the continued usage of bank notes especially will be unrealistic in the nearest future because of its attendant disadvantages and the increasing consciousness of the benefits of crypto currency. The earlier one gets on board the bus for the future of finance, the better. Crypto currency is indeed that future and BCH is one of the strong contenders to take the driver's seat of that bus.

Remember "The future belongs to those who prepare for it NOW".

Shukran

Danke

Merci

Gracias

ขอบคุณ

ধন্যবাদ

Спасибо

for reading.