Banks or Cryptocurrencies?

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Avatar for phavvy
Written by
3 years ago

Monday 18th Aug. 2020

I have been pretty busy for a while now having to meet up with some projects given to me by my clients. The job was not so easy but I love this experience. I had to build a fully customized multi-level marketing system from scratch using PHP, also had to design and build the UI myself, I know it sounds a bit tedious but trust me it's way more interesting than it sounds. I do love being a full stack developer because it allows you to see things from different angles.

But enough about myself, let's talk more about why I am writing this article. Well, recently I got caught up in a conversation that got really heated really fast that I had to pull out to avoid any further quarrel, so what was the topic that brought about this argument:

"Can CRYPTOCURRENCIES fully take over?"

We all know the goal or the general idea behind cryptocurrency was initially to create a system that's not being controlled by the government so as to support lives in a better way by being able to manage your funds and move them around without fear of someone looking over your shoulder to see what you do with your funds and billing you along the way.

Well that was the initial idea I knew about cryptocurrencies before I started making use of it and it was a really amazing idea to have such a system. So I opted for it. When I started out the first few coins I earned were LTC and I earned them from a telegram bot that pays you to complete certain tasks.

As time went by I starting hearing about many cryptocurrencies popping up here and there, in my country the most popular then was Etherium due to the smart contract forage which a lot of people joined in on all in the aim to get rich quick. I didn't join initially when it all started but a friend persuaded me to join which I did but my first experience with Etherium was so terrible that I wish I never discovered it. To register for the smart contract cost about 0.045ETH so I spent from the little money in my hand as at then to purchase it, but then again even the purchasing process was no fun. I made use of Luno for the purchase and I spent about 400naira just to purchase the coin then I had to spend another 200naira to send to the Etherium to my trust wallet address where I was supposed to carry out the registration on getting to my wallet I discovered that Luno actually lied they took more than they stated they would for the transaction, It cost me about another 400naira instead of the 2oo naira they said now feeling very sad I tried to register for the smart contract thinking that after registering I would feel better but that was far fetched.

After initiating the registration when I got to the transaction payment page on trust wallet, I was confused. The registration cost 0.045ETH but scrolling my eyes down the page only to see a transaction fee of 0.08ETH.

On seeing that amount I became instantly cozy, I thought probably I made a mistake somewhere, so I went back to the registration page and this time I followed instructions carefully but still saw the same figure this time bliss bumps where all over me, I didn't know when tears rolled down my check knowing fully well that there was no way forward or backward. The only way was to purchase more Etherium of which I had not the funds to do.

That night I vowed never to deal with cryptocurrencies ever again and that if I would, I would only deal with those telegram bots that actually paid me. When I laid on my bed, I thought to myself - How can you be so dull, you couldn't even think things through. Now you have lost most of your savings if you had left it at your bank your money would have been more safe and intact but now you've already wasted it. I got tired of complaining and thinking that night that I had to force myself to sleep.

a few weeks later...

After making up my mind to only work with those telegram bot, while completing one of the daily routines on the bot, as usual, I was given a task to head over to read.cash and register so I did. On getting to the website after registering I saw bitcoin cash and I was like is this a new form of bitcoin so I clicked on the post and read through it, only to see the testimony of another user explaining how he earned BCH from read cash. I didn't think it was real so I closed the page and went back to my telegram bot completing other tasks. Later that same day I came in contact with another advert from read.cash so I clicked and got on the page. so I just read through and then I went to the about page, road map, and all the pages of the website. Finally, I decided to give it a try since I had nothing to lose. That's how I started using read.cash and that same day I made $0.16 and I tried to withdraw it to see if what they said about being able to withdraw any amount at any time at a very low cost was true and to my greatest surprise it was very true, I felt excited. Though sending BCH from read.cash to my Luno wallet takes hours to complete but the low cost was awesome.

With BCH came so many opportunities and ideas I never thought I would consider after my encounter with Etherium, they say Bitcoin charges much but I say Etherium is worse. I would never substitute my bank for a coin like Etherium never. sending cash from one bank to another cost 10naira but sending Etherium from one address to another from my experience can cost from 200 naira to 7000 naira. Why would I or anyone at that want to risk such? So with a coin like Etherium, it would be very difficult for people who are not financially stable to adopt it. They would be scared of the charges as I am now but BCH is the Hero in this case.

So about that argument, these were my point, I said if we were to have coins like BCH around then I can gladly give up my bank but if it was the likes of Etherium then never.

"Food"

yeah, another factor that can hinder the growth of cryptocurrency in my region is food. Imagine going to the market to buy foodstuff and after buying you ask the seller to send you their wallet address then you have to copy it take it to your wallet make the transaction and wait for it to complete that's first gonna take time then what if there are a number of customers, would each of them have to wait in line just to make payment after already getting what they want to buy. That's even for a simple case what if the seller has no technical knowledge or smartphone or the area had a very poor internet connection, then you wouldn't be able to purchase a meal or foodstuff. Definitely you would just pay in your local currency and go your way rather than having to stress so much.

"Transportation"

Then imagine a case where you boarded or bike or a tricycle or even a taxi. You would have to tell the transporter to send you their wallet address then you make the payment and wait for it to complete, well you would agree with me that, it's rather tedious when compared to paying with normal cash.

I do believe in the cryptocurrency idea but all the new coins springing up daily seems to be targeted at one individual or group of persons trying to make a living out of these currencies or trying to get rich quick but none of them actually tries to solve the existing problems we have still existing in the crypto world. There are so many factors that are associated with crypto and one of the major ones is the aspect of security which in the process of trying to achieve also makes things more complicated than they need to be.

BCH for sure has been able to solve one problem of which I am very grateful for because now I have confidence in being able to carry out transactions from time to time without having to do intensive calculations on how much I would spend on each transaction back and forth. I just wish people would see BCH for what it's really set to achieve.

In my country everyone is just following where there seems to be more trend, they don't care about the repercussions as long as they get rich quick without much stress, a friend of mine asked me if I sell BTC or knows anyone that sells and I said I don't but I was surprised why he wanted to buy BTC so I asked him what he wanted to use it for then he said he just wants to buy it and store in his wallet so that when it grows he would sell at a higher rate. Well, as ok as that sounds I told him that so how much do you think you would spend in sending the BTC around and how much do you think Luno would charge you for your transactions so we did some calculations and at the end, he saw how very little he would gain even if bitcoin was to get to 7million in naira, he was thankful to me for opening his eyes to the truth and then I told him about BCH and we also did some calculations and he was surprised at the difference in gain just due to the transfer fees, that same day he bought a large amount of BCH and said he would keep stocking more.

I felt relief like I have saved a soul from following the crowd and making the same mistake I almost did. Initially, my plan was to also buy much BTC and stock so as to sell higher in the future without even taking a closer look at the possible loss but my orientation changed after coming in contact with @MarcDeMesel, he truly made me carry out a proper evaluation of things and I was able to see the endless possibilities more clearly. Thanks to him I started Investing in BCH and it was worth it.

I do my best to educate people daily about BCH and many times those BTC minded guys would always try to argue with me and telling me BCH is nothing compared to bitcoin and that it can never catch up to BTC so it's not worth the effort but I keep telling them the goal of cryptocurrency is not to make you rich in a few days or month but it's for a better system to manage our finance but they wouldn't want to give me listening ears saying cryptocurrency is a means to an end most of them do say that banks can never go away because after making the money with crypto they need it back in their account where it's safe. That statement shocked me, then I knew that these people were still illiterates to the world of blockchain technology they felt their banks are safer than the internet, well you wouldn't blame them because the rate at which many people get scammed on the internet is quite alarming so they think since my bank has a physical address if anything happens I know what direction to go to but if anything happens online, it might be untraceable.

Well, the bottom line is most people still need a lot of education about cryptocurrency and what it's really meant to do and not this idea of getting rich quick with it. I do believe BCH has made a difference and hopefully it would continue to do so. The truth as at now I would never give up my bank for any cryptocurrency other than BCH due to my personal experience, I know many others would complain about my choices but that's just the bitter truth. We need to promote the right things and not just jump at things that would enrich us within a short while. The only reason ETH was able to surpass BCH is because of the so-called smart contract scheme that so many are falling for, but gradually people are getting wiser and are beginning to understand that these are just pyramid schemes enriching those at the top.

Thanks to @MarcDeMesel for still believing in the BCH vision and even further increasing the funds even despite these trying times here on read.cash. Let's all work together to preach the gospel about BCH not just writing here every day to earn but educating those around you so they can also share in the great gain obtained from making use of BCH.

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Avatar for phavvy
Written by
3 years ago

Comments

Great article here. Kudos to you. The matter of waiting for a transaction to be confirmed in the blockchain can actually be solved. We all know bch charges low fee but some wallets like Trust wallet that I use gives me the opportunity to increase my transaction fee so that my transaction will be placed on a high priority in the blockchain

$ 0.00
3 years ago

but can everyone always afford those extra charges, and would iit be wise to do so when you know at your bank there are no such charges and still your transactions are fast.

$ 0.00
3 years ago

Bank is safe but if you want to gain more money i chose crypto over bank

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3 years ago

yeah true... its more profitable to store your money in crypto wallets than to store them in banks

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3 years ago