Topic: Grassroot benefits of crypto currency. (Read 156 times)

Talking about the fee I no sure weda you don see the recent Bitcoin fee, if you don transact Bitcoin recently you go see say fee high because of the congestion for the Bitcoin network, but no be lie say crypto currency get plenty advantage pass when you jus keep money for bank and make you no forget like every other things e get risk too wey dey for cryptocurrency so if you keep your money there make you know say small risk follow dey am. This fee Sha no be everytime e dey high, some times e dey low sometimes e dey high well but for bank dem get standard amount wey dey match charge for every transaction.

Anywhere wey you keep your money e dey okay but wetin important pass na d security of your account, if you put am for bank make sure say you make am safe and if na cryptocurrency make sure say your wallet dey safe so dat you no go loose money.

Tell us something we don't know, but  I go like clear you about the use of this word "crypto" because when you say crypto you are referring to all coins including the obvious shitcoins wey dey worthless. I go like to think say na Bitcoin you dey talk about and if na watin you mean then yes Bitcoin don gain massive popularity because of how different e be base on the decentralized nature of Bitcoin and the wonderful opportunity to use am as an investment means due to its store of value. Well for the speed e dey correct but for the price na where small challenges come dey be these recent times due to the ordinal wahala for the Bitcoin network but even at that the Bitcoin lightning network na good solution although e never gain massive popularity and adoption but I believe with time coming e go dey okay.

Cryptocurrency get a lot of benefits and amongst dem na the anonymity wey e dey provide to the people wey dey use am. The decentralized nature of the coin itself don make am overpower our usual traditional banking system wey be say everything about us dey expose and them fit even track you come your house if anything sup for your account wey dem see foul play for. Dis bitcoin matter don open many of us eyes to no third party system involvement in our financial dealings but government still never like d idea as dem no go fit control the way we take dey spend and use our money most especially their own tasks wey dem go dey get from the money. Bitcoin na d sure way whether the government approve or e no approve am for us.

Cryptocurrency has lots of benefits , and for those who can hodl bitcoin very well without interruption of the market can use bitcoin investment as a store of value which can later fetch them good profit. Just the profit will achieve in hodling Bitcoin is a big benefit because it adding value to our financial life, saving this money in the bank will make the money to lose  value because we know the fiat as a currency that can easily lose value.

E be like say you never too dey follow up with wetin dey happen for dis space recently. The bitcoin currency market has a a lot of advantage over the traditional banking system but that is not to say that it is better than it in all aspects. I remember the saying that says nothin is 100% perfect.

Transaction fees has been one of the big issues in the cryptocurrency market recently, and many people have been showing dissatisfaction to how this have affected how they feel about the currency. If this could be because of the high number of users that are in the space, that means we will have a more tougher time ahead when we expect more users to have been more active on the space and embraced the system by that time.

Transaction fees is a concern to some people that have already embraced bitcoin but the long term enthusiasts that have joined the space for a long time aren’t too bother about it since the reward ahead is what they’re looking after which will benefit them more than what they will be charged for their services in bitcoin in the future.

When I first start to use bitcoin, the transaction fee no high but because of ordinals wey come make the network dey congested, e come be like say anybody wey won transfer bitcoin go come pay high fee for very small transaction. This come make people wey be bitcoin lovers wey no fit pay this high fee for miicro transaction take advantage of the layer 2 network wey be Lightening Network to run their transaction and for macro transactions, them still dey pay the high fee because them be bitcoin die hard fans and them cherish their privacy too.

For people wey no care about privacy, the high tx fee make them come switch over to other cryptocurrency like litecoin and usdt. Cryptocurrency do help so many people to dey self employed because some of them dey into crypto trading and some people dey render services online wey na crypto them dey use pay them. Bitcoin na the king of crypto and some people don invest into am and them dey expect their profit by the bull run, this means say bitcoin don open room for another kind of investment due to him volatile nature wey many some people prefer to use am as investment.

Lastly, due to inflation, some businesses don put their money into bitcoin because them see am as store of value for their money make e for no depreciate.

As you say grassroots benefits all my mind na say you go outline the ways wey cryptocurrency dun benefits people wey dey grassroots. The grassroots benefits wey me I fit think off dey two. Dem include:

• Store of wealth:

Crypto currency dun give people wey dey grassroots place to fit store their wealth without the fear say dem go lose am. Dem fit still lose am when their money dey any cryptocurrency not just Bitcoin because hackers dey active, scammers dey too and market volatility. Nobody get say to how the market dey move and when you buy altcoins say you wan store your wealth you got fit lose am of the altcoin later fall and na why E no too make sense to hodl altcoins for long if you get interest in trading them na only Bitcoin you fit hodl and if the market corrects you get hope say E go increase back when we enter bull market.

• Avoid inflation:

if you hold Naira, you just dey lose money without knowing. You get ₦100k and you go dey think say you get money but due to the deprecation of Naira, your money fit no fit buy you better things again with that ₦100k for today market na just $100 approximately. Who know how much e go be tomorrow fit just be $50. When we invest for cryptocurrency our money dun commot for Naira be dat and no matter how Naira fall E no go affect our money as when we withdraw from dollars to Nigeria we go get the today value of our money.
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This na the two grassroots benefits of cryptocurrency wey I dey see for the country. Apart from this monetary aspects we get other benefits wey investing in the industry dey bring liked dem exposure and knowing how life be for other part of the world due to your constant research and getting familiarized with the industry.

The major benefit of crypto currency is privacy and decentralization. You're in total control of your funds against any government influences or controls and there's no limitation to how you use your money. Crypto currency is not to be compared with fiat at all, they serve different purposes, you can use your fiat which is in physical form for your daily purchases and activities, you can also use your bank for immediate funds transfer, like cash withdrawal and immediate payment for goods and services.

Let's face the fact, crypto currency is not a very fast means of sending money, worse of it all now that the mempool is congested and you've to increase the transaction fees to get it confirmed faster, I lost over $28 trying to send $105 some weeks ago because of an emergency.

Crypto currency is best used to send heavier amounts across without being controlled or having government policies restrictions. You can pay for services and good which which isn't constrained by time.  Another unique selling point is that its a source of very good investment if you choose the  good ones like bitcoin.

Its not in any way faster or cheaper than bank transfers, but it has its unique features that makes it outstanding, more prominent and comfortable to use for your transactions.

But make we also know say this transaction fees they help checkmate the traffic online so other activities wey no be transactions fit go on, but I think the price they dey low when traffick no dey online, I feel the best way to save yourself from High transaction fee Na to do transactions when network they free, when people no really full online.

I agree with you that the fee can be used to DCA, what if you don't have any alternative and there is a pressing need will still think of the DCA stuff, if you must know this transaction fee is not fixed it can be reduced depending on the wallet you are using, a financial advisor can never advice you to keep your investment when needs arive unless their are other means of solving the probs, I want you to understand that bitcoin has two types of investors being the short and long term investors, so it left for any person to decide on which to chose.

No be lie say other alt coins dey just as you have mentioned, but all the coins are not decentralized as Bitcoin is,  that's where the superiority comes in. Bitcoin fees was not as high like this before and it's not going to be like this forever.

Normally, person go use him head when e reach time to do transaction because say I like Bitcoin or say I prefer am go make come pay that kind huge amount of fee where else other alternatives dey with lower fee, everything dey work with sense so for that time the fee high I go use litecoin or trx. If na 20$ for the fee e don reach do DCA for a week.

Crytop currency is a unique currency fairly potnetial different from the fiat that is based on its universal acceptable transactions and a unifiable exchanges. Moreso, it has succeeded to gain massive adoptions and maintaining a unique potentials in the sense that it is alternatively an asset potentialled to enrichment.

However, no be only bitcoin dey play this role. Sometimes we know say bitcoin transaction fees dey extra high like we dey witness now compared to the fees for bank transaction and this challenge still make some users dey go use other coins like litecoin, BnB , Ethereum or USDT because I know no how many people go like use up to $25-$30 go do transfer of bitcoin, e get as e be. So na this also make some crypto dey relevant for market.

You know say if person wan send money give another person wey dey outside country from our fiat bank, the person go gats go bank direct, then fill form for western union transfer. And should in case network come fail for bank that day, them fit prospond you till the next day. But when it comes to crypto, you fit send to any body at any time be it midnight provided say you get sub for phone. One of the greatest gift wey crypto (Bitcoin to be precise) give us naim be the p2p. With p2p you no need to fear about network issues because you no dey deal with third part like bank, na just you and your wallet with the person wey you wan send give. And you dey responsible for all your asset provided say na wallet you put am rather  for exchange.

Crypto currency Na worldwide, digital currency wey they gain popularity over time, before crypto currency come in place many years ago, other currencies been done like cash money been done dey already, so making the penetration of crypto a bit difficult from the years, But now wey crypto done gain popularity people done see say e get some benefits wey crypto currency get over our normal money, example Na the stress wey dey the banking system and e dey relatively slow too, but crypto currency they fast,  without stress and with less charges when e come to transfer fee.