Topic: How digital currency has helped in solving monetary problems. (Read 195 times)

Government don't like to see anything that's not under there control,  they want to control everything,  once they can't control you, they fight you so you won't succeed,  that's why they are after crypto currency. They know with crpto the citizens will not consider most of their policies. But the good news is that crypto has helped many citizens out of poverty than the government. And they can't stop it because its decentralised.

These are the reasons why the government is restricting her citizens from using crypto- the decentralization protocol, you should know that. Crypto overall is bypassing the Bank hindrance and oppression on its people just like what Mail did to postal office because of it's end to end discreet transactions, you see why it's really solving problems.

With the help of Blockchain explorer you could see other people's transaction history, balance and data shown publicly. Anyway, can we say Monero and other privacy coins like zcash is part of the transparency system where you can't trace and track transaction of others, No.

Yeah you may be right that am not specific in the type of digital assets that am talking about but just like I told you that my context is more focused on the digital aspects of fiat and also cryptocurrency that is what it is however, apart from gold, fiat and cryptocurrency there are still many other digital assets if we want to discuss about digital assets as a whole.

And gold is also a digital asset, right? Yes!! So it's very obvious for anybody who see this article of yours to think maybe you are talking about Gold, because never for once did you mention the word "crypto" or "Bitcoin" in your entire 409 words article you wrote above. So my emphasis here is that at least you should have mentioned the kind of digital asset or currency you were talking about in your article. But you never did. So I hope you understand my point now? (i.e either Bitcoin, Gold or Fiat).

During the flood lot of people were funded I could remember when the flood ravage over our locality some people distributed funds to relieve people from attack. I can also remember during endsars protest bitcoin was massive used to fund those people who went for the riot, not only that but has shown and proven every protocol where one can stay at a place and monitor, control their money without the need for third party to come.

Let me just digress on certain narratives, digital assets with the digital currency has actually played lot of crucial roles in enabling flexibilities for investors and holders to navigate to other interested varieties in a likelihood such as;
So we've to consider as follows;
1) Privacy of individual networth.
2) No manpower required on iinvestment protocols.
3) Financial security in both private and public concepts.
4) Courageous abilities to Invest with what's affordable.
5) Avenue for value storage.
6) Significant hope against economy inflation and enabling future plans.
7) Inspirations of financial management.

Yes I do not argue the fact that fiat is also a digital currency but you have to know that fiats exists in physical form unlike digital assets like Bitcoin that is majorly for digital transactions because it is not in physical form like the Fiats that are stored in banks and are controlled by the government. Since digital assets like Bitcoin are decentralized, it is just between you and the receiver of the asset as no government or third party have access to your transactions.

I don't actually know the perspective of your interpretation in the contents of the OP but you should understand that even though Fiats also exists in digital form but I'm mostly concerned about digital assets like Bitcoin and if you read through the OP correctly you will understand that my interests is more focused on cryptocurrency as digital assets.

However, my discussions here is about digital assets/currency so the digital assets emphasize more on cryptocurrency while digital currency has to do with both cryptocurrency and the normal Fiat currency but the difference is the centralization and the decentralization.

definitely not at all, because of civilization most people in geographical locations like the rural areas get access to good android phones so with this mobile phones they can access the Internet and perform digital transactions without necessarily being in contact with banks.

 When I traveled to my village during last year December I was marveled when I saw majority of the people in the village both old and young having android phones in their possession and I found out that one of the things that caused this exposure was during the naira redesign period when cash notes were scarce and people were mostly trading and performing transactions by transferring funds so imagine that period if not that people were using some online Banking system how would people have exchanged goods and services? So now that digital assets like Bitcoin is trying to take over from our traditional banking system will even make monetary transactions more easier for everyone when it's adoption is being achieved.

Thank you. Like, even for the fiat and conventional financial system self, the advent of the internet don really help us achieve so many things at ease and it is getting more easier, efficient and faster by the day. Since the inception of the 'new generation' banks which introduced electronic banking into Nigeria as early as the 1980s, we have continued to enjoy the good-paced transformation in the banking sector. In November 2000, Nigeria adopted the online banking platforms, as at around the same time the world was embracing such transformations and if you take a good look at how those advancements have transitioned to what we enjoy today which includes the Mobile Application Banking and the POS system of banking, you will have no reason but to appreciate the transformations we're currently enjoying today even in the fiat currencies and conventional banking system.


It is also good to always note that the cryptocurrencies, built on the decentralized system, did not come necessarily to replace the centralized system but as an alternative to the centralized system of banking. What can change the status quo to the replacementof the centralized system will be determined by the people themselves but that's not going to happen anytime soon since the centralized system is backed by the governments and enjoyed by most systems of governments even though it is not all government. Like as found in the El-Salvado president who seems to be ready to embrace transitioning from the centralized system to the decentralized one.

I think you are mixing things up here, because both fiats are digital currencies, but though not asset, of which if you want to send to a different country, you must have to convert it the the currency of the country you intend to send to, unlike Bitcoin which is also a digital currency, but a globally accepted digital currency. So on that note, I will like to let you know that digital currency could be fiat, and at the same time crypto too, because from the 5 reasons given above by O.P, all I see are mere just general benefits of using digital currencies, of which its supposed to be geared towards Bitcoin, but yet your explanations were superficial.

It's good to note that Bitcoin not like other digital assets offers some level of pseudonymity although they're not completely untraceable. What most of us are using/holding are KYCed coins tie to our real life identity, not so many of us buys Bitcoin from DEX exchange. I like to think that our level of privacy depends on us.


A geographical location without access to banks maybe also have no access to the Internet- No?

Technological advancements don really help di financial sectors for every country inside di world today, you fit to sit down for di comfort of your home and begin to de do financial transactions, whereas before di creation internet, you go queue for many hours for Banks before you go transfer money. But for clarification purposes OP, no be only for cryptocurrency digital transactions de happen, we fit to also do digital transactions with fiat currency, e mean say any transactions wey no be with physical cash, na through digital transactions e go happen.

Di advantages of a cryptocurrency like Bitcoin, and wetin make am to de unique pass fiat digital transactions be say na decentralized digital cash im be while fiat currencies dem de centralized. Bitcoin give di holders privacy and freedom from third party interferences anywhere in the world, person wey hold Bitcoin, anywhere in the world no get any government restrictions to make financial transactions, unto say governments no de control am, unless di person go through centralized exchanges.

The introduction of digital assets and currency has aided in solving humans financial problems and I must say that we all are glad of these developments because I wonder how our monetary system would have been if digital currency was not there because it has helped in the following ways:

1: contactless transactions: The introduction of digital assets like cryptocurrency helped during situations like the pandemic when everyone was on lockdown and didn't get access to physical notes because the virus can even be transferred to the currency notes since they are airborne but with the of digital currency it has helped because people were performing monetary transactions right from their respective homes and it also helped the virus not to spread further.

2: Remote Payments: digital assets also helped in this aspect because instead of going to the bank or using the ATM it was better to make payments remotely especially when restrictions where placed on movement of people due to a pandemic or during social crisis when people are advised to stay at home or government imposed curfews in a particular region or area.

3: Global Transactions: with digital assets, transactions are being made internationally from one country to another and at ease instead of trying to exchange a currency to that particular country's currency as in the case of Fiat but with digital currency the transactions are direct, easy and less time consuming.

4: Transparency: digital currency provides a transparent system through the introduction of the Blockchain Technology such that every transaction can be traced, tracked and cannot be manipulated because everything is visible in the Blockchain. This area is very important because during social crisis a lot of individuals that donations are given to disburse to victims and they tend to manipulate and maneuver the funds but with this system it is impossible for any fraudulent activity.

5: Financial Inclusion: it should be noted that there are individuals more especially in rural areas that can't get access to the Banks and other physical financial medium of transactions so digital currency have aided in providing help to these set of people and again during crisis when banks are shutdown, digital currency also played important roles within those periods.

In conclusion, digital currency has played important and notable roles in providing a secured, accessible and efficient financial environment for people more especially during natural disasters.

You can give your humble opinion on introduction of digital assets/currency.