Topic: Reason why crypto network dust traditional banks (Read 234 times)

We have different traditional sectors of the space and its always convenient to stick to the available ones. Crypto have come to stay and we will experience the available new phase of crypto. Other developed countries wi embrace crypto while the Nigeria government will be busy fighting everything that have to do with crypto. I'm sick and tire how they've managed to tie down the young Nigerians that have full knowledge of cryptocurrency.

My question be say why person wey dey travel go withdraw plenty cash of money for hand? The matter no make sense na, you dey travel you go dey withdraw money as if the town wey dem dey travel to no get bank or any pos to withdraw cash. I dey wonder why a lot of people that are into businesses dey do am, or they no dey reason am say they can get kidnap dem? To be honest, na some people they put their selves into trouble because this kind thing na all this hausa men dey do am pass and naija no dey safe.

You see say that cashless issue don help a lot of people with their businesses, even person wey no get bank account before go open am because if you no get, other person wey get go sell pass you, and everybody want make him business dey move. Since then to withdraw cash no dey freak me again because anything wey you buy them dey accept transfer. I don't even know when last I have issue wey go carry me go bank, and I know even pray for am because our banks too get stress.

This accepting of bitcoin for this country, I think make we stop to dey dream about am because this our government no go ever change. I never see a blessing day wey person go on his data without seeing a news that our government do this and that against Crypto, and we never know the exchanges wey dey give deadline to ban NGN p2p. Make we just dey pray make them no block our way finish because all this imagination of accepting bitcoin no go work for naija.

Irrespective of how we dey hype Bitcoin and cryptocurrency, make we know say fiats still dey important and dem fit no go anywhere, no worry shey the governments dun dey ban trading Naira for exchange, soon we go begin dey find am hard to get Naira to spend and na when you know the importance of fiats. We're in a fiats economy and even through the government been dey friendly with cryptocurrency, no be everybody sabi about am or trust am to dey accept am. As you dey do transactions na still fiats wey you still dey spend so make we no dey reason am less yet. Crypto dust faits in many ways and also fiats get e own advantages so make I try throw some lights in dem;

• Crypto (most specifically Bitcoin dust fiats because it's decentralized, transparent and more trust worthy.
• Crypto fast for transaction and as you dun send am you no go experience network failure wey go return money wey you dun send na only some occasion when you no use better fees, wey your transaction no go get confirmation.
• Both crypto and flats fit dey digital wey be say you no go need go to bank or any physical ATM. You fit do transactions from your house so that one na both of them get am.

Wetin important pass for crypto wey e use dust fiats currency na say, it can be used as an assets and also a currency, by holding crypto you're already investing and inflation no get any power over you but you see fiats, it's basically useless and only meant for spending, holding it is like buying a falling knife (it'll keep losing value the longer you hodl)

Op you need to open your eyes. Of course it is good to admire other countries that accept Bitcoin, i want you to remove your mind from the idea that our government will accept Bitcoin anytime soon. It will take something greater or a high taste for illegal activities for the government to accept cryptocurrency. There are other things we are lacking behind in the country, which are in different sectors yet the government has not been able to find solution or come to our aid.

No matter how magnificent cryptocurrency is it will be seen that way in the eyes of people like us who understand the concept and technology but for those who are blinded with rumor of how bad cryptocurrency they will always see the traditional system as the safest means in the financial system.

Exactly. Cryptocurrency has seem the greatest evey invested financial system in all time. Interestingly it helps to encompass individual financial transitions in keeping anonymity with your transactions where your I.Ds are encoded privately in a non custodial blockchains.
I remember those festive seasons when the banks would keep frustrating the masses about insufficient funds to withdraw in the bank at must when citizens are in need of it.
The stress to withdraw your own money in the bank was like the government are doing giveaway so the vulnerables were likely being the ones littering all over struggling in the queue meanwhile amidst of the crowd, there're also prominent citizen who're also struggling to withdraw their money from the bank.
Worse interest is the fact that you're not being able to withdraw the amount of your choice but while on the crypto, you're unlimited to any amount you want to transact at all course of time.

What angers me most about the banks is that customers with the deposit funds are always easier to be attended to by the bankers but those at the withdrawal services would be to be conditional with the claims of no withdrawal cash. Damn! Just be at home and give yourself home and self services uninterruptedly with your Crypto transactions.

Crypto currency is a very nice invention by Satoshi, when compared with fiat banks, you don't need much to start up a crypto wallet. In fact, there is no KYC form while trying to create a wallet which make it's faster an easier to set up a crypto wallet. During festive periods like Christmas and December holiday, we offen get this general network issue with both your cards and mobile transaction especially when you need it the most. Bulky transaction is also an added advantage to the crypto currency network over the fiat banks. With crypto currency you can send very large amount of money without any transaction limit. Crypto also helps you stay anonymous making if difficult for some one to know all your moves.

To be honest, we have advanced to the extend that we now operates on the the financial digital system when we went to make payments with our traditional currency being naira but the inconveniences that comes out of the services is the network issues and the limited transaction rate which distabilizes daily transactions during when making payments especially during an emergency.
The annoying side of it is that the bank would just decide to temporarily deactivate transactions in claim of maintenance.

The advantage of Bitcoin digital technology for payments in our country is >>>
* Faster transaction
* Unlimited transaction rate
* Unlimited geographical transactions is acceptable.
* Unification and globally accepted if only the government is not against the digital financial technology.
* Self moderated transitions on self custodian is enabled.

Aside that, you omitted one of the major importance of crypto currency, that fact that there currencies are volatile is a good distinct quality. Traditional fiat bank is bound to experience inflation where by its value drops, just like what our currently is experiencing right now. But in coin like Bitcoin, the movement can be predicted and almost accurate. Bitcoin has more quality than the traditional fiat currency. The importance of the traditional fiat currency should not be over emphasized especially when in comparison with crypto.

Sometimes as we they discuss the differences wey they between crypto and fiat, we suppose they also emphasize on the face that the fiat currency is as important as the crypto technology today and they both operate differently and can as well operate intertwined. The centralized system also known as the fiat which is operated by the banking system is predominantly managed by the governments whereas the decentralized system also known as the crypto platforms are operated and managed by individuals. Everyone operating in a decentralized system does not require any intermediaries from the government or banking system to function and I think that's the edge it has over the centralized system.

There are lot of reasons why crypto network dust traditional banks which can be summed up to lack of security and poor administration by bankers to their customers.In most occasions customers are discouraged to go their banks because of the queues,at times the queues in banks are tiring and frustrating but with crypto transaction you don't need to stress yourself,all you gat do is to turn on your mobile data and transact your coin on any p2p exchange without the need of a middleman.
Nigerians are smart when it comes to adopting a process, during the cashless policy traders had no other options rather to adapt to the new payment system as at then.Nothwithstanding if crypto transaction has been announced by CBN as a legal means of exchange most Nigerians will adapt quickly while some will still use of the traditional currency.Most business men and women may not accept crypto as a means of payment due it's volatility because the rate of losses will increase in their business,except those business men and women that wants part of their payment on crypto and hold for the long term.

Watin you talk no be lie but i want make you sef know say without the commercial banks fiat cash no go dey, at least for this country we still get pipo wey no dey like to deal on anything bank transactions. Watin I dey mean be say even if say you dey deal on crypto currency things or you dey like to do transfer for anything wey you won guy. Oga e still get day when we go reach you go need fiat cash to do watin you won do. That one nai be the only things we dey make e be like say even if you no go bank you go must use fiat. And the small road side post people them dey always help us no matter the charges wey them dey collect from us, e no dey easy to go stand for front of ATM machine from morning to night and sometimes you no go get the money wey you really need. Bitcoin dey help relieve us from stress but government just dey frustrate us so that wey no go invest for Bitcoin again but the funny part be say them no go fit fight against crypto currency.

I hardly visit the  El Salvador thread but, I’m convince not everyone living in  El Salvador do make use of bitcoin as transaction means (currency). I watched an interview talking about average citizens living in El Salvador and their approach towards bitcoin adoption as most of them will prefer using bitcoin for transactions meanwhile some will hold bitcoin as an asset mainly cause of volatility and high transaction fees https://www.coindesk.com/consensus-magazine/2023/08/07/two-months-in-el-salvador-the-ground-game-for-bitcoin-adoption/ For more info.

Nigeria government accepting bitcoin as El Salvador government will never happen and from my thought it’s not so necessary as bitcoin enthusiast just need a beneficial environment, seeing all this kind of thought and behavior coming from our government just to extract money is nonsense.

I also heard similar stories like this due to improper security, although this act is just too wicked but, all this can still happen when dealing with bitcoin in another different way. We just need to stay protected and secure

Some times, I dey forget how stressful to go bank be, especially when one or two don sup with your bank account. Based on say e don Tay wey I go bank or even get any issues with my account as e be say many minor transactions Na with all microfinance Bank Naim I dey use take dey run am. However the cashless period wey been happen before this time last year teach many people especially marketers and those small chops to dey accept transaction if not dem no go sell anything and perechable good go just dey spoil for their hand anyhow. That event really make am clear to us say, Nigerian dey very ready to adapt to any situation wey dem find their sef. Though many people still dey find am very difficult to understand some certain things but even both literate and illiterate people  don already Sabi cashless business with only transfer.

Though, majority of the crypto currency dey volatile in the sense that e no go too good for day to day business people as e fit make them run into loss after selling their goods finish, for instance now wey Bitcoin dey on price correction. But that Na why stable coins like USDT tether  dey, for this kind of purpose. The USD Na currency wey dey very difficult to fluctuate with high volatile Na why most traders dey use USD stable coins before and after dem buy or sell their coin. USDT get a very big advantage  of liquidity, Na why dem go be one of the best options for day to day business. But when we dey talk about large transaction business, Bitcoin Na I recommend.

Today I been dey pass one bank, Na there I see how some person stand dey wait for ATM machine, I come dey jealous El Salvador. Assuming say our government see the importance of crypto currency before them dey waist all this precious time to fight against am e for make our lives much easier and secured.



I don hear of cases where by after person withdraw from bank or ATM finish as e dey go em destination, armed robbers go just ambush am collect everything for em hand because of exposure wey e don place emself for the bank. But when it comes to crypto currency, una fit dey house do the transaction wey no body go dey aware of sef.