Topic: Why I will never compare cryptocurrency to our traditional/financial institution - page 3. (Read 518 times)

Thanks for your input, I hope you enjoyed your stay during your time of of visit to Nigeria?

but they are queuing into the blockchain technology in a low key.  Most of the banks are introducing tokens on their online banking platforms. they claimed that you can used this earned tokens for activities online like shopping,etc. the tokens is earn depending on the online banking utilization.

The world at large suffers the same financial disorder. even the countries that claims that they have comfortable life and viable environment still have the Poor around them. homeless people, displaced people. the invention of the cryptocurrency will go a long way in changing a lot in our world but there are critics. 
 
Let’s take the past winners of the Nobel Memorial Prize in Economic Science, for example. Initially, all of them were extremely critical of blockchain. Thaler, Krugman, Fama, Shiller, Stiglitz,Holmström… all said blockchain was a “bubble”, a “bad idea”, had no legal function, has no value, no adoption and will collapse.
 
But with every global financial crisis that seems to come in increasingly frequent cycles, and with every Nobel winner providing proof that we are headed for disaster on our current paths, it is becoming clearer that a solution is no longer desirable. It is needed. And needed now.

This shows us the "evil" behind centralized authority and how these people "judge" whole countries, based on the actions of a smaller portion of that country. I have traveled to Nigeria before and I can tell you that not all people in that country are scammers and thieves and some other e-Currencies like M-Pesa is doing very well there.  

A side note, Bitcoin is not a religion, it is just a currency.    When you start talking about Bitcoin as a religion, people might think it is some kind of cult money.  

OP is right about PayPal and its discriminatory tendency against certain countries. I am an African and this was one of the reasons I never got to render my services to fiverr.com. PayPal is one of the payment channels Fiverr adopts and my country is banned using that service. Hopefully, one day it will begin using the smooth crypto method of payment.


Nigeria is about the third country in Africa after South Africa and Kenya with meaningful cryptocurrency activities going on. There are platforms where crypto fans engage in trading and exchange of ideas in Nigeria. I agree that such activities may not be as widely circulated as we have in the Western world.


Yes, statistics show how poor and deplorable the country is because of its bad leadership and corruption. BTW, the "using old phones" isn't true. Nigerians are phone freaks. They would rather starve than use an outdated phones. An average Nigerian has two phones in spite of the lingering level of poverty in the country.

Do you really think cryptocurrency is an easy money?

we say words such as decentralized, boarder-less, censorship-resistant, offering privacy, no charge-back, secure, fast,... but unfortunately most people don't think about these concepts that deep unless it concerns them. these are very powerful characteristics that bitcoin has. and that is why it is so powerful and always growing unlike what newcomers think that bitcoin is on top because it was first!

Wow, same is happening in India, we are at the hearing phase. Hope supreme court overturns the RBI decision.

I remember reading that the Central Bank of Nigeria banned cryptocurrency - which is not surprising, since many banks are threatened by blockchain technology.

Interestingly enough, though, the decision was overturned by the Zimbabwe High Court.

https://unblock.net/zimbabwe-cryptocurrency-unban/

Yes, we are still i the early adoption stage of cryptocurrency and comparing it establish and big financial institution now is not likely relevant. But, the potential here is big that one day all fields  will be using blockchain technology, the technology behind this cryptocurrency. As supports grows on this new technology, one day this will become a significant and useful.

I know how that feel, in order to bought things online we were depend on PayPal and not all people want to accept PayPal payment, and it's very hard to set up PayPal account, and then crypto was created and everything become so easy, and of course some company that being jealous of crypto start to spread bad rumours about crypto, for now crypto still can't revealed all its potential due to the legalisation, when there is mass adoption, most of the people will choose crypto for payment, crypto is very useful as currency and investment

Cross-border transactions without intermediaries -- a beautiful example of how powerful Bitcoin and cryptocurrencies are! I'm glad to hear you've found a better way. Paypal and other remittance services charge exorbitant fees for cross-border transfers, if they'll serve you at all.


Yes, but there is an active P2P market for BTC in Nigeria. There are also at least a handful of local exchanges according to Google. If he can get paid in BTC, he can sell them there for his local currency. If he gets paid in altcoins, he can exchange to bitcoins very easily online.

There is much more to Bitcoins/cryptocurrenies than an online money making  opportunity,it is an emerging asset class,actually designed either to be used as an alternative to fiats-atleast that was the original intent of Satoshi Nakamoto or satisfy specific functions. We await a future where different industries will be able address various problems using the blockchain. I don't think is that much behind as you seem to suggest. There is a rapid trend or interests in cryptocurrencies among the youth. Binance for example is putting a foot hold in Uganda, they won't do that if there were no market there. And I think Nigeria has successfully launched a couple of projects-Kora Networks for example

Crypto is now still on progress to continue developed and it advertises the utilization. Some Crypto users perhaps have same problems or histories as you, but not all are solved through Crypto currency. Therefore, you might not generalize that Crypto is a win solution for everyone problems. As we know that only several countries have legality of using Crypto as means payments. The most important think now is to support Crypto and also improve our personality, not only think about the rewards.

The fact is that, Bad news spreadd easily and easily heard by people than the good news.

Nigerians using Old phones!

The fact is that An average Nigerian man will Rather use a mobile phone worth $100 than going for an iPhone of $1000, Will the iPhone put food in his table? $1000 is enough for someone to start a good business with in Nigeria.

Talking about using good or old busses, it's a matter of choice, which ever one you choose depends on what you can afford, they all have their prices.


The awareness and acceptance of cryptocurrency In Nigeria is nothing to be compared to with western World, yes Nigeria is still lagging behind, but we're optimist when it comes to embracing new technology, like that of the blockchain.

And talking about internet connectivity, every country has it own problem.

I think there is a mix up somewhere
Before they existence of crypto currency and the emergence to the world
The financial institutions ensured and gave master cards to every user who needs it
To fix online and international transactions

PayPal had to limit access to certain countries due to fraudulent activities
And crypto has accreditation issues in some countries due to money laundering

But still
Bitcoin, Blockchain technology is here to remain and heal the rift

I have a question for you OP, since you are from Nigeria. I'm curious how popular Bitcoin is in your country since here in the West we're used to hearing how poor the country is and seeing people riding in overcrowded, dusty, old busses and using old phones. How many people around you have the means to use cryptocurrencies daily (a decent phone with a good internet connection and how many are genuinely interested in cryptocurrencies, not only as a means of earning some easy money?

I think that it is impossible to compare them because they are completely different. I think that we need to weigh all pros and cons of each of them and choose the best one because there will be people who will prefer the same system we have now

You can't compare cryptocurrency to our traditional/financial institution simply because crypto is decentralized digital curre ncy and volatile and has a limited to do in different countries as a medium of payments. Also not all countries are now using crypto.

Well I must say not everyone accept cryptocurrency as a medium of transaction so you can't say that your problems are solved cryptocurrency is still in it developing stages and still has to grow to be fully able to meet everyone needs.

In past years, the utilization of e-currency, making online  transactions, doing shopping and lots more has always been limited to some setting countries.

Some countries are like outcast when it comes to Using e-currently for online transactions, which is very common among the Africa continent, and a practical example is Nigeria.

I'm using Nigeria as a case study because this is where I'm from and I know how it feels to be rejected by some financial institutions, especially when they are the only hope you have, eg PayPal!

I have worked myself out in past years searching for how to make money on the internet, I've bought e-books, registered on website that requires you to pay some amount of money before you can start using their platform. But all these turn out to be a total waste of time and resources, because all the money made from these platforms I was never able to withdraw them, because PayPal will never accept my country. Everyday I pray for miracle to happen that will make PayPal to accept my country. But paypal never did! And I never gave up.

Not until the birth of Blockchain/Crypto! PayPal is scared of Crypto, it CEO and all other financial institutions both offline and online will try every means to label Crypto a scam and illegal, But the fact is that, Crypto is here to stay, Crypto is a  game changer, it an eye opener, I can do whatever I  want to do online now with help of blockchain without thinking twice!

God finally answered my prayers!

The full potential of blockchain is yet to be discovered, I urge every Crypto enthusiasts to be optimistic in their quest for utilizing the full potential of this great technology that we have in our disposal.


God blessed every Crypto evangelist.