By Abiye George esq.
a. An easy cash flow:
Ordinarily, what we prefer on issues concerning our finance is an easy way out of it, where the charges will be eroded, low interest rate for loans, increased interest rate on savings like the banks have brainwashed us over the years to enable us save our money. The fear of the banks now is low or no charges on transfer of money anywhere in the world free movement of money without restrictions, no government and bank regulation controlling any form of transaction but over the years these expectations have not really become a reality while the banks keeps your money the intention is to make all transaction a way of milking the little reserve in the account while few of the executives are parasitic on these accounts the masses are left with almost an empty account and noting to show for it for years of depositing money in the account, these are the challenges that the world is facing and some countries like Japan, China, US have endorsed the crypto-currency as part of their exchange for the purchase of goods and services.
b. One world one currency:
A legal tender is an official currency or medium by which payment is made, a fiat currency is also a forced way of making people use a particular mode or payment system for transacting business. Crypto has to do with secret code analysis where money can be transferred without deciphering or disclosing the source, the world’s known and used currency are backed by also strong economy like the pounds, US dollars, euro, yen are all competing for dominance based on their advancement.
Being in your bedroom and within seconds emails are sent to a box the recipient acknowledges it that is the level of transaction that cypto and the bitcoin are heading. The world is getting global everyday this also will definitely affect how business is executed, within seconds you move money into another account similar to email movement but the world will agree or by nature accept what and how we are to define a new legal tender, which may be a particular coin, cowries, currency, chip on a coin or legal tender devoid of government and bank control including the mode and means of transfer.
c. The robots taking over banking:
The current state of affairs in the world enable us to know that the status quo will always be change, as mini machine banks are being created everyday using automated services to transfer cash and receive cash within our borders this will definitely affect how international financial transactions are executed across borders.
The peer to peer transaction using crypto-currency will have its way making our transactions a door step away and we would likely take advice from an automated machine Based on its decentralization, there is a substantial level of security, access to fund and the fear of devaluation and inflation will be eroded. It is a cheap mode of transferring money since there are no intermediaries.
It is natural that hackers would find it difficult to break codes and access funds unlike the traditional fiat currency. The fake currency payment will be a thing of the past.
d. A decentralized asset:
A digital decentralized asset means an uncontrolled asset that is devoid of banking regulation and control, this is one of the biggest threat to the banks and the nature of transaction of bitcoin transfers using blockchain and crypto currency theory. But can banks set-up a blockchain crypto that will not be controlled by them, the answer is in the negative. A world currency order implies that l can be in Nigeria and purchase a real estate under a blockchain using one world currency without going through a third party bank.
e. Bankers and the blockchain headache:
Where banks and financial institutions are setting up a blockchain for their control, it does not make it different from the word ‘’blockchain’’ which has transparency, no control and open to the users.
f. High volatility rate:
One of the argument against the crypto-currency, blockchain bitcoin theory is the high volatility which is normal in all new innovation and technology that man has invented over the years. This will be conquered as time progresses but the good side of this is the arbitrage effect of sales and purchases of currencies including commodities at the same time in various markets of the world.