Over the past few weeks on Twitter, I've seen people who know little about cryptocurrency championing the course...
Buying crypto or investing in shares/Bamboo > saving right now.
— Sage (Oluwaseun Ayansola) (@OJayansola) November 29, 2020
With inflation rate at 14.23% and interest rate on deposit at 1.25%, if you have been saving N100k monthly since the beginning of the year, you would earn circa N15k in interest (less valuable today) by year end.
It is amazing seeing people consider cryptocurrency as an alternative to fiat. For the most part, cryptocurrency has been about speculation and quick gains but that is gradually changing, and you might ask why?
LACK OF TRUST...
There is a deepened distrust for the government and its agencies across the globe which has grown exponentially this year. One of the clearcut signs are the protests breaking out in different parts of the world. People clamouring for better governance and economical prospects, and with this comes the search for alternatives--decentralised alternatives away from the control of the government.
It is more than just money
Many are not aware but there is a silent revolution happening in the world, one that will alter the power dynamics as we know it today. It all starts with the delimiting of government's economical control and eventually governance as we move towards a trustless society governed by all. Centralisation of power inevitably leads to corrupt practises which has economical consequences ranging from income inequality to mismanagement of human and capital resources. This is one of the major problems blockchain solves.
At the heart of the crypto revolution is decentralised social platforms. One cannot overemphasize the importance of social media in the 21st century.
With growing concerns about the potential for abuse, misinformation, loss of privacy, and data misuse on social media platforms such as Facebook, YouTube, and Twitter, the demand for decentralized social networks is on the rise.
At the forefront of the crypto revolution is Leofinance--a teeming community of crypto enthusiasts sharing ideas about finance and cryptocurrency. If you are interested in cryptocurrency this is the best place to start.
Crypto is here to stay and the sooner you get acquainted with the peculiarities of the industry, the better for you. As an early adopter and believer in crypto and blockchain technology, I feel privileged. This technology will change the world--it has already.