Cryptocurrencies and Fintech: The Future of Money
It’s unarguably to assert that, the world keeps evolving and changing as time passes due to globalisation and disruptive technologies. Almost every part of the world‘s environment such as the Political, Economical, social, and legal environments continue to change and advance with new ways of doing things and new ways of thinking.
Technology cannot be overlooked in the factors that account for these revolutions. Today, there’s a lot of historic changes in the way we earn, spend and store assets especially Money as a result of the Financial Technology ( FinTech) and blockchain revolution.
Money we all know begun as a commodity value where the barter system was traditionally adopted, performing some of the money functions of exchange and store of value, but lacks the major functions of divisibility, durability, unit of account, credit payments among others.
These problems called for the era of commodity money(cowries, salt, Gold) used as monies, and this couldn’t be sustained, we left to the metal monies (coins), to the government or paper money (fiat), to the plastic money such as credit and debit cards, to the electronic monies ( Fintech) and now, to the digital money ( cryptocurrencies). None of us can tell what happens to the world in the next 2 years, Technology does miracles :).
Briefly, digital currencies such as cryptocurrencies are proven to satisfy all the functions of money and proven also to be the sole money for the people that promote financial freedom and optimism for the future of money.
This is because these currencies are encrypted with the support of blockchain and cryptography technologies. Satoshi Nakomoto brought this revolutionary idea over a decade ago and has remained anonymous to date with the Bitcoin (BTC) as the mother or maiden coin invented.
Today, Bitcoin is a worldwide known currency accepted as a payment medium, used for remittances and any other money functions. Some of the key features and benefits of cryptocurrencies are the low or small transaction fees, speedy or zero minute transactions, secured and safe, privacy, no taxes, no third party interference, fully decentralized, permissionless, borderless, no government limitations, and fully immutable. This allows people to freely send and receive money to and fro anywhere in the world at anytime to and fro anyone. It’s simply money for everyone!
Most countries today have companies accepting Bitcoin for goods and services such as e-commerce platforms, chop bars, malls, nonprofits among others. Blockchain technologies have come to stay and the world of money is disrupted with blockchain, the future of money remains cryptocurrencies; Bitcoin and the other 2000 altcoins thriving on the bitcoin protocol and cryptography.
Let’s adopt crypto today, let’s adopt technology, let’s love freedom, let’s promote people’s power and limited government and with this, we “can take back Africa, one village at a time”.
Mohammed Mustapha Yakubu
Tech Liberty Fellow – Students For Liberty, Global Campaigns Fellowship.