Written by Tina Truth
LET’S GIVE FIAT A BREAK!
Happy Independence Nigeria!
61 years of experience, success & value but
48 years of devaluation.
Devalue? Yes. On the 1st January 1973, thirteen years after Nigeria had gained her independence, she adopted a new currency; It signified new wealth for the people, it gave a sense of identity, Other nations were eager to have a hold on this new currency, A dollar to one naira. The naira stood alongside the pound, a contender. Nigeria was a proud nation.
Forty-eight years later and the story seems more like a folktale. So long ago was it when we could speak of the richness of our land, the naira, and its purchasing power. Ahold on it had once meant great possibilities and a tremendous yield. It did, forty-eight years ago, unfortunately, not quite anymore.
This isn’t only happening to the Naira. Such is the case for many currencies around the world. Take Zimbabwe and its hyperinflation that began in 2007 for example, tragic. While some currencies devalue quickly and others do so at a rather subsidized rate, the fact remains that devaluation has proven to be an inevitable consequence of fiat currencies.
With a growing inflation rate of over two percent on the dollar and a whopping inflation rate of over sixteen percent placed on the naira, it’s no secret that your fiat currencies are depreciating daily and you are definitely losing money.
It is easier to light a candle than to complain about the darkness. Certainly, you know.
Stop losing money–or at least reduce your losses– with crypto! Before you roll your eyes, hiss, snicker, and sigh in exasperation, give this a thorough read.
Recall the last time you had saved a 500 naira note. A few years later, it could purchase an entire box of chocolates. A few years later, you bought a house with the same amount of money. The joy was overwhelming, the euphoria hit you, and just when you were about to purchase yet another house, you suddenly sprang up from that dream because it could have only been a dream, that never happened.
You could make that dream a reality with cryptocurrency.
What’s Crypto Again? You should watch the history of money to understand it better.
In essence, cryptocurrency is decentralized because of Blockchain technology, not governed by any central authority but maintains a peer-to-peer community computer network made up of users, machines, or “nodes”.
Hence, the demand and supply as well are not influenced by the government or any central bank but rather;
- The people –smart crypto-trading individuals like me and potentially you.
- Technology – The Blockchain tech
- And simple laws of Supply and Demand – Purely controlled by market forces
Following this exciting revelation, it’d be easy to point out that the demand for cryptocurrencies is increasingly high, bearing in mind that it has been the only currency in vogue for approximately ten years.
Cryptocurrency has a high resistance to inflation this is dependent on its use case. Having cited these defining qualities as part and parcel of the currency, be rest assured, your money is yielding profits. So let’s give fiat a break and explore the endless possibilities that crypto has to offer.
We’d all be smart to take advantage of this opportunity.