Time to take digital currencies seriously

Time to take digital currencies seriously

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By Tosin ‘Badeniyi, PhD

The king of digital currencies, bitcoin was invented by Satoshi Nakamato in 2008 but it took about 10 years later for me to finally take it seriously and become a bitcoin believer and an enthusiast of some selected cryptocurrencies.  It wasn’t difficult for me to accept bitcoin as an asset after understanding the immense potential of blockchain, a decentralized ledger system on which bitcoin is created, distributed, traded and stored. This was how I reasoned: “If people believe in blockchain technology currently then they will eventually adopt bitcoin because blockchain was invented because of it.” I later went on to read about benefits of digital currencies. For example, efficient trade, greater financial access for millions of people and reduction of crime can be achieved with digital currencies.  In an article published on World Economic Forum blog, Mohit Joshi and Dixit Joshi wrote “Digital currencies could remove the cumbersome operational and security apparatus which surround conventional forms of money transmission. Reducing the ‘cost of friction’ can help financial inclusion of individuals, while also making global trade more efficient and less risky. Increasing transparency and traceability can protect against money laundering and other forms of financial crime.” The biggest argument for crypto king can be found in Nakamoto’s bitcoin white paper which indicates that he created the top cryptocurrency to solve flaws in the traditional banking system. Bitcoin along with other relevant cryptos should therefore be taken seriously. Interestingly, China is the first country to be serious about having national digital currency. The country’s central bank recently became the first bank in the world to launch an electronic payment system.  Apart from China, almost 20 digital currency projects led by central banks across all regions globally has been tracked by Deutsche Bank Research. Everyone can get involved. You don’t even have to buy a full bitcoin, you can buy any fraction that you want – even as little as 0.00000001. In addition to bitcoin, you can buy ethereum, ripple, bitcoin cash or another good crypto because “crypto offers alternatives for wealth management, savings, spending and investing. It offers uncorrelated, differentiated returns and reduces counter party risk.” I selected these four, because they were considered by ECB as the most vital when it comes to usage. Let me end with a quote by John C. Maxwell, “Many times, it’s not the fastest person who wins the race, but the one who starts first.” Be among the group of people that are starting first to take digital currencies seriously.

“The reason I endorse bitcoin is just for one frickin reason – you’re not part of the system…gold and silver are God’s money, and bitcoin is open-source people’s money.” Robert Kiyosaki, Author Rich Dad, Poor Dad

Note: Bitcoin and other cryptocurrencies are highly volatile so make sure you understand the risks associated with them before investing your money.

Tosin 'Badeniyi, PhD

Tosin 'Badeniyi, PhD

Tosin ‘Badeniyi, a Professor at the Department of Biotechnology and Food Science at Durban University of Technology, South Africa, holds a doctoral degree in Food Science from University of Pretoria South Africa. Since 2001, he has conducted research and lectured internationally in the area of food quality and safety. He is the editor of Food Science and Technology: Trends and Future Prospects and has published numerous scientific publications as well as four inspirational books.

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2 thoughts on “Time to take digital currencies seriously”

  1. Abraham Adewale Crown

    Just finished reading your beautiful write up on digital currency Prof and I must say many thanks for not being sefish nor sparing words on your education, knowledge and experience of it for it is only a good hearted fellow who wants the success of others,I wish I had something for startup now but I’m trusting GOD for it once again many thanks Prof and more of GOD’S grace and blessings Sir in JESUS NAME.

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