By Dominic Christian Nwabenu
Over the course of history, transactions have changed from trade- by- barter to the use of precious meters like Gold and Silver. When these became difficult to store or easily transferred, the paper money we use today was introduced.
In order to control inflation and dept, the government of different countries have manipulated the printing of more money in circulation from time to time. This system cannot continue forever as these currencies will definitely be devalued over time. Research have it that there are over 10,000 types of paper currency which are under the control of government, which makes these monetary system unreliable. It became obvious that a new currency solution was needed: Bitcoins
Bitcoin, being a scarce resource at only 21 million coins, retains its value indefinitely. People are tired of seeing money manipulated for private interests, and Bitcoin is immune to those problems because its value is based on mathematical principles.
Transactions are made daily using bitcoins, to buy merchandise or as a store of value with the use of a digital wallet. Bitcoins can be regarded as property or asset, since its value in digital wallet appreciates or depreciates over time with its general trend.
Bitcoins can be converted to any currency by simple exchange of buying and selling which exists in different countries and local merchants. This makes travelling abroad easy and convenient.
Countries that fail to embrace bitcoins now will be be cut off from the rest of the world. And i hope that the Nigeria government will lead Africa by accepting bitcoins, the future money.
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