Ask Leo: What are some significance of cryptocurrency?
Cryptocurrency has really been looked upon with a negative perspective because it's part of twenty first century revolution.
Cryptocurrency are digital coins or tokens that are used as legal tender which is devoid of the conventional financial institution.
In Nigeria, cryptocurrency has not yet gotten a good footing because of people's attitude perhaps the kind of experience they had as a result of certain fraudulent activity. On the other hand, many don't believe that cryptocurrency is a global move because of how stereotyped they are to changes.
It's important for an average individual to have a good knowledge o cryptocurrency because that is part of the global revolution.
The amazing thing about cryptocurrency is the great importance it plays in economy, individual and the entire business scope. Therefore I want to highlight some of the significance of cryptocurrency though not limited to this.
- It has a universal acceptance and easy to move with it. This makes it accessible to every one that any part of the world. This reduces the traditional stress of going to the bank. This can easily be accessed once you have a good internet facility and smartphone or computer. I think this has reduced the congestion that we normally faced when people queue up to be at the banking hall.
- Cryptocurrency is a decentralized Blockchain which allows everyone to participate. Since no any regulatory body that is vested with the responsibility of taking care of it. This makes the entire system flexible.
- In operating a Blockchain, the wallet created which enables one to save and sell coins tightens the security to avoid any fraudulent activity. A friend of mine account was tempered with but at the end it was traced and all the coins recovered. With the facial security recognition and some recovery password, it helps to secure the wallet.
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