YOUR DECAYING CURRENCY
Money and power, is there really a difference between them these days?
As it is often said “he who has the gold makes the rules”, the world has been controlled by the rich for centuries even if we all believe votes count.
I wrote this piece using the Nigerian currency as a case study to open your eyes to the fact that currency or money as you know it is just a few years from extinction and there is absolutely nothing you can do about it… or is there?
Currency extinction is inevitable because:
INFLATION
On January 1st 1973 the naira was introduced to replace the British pound but after the country’s independence in 1960, civil war in the 1970’s and dictatorships till 1999, the currency was bound to fail.
When it was introduced in 1973, the exchange rate was 2:1 that is 2 Naira = 1 pound, as at the time of writing this the exchange rate is 507 Naira to 1 pound and it costs about 5% more if you exchange with a bank.
The exchange rate in 2010, back when I was in high school was a little above 300 naira so you can imagine how much it will cost to get 1 pound with the naira in 2030 (your country’s currency isn’t safe either). Bitcoin quantitative hardening solves this problem with currency though (you should look into that if you haven’t already).
INSECURITY & INCOMPETENCE
The central banks try to maintain the amount of naira in circulation by printing more. They don’t even do the printing themselves they pay some companies overseas to do that and the printing and minting companies.
They doesn’t really care if your account gets hacked as long as your bank is still good and by printing more cash they just make the currency more useless every year. Only 21 million Bitcoins will ever be in circulation and with “Bitcoin Hardening” it will be worth more over time.
We keep trusting the banks, credit card companies, etc even though they charge an arm and leg for their unreliable services which can be slow and really expensive most times, just try sending some money abroad through your bank and you will see what I’m talking about but It takes roughly 10 seconds to send cryptocurrencies to any part of the world using the Flash app (check flashcoin.io).
The Nigerian currency (and several others) also suffers the problem of counterfeiting, you could get paid in cash and realize it is counterfeit when you try to deposit it at the bank. I dare anyone to trying counterfeiting Bitcoin (pm me if you succeed), even if create your own coins you can’t get it on the network (Blockchain).
CURRENCY DECAY IS INEVITABLE
No one in Government (especially in Nigeria) would come up to tell you that the currency is failing and if you think this is just a Third-world problem go back and do a 5-year analysis of your currency or you could just wait a couple of years and be a victim of the fiat currency decay (the options listed in the article just might save you from that though). STAY SAFE.
