LEGAL TENDER

CRYPTOCURRENCY AS THE NEXT LEGAL TENDER

Blockchain, Bitcoin, and Cryptocurrency are some of the terms that you must have heard at some point in your life. Especially in the past decade, cryptocurrency became the talk of the global economic forums. With ever-expanding resources in terms of both capacity and efficiency, it is becoming more easier to perform monetary transactions in term of cryptocurrency. 

Legal tender is a form of money that the court of law is required to recognize as satisfactory payment for any monetary debts. Each jurisdiction determines what is legal tender. Coins and banknotes are usually defined as legal tenders in many countries.

legal tender

Cryptocurrency solidly stands on a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. A quick reminder to the purpose of Crypto assets such as Bitcoin was created after the global recession of 2008 (as it launched its first ledger on 3rd January, 2009) with an intention of a decentralized currency with transparent and controls to consumers advocating for low transaction cost, better security and easier access to its medium of choice.

Conventional government-run cash currencies often known as Fiat currency succeeded the barter system and have been a huge step forward facilitating exchange within and beyond borders. Notwithstanding, we live in an increasingly global world where people want and expect things instantly. We have always looked forward to an exchange system that is apolitical, snappy, borderless, lower transaction fees and most especially low paperwork.

Crypto assets like Bitcoin have been gaining high acceptability and in high use around the world for payments, investing and banking, Such that the total daily trading volume of bitcoin, which is the most popular cryptocurrency, is around $38.68 billion and market capitalization touching $123.12 billion on 4th April 2020.

CRYPTOCURRENCY vs. PAPER MONEY 

Now that we have seen a brief overview of what cryptocurrency is, we can better understand how it provides potential benefits to its users, such as;

  • Faster Payment Settlement and Accessibility 
  • Boosting Global Trade  
  • Low Transaction Fee 
  • Privacy
  • Investment Security No Political Risk

“Bitcoin is better than currency” – Bill Gates 

Enthusiasts and those experienced in the different world are already foreseeing marching forwards of cryptocurrency exchanges for trading.  In the coming days, more cryptocurrencies like Bitcoin, Ethereum, Litecoin etc will come into existence and with growth in the price of cryptocurrencies, users will start trading with different currencies even until fiat currencies would be replaced also making it legal tender. Interestingly, Financial sectors even as some international banks have started making transactions with cryptocurrencies. Banks will eventually accept cryptocurrencies to reduce their complexities. This few things out of many cryptocurrency will do as it keep rising with many users;

Mastercard has launched a digital currency testing platform aimed at helping central banks test their digital currencies. The system will also demonstrate how consumers can use central bank digital currencies to pay for goods and services wherever Mastercard is accepted worldwide.Banks will be ready to offer loans to suitable candidates with cryptocurrency. People will start opening Cryptocurrency Bank Accounts. Insurance will also adopt the Cryptocurrencies system. Cryptocurrency Debit cards will become a normal thing. Instead of withdrawing money, one can buy Bitcoin and other cryptocurrencies directly from ATM’s. In conclusion a lot of African businesses and startups are now accepting and paying in bitcoins, XRP, bitcoin, bitcoin cash in reaching global suppliers and buyers. This has been made easy for many Africans by a growing number of Financial tech-based gateways and exchangers based in Nigeria and around the globe, for instance My BTC Nigeria bridges the gap between business and individual everywhere to get financial coverage and a liberated connection with the rest of the world. Now, a quick conversion of cryptocurrency is made ready, for funds to be redirected to business, investment, purchases and payments. Thanks for reading.

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