The Impacts of Cryptocurrency (BITCOIN) On Traders And The Global Economy During this Pandemic Season and thereafter.
Despite the fact that we are not in the month of august, I welcome you all to this August gathering,. I am Adekunke Daniel, the CEO of Blockstale. Gentlemen of the press, I’m glad to have you all here before me. This conference is not happening by accident, but it was deliberately planned by myself and my team.
Nigeria, being a developing country, is said to witness the emergence of the first bitcoin Automated Teller machine. Undoubtedly, the Covid 19 Pandemic has ravaged the economy of the whole world. This year will never be forgotten in the heartbeat of mankind. 2020 is the year, in which essential service providers were given the highest preference. A year where traders of cryptocurrency work seamlessly without getting infected.
A year where meetings and transactions were or are done virtually. The list is endless. Now the questions are, What is Bitcoin? Why Bitcoin ? Why the Bitcoin ATM?
WHAT IS BITCOIN ? In a simple language, bitcoin is a digital currency that operates independently across national boundaries and sectors, which can be used as a form of trade, investment, payment and settlement. As at now, Bitcoin is legally accepted in the United States, China, Japan, U.K., Canada, and other developed countries as a means of payment and settlement. “if bitcoin can be instrumental in these aforementioned countries, how much more Nigeria where there is little or no infrastructures…Think about it ! “
I so much believe in evolving technologies and how bitcoin is portraying the future of Decentralized finance.
WHY BITCOIN ? Bitcoin has unveiled several advantages that come with a financial model. One of the basic benefits of Bitcoin to a common citizen who plans on sending and receiving money locally and internationally is, it is convenience. In the current situation with our conventional banks, people pay heavy charges for international transactions, which is a problem that Bitcoin solves for the citizens. For the same reasons, even multinational corporations stand to benefit from the said advantage.
Bitcoin uses the concept of global digital single currency which allows for cryptographic proof in lieu of trust, and solves the problem of over-printing of traditional money which contributes towards inflation, amongst several other benefits.
Hence, There are two primary barriers to become a global business in this pandemic and thereafter; Logistics and Getting paid INTERNET solves the first problem by enabling anyone create a virtual product or services. While, BITCOIN solves the second problem by enabling anyone get paid instantly without any payment authority. Irrespective of their locations.
WHY THE BITCOIN ATM? Statistics have it that Africa, Nigeria precisely has the highest number of cryptocurrency traders but no bitcoin ATM MACHINE.
Meanwhile, some vendors with ill intentions take advantage of the lacuna in the system to rip traders that are vulnerable. Overtime, i took it upon myself to design the Bitcoin ATM in building trust among traders enthusiasts. Central bank of Nigeria said Bitcoin, is a commodity, that traders are trading at their own risk, this is true. Another reason for the development of the bitcoin ATM is to curb money laundering via cryptocurrency.
Lagos is home to the first Bitcoin Automatic Teller Machine (ATM). The CEO of Blockstale, said, “ if i want to send $1,000 to someone in the United States, it would take three to five days for a wire transfer to come through and it would cost me around $50.00 as charges. Now, With Bitcoin, i can send money instantly and it would cost pennies”. With a remarkable number of different currencies, Bitcoin has eliminated the multiple charges and this, can save a lot of resources and cut unnecessary spending. This is not just a theory but also a practice in some parts of the world.
With the emergence of this innovation, Nigeria ranks 8th country to experience the evolution of the Bitcoin ATM, and this in one way as brought global recognition to the country and continent at large In conclusion, I believe with this new development, the government can see cryptocurrency as a legal tender and key into the idea of digital currency and blockchain technology. Thanks for your attention.
Adekunle Daniel, CEO of Block stale.