A cashless economy is something nobody should desire unless crypto becomes the new currency

If you're not living in Nigeria at this time then consider yourself to be in luxury as the chaos that has escalated in this space is quite saddening. Many of you may already be aware but if not, here's what is happening in Nigeria currently: the central bank of Nigeria woke up one fine morning to declare that we needed a change of currency design, particularly the 200, 500 and 1000 naira notes.

In just a few months, this was done in quite a very low effort way which has reflected on the currency in use currently cause it literally looks like shit compared to the previous designs. That said, as many people have suffered greatly in this country, they still somehow ended up believing that it was for their benefit, how? Well, the blind theory was that this initiative was put in place to cause politicians to lack access to money to run the election as usual, however, here's what ended up happening:

Citizens lost access to new notes to carry out day to day transactions like paying for transportation and buying of food stuffs from market women. As it stands, the majority of the population, especially students, have to walk the distance to schools and back because of no access to new notes and to think this isn't even the worst part.

Individuals have taken leverage of this opportunity to drain value from the system, instead of circulating these new notes to everyone, the commercial banks have instead privately sold these notes to select individuals, leaving a handful of people stranded. Now, some of these people with access to these notes are further selling it at a higher price which has led to point of sale providers buying so high that they charge customers coming to withdraw over 30% of the withdrawal amount, can you imagine paying that high for a transaction?

Resulting to electronic transfers

The effects of this has gotten people moving towards electronic transactions which is simply moving money via banks, however, this has not stopped the high cost of living because people at the receiving end are likewise charging for these transactions, considering that everybody understands the current risk. The problem here is that the vast majority of market business individuals are unbanked, meaning it is difficult for their businesses to move during this period as it is difficult for customers to pay for goods.

A couple of days ago I paid about 30% to make a withdrawal to stock some food stuff in the house before it became worse. All of this is happening and people aren't really wondering where the billions that were printed are. Truth be told, there's a high chance this redesign of the Naira notes were actually projected to rig the election because it puts Nigerians at a very vulnerable corner and renders some politicians useless as this money will likely be given to a select few of them to rig the elections.

The reason we should avoid a cashless economy

The banking system in Nigeria is far from reliable, most times you make transfers only to wait for long hours before it is processed, this makes it difficult for people to easily pay for goods and services day to day. Even the cards don't work smoothly, especially during this period that most banks are closed as individuals are causing chaos, breaking things at the bank and even harming bankers, especially the managers, the bank networks are so screwed.

Also, a cashless economy puts us in a situation where we're slaves for our own money. Imagine working, getting paid, and someone just constantly takes whatever percentage he wants from you and you cannot do anything. This is something already implemented by the central bank of Nigeria and it is expected that more taxation will follow.

A cashless economy is a slave train that all individuals around the world should fight against, there's so much luxury in having cash, I can still recall an old report about the Israeli government trying to limit cash transactions in order to have more power over citizen's cash flow, this is also something that is plotted to be integrated in Nigeria and the citizens must fight against it.

At the end of the day, people need to embrace crypto. It's a no brainer at this point, crypto can save us from the increasingly centralized systems that the governments are trying to put into place. CBDCs are an example of this movement and so much more is in store, if cash seizes to be a legal tender then it's either we jump boats on these authorities or stay screwed for the rest of our fuckin lives.

Thank you and please leave a comment, your thoughts matter to me

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