05 Dec
05Dec

According to Wikipedia, Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context (https://en.wikipedia.org/wiki/Money)

This means money is any medium, object, or item that can be exchanged for goods and services. Quite a simple definition, isn't it? So items used for trade by barter are money, cowries are money, gold, silver, and other metals are money, a country's paper notes backed by the government are money, even word of mouth could also be termed money as long as they can be exchanged for goods and services.

What we call money has evolved over several thousands of years. From items to cowries, from cowries to precious stones, from precious stones to precious metals, from precious metals to coins, from coins to government notes, and now from notes to digital currencies or e-money.

Change they say, is constant and inevitable. But in Africa change is hard. A lot of people, including the government have criticized e-money. When I mean e-money I mean electronic money and they include cryptocurrencies and e-wallets. 

It is believed that internet fraudsters have developed such a medium to siphon money from people that will turn victims. And this is not completely false because the integrity of these e-currencies depends on the integrity of the developers. So it is believed to be a risk-taking by buying and using this e-money.

 But now it is a good thing that most countries are now regulating the activities of e-money developers. But to tell ourselves the truth, we can't run away from these currencies any longer. They are everywhere and even the government is now embracing them."The world is a small place", so the saying goes. With information moving around the world at the speed of light, goods are being delivered within 48 hours anywhere in the world, a person having numerous citizenship, this saying is completely true. 

With the rate and speed of commercial activities around the world now, there is a need for fast, reliable, and secure means of payment and that is what has given e-money an advantage. You can skip the huddle of bank transfers and cheque posting by using e-money (cryptocurrencies and e-wallets). It is also a cost-effective (no bank charges) and timely (instant) mode of payment. 

There is no doubt that the use of physical cash and credit or debit cards will soon be a thing of the past. In China, it is already happening. Most stores and service providers get paid directly into their e-wallet by wallet addresses or a simple scan of QR codes using mobile phones, and payment is received instantly.

I give the Nigerian government kudos for embracing this trend and launching the e-Naira. This will greatly cut the cost of printing and reduce the abuse of the Naira. With your e-Naira wallet, any transaction, no matter the amount can be done.

 Mobile devices are no longer expensive like before and almost every adult has one. Now I can go to a banana seller, buy bananas worth 200 Naira, ask for his/her e-Naira wallet ID and make an instant transfer, or better still scan the QR code generated for the wallet and make instant payment. 

So if you are still skeptical about e-money (cryptocurrencies and e-wallets), you better wake up. They are the money of our generation. The new medium of exchange for goods and services.

They are Our New Money

Thank you for reading till the end. Don't forget to leave a comment below.

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