You are viewing a single comment's thread from:

RE: This is why Nigeria is not a cryptocurrency hotspot

in HODL2 years ago

Yes this is the "tragedy of the commons". Unfortunately in crypto we haven't done a good job of creating think tanks to deal with this. We often times just double down on approaches that will not work. For example..we often through a type of marketing gimmick speak about how cryptocurrency has the best use case in developing nations with collapsing banking systems and financial inaccessability.

We don't speak about how the people who need crypto the most are often times the people who it's not available for. So more than likely people are either too poor or unable to transition into crypto. So who are transitioning. Research has shown it's often times the richer people of the country exploiting arbitrage situations between their currencies. So again where the actual best " use case" is presented is in reality not how crypto is being used.

INstead of creating onboarding systems to address this. We continue to tell people to buy more untrusted and untested crypto. Stake more accumulate more. Unfortunately even in the richest nation in the world over 60% of the population in America doesn't even have $400 in the bank. It's only become worse during the global pandemic.

So what are the solutions? Well there are a few projects i see really meeting it head on or atleast have the blueprint to do so. Although not perfect Electroneum has done a good job of beginning to address the problem. They've first created easy wallet applications that are available on mobile devices that top up phone minutes and pay utilities in developing nations and have branded themselves fairly well.

The first 3 years of the project they airdropped coins to everyone. However it's not enough to just give money you have to create tradable economies. So they were able to establish gig worker economies that were able to take the labor and skills of people of developing nations and convert them to they cryptocurrency now globally traded. This working towards the solution. People in some of these lands were selling their phone minutes for bread. Now they can top up the minutes from their smart devices so its easier for poorer people to do everything from a mobile device with a easy ui. They don't need money just their skills as such and participation.

The next one is Bitcoin MYK, UBI. Basic income that stimulates the economy. So similar to Electroneum it provides a monthly ubi dividend and a gig worker economy as well. In order to convert skills into cryptocurrency. We're in a global pandemic. We're projected to go into a recession in 2021 by major economist.

It is a bit farfetched and unreasonable to believe that the average person is investing in cryptocurrency. So what we have again is rich traders stomping out the average person from being able to participate in the economy. It is unfortunate but this is the reality of the situation.

The question we're trying to answer. The problem we're trying to solve is. What systems will meet this challenge more efficiently and effective. You mentioned how the government controls many things in certain areas of the world in finance. Whether it be regulation against cryptocurrency that can be harmful. Yes governments can do that. They can take any good or value system outside of yourself. The one thing they can't take is "you". So in ubi projects like the ones i champion. You mint the coin. You mint the value. There is no external force that can take that away from you. There is no perception of value that can be manipulated away from you.

Posted Using LeoFinance Beta


Well says Mykos. I used electroneum in the not so distant past. Easy onboarding and easy mining experience. They rebranded but still retained the underlying simplicity.

Honestly, it is as you said about the system. There's always a huge gap to fill, especially in terms of financial education and consciousness. People who need these services are too busy trying to survive, that they don't even realise it exists.

Posted Using LeoFinance Beta