A DIGITAL CURRENCY AS A MODE OF PAYMENT

The world has turned digital. This calls for digital currencies (Cryptocurrency) as a new form of money in order to move in the same line.

The state of money will change whether you like it or not. Money has been changing from time to time, remember from the time of batering (barter trade) to commodity money and today we are using fiat. So it is evident from the past history that money has been changing and today its changing from fiat to crypto /Digital Currencies.

Gorvenments and central Banking system have tried to fight the emergence of this technology but they have finally failed, So the only solution is to accept to live with cryptocurrency and look for ways of amalgamating it into the available financial system (Central banking system), regulate and minimise the risks.

Why Digital currencies (YEM) are a better mode of payment compared to cash -Today.

1. Online business: The world has turned digital, which means that we entered into the digital economy, businesses have to operate online, this calls for digital currencies /electronic money because its the only state of money that can fullfill payments in the digital businesses. Tell me who can buy online and settle a payement with cash/paper money ? Unless you convert cash into electronic form e.g mobile money ,EFT among others.

2. Privacy and Security; For example when you are to pay with Rainbow currency (YEM) , A transaction can be fully settled using your smart phone without sharing password , and a master pin. No body can ever hack and steal your Funds unless you share your account's security information, everything is done securely and private, Uncompared to cash ,/paper which need alot of external security to avoid thugs. Thats why today people feel safer to use electronic money wallets like mobile money than moving with hard cash

3. Speed: with cryptocurrencies, you can settle a payment internationally within seconds regardless of where you are as well as you can access a smart phone or a computer. This is unlike with fiat which involves many third parties that delay the transaction, actually the central banking system, potrats a traditional way of transfering funds.

4. Distributed ledger: The blockchain technology related with cryptocurrency is a transparent system whereby everyone can see what is happening on his or her account , a person can fully manage his ledger without the need of the central bank. In central Banking system everything is centralised and blackboxed. Its really so funney that evenif you want a statement of your account , the bank will make you pay ,for you to see what is happening on your account.

5. Smart contracts: a blockchain is permissioned to make smart contracts which means that you will nolonger need a blocker to buy an expensive property like real estate , you can simply just set a smart contract on the blockchain and when set terms and conditions are met , money (YEM) will automatically move to the seller's account and in return, the buyer will possess the property. All the transaction history /details will permanently remain on the blockchain as a proof of business that happened between you and the seller, this elimates blockers.

To mention but a few, digital currencies are the new emerging form of payment and no one will stop this because all the activities are powered by people and those who have tried to stop this technology have sofar failed due to the fact that this technology is super advanced compared to the existing technology that could be used to stop it,

What central Banks can do is to accept and bring these guys on board otherwise money has changed from paper(fiat) to digital and governments will keep loosing tax from its people unless they come out of their shells and lay strategies with activists in this technology on how to handle digital taxation.

A few blockchain projects are powered to handle digital taxation like TWNKLCHAIN of Rainbow currency / YEM and governments should employ such prepared systems and incorporate them in existing financial system otherwise if they fail to do so cryptocurrencies/blockchain technology is gona leave the banking system at its knees , and many will collapse.

For those who want to benefit in this change (Digital currency) , just look out for good projects and invest or save there atleast 30% of your wealth and keep quiet.

The game has changed, and when rules of the game change ............ ?

We meet next time

Thanks, 

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Sharif Mawejje - The cryptocurrency Analyst

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