by Verdzekov Bernard
It took a long period of time for people to get rid of the old system of trading. People could do anything to get what they wanted back then because the system of trade was difficult. The system of exchange, where people moved from one town or tribe to another to exchange food or arts or craft was very difficult when we look at to today time. This system of trade was called trade by bather. Back then, if you had meat and you needed fish, you just needed to identify someone who had fish and who needed fish and you guys carry out the exchange. That’s how it was done. People even offered labor for food. I may not know detailly about the quantity needed before the exchange could be done, but that’s how people transacted before money was introduced. This system of trade, when we look at it today, we see it to be very complicated. Imagine moving for miles and you don’t successfully find someone who you could do your exchange with, which means you may even starve.
Then came another time when coins where introduced. You needed a particular amount of coins to purchase goods and services. And coins however where scares were owned in large quantities by the queens and kings and the king’s men. This was very big in the economical world of business.
Then latter came pepper money or bank notes. This was still to carry out trading activities and to help ease purchase of goods and services. With the massive rate of understanding of this type of money and how it was used, many financial institutions came in to guarantee the safety of people’s money. This was because, people kept money at home which wasn’t save. These financial institutions did not just guarantee the safety of money, but they help to ease transactions as well. For example, the introduction of the credit cards. People could easily cash out their moneys and also pay for goods and services they purchased. You could easily run to your bank to complain about any difficulties you may be facing with any transaction and I could say the level of transparency is encouraging.
Then, came in the blockchain. How is bitcoin different from the past.? Like those days of trade and bather? How has blockchain come to limit the stress of transacting? How has blockchain come to change the medium of transacting? Banks have already made money digital and not only digital, but easy to cash out, save and transact. How will bitcoin surpass this level of tech, transparency and availability?
Why do I say BTC is like the past? BTC is like the past and may be even worse than the past because, people don’t understand it and the risk levels are really high and too, not everyone has accepted it. Here in my country, the number of people who accept BTC as a medium of payment is like 2% of 50,000,000 people. Very few persons. People turn to look for those ready to buy coins with real cash so that they could be able to purchase goods or services. At times it is very difficult and when you even successfully see someone, they may even buy at a rate way less than what you expected. The BTC has not yet been widely accepted. There is still a lot of skepticism. The trust isn’t yet there. If someone could just seat and write a good algorithm of codes that permit him or her to own a currency, then, I don’t think we are done with the BTC. There are more ways being work on to introduce more currencies. how to better the BTC. This period is just to slow and may even crumble an economy. Why don’t we just maintain what we best know?
I see BTC moving down the trend of the past. The stress of understanding and managing is very complex and the fact that its risk are high too make it very frightful to venture in.