Tuesday

How Important Is Cryptocurrency Today

Just How important is Cryptocurrency in our world today? How would cryptocurrency affect the world of banking tomorrow?

Also discussed on this article is biometric banking as it would affect Nigerian banking sector in the future.


First let me leave these Hashtags as I know they'll trend someday.
#Cryptocurrency
#BiometricBanking
#DigitalCurrency
#MultipurposeAtm
#TheFutureOfBanking

No telling me otherwise cos I know what I'm saying. Probably an idea from the pit of hell. But I can only say Hell is indeed a source inspiration since it'll make things easy for fast guys like me.

I've never liked doing things sluggishly and I've never liked delays. Little wonder I always get pissed at the sight of long traffic Queues.

No doubt the items on hashtag above is still new to some, but I know my blogger and internet market Guys, Upwork and Fiverr gurus would understand what I'm saying.

Let me Explain

1. Cryptocurrency has for some years now made some rich, it has made some poor too, especially those who in one way or the other invested in the wrong Coin (Will not mention any though) for those on the better side, I guess they wouldn't wish for something better. Some wouldn't even want to put their Naira in banks except for the fact that there are only a few places in Nigeria where #Bitcoin would be accepted as a legal tender.

Bitcoin has not only changed a lot of perspectives, it has also been a good source of income for many.

Bitcoin transactions from Wallets other than #Blockchain are usually fast and reliable unless the other party turns out to be a scammer and this is where I think bank deposits have their grip on us all.

Aside from Bitcoin, there are other forms of digital currency that's made online transactions swift and painless. We have #Payoneer, #Neteller, #Paypal (An old one though), #PerfectMoney and several others.

These I feel would be taking over the future because Banks these days aren't smiling. You can't even leave N1000 and boast of it after a month but a N1000 worth of Bitcoin would have earned some cent or a dollar within the same period of time if the market is good.

2. BiometricBanking will leave a lot of Arrogant bankers jobless since all that'll be required would be a Hub. A Hob where you'll only need to swipe your finger cross the scanner, select the account with which you want to transact (if you had multiple accounts), input the receiving account and verify owner name and then punch in the transaction amount and verify the action after which you're done transacting.

No time wasting for the customer,
Less cost of operation for the bank
No need for Salaries
Requires less land space to mount hubs
No need to carry your millions around
No irregular heartbeats when ever a car suddenly stops in front of you while you're walking or driving to the bank with your 30 Billion

3. Multipurpose ATMs are already exist in other countries, Some are here in Naija too but they're yet to function properly probably because conventions and policies that'll implement the use has not been held

The multipurpose allows you go as far as Make Bank Deposits which means that arrogant and sluggish teller would be relieved of her duties at the banking hall.

But for the ignorance, ATMs are currently able to make interbank transfers, you can also pay your cable subscription and perform other value added services without having to crowd the banking halls.

Multipurpose ATMs are expensive though but can be improved upon to provide some functionality that these tellers don't have.

4. Digital Currency, like I mentioned in (1) above has always been a safe haven for online guys like my self. Blogging has been interesting recently, able to cash out #Adsense earnings via Payoneer, earnings from Fiverr, Upwork, Odesk, etc are also cashed out using Payoneer, Paypal and other digital payment platform.

All you need is bargain with your exchanger and before you know it,  #30Billion will be Breathing in the Accant.

Not like Biometric Banking already exists, at least not in Nigeria where I come from, but very soon, I know it'll be here for all to enjoy. I know we already have our biometric Files saved in one or  2remote locations within CBN and NIMC except you currently have no account or haven't enrolled for your NIN. They're not collected for nothing. We're getting there someday.

Multipurpose ATMs already exist, these are found in First bank but disabled or configured to dispense cash only. But sooner or later, the use of Multipurpose ATMs to their full capacity would be a must for all banks.

Digital currencies already exist, more are coming. I know some of you don't even know about these which is why I think you need to begin learning about it now because there is no time.

Another Mad Post From www.schoolnaija.com

©MrPinner 2017

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