By Verdzekov Bernard
When you hear of blockchain technology, know it is technology built to protect and store digital transactions. The world today is fast moving towards an era where by, digital currency will be used for most transactions on earth. When I look at the future of digital currency, I see a society where it will be made up of the rich and poor. And when I talk of the rich and the poor, I mean very rich people and very poor people.
Why do I say so? Or why do I see it that way? When you look at blockchain technology and the percentage of users, you will realize that, the percentage of users is low as compared to those still dealing in fiscal cash. This set of people who deal with bitcoin and other digital currencies are those who have understood the way it works and this set of people are usually rich or make more money in the transactions the engage with digital money.
When you look at the rest of the population that don’t understand the way digital currency functions, for those that try to engage, you will often hear of complains such as, “I have been scammed”, “I have lost some money and cant engage in digital transactions again”, “I don’t know how to monitor and navigate the system”. this complain is genuine and the people that complain like this, hardly will you hear them advising any one to engage in digital currency.
Of course, the bank holds digital currency and accepts the transfer, and receiving of digital currency. But this is cash and not uranium or bitcoin etc. maybe in other banks around the world the allow such transactions, but here in Africa and Cameroon in particular, banks don’t favor this. This is because bitcoin and other digital purchases of bitcoin and uranium and other exchange currencies have been painted black by scammers and the black market. Some banks may still do it, but such banks are scares.
So, with such an ideology, some people refuse to engaging in this. Though this concept is still growing, and revised every time, some people have already made up their minds not to join it.
How is this related to what am trying to write about? In future, when digital currency has engulfed the world, the few persons that had trusted, understood and stayed in the system will be rich and will be able to take decisions in the economy and the economy in which the fine them self in will be wealthy. But those that didn’t join, that didn’t understand the system will be poor, and the rich will pray on them.
This population that will be dominated upon will be the majority in the economy. Few rich and so many poor persons. At such causing the rich to exploit. This a foreseeable future as far as blockchain technology is concern and the involvement of digital currency that will conquer fiscal cash.