Advantage Of Using Oduwacoin, Other Cryptos During Crisis
The Nation Newspaper, some days ago, reported that Nigerian traders were now adopting Oduwacoin as a payment method for their businesses. This was as the naira shortage in the economy continued to affect the purchasing power of their customers.
A frozen foods seller, who identified herself as Sadiat Ajoke, said if not for her brother-in-law, who introduced Oduwacoin to her, she would not have anything to sell, as customers had no cash to patronise her.
“Nobody is against the government instituting a cashless policy, but I wonder if we are ripe for it. The banks are not reliable, and nobody is here to open business and be counting losses,” she added.
Another trader, Ikechukwu Emenike, who runs a boutique, said he prefers to receive payment in Oduwacoin because it’s fast, efficient, secure, and more reliable.
“There’s no money in the economy, and to make transactions now, it takes several hours, and sometimes days, to be successful. Other times, you may be unlucky and the transactions would come out unsuccessful. I can no longer deal with such difficulty, and that’s why I choose Oduwacoin,” he stated.
How Oduwacoin, other cryptos can be leveraged amid crisis
Cryptocurrencies, such as Bitcoin, Ethereum, and others, have several potential advantages during periods of crisis. First, their decentralized nature makes them resistant to government manipulation, corruption, and inflation, which can be vital during times of economic or political instability.
Secondly, the transparency of cryptocurrency transactions recorded on the blockchain makes them more resistant to fraud and corruption. Thirdly, cryptocurrencies are accessible to anyone with an internet connection, making them useful to people who do not have access to traditional financial services. Fourthly, cryptocurrencies can process transactions quickly and efficiently, which is important during times of crisis when time is of the essence. Finally, some investors see cryptocurrencies as a way to protect their assets during times of economic uncertainty.
After a crisis, once the primary concerns of securing safe water, shelter, and medical aid have been addressed…