By By, Uchechukwu Ugboaja
Amidst the various arguments posited by different economic experts on how to get Nigeria out of one of its longest recession in history, a federal lawmaker has insisted that one of the fastest way out of this nail biting economic quandary is to embrace the new technology called the bitcoin.
In this incisive interview with Uchechukwu Ugboaja, the Abia State born Engr. Representing Obingwa/Osisioma/Ugwunagbo Federal Constituency, Hon. Solomon Ezinwa Adaelu reveals how Crypto currency will create more millionaires than any other known financial sector across the globe. Excerpts.
QUESTION: Hon. Sir, can you tell us what this Bitcoin is all about and it’s impact on the global economy?
RESPONSE: Bitcoin is a form of Crypto currency which will change the world like never before. This technology will impact on every aspect of our being. It is the next big thing after the Internet. It will make more millionaires than any other business engagement. Millionaires will no longer come from the oil sector or other enterprises. Crypto currency will make a lot of people rich and alleviate poverty in various countries. It is the next disruption, just like the email disrupted post offices and closed them down, crypto currency is disrupting money as we know it. Times are changing, we should open our minds to accept our evolving world, blockchain Technology is already impacting on the world’s finance as change is the only constant.
QUESTION: Does this now mean we no longer need to rely on our usual banking transactions?
RESPONSE: The greatest fraud in human history is the conspirators in the banking sector because of the use of fiat money which has its value arbitrarily ascribed. What gives the N1000 you possess is its value right? So how was that paper determined to value that value? it’s just a mere paper my dear, and so because of this central banks in all countries of the world print money as much as they want. Before now, every single dollar note printed in America had an equivalent Gold bar value, but today it’s all changed. No currency has value anymore. The number of currencies printed is infinite. so it doesn’t matter, they can print as much as they please.
Imagine a currency that is finite. That numbers from zero to 20 million. no more no less, that has already given that currency a greater value.
QUESTION: What actually prompted this innovation?
RESPONSE: After the world economic crisis of 2008, a young man created what we know now as the blockchain. The blockchain is a powerful technological innovation that is gradually changing the world.
It has far reaching applications which include but are not limited to Insurance, banking, Agriculture, Space travel, Artificial intelligence, Election and voting etc. Over 60% of the population of the world is unbanked. The poor people in the rural areas do not have bank accounts, this form of transaction will capture them adequately.
QUESTION: How secured is this form of transaction knowing the challenges faced in the banking industry as a result of the nefarious activities of bank hackers?
RESPONSE: Definitely no known risk so far because this technology will bank everyone safely. It will remove a third party(bank) in any business transaction.
It will make you your own bank. You do not need to visit a bank again. Every transaction is recorded on a ledger and each ledger is unique to an individual. There are billions of ledgers on a blockchain, for a hacker to successfully hack into your account he has to filter through billions of individual ledgers on the blockchain. you can imagine how secure the blockchain is. Imagine a currency that is boarder-less. A currency that cannot be counterfeited.
QUESTION: How did this Bitcoin suddenly become a globally trending issue in the financial world?
RESPONSE: I can tell you that BitCoin is a creation of the blockchain, it is a digital currency. It took the world by surprise just as the value of bitcoin rose from 10 cents per coin in 2012 to $1,250 per coin in 2017. it is un-assumably the most expensive & valued currency in the world today.
There are over 700 crypto currencies. the unique thing about the crypto currency is that the value is determined by the people. the acceptability of any crypto currency increases its value.
Bitcoin is growing by the number, the projection is that by the end of the year 2017 the value of one bitcoin would have risen from $1,250 to $2,000.
Banks all over the world are jittery, doing everything possible to frustrate this technology because they will eventually lose their jobs. Unfortunately, there is no government control over the blockchain.
QUESTION: What will be your advice to Nigerians in this time of economic recession?
RESPONSE: For me I believe and I have accepted this technology that it will eventually revolutionise the global economy, beginning with the banking sector and all major transactions as we know it will be impacted as well. I will advice that Nigerians open their minds to our evolving world and embrace change by investing in crypto currency and enjoy financial freedom during this recession and beyond.
