An IT Consultant, Mr. Oluseyi Akindehinde said Crypto Currency enables financial transaction at the speed of light.
Speaking as a guest on Today on STV, he said virtual currencies are made up of two, which are the crypto currency and the digital currency.
He stated that there are two things which are the “Crypto” and “Currency” which enables people to send money from their domain to any part of the world.
He revealed that a lot of people are focusing on the currency aspect of it but there is a whole lot of technology around it.
He said the block chain technology is responsible for powering the crypto currency.
He said further stated that it is a distributed ledger technology that anybody can see, it is transparent and it is the future.
He stressed that there are two types of assets which are: the crypto assets, the ones that have values and are intrinsic like gold and those backed by something else.
He stated that values of bit coin and etherium are determined by forces of market, buyers, sellers, and the technology is decentralized.
He said since a lot of people are coming into the business, it means the more the people, the higher the price and the value given by traders
He revealed that the challenge is for people to understand that bit coin and crypto currencies do not follow the traditional models of economics.
He said there is inflation and the specific reason there is financial crisis is because people are printing money and when money is printed, the currency is devalued.
He also said bit coin is a deflationary currency and the total amount of it all over the world is 21million.
He said bit coins are still mined but, internet access, electricity, are needed to do the mathematical calculation involved which is the crypto bit of it.
He also revealed that crypto currency is governed by the miners and when one competes and solves the mathematical problem, bit coin is given.
In conclusion, stated that Crypto Currency is the future of money and there is nothing anybody can do about it.