With Cryptos, Fiat No Longer Makes Sense.

If you've been following my posts lately, I've been kinda of vocal about the redesigning and printing of Naira notes and I've so far regarded the the decision as insignificant, catastrophic and a blatant error. I had decided to stop talking about the matter till a news article popped up on my timeline talking about how the Federal Govt. intends to spend about 59 Billion Naira (73 million dollars) on printing about 2.5 Billion naira notes. This is plain hilarious and it's quite disappointing seeing some fellow countrymen think.

Firstly, like I mentioned in my previous post on this matter, this decision wasn't in this year's national budget. There were so many matters of national emergencies like the just concluded 8 months and then the current flooding in some states. Matters that truly affected the lives of millions of people were treated with levity while one that actually doesn't require concern is treated like a matter of life and death. In my opinion, this is just another way for those at the top to make their last and final cash out before the elections but here's why Fiat doesn't make sense to me anymore.

Spending so much money and resources on printing money when it can be done easily at the cost of almost nothing like in the cases of cryptos just makes the idea of fiat/ paper money so archaic. Yes it served its purpose in a time when it was needed and solved problems, but right now, it really doesn't make any sense spending so much money on something that wasn't relevant in the first place only to keep printing more after a couple years, and destroy the ones already printed many years ago.

Personally, I hardly use Fiat and when I do, it's most because the person I'm transacting with doesn't have a bank account or prefers cash payment. In a country where over over 70% of its citizens live in abject poverty, these funds about to be squandered on printing fiat could have been used in making the economy and lives of millions so people better in several ways.