By Bukola Olanrewaju
An entrepreneur organisation MEST Incubator Lagos has canvassed benefits of cryptocurrency saying it will help in engaging the youth and building young technocrats for nation building.
Speaking of the lucrative nature the advent of cryptocurrency technology has brought, a tech enthusiast, Samuel Jowon has said, “ we are seeing the rising of a new store of value from the traditional store of value of Gold and diamond to a digital asset that can be associated with the value of Naira.
“Bitcoin technology is a decentralised system with an open ledger where operations carried out are transparent” said. Juwon.
With the continuous rise in the value of Bitcoin, more nations are clinging themselves to this new technology cos of its economic benefits therein, Juwon has said.
According to him, with the technology transactions has become more cheaper, easier, faster and safer. But Government involvement in it will make Bitcoin to be widely accepted.
MEST Community Manager, Mr Nosa said Bitcoin is an open source, readily available for all to tap its resources, thanks to the development in technology.
Nosa stated that, “With all technology, Bitcoin like other cryptocurrency has a lot of potential but technology can be used and also misused.
“ The community of Bitcoin users is fast growing, instead of government outrightly opposing it when other nations gave started to benefit from it, Government should address some challenges and fears people have using Bitcoin.
“Government should invest more in the areas, fund more developers that can actually develop the technology which will improve the traceability and security around it in order to protect its citizens wallet, so that the technology will be more available to people.
“With the traceability of Bitcoin and other cryptocurrencies, Piracy will be eliminated and entrepreneurs in the system, mostly the youth will use the application to develop the nation’s economic viability.
Speaking of the challenges people face using the cryptocurrency, Nosa said there is a definite knowing gap in the society which can be exploited by the dark web.
“Government should look into this system, study it, take the rightful advantage of it and then educate most especially the youth who are interested in using the technology to grow the society”, said Nosa.
“ One of the most important way by which government can help in regulating the system is that, they should examine some vendors and license them in order to make it safer for its citizens.
“Platforms that encourage educational and intellectual discussion should be given the opportunity to educate the masses about the application of this technology, stated Nosa.
Acknowledging Government contribution to national development, Nosa said,”With government involvement and regulation, People will trust this system and use it more”.
“ Overtime, Bitcoin has allow one do more transaction than ever before, even at the international level, this shows that with more knowledge, information, government involvement and regulation, there will be tenfold increase in the transactions, services and commodity traded in Bitcoin,” Nosa added.