To Chris Ani, CEO of Digital Abundance, Founder of Cryptohub, cryptocurrency is everyone’s passport to financial freedom. “If only everyone understood the evolution of money and how cryptocurrencies represent a revolutionary innovation that no one should miss”. – Chris Ani’s message at the Blockchain workshop at Techpoint Inspired which held 1 June 2019 in Lagos.
Organized by Techpoint in partnership with SiBAN (Nigeria’s Blockchain association), Chris Ani made a presentation on Crypto 101. “You cannot understand Cryptocurrency without having an indepth understanding of the history and evolution of money”, stated Chris Ani.
Defining money to mean something that serves as a medium of exchange. A unit of accounting, and a store of value that people agree to accept it in making transactions. Chris Ani traced the evolution of money from barter system, metallic money, and paper money.
Chris further stated tha the Internet providing a whole new platform for the evolution of money. Today, portable device such as a cell phone, smartphone has made it possible to make payment for product and services.
With the advancement in technology, banks started offering plastic cards (debit/credit).
ATM cards also made cash withdrawal easier, followed by electronic or virtual money. According to the Vice Chairman of Blockchain Education and Adoption at Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), electronic or virtual money is
“money recorded electronically on the web. transactions are carried out electronically; and it’s easier to use from any part of the world”.
Chris Ani explained further that, “though cryptocurrencies could be classified as virtual or digital currency, not all digital or virtual currency are cryptocurrencies”. He defined cryptocurrency as “a digitally created currency based on advanced mathematical algorithms. Which could use cryptography for security and anti-counterfeiting measure”.
He also defined cryptocurrency as “a medium of exchange created and stored electronically in the Blockchain. However, encryption techniques are used o control the creation of monetary units and to verify the transfer of funds.
Bitcoin is the best-known example.” Other examples of cryptocurrency he gave were Ethereum and Litecoin. You could see Chris Ani’s eyes beam brighter at the mention of bitcoin.
SiBAN community is well known for its bitcoin advocacy. Chris Ani throughout his presentation to his audience at Techpoint Inspired conference, was passionate about why cryptocurrency is special and why everyone must get involved.
So what is so special about cryptocurrency? Thankfully, Chris Ani answered this question at his Techpoint Inspired presentation.
“Most cryptocurrencies are anonymous and this is special”, he said. Also, he pointed out that cryptocurrencies are not controlled by the government. hey are borderless, they are secure, they can be used as contracts, and they attract lower transaction fees.
On transaction fees, Chris Ani admitted its arguable but he pointed out that “while some cryptocurrencies include transaction fees. Although they tend to be cheaper than what it costs to move money across borders in the real world.”
Chris Ani believes that beyond any other type of innovation, cryptocurrency has brought true financial freedom to people wherever and whoever they are.