I always considered banks the hallmark of dealing with money. Like many, I took the maddening delays, exorbitant fees, and never-ending restrictions as part of life- somewhat of an accepted frustration. Every time I had to send money, it felt like I was begging for an opportunity to dip into my hard-earned cash. The worst part was sitting on edge as those last-minute transfers, for what were almost urgent bills, went stuck in processing for days.
That entirely changed when I stumbled upon crypto.
One minute after doing my first crypto transaction and the entire scenario changed; moving money overseas now took seconds as opposed to the normal days. The fee was hardly anything compared to traditional banking fees. No more telling nasty stories about my reasons for sending my own money, and no more waiting for someone else's approval. This was real ownership of my finances. Witnessing in awe as my transaction took minutes instead of days was almost a euphoric experience.
From where I stand in Nigeria, I have seen crypto transforming lives. Really, this is not about fancy technology or investment opportunities; this is real people tackling real problems. Students need it to pay school fees without the regular banking hurdles. Gone are the days of standing in long queues at the bank or having to deal with failed online payments during the all-important registration periods.
When it comes to freelancers, these digital currencies are a lifeline. They can now receive payments from international clients without having their earnings eaten up by ridiculous conversion rates and transfer fees. That time they had to wait was probably 5 to 7 working days in the best-case scenario, and they were essentially giving away 10 percent of their income because of that. When they are paid in crypto, they get almost the entire amount at the shortest time possible, and this enables them to have a better control over their cash flow and business activities.
Families assist each other in emergencies whenever they are able to, without the stress of traditional money transfer services. That kind of speed might just make a difference whenever there are emergencies like medical bills, urgent supplies or whatever. The very speed that crypto provides has almost taken away the feeling of anxiety associated with waiting for bank transfers to clear.
In our present situation, impacts run even deeper. Many are looking for alternatives, with the Nigerian government eyeing income tax on bank account inflows of over 80000 Naira. The banking system seems to be waking up from its slumber, tightening its arms on crypto freedom even more. This is not about shunning responsibilities; this is about asserting our authority over our financial decisions.
It is not a case of avoiding taxes or regulations. It is a matter of options and control over one's financial life. Imagine walking to a nearby store and paying with crypto. No intermediaries, no delays, just a plain exchange between humans. Not so far-off but quite exciting, Some local businesses are already touching on crypto payments, giving us a glimpse of a future that is financially inclusive.
The old me could have never imagined a world in which banks become optional. As crypto continues to reshape our perception of money, we are caught in between voluntarily. Banks are technically not about to disappear, but they surely are becoming lesser and lesser.
Crypto gives us this bizarre set of freedoms, and once we have tasted that, there is no way back. For those still finding a middle ground in crypto, it is not just about digital money. It is about reclamation of financial freedom in its entirety. It is about sending money to family without having to explain oneself to some man sitting in the bank. It is about freelancing with payments made to you without a thought; it is about students, with one less headache, having to worry about their education expenditures.
Whether they opt to remain adamant or evolve, the crypto financial liberty that their existence guarantees has by now become a change maker in Nigeria and beyond. We are not only witnessing the future of money; we are cashing in on the financial revolution that speaks of freedom itself.
This is financial freedom in full bloom; its brilliance shines brightly on the people, where it rightfully belongs.
Posted Using INLEO