{"id":2951,"date":"2019-09-03T15:06:14","date_gmt":"2019-09-03T07:06:14","guid":{"rendered":"https:\/\/www.coincola.com\/blog\/?p=2951"},"modified":"2020-09-15T10:44:00","modified_gmt":"2020-09-15T02:44:00","slug":"coincola-better-alernative-for-sending-money-in-and-out-of-nigeria","status":"publish","type":"post","link":"\/blog\/coincola-better-alernative-for-sending-money-in-and-out-of-nigeria\/","title":{"rendered":"CoinCola: Better alternative for sending money in and out of Nigeria"},"content":{"rendered":"

Money has been a part of human existence for centuries and has existed for 100,000 years. According to Wikipedia \u201cmoney is any item or \u201cverifiable record\u201d that is generally accepted as payment for goods and services and repayment of debts.\u201d Money is the medium of exchange whose value is based on several key factors such as <\/span>interest rates, Economic Growth,\u00a0 Inflation and Current Account Balance<\/span><\/a>.<\/span><\/p>\n

Within the past 100,000 years, humans have used several forms of money ranging from trade by barter to banknotes. All these forms of money had its limitations and those limitations made bankers come up with alternatives that could replace any form of money that has huge limitations.\u00a0<\/span><\/p>\n

The current Evolution of money<\/b><\/p>\n

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  1. Trade by barter (Pre-Money Era):<\/b> Barter is a form of money value system where different goods get exchanged based on perceived value by the owner of the goods or service. the barter system dates back to 6000 B.C and was officially first recorded in Egypt in 9000 B.C.\u00a0 Introduced and was introduced by Mesopotamia tribes for trading goods and services across cities.<\/span><\/li>\n
  2. Coins:<\/b> the use of coins introduced the next era of the use of money in the world. Coins were mostly in a metallic and form. This form of money was much easier to reason for the exchange of goods and services<\/span><\/li>\n
  3. Bank Notes:<\/b> This form of money gradually replaced coins in around the 13th 17th century and was used up till 2019 in many parts of the world, most especially in African countries. This phase also introduced digital money in the banking sector, bank customers could actually move their \u201cbanknotes\u201d easily with the use of the internet. Although these banknotes don’t get moved electronically too, the banks made a programmable protocol that electronically debits or credits a customer’s account.<\/span><\/li>\n
  4. Cryptocurrencies:<\/b><\/li>\n<\/ol>\n

    The next wave or form of money will of certainty be crypto-based, either on a public blockchain or private blockchain. <\/span>Big tech companies like Facebook<\/span><\/a> and even the <\/span>Chinese <\/span><\/a>government have already started making move towards creating a national cryptocurrency that could replace the current fiat.<\/span><\/p>\n

    The advantage of Crypto payments<\/b><\/p>\n

    The most popular way of making cross border payment was with the banks and over the years, banks have been working really hard to make sending and receiving money easy and cheap but the tech used by the banking system comes with a fee of about 5%-10% fee of the total sum being sent and the total sum doesn\u2019t get delivered instantly.\u00a0<\/span>
    \nCryptocurrency has been proven within the past 10 years to be a better, faster and cheaper alternative method for making cross border payment. According to this <\/span>    tweet<\/span><\/a>, a certain group sent $400 million with a fee of just $1 worth of bitcoin and the got delivered within few hours. Another benefit of cryptocurrency is the fact that it can’t be censored by the banks or government. Making it a kind of money that could bring freedom to financial services. There are 9 different cryptocurrencies listed on coincola that can be used for making cross border payment with ease and with an extremely little fee. <\/span><\/p>\n

    Time and fee for the 9 cryptocurrencies on CoinCola<\/b><\/p>\n

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