A few days ago, a news report carried on a major international news broadcaster, highlighted the massive downturn in the value of cryptocurrencies with Bitcoin as an illustration. Bitcoin is trading in at almost 72% less than valued in December 2017.
Another 800 cryptocurrencies were discovered to be absolutely worthless.
There have been many victims of such fraudulent cryptocurrencies which supposedly aim at helping young people in developing countries like Ghana, Nigeria, etc gain financial stability.
At the time of this writing, a single unit of a typical worthless cryptocurrency is worth over US $8000.
In theory their owners are quite well off.
The stark reality is the value of such cryptocurrencies are not worth the code used in writing it. Even the vendors do not want to buy back their own currency in any form.
This mess has played out in the case of many other unfortunate young people and the news coming out of the markets about Bitcoin isn't helping.
Forget the government and central bank disapproval. Forget the many pundits and business experts decrying cryptocurrencies. Cryptocurrencies are the real deal. They smash the financial control of the corporate super structure and bring financial liberation to many people. They eliminate the middlemen role of the money transfer agencies who verge on extortion for carrying out simple transactions.Cryptocurrencies allow seamless transfer of funds regardless of time zone of denomination.
But which and what is the way to go since there are so many strong and conflicting signals already?
That is the question for young Africans and young people around the world. Thankfully more of them are now discovering anew the power of a cryptocurrency like Twintix. Twintix is an index of the top 20 performing cryptocurrencies in the World. It is essentially a central currency that is sampled from the best out there.
Thanks to the budding communities on Steemit and Discord we have the chance and privilege of liberating the financial system for young people in Africa and beyond.
We need to learn more and innovate to further develop this new and mutually beneficial system.