By Jayeola Ruth
“A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.”. (Source : Wikipedia).
Before now, there has been a high value of these cryptocurrencies as people daily embraced these digital assets. From people’s WhatsApp status, to Facebook posts and even day to day interactions with one another, this medium of exchange is encouraged and the goodnews constantly propagated. For a while any one who doesn’t invest this way is seen as weird as it is fast becoming a norm especially amongst youth. But two days ago, something shocking happened. The value of cryptocurrency fell in no small measure and it was as if the book of “Lamentations” was suddenly opened.
Investors began to lament on the same platform they embraced in propagating the goodnews – Social media platforms like WhatsApp Status, Facebook, Twitter etc. Even the seemly odd ones who aren’t affected in any way as they didn’t invest in any of the available medium, joined in lamenting too.
The value of the entire cryptocurrency market consequently suffered a loss of hundreds of billions of dollars, dropping over 30% on Wednesday to around $1.4 trillion, according to CoinMarketCap. There are various reasons for this drop as nothing happens without a cause.
My concern here is on how the people are taking this latest development. Most young people pumped in money, time and energy in investing and growing their waller and right now ,it seems like all of those efforts are wasted. Many post on social media shows how bad and shocking it came to these investors, with many claiming to have washed their hands from anything involving coin. I even saw a post which says that “the only stable and certain coin is koinonia”, while another reads ” Aseju ni Bitcoin tabi any cryptocurrency, Ajo ti wa okay” which means trading in any crypto market is overdoing things, daily thrift savings is okay.
In the midst of all these, I believe investment is a risk. Life itself is a risk. That it fell doesn’t mean it’s value cannot rise again. All these while profits and rate has been high, no one complained but now that it fell, Lamentations fills the air. To answer the question I will say , life has two sides just like a coin, the bitter and the sweet, the bad and the good.