Crypto currency is a term that is fast gaining popularity in Kenya especially among the young tucks.
Crypto currency is basically digital currency. Unlike the Kenya shilling in the form of notes or coins, this currency is not physical. It is kept in wallets that each individual who decides to per-take in this currency is assigned. To obtain this currency you can either buy it or mine it. Though the cost of miming is very expensive as you need high tech soft-ware and also a lot of power .I n fact due to the high energy used in mining, countries like China that got on the band wagon of digital currency early are banning the maiming of digital currency.
Most people in Kenya if not all are only left with the option of purchasing the currency. There are two kinds of people investing in this currency, the holders for long term investment and those who want to make quick cash just for survival.
The most known coins in Kenya are the Bit coin first crypto currency to be launched in the world, the ethereum coin and the lite coin in that chronological order. Most Kenyans have purchased the bit coin. In fact this is fast turning in to a full time job for most youth who are unemployed yet they are techno survey, as all is required to purchase a coin is setting up of your wallet account that can be done through a smart phone and having some cash in your mpesa. This guarantees better returns than gambling as you are assured that the value of the coin will rise over time the rise and fall in the value of the coin is so erratic that it can change in a matter of seconds.
For example the lowest offer for sale in Kenya at 1.00pm on 22 October 2017 for the bit coin was at 654, 000 on the same day at 6.00pm the coin was being sold at 700,000. This is because the demand for the coin was fast raising yet the supply was going down as nobody wanted to sell.
If the fad of digital currency continues to gain acceptance among the youth what will be the consequences for the country cause for every action there is always an opposite reaction. Some of the question that we need to ask ourselves is , will this promote laziness among the youth, or is it ba way for them to earn a living in a country where you are almost assured of non- employment no matter how smart or impressive your academic credentials are if you have no godfather to link you up.
I think most people would concur with me that purchase and sale of digital currency is far much better than our young generation engaging in gambling or coming up with creative ways to swindle people of their hard earned cash through pyramid schemes or advertisement of false jobs where desperate job seekers are asked to send a small amount of money, so that their CV,s can be considered.
The use of digital currency will also see power taken from the hands of the central bank and give to the people as it is un unregulated currency. It will also encourage more people to engage in criminal activities such as drug trafficking and money laundering because payment for conducting such activities becomes very easy.