Crypto Currency

This forms a summary of the discussion/debate that occurred as mentioned above. These are views expressed by members of AIDO Global Network in their own capacities. These notes do not follow any particular order but merely follows the discussion as it took place. These notes are not altered and therefor display the actual debates in the Whatsapp group.

Let’s be open minded and prepare for the new digital world. Take online business opportunities to earn income at home. Learn something about crypto currency, trading in CashFX, and stock markets. If I may begin to shed some light on the fast approaching digital era and initiate the ABC on Krypto currency as requested:

Just like at one point riding horses, hyenas or baboons was all the rage and the main means of luxury for those who could afford it, until along came the concept of the motor vehicle that could be propelled by the combined BHP (brake horse power) of 6 horses. People vehemently resisted and rebelled against this new little understood mode of transportation, vowing their allegiance to conventional methods of horses, hyenas or baboons. They very soon became the dinosaurs and last adopters, only ever being driven instead of owners and drivers of their own vehicles. The same happened with the drum, dance and traditional verbal oration of customs, traditions and many aspects of our culture that is still mainly verbally handed down
from generation to generation. This has now been replaced by the introduction of computers, mobile technology and now cloud based systems.

Throughout all of these evolutions Africa has been largely left behind lagging behind the rest of the ever evolving world or playing catch up so to speak, thwarted by frustration at although being extremely intellectually equip, very ill equip from a technological and awareness of the new modus operandis perspective.

Currency is going through the same change that all other aspects of modern civilisation is subject to. Fiat Currencies such as pounds, dollars, euros and other promissory based notes are rapidly being phased out to make way for the little understood digital currencies that comply with the digital era of which this global shut down is the dawn of. Western cash based economies are being crushed somewhat ahead of schedule, to make way for this new digital era which also has its own currency that will be governed by Block chains I highlighted the 2 terms above so you can begin to familiarise yourselves and hopefully research them to increase your understanding of them as part of your ABC that will need to advance very quickly to XYZ if you wish to not be caught out again by what happened with the scheduled Aido Ghana Convention.

The digital era is coming in like a flood, no, a Tsunami, and we as Africans have a small but very important and pivotal opportunity to take hold of our rightful position as vehicle owners and pioneers as opposed to passengers or indeed hitch hikers on the Digital super highway that is being navigated right through our back yard!! What do I mean by this?

Promissory notes and fiat currencies are backed by federal reserve’s bonds etc. of which most have been exhausted, rendering all those currencies virtually worthless. Economists in the forum can expand in more detail on this aspect. The new Digital currencies especially those of the incoming new world order require a solid, tangible asset on which to base themselves also insulate against the former vulnerabilities and unfolding demise of fiat currency today. That solid tangible asset is what lies beneath our feet or indeed your feet in Africa. The gold, the minerals, the land.

Once we wake up to the digital transition taking place and begin taking positions and aligning ourselves with the future which is being prepared now, we can become, drivers, effectors, influencers and even pilots in the navigation of our futures as a continent as opposed to bystanders being affected by other people’s actions and decisions that directly affect us in this global transition.

Kindly in simple English, tell me how it works. Do I need to own gold, minerals or land to have that currency or just a computer or both? I need something easily explainable like prince explained how to ride a baboon so that I do not go with a baboon to the boat in search of the currency in Europe.

Block-chain is the platform which brings cryptocurrencies into play. The block-chain is the technology that is serves as the distributed ledger that forms the network. This network creates the means for transacting, and enables transferring of value and information.

Cryptocurrencies are the tokens used within these networks to send value and pay for these transactions. Furthermore, you can see them as tool on block-chain, in some cases serving as a resource or utility function. Other times they are used to digitize value of an asset.

For business and NGO and you and I there are opportunities like;
➢ Short-listed solutions
Closed-loop voucher app — Customers can support local merchants by loading a voucher or gift card balance from an app that can be spent at any time in the future.
Conditional aid wallet — Transparent pay-out of aid funds to individuals and businesses that can only be spent at specific stores for specific products.
Daily food allowance app — Partner with a local store to distribute credit for people in need.
Paid membership wallet — Customers can commit to a monthly subscription at their local merchants by linking a credit card. The balance can be spent at any time in the future.
Store credit wallet — Merchants can easily open and track a store credit account with an easy to use mobile application for customers to track their balance.
Local drop exchange — Set up a local drop exchange to fairly distribute points for members to only buy what they need.
Personal token app — Tokenize yourself and offer specific skills or resources for others to redeem
Multi-currency Flip between multiple currencies and accounts.
Payments – Send to email, mobile, username, or cryptocurrency addresses.
Currency conversions – Buy and sell currencies directly from the app.
Earn rewards – Earn rewards for completing tasks and making transactions.
Portfolio balance – View your total portfolio balance in your preferred currency.

AIDO my observation is that the technology is rich but needs to be reduced to the level of the peons and peasantry of our kingdoms since it is their coin by the coin and general acceptance that we can take advantage of the crypto blocks.

The beauty of smart ledger is that you can store your assets like. Land titles into smart ledger Keeping track of who owns what pieces of land. You can also trade p2p solar power. If you’re producing a lot, you can sale to your neighbours.

You really must mind your audience for these presentations. They are all flying above my peasantry… How do they evolve from their funeral groups and village SACCOs to this above the cloudy concepts presented in above Oxford dictionary English?

Paid membership wallet — Customers can commit to a monthly subscription at their local merchants by linking a credit card. The balance can be spent at any time in the future

SACCO Have opportunity to use the platform for lending each other Good information but it’s two years old article. The Revolt bank is now accepting trading and withdrawal of the Bitcoin from your own Bank account at the same value as ££, started this week. Yes, it’s not regulated, I assume that’s why is not making news yet

There are 2 levels to the digital transition. The personal or individual level and the collective or country level. I personally am more interested in the country level as that protects millions of lives and ensures a financial future we control, but for the purpose of simplicity let me start with the personal level. There is a scripture that states ‘the Wealth of the Wicked is laid up for the righteous’ well we are in that time now, but we have to leave our comfort zones and be positioned to access it!

On a personal level, the first and easiest step to harnessing and learning the power, flexibility and earning potential of digital currencies secure a digital account and participate on a digital platform. The objective is to safely introduce you to the weird and wonderful world of Krypto Currency, affording you the opportunity to earn while you Learn. Baby hyena style

How do you do this?

You register with a trusted global platform that is well established within the digital space and purchase a small package enabling you to actively participate in Forex trading. The forex market is the largest and most liquid market in the world with a daily trading volume of over 5.3 Trillion dollars You access this space through leveraging the seasoned expertise of professional Forex traders, who utilise and manage a powerful combination of proprietary Robots, AI technology, Algorithms and Expert Advisors.

These tools, managed by top experts you have full access to, are deployed on your behalf to achieve trading returns of between 1 & 3% a day. Max of 15% a week. Prior to lockdown since September when I started we have consistently received an average of 2% a day, 5 days a week, providing an overall income of 40% a month on my funds.

Since lockdown we have still consistently maintained approximately 1-1.5% a day giving us a monthly average of between 20 & 25% a month. Starting with just $500 last September, Using the leverage of the advanced technology, expert professionals and extremely robust risk management systems, I have managed to personally accumulate just under $40k passively, while I slept, with very minimal understanding or knowledge of trading or Krypto currency. This is a very basic and ongoing example of the numerous opportunities, economic independence and financial security the Digital era presents on a personal or individual level

Block-chain is becoming the go-to technology for banking the unbanked. The most common reason for this is due to the lack of required identity credentials along with the absence of a credit rating/financial history. You can sign up SACCO members By combining both biometric and distributed ledger technology, people can link their thumbprint to their identity. By combining evidence of someone’s credibility, users have better access to obtain a microloan which can provide them the opportunity to become more financially stable. Examples of evidence for proving ones’ identity could be land ownership, vaccinations, remittance income, microloan history ect. Also for the SACCO if it’s Agricultural it can use the Food chain tracking ledger system.

Any type of food in the world (Rice, Fish, Vegetables, Bread, Wine, Juice etc.) undergoes a ‘many stage’ process before it reaches the plate of a consumer in a restaurant -or- a Can in the retail store -or- a meal box served in an airplane etc. *supply chain. Like current requirements for EU export market

By SACCO do we mean what we call a Cooperative in other countries? Yes Food being food, has a short shelf life and it needs a lot many quality steps to be taken care of, in each step of the process. Even a slightest mistake in any stage can result in the food item getting spoilt and create a disaster! (Just imagine if the food supplied to passengers in an International Aircraft is spoilt. It can result in passengers getting sick and may require to even do an emergency landing to hospitalise people…. That results in huge loss for the aviation company and the reputation of the aviation brand going bad overnight).

When block-chain is employed in the entire supply chain process of any food, it enforces strict automatic audit in each stage. And anything going wrong in a particular stage of the process can be traced instantly and corrected. And, In the event of something going wrong, the ledgers can be queried to find exactly in which stage the mistake occurred, on what date and time, the person responsible, the batch of food that is affected etc.

We need Aido Kenya to invite us to learn more about Saccos / Cooperatives. They have mastered these very well. We also have a possibility of establishing a Cooperative Bank could this be linked to Aido Coin? Is that correct? In SA. Yes you have to register with the CRB. It’s a virtual coin. Note in gold or silver The value of the coin determined by the High level of the mining technology used and who is backing it up as explained by Dr Vivo I am not sure if you addressed a comment made that you must be mindful of your audience

Good value chain tracking is without debate very important but lacking at least in Uganda. The ABC of escape establishing that is critical SACCOS as you described are equivalent of cooperatives but in Uganda a majority are credit rather than savings led, most often formed with expectation of getting handouts from government and as such suffer from high infant mortality rates. Wazalendo of the UPDF seems to be strong and Exodus of Uganda Police force, though with teething problems here and there.

Besides in Uganda BOU needs to include all offering financial services as members of the CRB. But the last time I was involved it was only institutions licensed by BOU Crypto is stored on wallet. You can convert your Fiat currency on the Credit card or Debit .by buying crypto currency. Then you can trade with it as @Vivo explained In one of the districts in Uganda where Crypto currency business had picked up, those who understood the modus operandi in the computerised business accounting and the developments in the fast growing world, joined the business only to be arrested by those in the political circles who possibly had no idea on the crypto currency business. Any assurance on sensitisation of the member countries governments if possible.

Then any leeway on possible transactions using mobile phones (Mobile Money)? I have answered it. As you notice the 2 SACCO as public servants with steady income and verified customers Traceable bank accounts So using the block-chain technology it’s possible to bring others *unranked. Most use mobile money accounts Thank you so much David for taking up the baton and expanding more on the role of block-chains and associated digital assets. Thus accelerating the journey to at least EFG. Destination XYZ is the key but time is not on our side right now.

Re: the Aido coin as a digital currency it will require collective cooperation and collateral to establish and support it in terms of land and assets. There is no room or indeed time for individual agendas. This change is happening right now and is about to be launched.

The big guns are coming for the land and the assets to prop up their digital currencies and they are not coming to ask nicely ‘would you mind giving us your land

so we can use the minerals they contain to secure our digital assets’. They are coming with vaccinations, bribes and swathes of surreptitious means to persuade leaders to give up their people and essentially anything that stands in the way of them accessing the land and the well needed assets to support their new world plans.

The individual agenda will provide some autonomy and be sustained by the model I mentioned earlier with regards to leveraging the trade expertise etc which is a key pathway to accumulating passive wealth the way rich & wealthy people dont prostitute their time for money but instead send their money to work for them. A digital Aido coin backed by the land and the assets therein will give us the leverage, financial clout and negotiating power to sit at the table, discuss and partake in decisions about how the future will look for Africa. Any other discussion leaves us flat on our butts or as hitch hikers trying to catch a ride from a high-speed hyena whizzing through our own back yard.

Published Miss Thembi Mahuwa, Aido Online Content Administrator

Aido Special COVID -19 edition - April 2020
Progressive Africa volume 2