Personal Finance Explained
Flourish Blockchain is ushering in a new era of Personal Finance. The concept of Personal finance is not new to financial analysts and economists. However, the average joe on the street still finds it complex to understand and particularly why it is important.
According to Anthony G. Lanza of Spectra Investment, Personal finance is made up various parts but can be summarized as budgeting, setting spending and saving priorities, cash flow planning, and efficiently maximizing benefits. Simply put Personal finance is the “ability to control, manage and maintain your own money throughout your lifetime”. Unfortunately, this “ability” has been disabled by banks and government bureaucratic policies using it to their own advantage and by implication leaving thousands and millions of people stagnant below the poverty line.
While millions of citizens work around the clock to make ends meet and save some fortune for themselves towards the rainy seasons. The financial institutions which houses these fortunes lends our money to our neighbors and businesses with high interest rates generating perpetual income in millions and billions while at the end of the day the real owners of the money get minuscule portion of it or none in most cases.
Government’s policy further complicates the matter through excessive printing of fiat currencies causing inflation, and devaluing the money you thought you had kept for your future. These are the factors that has kept majority of the people around the world below the poverty index. We find ourselves often in protest and fighting against government policies that affect out lives but without success. This even get worse in autocratic governance systems disguised as democracy mostly obtainable in third world countries where power is centralized and orders are given to institutions and commercial businesses. They go as far as to determine who gets what, how and when, controlling the commercial banks who then restrict or limit user’s access to their own funds.
This trend is changing around the world, thanks to blockchain for ushering a new era of financial freedom. The Flourish blockchain is building on the legacy of Bitcoin, the first decentralized financial system the world has ever seen not controlled by any central authority. It has liberated millions of people around the world and has given them control of their life. Various innovations have emanated from the success of Bitcoin to further amplify the use of cryptocurrency and ensure ease of use such as the development of fiat backed cryptocurrencies like Statis EUR and USDT.
Despite the abundance decentralized finance offers, millions of crypto fans around the world are not equally represented by the current state of affairs. For instance, Kenya has been observed as a country where the largest peer to peer trade of crypto transaction takes place, Nigeria is second in global ranking of crypto trade after the United States and India’s WaziriX Exchange trades about $43 billion dollars in 2021. Regardless of these huge contribution to the cryptocurrency ecosystem, not one single DeFi protocol is built with Indian rupee as default currency. This is same for more than 50 countries contributing to the global trade volume. The implication is that many more people are left out of this revolution because they find it difficult to interact with DeFi in foreign currency, having to convert each time they need to. In many cases simple miscalculations have led to undesirable outcomes such as less profits than anticipated, none at all, or total loss of funds in extreme cases. Flourish Blockchain offers to bridge this gap by creating a blockchain for equal representation. With Flourish blockchain, more than 150 countries around the world stand the chance to mint their own native fiat currency at will, list them on global exchanges, trade them against other cryptocurrencies and make some fortune for themselves. Local developers can domesticate their solutions by creating DeFi-products that are country specific and explore various other opportunities the flourish blockchain has made possible. We therefore call on developers around the world, to build on flourish protocol and make it theirs to liberate their people from every form of hardship. We also call on cryptocurrency fans around the world to embrace this opportunity to make the world a better place for all.
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