Utmost Cautiousness!

More so as the innovation is reportedly charming overzealous citizens whose unbridled quest for wealth may push them to embrace just anything without reflecting.The brainstorming of sub regional experts commissioned by the Bank of Central African States (BEAC) on the viability of the financial novelty, after the Central African Republic became the first CEMAC country to legalise bitcoin as legal tender, speaks well of likely invisible dangers in which followers could get trapped if they embrace the innovation blindly.
Inasmuch as the cryptocurrency is said to possess potentials to modernise the financial and economic sectors, serious care still has to be taken on how people go about it. For, the fact that it operates free of any central control or the oversight of banks or governments and that it relies on peer-to-peer software, gives room for the good, the bad and even the ugly.   
While proponents say the innovation heralds better transaction cost and speed, is accessible, secured and offers room for privacy and transparency, sceptics hold that it is possible to lose your virtual wallet or delete your currency, that there have also been thefts from websites that let users store their cryptocurrency remotely, the least of which is not the fact that the value of cryptocurrencies can change significantly within a short time. Even if the other inconveniences could be minimized, the fact that the cryptocurrency market is not yet regulated shows the high risk involved in venturing. It is true that any business activity involves risk-taking, but people who struggle to earn money almost always want to minimize risk and maximize profits. There is thus need for all and sundry to show proof of prudence.
The quest for easy gain shouldn’t drive people into ruin; at least not again after all the pains. Cameroonians have certainly not yet forgotten the Mida saga in 2018 which crumbl...