Bitcoin is a kind of digital currency.There are other digital
currencies like Bitcoin. E.g: dogecoin,litecoin but Bitcoin is the
most popular and valuable. There's a smaller denomination of
Bitcoin called Satoshi. About I million satoshis or more will make
one Bitcoin. So the websites called Faucets give out satoshis that
will make up to bitcoin if you hv enuff of them. One bitcoin is abt
240 dollars. And one dollar is abt 199 naira.There was a tym abt
last 2yrs when one bitcoin was abt 1000 dollars.
So the price can go up again. Just imagine if someone has abt 10
bitcoins,and the price goes up. You know what that will mean.
Bitcoins are stored in wallets;much like the physical banks used in
storing physical cashes. Only that the wallet is digital, It's not
physical. It is generated by computer. You'll need a wallet to store
ur bitcoins. Only you will have access to your wallet.From your
wallet,you can transfer bitcoins to people or exchange it for dollars or
naira,or receive bitcoins.
Now understand that bitcoin is seen as d future of currency;though
it's still a kind of new concept,especially in africa
But there so many exchangers around the world and even in Naija
here you can xchange ur bitcoins with.
There are many of them. One good one is TRUEXGOLD.
They exchange digital currencies like Bitcoin, Depends on how u
arrange ur transactions with them. They can transfer the
equivalent of the amount of Bitcoin you have directly to ur bank
account in Naija here
TRUEXGOLD as far as I know is a trusted company. Another thing
is that the wallet gives u a Bitcoin address unique only to you.The
bitcoin address is much like the local bank account numbers. If I
want to send you bitcoins now,you'll hv 2 gv me ur bitcoin
address,then I'll send it to you and it will enter ur wallet. There are
some websites that give out some small amounts of Bitcoins.
These websites are called FAUCETS. I'll introduce you to these
faucets as time goes on. First you will need a bitcoin wallet. Ask any questions you have here.