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|Bitcoin In Nigeria "Essential Things To Know" by chimoskyg(m): 8:06pm On Dec 29, 2016|
Most often when i talk about Bitcoin as a form of digital currency among some youths in Nigeria they seems to be confuse while some will say they have not heard of it with lot of questions ranging from what Bitcoin is, it acceptance as medium of exchange to it inventors.
While some still find it difficult to believe when i said, Bitcoin can be used for a whole host of things electronically, such as buying lot of goods from different online shops, paying bills and most especially for investments and trading.
What is Bitcoin
Bitcoin is simply a form of digital currency, created and held electronically using Web wallets such as Blockchain.info. Bitcoins can not be printed, like other currencies such as naira, dollars, yen and euros. Bitcoins are produced or mine by people.
According to Wikipedia, Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.
Bitcoin And Other Normal Currencies
Bitcoin like other normal conventional currencies such as dollars, naira, yen and euros are also traded digitally. Thus, Bitcoin most important advantage to other normal currencies
is that it is decentralised in the sense that no single institution controls it network. Therefore, people transact at ease, with the believe that no central bank will control their money.
Another important advantage Bitcoin has is it independent of any central authority, transferable electronically around the World with low transaction fees and instantly.
The Price and Value of Bitcoin
The price of a Bitcoin is simply its monetary cost. The cost of Bitcoin has been varying reasonably upward from huge fluctuations since its beginning in 2011, when it was sold for few cents, and sice then the price has been on the increased each year until its highest at $1200 per Bitcoin in 2013.
Read also; BITCOIN: NDIC And CBN Are looking Into Digital Currency
The Bitcoin value consists of its network, innovation and its features which made it usefulness and can not be reduced to a single element or feature. The value of Bitcoin's sole purpose is being a payment, storage and accounting network which is clear from the fact that users are willing to buy Bitcoins, transact in Bitcoins as well as use its networked ledger. The following concepts makes Bitcoin valuable; Technological value, Social value, secured value, Scientific value, Network value e.t.c.
Getting a Bitcoin wallet
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