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Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies - Business - Nairaland

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Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Officialhorlah(m): 12:28pm On Feb 06, 2021
Nigeria is the latest country to ban cryptocurrency trading as announced on Friday by the Central Bank of Nigeria.

The CBN ordered banks and financial institutions to block bank accounts trading in cryptocurrency , stressing that failure to comply to the directive attracts severe regulator sanctions.

Meanwhile , here are five things you didn't know about cryptocurrency :
1 . Cryptocurrency is digital money which can be used to buy goods and services. It exists online which means it doesn ’t appear in physical coins or bills.

2 . Bitcoin is the first cryptocurrency and was created in January 2009 by a mysterious person or group known as Satoshi Nakamoto. One Bitcoin sells at N15 m as at the time of filing this report .

3 . Once you lose your address to your crypto wallet , you automatically lose all the money in your wallet . Simplilearn estimates that 60 per cent of cryptos are ghost because their owners have lost the address.

4 . Cryptocurrency has been banned in Nigeria, China, Bolivia, Nepal , Bangladesh, Ecuador, Morocco and Iran.

5 . Cryptocurrency value Is extremely volatile , according to Express Computer. Just like a normal share market, there are a lot of external factors that have a direct impact on the value of Crypto money. They are super volatile and really depend on your sense of trading. The value can swing dramatically which is sometimes in your favour and sometimes terribly against it. Its digital-only presence and risk factor is why people choose to steer away from it.

https://punchng.com/five-things-you-didnt-know-about-bitcoin-other-cryptocurrencies/

26 Likes 7 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Molahnelson(m): 12:51pm On Feb 06, 2021
It has a consensus mechanism

It use hashing algorithm

It is distributed Ledger technology

58 Likes 3 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by inoki247: 12:53pm On Feb 06, 2021
Just say we should start rearing Cow..

Let's Embrace Cowtocurrency...

Me I sha know on Judgement day when people get to heaven Gbas Gbos go shele dat Angel wey dey direct people to Nigeria go get issue.....

188 Likes 16 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Nobody: 12:55pm On Feb 06, 2021
buhari hate it
buhari prefer cows to it

22 Likes 2 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by festacman(m): 12:55pm On Feb 06, 2021
The same old info.

7 Likes 2 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by LMS1(m): 1:21pm On Feb 06, 2021
Bitcoin When Me, Slawomirr And Bnaira The Use Ball Steadily Steadilygrin
Government Just Dey Jealous Say One Bit Coin Pas Minimum Wage Of A Worker In 10yearsgrin

65 Likes 2 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by AFULA(m): 3:31pm On Feb 06, 2021
okay
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by NwaNimo1(m): 3:31pm On Feb 06, 2021

88 Likes 14 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by OneKinGuy(m): 3:31pm On Feb 06, 2021
Noticed how poor countries are the ones banning Bitcoin?

130 Likes 11 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by mach7(m): 3:31pm On Feb 06, 2021
Interesting information.

No 6. Elon Musk likes Crypto grin

46 Likes 4 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by SavageMaster: 3:32pm On Feb 06, 2021
Instead of trading bitcoin, why not buy and hold it for some years.

52 Likes 5 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by datola: 3:32pm On Feb 06, 2021
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Nobody: 3:32pm On Feb 06, 2021
I already knew these five things. Tell me something else I didn't know.

Lubbish.

37 Likes 3 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Lanre4uonly(m): 3:32pm On Feb 06, 2021
Ok. It is noted.
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Abigirlsuen: 3:32pm On Feb 06, 2021
Interesting

4 Likes

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Great100000: 3:32pm On Feb 06, 2021
#BringBackCryptoCurrency undecided undecided undecided cry cry cry

5 Likes 2 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by datola: 3:33pm On Feb 06, 2021
Officialhorlah:


https://punchng.com/five-things-you-didnt-know-about-bitcoin-other-cryptocurrencies/

4 . Cryptocurrency has been banned in Nigeria, China, Bolivia, Nepal , Bangladesh, Ecuador, Morocco and Iran.

The bolded speaks volume.

13 Likes 1 Share

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Nobody: 3:33pm On Feb 06, 2021
Ok
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Debodimeji01(m): 3:33pm On Feb 06, 2021
Officialhorlah:


https://punchng.com/five-things-you-didnt-know-about-bitcoin-other-cryptocurrencies/

Make we dey look them all...

Na to look for another routes wire BTC and funds na...

Boys aren't smiling.

5 Likes

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Magnumproperty: 3:33pm On Feb 06, 2021
Crypto crypto. Just when I am about to start trading.

6 Likes 2 Shares

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by younglleo: 3:33pm On Feb 06, 2021
We've heard, wat else?
Will it make Buhari reconsider his cowish decision?

5 Likes

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by beloved961(m): 3:33pm On Feb 06, 2021
undecided
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Daniel058(m): 3:33pm On Feb 06, 2021
COWTOCURRENCY TO THE WORLD..



I LOST A WALL LOGIN WHEN crypto was @ less than $15k /Bitcoin ( lil amount was in it though)

angry That 1 don waka
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by GMBuhari: 3:33pm On Feb 06, 2021
Really??
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Great100000: 3:34pm On Feb 06, 2021
BitCow

1 Like

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Dagger111(m): 3:34pm On Feb 06, 2021
Pls, i have 4 Bitcoin, who is interested in buying for God's sake. This ain't a joke pls.

9 Likes 1 Share

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by eagleonearth(m): 3:35pm On Feb 06, 2021
What will happen to our own Luno/Roqqu now?

1 Like

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by Racoon(m): 3:35pm On Feb 06, 2021
The irresponsible and suppressive government block forex and now block cryptocurrency.In so much that there are a security concerns as regards illicit cash inflow that need to be regulated, there is already a generalised state of insecurity nationwide & globally.

5 Likes 1 Share

Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by realstars: 3:35pm On Feb 06, 2021
Na So?
Re: Five Things You Didn’t Know About Bitcoin, Other Cryptocurrencies by beardedboy(m): 3:35pm On Feb 06, 2021
Simplilearn estimates that 60 per cent of cryptos are ghost because their owners have lost the address.

Imagine this!
Meaning that the guys behind btc are mining people's wealth steady.

Personally, I think Nigeria has done well to ban btc. A country battling with cybercrime and embezzlement should stay far away from a cryptic system that makes it difficult to track the owners of wealth.


Molahnelson:
It has a consensus mechanism

It use hashing algorithm

It is distributed Ledger technology

These jargons are the main reason why I dislike the stuff.

Many people doing bitcoin trading sef don't know how it works. They only follow the crowd.

35 Likes 6 Shares

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