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WHAT IS BITCOIN? All you need to know about Bitcoin in Nigeria

Posted: 12 January, 2017 at 10:56 am
WHAT IS BITCOIN? All you need to know about Bitcoin in Nigeria
WHAT IS BITCOIN? All You Need To Know About Bitcoin In Nigeria Photo 1

What is bitcoin?

Bitcoin is a new currency that was supposely created in 2009 by an unknown person Satoshi Nakamoto.

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users' transactions private, it also lets them buy or sell anything without easily tracing it back to them.

What can i use bitcoin for?

You can buy webhosting services, pizza or even manicures.

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they'll go up in value.

How to get Bitcoins in Nigeria?

“bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Nairaex is the most reliable bitcoin exchange in Nigeria.

Bitcoin Transfers

WHAT IS BITCOIN? All you need to know about Bitcoin in Nigeria

People can send bitcoins to each other using mobile apps or their computers. It's similar to sending cash digitally.

Creating or Mining Bitcoin

People compete to “mine” bitcoins using computers to solve complex math puzzles.

A winner is rewarded with 25 bitcoins roughly every 10 minutes.

Storage

WHAT IS BITCOIN? All you need to know about Bitcoin in Nigeria

Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user's computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. You can create your Bitcoin wallet within minutes at Block chain.

Adversity of using Bitcoin

Keeping Wallet in cloud: Servers have been hacked. Companies have fled with clients' Bitcoins.

Keeping wallet on computer: You can accidentally delete them. Viruses could destroy them.

No one knows what will become of bitcoin. It is mostly unregulated, but that could change.

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