Bitcoin in Nigeria - What is Bitcoin?

Bitcoin - What is Bitcoin? 

Bitcoin is a now a popular currency created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures, airtime etc

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.

Transfer?, People can send bitcoins to each other via mobile apps or their computers. It’s similar to sending cash digitally. And in mining aspect, People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.

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. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

Wallet in cloud: Servers have been hacked. Companies have fled with clients’ Bitcoins.
Wallet on computer: You can accidentally delete them. Viruses could destroy them.

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. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

Bitcoin in Nigeria

Bitcoin in Nigeria has become one of the most traded currency in our community at large which has the highest value in market. In Nigeria, bitcoin is only used to either shop online or convert to naira. Beside that, there are some international web hosting companies that make use of bitcoin as one of their payment option of method. In Nigeria, btc can't be spent at anyhow places.

Countries that Make Use of Bitcoin are : 

  • Estonia
  • Denmark
  • Uk
  • United States
  • Sweden
  • South Korea
  • Netherlander
  • Finlands
  • Canada
  • Australia 

How To Earn Bitcoin 

Bitcoin as a popular currency can be made of earned in any country but not allowed to be spent in some countries but will be allowed to converted to local currencies. Ways in which you can earn bitcoin are : 

  1. Buying and Selling: Bitcoin is a universal currency which anyone in any country can transact. Buying and selling or bitcoin is a way one can earn bitcoin. For instance, according to the 2016 update on zealmat, Bitcoin’s value as at 25th November 2016 was 1 Bitcoin equal to 737.94 US Dollars which at the official CBN dollar to Naira rate of 314.75 Naira is 232,266 Naira and 346,832 Naira at the current parallel market rate of 470 Naira to a Dollar.  Just like people trade forex by speculating that some currencies will rise, you can also speculate with Bitcoin because the value increases or decreases with certain trends and events. For example, people who bought bitcoins when it was just invented in 2009 bought 1 bitcoin for just 6 dollars, its value rose to a peak of about 1100 dollars in 2014 then took a nose-dive to less than 300 dollars in 2015 and started rising again as seen in the graph above.   
  2. Bitcoins Mining: is a process where one use computer and special Bitcoin mining hardware and software to compete with several other miners to solve some very complex mathematical problems which are used to serve as protection for Bitcoin transactions. If you are lucky and your hardware cracks a problem, you will be rewarded with some bitcoins usually about 25 bitcoins per calculation, you can also form or join groups of people to mine in a pool and then share the bounty according to each team member’s contribution.
  3. Bitcoin Ad Networks: This is for the bloggers. There are some bitcoin as networks you can earn from out there. You can search them on Google or let me recommend one for you via the comment section.
  4. Click Add Gets Bitcoin: Another way of earning free bitcoin is by clicking some advertiser ads. Search Google for platforms that does this. I can also recommended a trusted ad clicking site for you that will pay you in btc. 
  5. Bitcoin Schemes: Bitcoin Scheme is another way one can earn free bitcoin from anywhere. There are many bitcoin scheme online where you can invest you btc and you will get interest at the end of the day.
  6. Receiving money for sold products in bitcoin 

Where to keep your bitcoin. 

Before you go into bitcoin, you must have a bitcoin account popularly known as bitcoin wallet. This is like a bank that is going to keep your bitcoin in safe hands. Blockchain is a very good platform that helps create a bitcoin wallet online.

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