Originally posted 2017-07-11 14:21:47.
WHAT IS BITCOIN?
BITCOIN is an e-currency that is globally gaining recognition as a means of exchange for goods and services. Although the financial institutions in Nigeria are not readily responding to this new invention in technology, so far only STANBIC IBTC accepts bitcoin for now.
meanwhile, it is easy to convert your naira to bitcoin and also your bitcoin to naira through the bitcoin partnership with STANBIC IBTC. You can transfer your naira to any desired desired bank,meanwhile it is not compulsory to have STANBIC IBTC account because its something you can sell online once you indicate that you have it and wants to sell it since people are looking for a way to acquire it due to its increasing value.As of today 1btc is $707, currently visa is working on launching Bitcoin credit/debit card worldwide by next year; this will not only increase its recognition but will make it more common for commercial purpose and online transactions. currently the high demands for Bitcoins has continuously cause it to keep rising against the dollar and it has been accepted as a legal tender in most countries of the world thereby making it useful in international and intercontinental trades. It is believed that Bitcoin will play a very important role in bridging the gap between naira and dollar as well with other currencies.
In other words, Bitcoin is an example of cryptocurrencies. A Cryptocurrency is a digital currency that can be used for transactions and exchange over the world. Other examples of cryptocurrencies are PAYZA, ONECOINS, BILLION COINS, ETC. for the past few weeks now, Bitcoin has kept increasing against the dollar, forcing the dollar to keep rising.
TREE WEEKS AGO;
1 BTC = 638 USD
1 BTC = 704 USD 5:52 AM
Cryptocurrency is simply a digital or virtual currency. It is the direct opposite of fiat currency or paper money.
Digital or cryptocurrencies are used for online transactions and payments. Bitcoin, Onecoin,Litecoin,are a just few examples of cryptocurrencies while Pounds, Naira,Dollar,Euro, etc are examples of fiat currencies or paper money.Among all these money, Bitcoin is the one with the highest value and indeed, the most acceptable in the global arena.
The History of Bitcoin started in 2009 when a Japanese man named, Satoshi Nakamoto incensed by his perceived anomalies and exploitation, invented the pioneer cryptocurrency called bitcoin. In other to get the people to accept the Bitcoin and use them, they had to invest in mining the digital currency. This was achieved by inviting people in the mining of the coins. But central banks and commercial banks fearing that it would succeed in creating an alternative currency, which could threaten their relevance and their existence, they initiated sponsoring of reviews & articles that is against the Bitcoin and its founder. Hence the unscrupulous journalists and bloggers were willing tools that were used in dissuading people from investing in the pyramid schemes. This scared away a lot would-be investors.
However, there were those who took the risk and invested in Bitcoin in 2009, at a starting price of 10 cents. By the year 2013, the price of bitcoin had moved from 10 cents per coin to $200 per coin, thereby creating phenomenal fortune for all the early miners. Nobody lost their investment, rather all become millionaires and multimillionaires depending on the amount they invested.