So there i was one faithful afternoon having a discussion with a friend of mine when he popped the question, what in the world is bitcoin? I tried to reply but realized that my response was shady. What really is a bitcoin?
After an extensive research, i found out that a bitcoin is a digital currency that was first processed in 2009, by an anonymous person using the alias Satoshi Nakamoto. It can be used to conduct business outside the typical financial system. It is not printed. It is more like “cash for the internet”. This means that it is not controlled by banks or the government.
How Bitcoin Works.
To get started, one has to install a Bitcoin wallet (kind of the equivalent of a bank account) on a computer or mobile phone, it will give you a Bitcoin address. This address can be shared with your friends so that they can pay you or you can pay them. The wallet keeps a private key, which is used to sign transactions. The private key provides a mathematical proof that the transactions were performed by the owner of the wallet.
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 can I get Bitcoin in Nigeria?
There are a couple of websites that claim to ‘sell’ the Bitcoin. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. A few in Nigeria are nairaex.com, localbitcoins.com, nairaswitch.com among others.
Note: Reports reaching us that Hostnownow, a Hosting company are the first to accept bitcoin payment for web hosting in Nigeria.
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