Bitcoin is becoming more popular in Nigeria as a means of investment and payment. The Nigerian government has not yet released any regulations regarding Bitcoin, but the Central Bank of Nigeria has warned Nigerians about the risks of investing in Bitcoin. Despite the risks, many Nigerians are investing in Bitcoin, as it offers a way to make money without relying on the Nigerian government or banks. There are a number of Bitcoin in Nigeria exchanges available in Nigeria, and more businesses are beginning to accept Bitcoin as payment.
History of bitcoin
In 2008, a mysterious individual or group of individuals using the name Satoshi Nakamoto proposed the digital money and payment system known as Bitcoin.
The decentralized system that is Bitcoin lacks a central authority or middleman. Peer-to-peer transactions take place without a mediator, directly between users. These transactions are then cryptographically validated by network nodes and published to a blockchain, a publicly accessible distributed ledger.
As compensation for the mining process, bitcoins are created. They might be traded for products, services, or other money. Over 100,000 shops and vendors accepted bitcoin as payment as of February 2015.
Since bitcoin is pseudonymous, funds are linked to bitcoin addresses rather than actual people or organizations. Although the owners of bitcoin addresses are not expressly disclosed, all blockchain transactions are open to the public. Additionally, “idioms of use” (for instance, transactions that spend coins from multiple inputs suggest that the inputs may share a common owner) and correlating publicly available transaction data with known information on the owners of specific addresses can be used to link transactions to specific people and businesses.
Benefits of bitcoin
There are many benefits of Bitcoin, including its ability to store value, its decentralization, its immutability, and its security.
- Bitcoin is often called ‘digital gold’ because it shares many of the same properties. Gold is scarce, durable, and has a long history of being used as a store of value. Bitcoin is also scarce, durable, and has a long history of being used as a store of value. Bitcoin has many advantages over gold.
- Bitcoin is more divisible than gold. You can divide a gold bar into smaller pieces, but each piece will still be worth a lot of money. With Bitcoin, you can divide each BTC into 100,000,000 smaller units. This makes Bitcoin more useful for everyday purchases.
- Bitcoin is also more portable than gold. You can carry gold with you, but it’s not very practical. With Bitcoin, you can store your BTC on your computer, your smartphone, or on a piece of paper. You can also send Bitcoin to anyone worldwide instantly and for free.
- Bitcoin is also more private than gold. You must go through a middleman, such as a bank or a broker when you buy gold. With Bitcoin, you can make peer-to-peer transactions without any intermediaries.
- Bitcoin is also more secure than gold. Gold can be stolen, but Bitcoin can only be stolen if you give your private keys to someone else. Even then, you can use Bitcoin’s built-in security features to recover your stolen Bitcoin.
Overall, Bitcoin has many advantages over gold. It is more divisible, portable, private, and secure.