Bitcoin: All you need to know at a glance…

Money is imaginary. I don’t mean this is a make belief (holding money in your hand) What I mean is when you compare it to this other piece of paper (holding a place piece of paper of the same size as the money in your other hand), What is really the difference, well one is a recognised currency while the other is not and the reason is that people agree that this piece of paper is a naira and it has the value. That is where money’s value comes from. We all pretend it’s a currency.

This is the reason why the digital currency Bitcoin appeals to most people. You see it is the first decentralized currency this means that it is not tied to any political system, government or institution, therefore it cannot be controlled by them neither is it vulnerable to any their failing such the economic collapse of the dollar in 2008 or the naira in 2016, all it needs Is for people to believe in it.

For you to accept bitcoin is money, you have to know how it works, that is why today in Nigeria bitcoin community I am going to establish some fact on bitcoin to better inform your knowledge of it.

Now bitcoin basically is virtual money you can spend and earn online. It does not have a physical representation, though you can convert it to any other currency. It mimics real world limited resources like gold, for instance, it’s also a cryptocurrency which means it’s encrypted in a way that prevents it from being copied. Every Bitcoin transaction is recorded using a blockchain, the blockchain acts like a ledger encoded onto the bitcoin itself this prevents people from spending the same bitcoin more than once since everyone else on the bitcoin peer to peer network knows that it has just been spent.

This is how you can own bitcoin; Apart from exchanging your naira or dollar or any other currency for bitcoin, you can receive it as payment for goods and services as at 2015 over 100,000 merchants are already accepting Bitcoin worldwide, you can also mine bitcoin. Yes, you can mine them just like gold. bitcoins are mined not by using axe and shovel or powerful machinery to excavate the earth but by powerful computers.  Like gold, the more people mine bitcoin, the less there are to be found. What you do with the powerful computer is that you attempt to solve complex mathematical problems for example if the problem is something like w­­­­ +y =11. If you can figure out what w and y are, you earn a bitcoin. With little competition, the problems are easier to solve but when the number of bitcoin miners’ increases, the problem becomes more difficult. So also if the number of miners reduces, the problems become easier again, this ensures flow is steady, the value is boosted and it remains inflation proof. not all bitcoins are mined yet but all will be mined by 2140

  1. Leon Luow, Nobel Peace Prize nominee

“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments

As a recommendation, I will suggest you instead of saying your money in the bank, you should start saving it in bitcoin. bitcoin price is increasing daily. it has tripled in the last 6 months alone. so start by saving your money in bitcoin. To go more into understanding bitcoin, you can take our bitcoin education program. the training is totally free of charge. click here to get started.

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