All About Bitcoin in Nigeria and How to Make Money With It

What is Bitcoin?

A lot of people included me have heard of bitcoin in the past but hardly know what it is exactly and how to use it to make money. Bitcoin in simple terms is simply "digital money," which means it can not be seen, touched, smelled or felt, but can be used to buy things online as it does with your Internet banking enabled ATM cards like Mastercard, Visacard, etc. You can also use offline is some stores that have enabled it as a means of payment, although I do not think we have such stores in Nigeria.

Bitcoin is mainly used by some people, companies and websites in the most developed parts of the world, such as Europe and North America, that Africans do not have a fall of it yet. Companies like Namecheap, WordPress and Reddit, have adopted it, and a lot of high tech guys feel that it is the future of Internet payments. Statistics of Bitcoincharts.com show that by the end of 2013, more than 1,500 million US dollars. Of Bitcoin were in circulation all over the world.

Who created Bitcoin?

According to Bitcoin.org, the first idea for a coin as bitcoin was proposed by Wei Dai in 1998 with the concept called "cryptocurrency," which means "secret coin," but can be interpreted as "safe currency" and was named so because It uses cryptography to create and control financial transactions. Bitcoin's initial specifications and proof of concept were published by Satoshi Nakamoto in 2009 and, as such, many consider him as the creator of Bitcoin.

who owns Bitcoin?

Well, this is complicated, no one owns Bitcoin. Bitcoin is an open source platform without a central authority, Bitcoin software and protocol can be edited by any developer (programmer) in the world, but the edition must be reviewed and accepted by many other developers before being accepted.

Now you may wonder who controls the Bitcoin platform; It is controlled by all Bitcoin users in the world who all have to use the Bitcoin software that adheres to Bitcoin's defined protocols.

How does it work?

To begin, you need to download and install a Bitcoin mobile or computer application that will provide you with a Bitcoin Portfolio similar to Google Wallet, etc. And that wallet allows you to send and receive bitcoins.

Is it safe?

Yes, it is quite airtight due to very high-security measures and very recent technology, but that does not mean that it can not be hacked, I doubt that anything digital can not be.

How do you make money through Bitcoin?

There are two ways to do this:

1. Through speculative buying and selling: Bitcoin is a universal currency which means that anyone in the world can (can choose not to) buy or sell it. The value of Bitcoin as of April 7, 2016, was 1 Bitcoin equal to the US $ 421.64 which is 83,000 Naira in the official CBN dollar at the Naira rate of 197 Naira or 135,000 naira at the current parallel market rate of 320 Naira the dollar.

Like currency trading people 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 they just invented in 2009 bought one bitcoin for only $ 6; their value rose to a peak of about $ 1100 in 2014 then took a dive to less than $ 300 in 2015 and started Upload again as shown in the above chart.

2. Mining for Bitcoins: This is a process in which you use your computer and special mining hardware and software from Bitcoin to compete with several other miners to solve some very complex mathematical problems that serve as protection for Bitcoin transactions. If you are lucky and your hardware breaks a problem, you will be rewarded with a bitcoins usually of about 25 bitcoins per calculation; you can also form or join groups of people to mine in a pool and then share the reward according to the contribution Of each member of the team.

Should you trade at Bitcoin?

Well, I'll speak for myself, I think Bitcoin is still in its early stages and you need a great understanding of how it works before investing in it except that it has a lot of money that you do not mind losing but that does not ' T means you should write it down completely, there are people making lots of money through it. I know there are some Nigerians who treat in Bitcoin; you must tell us your success and stories of failure.

You can get more information about Bitcoin at www.bitcoin.org

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