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What is Bitcoin
Bitcoin just like your local fiat naira is a currency but in an electronic format in other words it is a cryptocurrency that is used as a payment system.How Is Bitcoin Different From The Local Currency
Bitcoin is a decentralize peer to peer currency that is not centralized to any country or individual and it can not be controlled by any government, bank policies so it can be used anywhere in the world
Origin of Bitcoin
Bitcoin was introduced by an anonymous individual or group with the name Satoshi Nakamoto who revealed the idea of the currency on a cryptography mailing list dated back in 2008.In 2009 Nakamoto fully established and generated the first batch of bitcoin which was based on mathematical proofs which clearly shows they can be only 21 million bitcoin ever.
bitcoin is printed and and circulated by specialized computer users known as the miners who verify and confirm every transaction on a public ledger called the blockchain.
How Is Bitcoin Price Determined
The bitcoin price in the market similar to our local currency is not fixed it also fluctuate but its price is contolled by the law of demand and supply when the first bitcoin was generated it value compare to 1$ was 1,309 bitcoin bitcoin very cheap at that time but as time flies and the demand for it start rising, the price began to shoot up and in 2013when it became popular 1bitcoin was equal to 1,200$ presently the value of bitcoin is over 1,500$ as at the time of writing this.
What can Bitcoin Be Used for
As a newbie in the crypto world you might b asking your self what can bitcoin be used for like i said earlier bitcoin is anew payment system
very fast and quick an is not centralized to any bank polices or whatsoever edict.
1. Bitcoin is a very cheap means and secure alternative to money transfer to any place any time in he world compared to old fashioned international transfer method SWIFT, Western union and others
and due to the high conversion rate of the USD to naira and costly exchange fees
2. With your bicoin you dont need to worry about having a credit card or paypal that is restricted to certain countries you can pay for goods and services, shop for anything you want online, book a flight, book hotel, fund your forex and lot more.
Bitcoin is the real deal the answer to the rise and fall of our naira.
The First Bitcoin Transaction
The first bitcoin transaction occurred when someone residing in Florida offered 10,000 bitcoins to anyone who would order him a pizza and one lucky user in London agreed and make
the phone call to order for the pizza the man requested. funny right! but that's the first bitcoin transaction.
Bitcoin is abbreviated BTC and has the symbol
it also has smaller unit other currency the smallest is name after satoshi who invented it.
Bitcoin is the basic of a financial revolution and its never too late to get started with it.
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Hello,
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You can also sell other cryptocurrency how the ETH and BCH ...
Cordially
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