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Everywhere you turn your head, there is an influx of information about bitcoins around us. Investors, entrepreneurs and stock traders, financial advisers, are daily flooding our heads, leaving us confused about its meaning. In simplest terms, Bitcoin is the oldest and most valued cryptocurrency, it is a digital currency that is not controlled by a central authority, for instance, banks or the Federal government. About more than eight years old, it was created by miners, who made use of computers and specialized hardware to process transactions, secure the currency’s network and collect bitcoins in exchange. It is a peer-to-peer electronic cash system. It is referred to as the money of the internet, as it arises, from a  digital revolution, that has given us an internet of value, channelled to change the world of finance and the global economy. People make use of bitcoins to buy stuff online. Many people are, however, unsure of the idea of inventing currency because it looks like the latest “MMM”, internet fraud around. On the 2nd of January, Financial Watch Nigeria reported that the Central Bank of Nigeria has shown a keen interest in this digital currency.  They had previously, put together a committee to make an in-depth study of Bitcoin, as it seems that a lot of Nigerians have started patronizing digital currency. It appears to be more valuable and favourable, when compared to Naira.  This is because it has a stable exchange rate as long-term holders are unlikely to predict a crash in value than when using Naira, which changes swiftly with political movements and commodity price. To engage in using bitcoin, it is best to get a bitcoin wallet, and this anyone can do on the web, an example is Blockchain.info. Bitcoin is purchased from peer to peer among users around Nigeria, but there are official platforms that can be used.
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This article was first published on 18th January 2018

adepeju

Adepeju Adenuga is a writer (considering where you are reading this, makes perfect sense). She holds a Masters Degree in Literature in English from the University of Lagos.

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