Bitcoin Explained in Simple Words for Nigerians

What is bitcoin

Bitcoin is a form of digital currency similar to webmoney, perfectmoney & libertyreserve. The only difference is that bitcoin is decentralized and not controlled by any central authority like banks, governments & corporations.

How does Bitcoin work 

Bitcoin is powered by a technology called blockchain which is a public ledger that records every bitcoin transactions and visible using a tool called blockexplorer by searching for bitcoin address or transactions id. Bitcoin is secure and anonymous because personal information are not associated with bitcoin and due to it’s advanced technology Bitcoins can’t be counterfeited with only 25 million ever be created.

Sending and receiving bitcoin works very similar to email, you only need the address of the person you want to send the bitcoin to, no need for names & addresses. Bitcoin is very fast has low fees compared to other payment methods, like western union, moneygram & paypal. The cost of sending bitcoin is $0.02 or 3.98 Nigerian Naira to anywhere in the world.

Bitcoin wallet

To get started with Bitcoin, you need to create a bitcoin wallet. Bitcoin wallet is a place that you store, receive and send bitcoins. Unlike banks, bitcoin wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds.

You can get bitcoin wallet on your mobile phones, computers, hardware or paper wallet and online wallet. Just like there is different types of email providers, gmail, yahoo etc. You can choose which bitcoin wallet provider you like, we recommend Blockchain or you can pick your choice at

Getting bitcoin

Mining bitcoins is very hard to do nowadays because a lot of people with bigger commuting powers are generating bitcoins faster than regular computers.

The best way is to buy bitcoin at online bitcoin exchange like NairaEx, a bitcoin exchange based in Nigeria that offers low trading, zero deposit and withdrawal fees. You can buy bitcoins by depositing Naira into our bank account in Nigeria and you can sell bitcoin and withdraw Naira directly to any Nigerian banks. Also you can exchange perfectmoney, webmoney to bitcoin.

Another way is to accept bitcoin for your business, bitcoin is very good for online business because of the low processing fees and no risks for charge-backs compared to debit and credit cards. Also trading bitcoin like forex is a good way to make more money with bitcoins.

Written By

BTC Nigeria Editorial