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Home / Bitcoin Guide / Everything You Need To Know About The Current Bitcoin Price Boom

Everything You Need To Know About The Current Bitcoin Price Boom

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What is Bitcoin ?
Bitcoin is a currency developed by Satoshi Nakamoto in 2009. Developed to be decentralized and uncensored, Bitcoin remains free from the clutches of any government or central entity. While this has led to countries considering it as a threat to their own banking systems, the sheer freedom Bitcoin users experience regarding cost of transactions and speed, control over one’s finances has never been greater.

bitcoin transactions

There are 2 main platforms used to transact Bitcoin.
– Initially, a Bitcoin wallet remains key as it is essentially a bank account for your Bitcoin, a destination for all your Bitcoins to be sent from and received.
-Secondly comes a Bitcoin exchange, these services essentially sell you Bitcoin for your Naira. Eliminating the need for banks and payment processors, Bitcoin transactions avoid taxes and processing fees paid by users of Western Union for example.

1)Limited supply
This is fairly self explanatory as something with a limited supply goes up in value as demand increases steadily. In the case of Bitcoin there will only ever be 21 million Bitcoins, similar to how gold retains its value, rarity plays a huge part in giving Bitcoin its price. Unlike fiat currencies such as the naira which can be printed on demand and printed as needed infinitely if required, Bitcoin is created by “mining” and will only be created till 21 million exist.
Contrary to popular belief, Bitcoin prices is influenced by electricity too considering the mining process becomes expensive and power consuming. Similar to Naira value being aligned with oil, Bitcoin and electricity go hand in hand, and as “difficulty” to mine increases so does the time and power required.

21 million bitcoins

 

2)Growing Mainstream Adoption Growing Among Financial firms and Government

Bitcoin presence was virtually zero just a couple years ago, but with a increasing number of companies accepting Bitcoin as a payment method. The Bitcoin infrastructure has grown considerably as the market cap runs into $200 billion along with the Bitcoin price. Initially a handful of countries like Vietnam and china did put incredible restrictions and regulations on Bitcoin use, but a number of countries are finding Bitcoin may hold the key to the future of currency.
Having been given the green light for Bitcoin futures, the Chicago mercantile exchange is all set to launch their Bitcoin futures services by the 18th of December. Allowing investors to put money indirectly into Bitcoin markets by applying existing regulation, considerably liquidity is set to flow into a already expanding Bitcoin market.

the CME's positive impact on the bitcoin price

3)Bitcoin the superior asset
Currently the types of investment options remained limited to property, commodity and forex. Oil remains the largest investment market in Nigeria but as prices per barrel slip amid potential mass firing of oil workers around the nation, in terms of profit bitcoin has become king. Gaining profits of over 900% this year alone, many Nigerians have found their holdings explode in value. Even Nigerians who had purchased $100(49,400 Naira) worth of Bitcoin in January 2017, made well over $1,000(384,754.07 naira) in pure profit this year according to the current Bitcoin price (December 3.,2017).

 

Where to buy bitcoin in Nigeria ?
Buying Bitcoin has never been easier with the aid of services like NairaEX. Dealing with over a billion Naira worth of transactions each month alone, NairaEX has become the biggest exchange service in Nigeria. Also serving over 10,000 users every month, the brand has built its reputation on trust and transparency. We have a tutorial showing the step by step process involved in buying Bitcoin, and with NairaEX, you can anticipate your Bitcoin to be delivered within a matter of hours !
With no middlemen, NairaEX can provide its customers with some of the best rates (Bitcoin price quotes) and fastest transaction times compared to a number of other exchanges.

nairaex

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