How Bitcoin Works

What is Bitcoin?

Put simply, bitcoin is a digital currency (cryptocurrency) that exists exclusively in the digital realm. More people and businesses are using it to pay for goods and services through digital payment systems. It was developed in 2009 by an anonymous group who call themselves “Satoshi Nakamoto.”

How to get started with Bitcoin

To use bitcoin, you must set up and install a digital bitcoin wallet. It’s simple, easy and free to use. Three types of wallets are available: software (installed on a PC), mobile (located on your mobile device), or a web wallet (exists on a website or service provider).

Bitcoin uses a public key encryption technique to keep it secure. These are addresses that are created each time a new bitcoin wallet is created. From there, a cryptographic key pair that largely consists of numbers and a few letters, exists based on each address. The answer to ‘what is a bitcoin’, therefore is simply a string of letters and numbers held on a public crypto system. All bitcoins are stored publicly and permanently on the Bitcoin network.

Once you have your address—or wallet—set up, the next step is to get bitcoin by buying it with Cash on online bitcoin exchange like NairaEx.com where users can buy or sell bitcoin with Naira in Nigeria.

Another way to get bitcoin is through a process called mining where users uses computing power to confirm bitcoin transactions and earn bitcoin as a reward.

Bitcoin works like as a traditional currency, you can send money back to Nigeria using bitcoins, offer services and goods in exchange for bitcoins.

However, once you have set up Bitcoin all you need to do is find organizations who accept it as a form of payment.

 

Written By

BTC Nigeria Editorial

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