The beginner’s guide to Bitcoin in Nigeria: A Bitcoin FAQ

The definitive guide to Bitcoin is finally here ! All your questions will hopefully be answered as we aim to introduce you to the currency of the future, Bitcoin.

What is Bitcoin?

Bitcoin is an electronic form of currency  and a payment system invented by Satoshi Nakamoto. Nakamoto unveiled the idea on 31 October 2008 to a cryptography mailing list, and released it as open-source software in 2009.

Bitcoin is decentralized peer-to-peer system, No single bank, government, company or individual owns the network or has control over it. This means that your accounts can never be frozen, a government cannot devalue the currency, it can be used in every country and because of the anonymous nature of Bitcoin. A Bitcoin wallet isn’t not tied to any your identity and a new one may be created at will.

what-is-bitcoin-mining

 

Mining – How Bitcoins are created

The Bitcoin was founded upon mathematical proof which stipulate that there can only ever be 21 million Bitcoins. Unlike other currencies, no more can be printed. New Bitcoins are released into circulation by rewarding miners for their work in using specialized computers in processing and verifying Bitcoin transactions.

What is the Price and how it it determine?

Like other currencies and commodities, the value of Bitcoin fluctuates wildly based on supply and demand and its perceived value. In October 2009, a first exchange rate was published, listing the value of 1,309 Bitcoins at $1. Bitcoins were cheap and throughout the following year they continued to trade for fractions of a cent. The first known transaction with Bitcoin occurred in 2010 when a Florida resident offered 10,000 Bitcoins to anyone who would order him a pizza. One user in London agreed, making a long-distance phone call to a Papa John’s and cementing the first Bitcoin transaction in history.
Bitcoin started getting popularity around 2013 and reached over $1,200.00 in November. At the time of this writing the value of a Bitcoin is $664.10. However, you don’t need a whole Bitcoin, Bitcoins can be broken down into smaller units, the smallest being one hundred millionth of a Bitcoin – called a Satoshi, after the anonymous founder of Bitcoin.

What can I use Bitcoin for?

Today’s financial system makes moving money around the world slow, costly and inconvenient due to frictiImage result for bitcoin remittanceon and capital controls. Bitcoins offers cheaper alternative to traditional money.

1. International Money Transfer and shopping : Bitcoin is redefining remittance, Africans pays the highest money transfer fees in the world to send and receive home abroad in addition to poorly calculated currency conversion rates. Because Bitcoin exists on the internet, which itself is global and borderless, you can simply exchange local currency to Bitcoin and transfer the Bitcoin to the recipient in other countries and they convert it back to their local currency in their country of residence. 

You can pay for goods and services online using Bitcoin a lot cheaper compared to things like credit cards or Paypal without having to worry about foreign exchange fees and security of your personal information. A lot of businesses are accepting Bitcoin at the checkout and provide customers with a Bitcoin payment gateway to make spending simple and fast.

 

2.Trading(Forex)/Investment: Bitcoin is the new store of value

African investors traditionally invested in foreign currencies and Gold with the current global economic turmoil due to the crude oil price, investors are looking into Bitcoin as a currency not affected by central bank policies and poltical agendas. Bitcoin performed better than stocks, commodities & bond yields and was the top performing currency Of 2015  by a whopping 35%.

Bitcoins offers new investment opportunities for Nigerians due to the Bitcoin volatility, the rate of Bitcoin tends to grow as the market fluctuates. For example, If you bought $100 at 220 Naira in Jan,2016 before the Naira devaluation you’ll have 33,000-35,000 Naira if you converts it back to Naira, the same $100 could have bought 0.4 BTC in January which is now worth $264.4 converted that to Naira at 335 that’s 88,574 NGN  compared to 33,000 Naira with USD.

pay-using-bitcoin7

 

How To Use Bitcoin

1. Create a Bitcoin wallet (this is similar to a bank account to holds your money and functions like an email account except that instead of sending a message to an email address, you’re sending an amount of money to a Bitcoin address, such as: 1or96uGo5F7yGqETzpTmuJzvVq49eRBDi

Blockchain.info is the most popular Bitcoin wallet provider. They also have an app for iphone and android so you can take your wallet with you wherever you go.

2. Buy Bitcoins. You can either buy on an exchange or mine them yourself. When buying on an exchange, you would provide your Bitcoin address at the time of purchase and the Bitcoins will be transferred directly into your wallet.

NairaEx is the leading Bitcoin exchange for Bitcoin and Naira and have the best reputation for simplicity and best rates in the Nigeria. You can buy and sell Bitcoins anywhere in the world, Here is a link to exchanges.

3. Spend Bitcoins. More and more businesses are starting to accept Bitcoin. SpendBitcoins  & Spendabit has list of places that accept Bitcoin around the world.

  • You can save 15% Off Amazon with Bitcoin with  Purse.io
  • Buy Common Household Items using Bitcoin at  Overstock.com
  • Use Bitcoin to purchase gift cards from services like eGifter, or Gyft and then redeem them at Amazon, BestBuy, and hundreds of other popular retailers.
  • You can pay for a hotel with Expedia, book a flight with CheapAir, or take a cruise with Ships & Trips Travel.
Written By

BTC Nigeria Editorial

194
Leave a Reply

avatar
194 Comment threads
0 Thread replies
1 Followers
 
Most reacted comment
Hottest comment thread
104 Comment authors
kamagramama.comventolinhfaer.comalbuterolotc.comlevitrair.comRidkes Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Fortunes
Guest
Fortunes

Is Bitcoin trading as easy as said

FhsnEvons
Guest

order viagra in australia online viagra overnight viagra sale

AqwsadorY
Guest

canada drugs best drugstore concealer pharmacies

JtmfadorY
Guest

ed medications cheapest pharmacy uk pharmacy

FwsxadorY
Guest

impotence sex ed 24 hour pharmacy near me

FgvdEvons
Guest

canada drugs online best ed pills ed meds online without doctor prescription

JlloLoumb
Guest

24 hr pharmacy canada drug pharmacy drugstore beetle

Khthapal
Guest

best drugstore eyebrow pencil rx pharmacy online ed medication

NllpEvons
Guest

pharmacy online drugstore makeup corner drug store

LokuadorY
Guest

rx pharmacy coupons erectile dysfunction treatment discount pharmacy

JbnbLoumb
Guest

cheap drugs online the canadian pharmacy pharmacy in canada

LbsxadorY
Guest

indian pharmacy buy generic viagra on line canadian pharcharmy online no precipitation

AqcfKafevaddy
Guest

buy dapoxetine with cialis top sale viagracialis purchase original cialis

JbbvadorY
Guest

walgreens pharmacy canada drugs online pharmacy walmart pharmacy price check

Kuikguirl
Guest

order viagra without a rx viagra with dapoxetine reviews where to buy viagra chemist austrlia

FqhhadorY
Guest

top rated online canadian pharmacies northwest pharmaceuticals canada discount prescription drugs online

FvfcEvons
Guest

pfirer viagra buying viagra in caribbean buy viagra usa

NncsEvons
Guest

viagra replacements discount prescription drug buy viagra on discover card

AhkdadorY
Guest

cheap prescription drugs canadian drug stores online canadian drug

Kbcxapal
Guest

canadian pharmacies canadian pharmacy viagra best online pharmacies canada

cialis py
Guest

wikipedia cialis cialis montreal craigslist

JbnvLoumb
Guest

can i claim bankruptcy on payday loans payday loans illegal nc linde ag floating rate cash secured loan notes 2013

LabxadorY
Guest

cialis 5mg 28 jak uzivat cialis peligros del cialis

JbbnadorY
Guest

cialis humana cialis occhio can you sniff cialis

FqbbadorY
Guest

payday loans in ct cash advance airdrie online payday loan $2000

cialis naion
Guest

generic cialis next day delivery buying cialis in cuba

AhbzadorY
Guest

quick cash loans botswana how to open a cash loan in south africa bank loans in cash flow statement

Kvaxapal
Guest

how to market hard money loans cash advance on highland ave payday loan millionaire

Clarkbuisp
Guest

c35dg mbtp3 sqbt

FjjuEvons
Guest

viagra over the counter usa 2018 is viagra covered by health insurance super viagra

NbmoEvons
Guest

soft gel cialis real cialis sublingual cialis.

MarcosChins
Guest
MarcosChins

generic tadalafil united states: http://tadalafilonline20.com/ tadalafil dosage

JasonJEX
Guest
JasonJEX

meds online without doctor prescription: https://genericwdp.com/ generic pills for sale

ivermectin and lyme
Guest

stromectol ivermectin ivermectin 0.5% brand name guinea pig ivermectin topical dose what is the pestiside that is used for ivermectin/dectomax for mite

JasonSmeam
Guest
JasonSmeam

viagra over the counter walmart where to buy viagra online
buying viagra online

JasonSmeam
Guest
JasonSmeam

generic viagra walmart viagra from india
where to buy viagra

JasonSmeam
Guest
JasonSmeam

best place to buy viagra online viagra from india
cost of viagra

ventolin without prescription
Guest

ventolin cost order albuterol online no prescription how often can you use albuterol nebulizer a nurse is caring for a client who is taking albuterol. for which of the following adverse effects

JasonSmeam
Guest
JasonSmeam

best over the counter viagra cost of viagra
viagra over the counter walmart

JasonSmeam
Guest
JasonSmeam

best place to buy generic viagra online viagra amazon
cheap viagra online

abamectin and ivermectin
Guest

ivermectin pill stromectol 3 mg tablets price ivermectin injectable for goats orally how long before ivermectin kills scabies

cat amoxicillin dosage
Guest

amoxicillin class price for amoxicillin 500 can i take dayquil with amoxicillin what are the side effect of amoxicillin

albuterol ipratropium dose
Guest

albuterol for cough albuterol 0.063 where can i buy ventolin nebules online where to buy ventolin hfa

spironolactone vs furosemide
Guest

bumetanide vs lasix buy lasix online canada lasix 50 mg for dogs what to do when lasix doesn’t work

amoxicillin package insert
Guest

what is amoxicillin over the counter amoxicillin 500mg can a dog take amoxicillin how often do i take amoxicillin

MichaelHoope
Guest
MichaelHoope

https://aralenph.com/ – aralen phosphate
best ed solution

lasix dosages
Guest

furosemide nursing interventions where to buy furosemide when lasix doesn’t work for chf what is lasix used to treat

zithromax and pregnancy
Guest

can azithromycin azithromycin over the counter nz does azithromycin have sulfa in it where can i get azithromycin over the counter

MichaelHoope
Guest
MichaelHoope

http://propeciafavdr.com/ – propecia discount
cheap erectile dysfunction pills online

azithromycin reviews
Guest

fish zithromax no prescription zithromax zithromax over the counter walgreens how long for azithromycin to take effect