Bitcoin, the subject matter, is a currency which is digital in form. It is designed and dealt with in electronic form. It is autonomous in that it is not controlled by anyone. Bitcoins, unlike dollars or euros, are not handheld being that they are in the softcopy – they are not printed out. People design Bitcoins and on the wider range – enterprises, small or large scale businesses, operating computers worldwide. It tackles arithmetic and statistical problems using software.
Bitcoin serves various functions, ranging from means of exchange in a business transaction, to the purchase of goods and services online just like the other conventional currencies such as dollars, euros, etc. Unlike the other printed currencies (Dollars, Euros, Naira and so on), Bitcoin is not controlled by any financial institution and it is not centralized. This decentralization makes Bitcoin immune to any form of control from external forces (government and financial institutions).
Bitcoin can be categorized as a cryptocurrency as it is the first instance of a growing form of currency.
Extracted from Bitcoin Trading page…
There are 2 principal platforms used to transact Bitcoin.
– Initially, a Bitcoin wallet stays key as it is basically a financial balance for your Bitcoin, a goal for all your Bitcoins to be sent from and got.
– Secondly comes a Bitcoin exchange, these administrations basically offer you Bitcoin for your Naira. Dispensing with the requirement for banks and installment processors, Bitcoin exchanges keep away from charges and handling expenses paid by clients of Western Union for instance.
3 Reasons Why Bitcoin Price Is Fluctuating?
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.
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.
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 AND Sell bitcoin in Nigeria?
Buying Bitcoin has never been easier with the aid of services like PAXNigeria. Dealing with over a billion Naira worth of transactions each month alone, Paxnigeria has become the best Bitcoin exchange service in Nigeria. Also serving over 10,000 users every month, the brand has built its reputation on trust and transparency.