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Bitcoin in Nigeria

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Bitcoin in Nigeria has become one of the most traded currency in our community at large which has the highest value in market but Nigerians only use this currency to either shop online or convert it for naira, most web hosting company make use of this as on of there payment option which i think is a very nice development in our community.

Bitcoin in Nigeria

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros – they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.



Learn Also: How to Find Transaction ID for Bitcoin Transactions

Also Bitcoin mining is the process by which the transaction information distributed within the Bitcoin network is validated and stored on the blockchain. ... The process of validating transactions and committing them to the blockchain involves solving a series of specialized math problems.

Bitcoin in Nigeria has become one of the major discussion on nairaland, jakobia and many top forums in Nigeria and in which this currency is been trade between it users in that forum. bitcoin Nigeria news started without an actual date because it was not part of they Nigeria currency so it was not officially announced.







Information gathered from Bitcoin.org, the first idea for a currency like bitcoin was proposed by Wei Dai in 1998 with the concept called “cryptocurrency” which literally means “secret currency” but can be interpreted as “secure currency” and it was so named because it uses cryptography for its creation and controlling financial transactions. Bitcoin’s first specifications and proof of concept were published by Satoshi Nakamoto in 2009 and as such many regard him as the creator of Bitcoin.




How do you make money through Bitcoin? 


First is speculative buying and selling: Bitcoin is a universal currency which means anybody in the world can (they may choose not to) buy or sell it. Bitcoin’s value as at 25th November 2016 was 1 Bitcoin equal to 737.94 US Dollars which at the official CBN dollar to Naira rate of 314.75 Naira is 232,266 Naira and 346,832 Naira at the current parallel market rate of 470 Naira to a Dollar.  Just like people trade forex by speculating that some currencies will rise, you can also speculate with Bitcoin because the value increases or decreases with certain trends and events. For example, people who bought bitcoins when it was just invented in 2009 bought 1 bitcoin for just 6 dollars, its value rose to a peak of about 1100 dollars in 2014 then took a nose-dive to less than 300 dollars in 2015 and started rising again as seen in the graph above.   





Second is mining for Bitcoins: This is a process where you use your computer and special Bitcoin mining hardware and software to compete with several other miners to solve some very complex mathematical problems which are used to serve as protection for Bitcoin transactions. If you get lucky and your hardware cracks a problem, you will be rewarded with some bitcoins usually about 25 bitcoins per calculation, you can also form or join groups of people to mine in a pool and then share the bounty according to each team member’s contribution.




How to save bitcoin
blockchain is platform created to eanable you store your coin for a long term without anyone getting access to it except you alone.

A blockchain – originally block chain – is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block.






List of Countries that Make Use of Bitcoin
  • Estonia
  • Denmark
  • Uk
  • The United States
  • Sweden
  • South Korea
  • Netherlander
  • Finlands
  • Canada
  • Australia 






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