Most Nigerians became aware of Bitcoin as recently as last year during the MMM Ponzi period. Before then bitcoin was on the fringe of consciousness in Nigeria. The Bitcoin is a cryptocurrency that has changed the way we conduct online transactions. It is the fastest and freest way of transferring money to any place in the world. You may google the meaning of cryptocurrency because that is a topic for another day.
It is easy to shrug off an idea as novel as Bitcoin. But it is not easy to find an alternate to something as robust as Bitcoin. The brainchild of Satoshi Nakamoto has now become the World’s most sought after cryptocurrency. So many people on the News and TV keep bashing this currency. However, there are some real reasons for which Bitcoin is here to stay and prosper. The reasons are as follows:
No Central Control
Central Banks in almost all countries of the world regularize the flow of money. The Central bank of any country theoretically controls every single dollar or naira coming in and out of its country. You cannot escape the control of central bank policies which are often not friendly for businesses. Bitcoin gives every business a chance to transact with anyone anywhere in the world. You do not need to pass through a long set of banking rules. Decentralization of control also makes the currency a lot more secure.
Transactions beyond Borders
Bitcoin does not discriminate against anyone due to their background. Bitcoin will make sure that you get the money through to anywhere you want. Sometimes, there are laws which prevent you from buying something from a particular country. These kinds of issues come up all the time. Imagine how Bitcoin facilitates lives of rich people with loads of money.
Foolproof Cyber Security Measures
The blockchain technology which is the foundation of bitcoin cannot be hacked because it is decentralized unlike a website that is hosted in a server.
No Inflation No Heartbreaks
No matter which currency you try to store, it has that inflation impact on it. Inflation is a result of many micro and macroeconomic factors affecting a country and its currency by causing it to loose value gradually. There is a maximum of 21 million bitcoins that will ever be created and no more. As demand increases the value of bitcoin will keep growing since more will not be created unlike the naira that is printed regularly. So bitcoin is a deflationary currency that does not react to inflation. In fact it gains value as inflation rises. It is predicted that bitcoin will grow up to $100,000 per one bitcoin. Between July 2016 till August 2017 bitcoin grew from $600 to $4500 per bitcoin.
A Truly Global Currency
Bitcoin is a truly global currency which does not consider where you live, who you are, and what you do. It is available to everyone who has a potential use for it. The peer-to-peer method ensures that you directly get the money into your account. You do not have to report to any third party or financial institution. You are your own bank
How to Get Bitcoin
The best way to learn about bitcoin is to jump in and get a few in your “pocket” to get a feel for how they work.
Despite the hype about how difficult and dangerous it can be getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is definitely easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.
In Nigeria you can buy Bitcoin fromwww.epay.com.ngwhich is line of the best exchanges in Nigeria. Highly professional, they will guide you on how to get your bitcoin wallet fromwww.blockchain.comand many other things you will need to learn.
There are a few things to learn: getting and using a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange. You can contact epay.com.ng
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