Why you should use Bitcoins in Nigeria?
Currently, we use Naira notes otherwise known as FIAT Money and we trust the banks and central authorities with our money. They have complete control over it as to what amount of money needs to be printed and circulated. If you’ve observed when you walk into any Nigerian bank, it’s always hung somewhere stating how much you can transact with as an individual, business or organization…..naaah….Bitcoin gives you a lot of options, unlimited transaction
Bitcoin is the assurance that we can take back power and control of our own money and we can transact in a better way.
It provides us with a currency and a payment network that we can control ourselves and we don’t have to rely on any single entity to help us to transact.
Characteristics of Bitcoins Worthy of Consideration For Nigerians
It’s decentralized i.e. no single institution or entity controls it
It’s easy to set up – set up a bitcoin wallet (more on this later), just the way you set up a bank account and you are good to go
It’s anonymous, not traceable; especially for money laundering
It’s completely transparent – stored in public ledger known as Blockchain
Transaction fees are minimal, no maintenance fee blah blah blah
It’s fast, transaction occurs in minutes
It’s cheap, you can buy as low as N300 even though as at the time of writing this, 1 Bitcoin is worth over N1 Million
People can’t steal your payment information from merchants, it’s “unhackable”
It isn’t inflationary; no recession nor surplus
It’s as private as you want it to be
You don’t need to trust anyone else
You own it, 100 percent
You can create your own money – simply mine it!
Secured by collective compute power of miners. Very difficult to make changes but easy to verify.
Who prints it?
This currency isn’t physically printed in the shadows by any bank. Instead, bitcoin is created digitally, by a community of people that anyone can join. They are ‘mined’, using computing power in a distributed network. And those who do this job are known as ‘MINERS’.
Bitcoin is based on mathematics. Around the world, people are using software programs that follow a mathematical formula to produce bitcoins in Nigeria.
The mathematical formula for producing Bitcoins is freely available, so that anyone can check it. The software is also open source, i.e. anyone can look at it to make sure that it does what it is supposed to.
The bitcoin protocol – i.e. the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. So production is not forever
However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘SATOSHI’), like our kobo back in the days
Bitcoins are transferred directly from person to person via the net without going through a bank or clearinghouse.