Cryptogram

 You might have heard about Bitcoin or even transacting with Bitcoin already. Bitcoin has been in existence since 2009 but many Nigerians learnt about it in 2016 through some online investment schemes that transacts with Bitcoin.



However, Irrespective of the fact that you have done one or two transactions with Bitcoin, you will be astonished to realize that there are still more to explore on Bitcoin.

But some Nigerians are yet to know what Bitcoin is, to carry everyone along let’s do a brief introduction to Bitcoin.

Some persons have this misconception that 'Bitcoin belongs to Ponzi schemes' because they know nothing about Bitcoin. Ponzi schemes make use of currency that is worldly accepted. Previously Ponzi schemes used PayPal but due to high demand for Bitcoin and how ease and speedy it is for transactions, it becomes the ideal currency. So Bitcoin doesn’t belong to ponzi schemes, any person or organization can use Bitcoin for transactions just like PayPal.

What really is Bitcoin?

Bitcoins are fully digital virtual coins that can be exchanged directly between two parties via the web either in the same country or not, without the need for an intermediary such as Western Union Money transfer.

Unlike modern money, Bitcoin, which has often been called money for the internet, is not controlled or endorsed by any bank or central government or authority , such as the Federal Reserve.

Bitcoin is a means of exchange that is generally accepted in the digital world, that’s why it is called digital currency.

Just like any other currency, Bitcoin has value and it is also in the exchange market. When Bitcoin started, 1BTC was less than 1USD. As at today, 1BTC is equivalent to 1000+USD. Meaning if own 1BTC and you want to exchange it, the other party will pay you 1000USD (N500,000) to collect 1 single Bitcoin from you. Can you imagine how rich you will be if you have 5 to 10 Bitcoins? Click Here to See!

Bitcoin Importance in the Business World

Bitcoin is increasingly popular in the business world. Thousands of businesses around the world now accept Bitcoin as a legitimate payment method. While some time ago it was used as payment for illegal goods online, thousands of reputable e- commerce business are beginning to accept BTC as payment , including suppliers of Etsy , WordPress , Overstock and Amazon. Even some retailers are beginning to accept Bitcoins in their stores. With the extreme facilitation of transfer and earning of Bitcoin, it would be a mistake not to accept these new-found online coins as cash.

Bitcoin has created a Lot of Wealth for Many People in the world

Bitcoin has created many business opportunities like, Bitcoin trading, Bitcoin mining, Bitcoin merchandize etc. People who are into these businesses are making a lot of money.

As a means of exchange, it is possible for Bitcoin to become the first global official currency. When this happens, there will immense demands for Bitcoins.

By the look of things, it’s like American President-elect Donald Trump, a business tycoon have plans for Bitcoin. Recently, Trump added to his cabinet an active and vocal supporter of cryptocurrencies and blockchain, Congressman Mick Mulvaney as his administration’s Director of Office of Management and Budget.

Also our financial authorities CBN and Co have noticed Bitcoin and they are currently examining it.

Last week, Vanguard newspaper reported that Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Commission (NDIC), on Friday said:

“On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal Bitcoin. We will look at its advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers.’’

Ibrahim further said a lot of Nigerians had already started patronizing Bitcoin, stressing that ‘it had started to creep in and nobody could stop it. He said that in Europe and the United States, it had gained currency and some of the leading banks in Europe had also adopted their 

[10/01, 23:48] ‪+234 803 406 3209‬: This is the story of Bitcoin now, what will that of swisscoin in years to come.

One thing is certain you either be a part of history or become a spectator.

Choose which side you want to see you when this whole thing happens big time.