Against the backdrop of the economic recession in Nigeria.
Bitcoin worth has reached an all time high in bitcoin price history.
1 bitcoin goes for 1000 usd which
translate to over 500000 thousand naira to a bitcoin in the black market.
This has left Nigerians asking what is bitcoin?
Read on for answers.
What's Bitcoin?
Bitcoin is an online financial network that people use to send payments from one person to another. In many ways, Bitcoin is similar to conventional payment networks like Master credit cards. But Bitcoin is different from those in two important ways.
First, Bitcoin is decentralized. For-profit companies own the Master Card network and manage them for the benefit of their respective shareholders. No one owns or controls the Bitcoin network. It has a peer-to-peer structure, with hundreds of computers all over the Internet working together to process
Bitcoin transactions.
Bitcoin's decentralized architecture means that it is the world's first completely open financial network. To create a new financial service in the conventional U.S. banking system, you need to partner with an existing bank and comply with a variety of complex rules. The Bitcoin network has no such restrictions. People don't need anyone's permission or assistance to create new Bitcoin-based financial services.
The second thing that makes the Bitcoin unique is that it comes with its own currency. Master card conducts transactions in conventional currencies such as the U.S. dollars or Naira. The Bitcoin network, however, conducts transactions in a new monetary unit, also called Bitcoin currency.
Bitcoin worth has reached an all time high in bitcoin price history.
1 bitcoin goes for 1000 usd which
translate to over 500000 thousand naira to a bitcoin in the black market.
This has left Nigerians asking what is bitcoin?
Read on for answers.
What's Bitcoin?
Bitcoin is an online financial network that people use to send payments from one person to another. In many ways, Bitcoin is similar to conventional payment networks like Master credit cards. But Bitcoin is different from those in two important ways.
First, Bitcoin is decentralized. For-profit companies own the Master Card network and manage them for the benefit of their respective shareholders. No one owns or controls the Bitcoin network. It has a peer-to-peer structure, with hundreds of computers all over the Internet working together to process
Bitcoin transactions.
Bitcoin's decentralized architecture means that it is the world's first completely open financial network. To create a new financial service in the conventional U.S. banking system, you need to partner with an existing bank and comply with a variety of complex rules. The Bitcoin network has no such restrictions. People don't need anyone's permission or assistance to create new Bitcoin-based financial services.
The second thing that makes the Bitcoin unique is that it comes with its own currency. Master card conducts transactions in conventional currencies such as the U.S. dollars or Naira. The Bitcoin network, however, conducts transactions in a new monetary unit, also called Bitcoin currency.
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