I have followed the Cryptocurrency world for more than a year now and in that time keyed-in to some of the most interesting parts. I am therefore excited to share most of those information and the new ones I learn each day.
Being a strong believer of presence and early entry in any endeavour, I believe it is time for us to actually turn our focus to this new light in the fin-tech ecosystem.
In this post, I will focus mainly on awareness and enlightenment concerning bitcoin and its vast immediate and future benefits as well as various investments options that are abound using bitcoin.
But first, let us understand what bitcoin really is.
What is Bitcoin
Bitcoin is a cryptocurrency that is not centralized or controlled by a certain government or political institution, however because of certain political and economic decisions around the world, fluctuations in its value may arise often as typical with conventional legal tenders. A typical example is the massive swings in the value of bitcoin when the the UK left the European Union. Another is the sudden upward surge currently as more established economies adopt blockchain and cryptocurrency. Bitcoin leverages on the blockchain technology to facilitate transactions.
Some people regard bitcoin as an asset, the price fluctuates, therefore you can buy and sell just like you trade stocks and options…. Bitcoin can be likened to the value of your call credits for easier understanding, now you know its money, its valuable and can be transferred but you can’t touch like conventional currencies. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. I will talk more on these numerous uses in subsequent articles.
The Origin – Bitcoin was launched in October 2008 after Satoshi Nakamoto released a white paper revealing a total peer-to-peer version of cryptocurrency to the world. In the original design, he managed to solve the problem of money being duplicated or spent twice thus building the crucial platform for bitcoin to grow legitimately. By January of 2009, the first block was launched with the initial mining of bitcoin and the first transaction followed suit between Satoshi and Hal Finney, a cryptographic enthusiast.
By October of 2009, Bitcoin received an equivalent value in traditional currencies by the New Liberty Standard and a value of $1 = 1,309BTC was set. In March 2010 the first Bitcoin market, dwdollar (now defunct) launched giving the coin more popularity that translated to exponential advancement for the next few years and as they say…..the rest is history!
The Present – In the early days of the Bitcoin a certain developer from Florida, Laszlo Hanyecz sent 10,000 BTC to friend to order a pizza worth $25 from Papa John’s. In today’s exchange value that pizza is worth $9,300,000 making it the most expensive pizza in history – This is just putting it in perspective. The current total volume of Bitcoin in circulation today is estimated to be around 16 million valued at above $15 billon. This value keeps appreciating by the second.
Currently, there are over 100,000 merchants accepting bitcoin worldwide with blockchain transactions reaching over 200,000 per day. In addition to this there is a massive increase in the number of brick-and-mortar currently accepting bitcoin for value – coinmap.org
The Future – For Nigerians
Bitcoin is an innovative payment network and a new kind of money – bitcoin.org
The crash in oil price coupled with several other unstable economic policies of the Nigerian government has put massive strain on the Naira in last 18 months. The effect of this has seen significant rise in the desire for alternatives. Investors and merchants now want to store their wealth in more stable foreign currencies. This is where bitcoin comes in as a safe haven – due its decentralised nature, the 8-year old virtual currency offers the relative stability that protects investments from governmental and institutional crisis.
In the push for a cashless economy the government is currently working on adopting bitcoin (Thisday Newslive) as a means of value transfer in the coming months. This alone will change the way business is done in Nigeria and open an avalanche of opportunities.
This is the most interesting bit. With the price of bitcoin estimated to reach over $2000 in 2017, it is rather pertinent that we tap into this new —- of great wealth potential.
Closing notes: We could talk about the technology and all the benefits till the cows come home. The best way to actually appreciate all this is to get involved today! Get a Bitcoin wallet, Buy some bitcoin and then fiddle around and see all the cool stuff you can do with it.
I have been in the Cryptocurrency ecosystem for about three years. My passion for this niche of financial tech space inspires me to share with you all I can in the world of Cryptocurrency, Blockchain and financial technology.