BTC: CBN And NDIC Has Considered Cryptocurrency In Nigeria

Following the need to sustain the economy through advanced financial technology and economic revolution, the CBN and NDIC has consider the new and trending form of digital currency in which encryption techniques are used to regulate the generation of units of a currency and verify the transfer of funds that are decentralized from a central bank.

While some Developed countries and other developing countries have queued into the path of the digital currency, the Central Bank of Nigeria (CBN) has decided not to be left behind in the economic revolution.


Cryptocurrency which is a digital currency as well as an alternative currency is a digital asset from block chain technology designed to work as a medium of exchange using cryptography to secure  transactions and to control the creation of additional units of the currency.

CRYPTOCURRENCY AND THE VARIOUS TYPES

Recently the increase in the rate and dominant success of Bitcoin among other Cryptocurrencies in the digital currency market can be attributed to it high level of acceptance and decentralized network.
Bitcoin has been the everyday talk, transactions and buying and selling among online marketers and investors around the World.

Cryptocurrency is a type of digital currency, though not all digital currency are cryptocurrency.
Digital currency on the other hand is a form of virtual currency that is electronically created and stored.
Cryptocurrency is a digital currency created by the Japanese mathematician, Satashi Nakamoto. It is generated digitally by electronic means through a process known as mining.

BITCOIN IN NIGERIA "ESSENTIAL THINGS TO KNOW"

Most often when i talk about Bitcoin as a form of digital currency among some youths in Nigeria they seems to be confuse while some will say they have not heard of it with lot of questions ranging from what Bitcoin is, it acceptance as medium of exchange to it inventors.
While some still find it difficult to believe when i said, Bitcoin can be used for a whole host of things electronically, such as buying lot of goods from different online shops, paying bills and most especially for investments and trading.

What is Bitcoin

Bitcoin is simply a form of digital currency, created and held electronically using Web wallets such as Blockchain.info. Bitcoins can not be printed, like  other currencies such as naira, dollars, yen and euros. Bitcoins are produced or mine by people.
According to Wikipedia, Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.

Bitcoin And Other Normal Currencies
Bitcoin like other normal conventional currencies such as dollars, naira, yen and euros are also traded digitally. Thus, Bitcoin most important advantage to other normal currencies