There are many Definitions of Bitcoin online, however the simple Definition is that Bitcoin was invented as a peer-to-peer system for online payments that does not require a central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users.
Why use Bitcoin? What are its benefits? Why is it better than cash or credit cards?
Many Nigerians asked these questions all the time so I thought I should put together a post on some of the reasons why you, or anyone in Nigeria, should know about Bitcoin and also find reasons to have and use Bitcoin.
The following are some of the basic reasons why Nigerians should own and use Bitcoins Online:
I.Bitcoin Provide Financial Freedom:
Bitcoin allows you to be your own bank. Bitcoin is simultaneously an open financial protocol and a currency required in order to transact freely on the protocol.
II.Bitcoin provides Privacy Online:
Our Block Explorer, along with other Bitcoin block explorers, display the entire history of Bitcoin transactions for all to see.
Bitcoin transaction history can be access by anyone online.
At first glance, you might consider this level of transparency the opposite of private.
This means that online Bitcoin users can choose whether they want to be completely transparent with their Bitcoins or keep them very private.
The Bitcoin Protocol does not require people to identify themselves in order to transact business. Unlike a bank where people often have one or two accounts, you can create as many Bitcoin wallets as you want.
III.Bitcoin is very secure and Global:
There is no discrimination with Bitcoin. You can use it anywhere in the world, to send money almost instantly, nearly for free. Transferring bitcoins costs just a few pennies and you can send as much value as you want. There is no bitcoins counterfeit or duplicates because there is no third party in Bitcoin transactions.
IV.Bitcoin is for our Own Generation:
What we mean by that is Bitcoin is made for our own Internet-generation. We are quickly moving past the days of carrying around paper money or pulling out your credit card. Any country that has not adopted Bitcoin is said to backward in business.
Bitcoin goes several steps further than the convenience of credit cards by equipping users with a Payment option that is significantly lower in fees, provides reduction in transaction time, and is totally accessible through the dozens of Bitcoin wallets.
V.Bitcoin is not affected by Inflation:
The total number of bitcoins are said to be Peaked at 21 million, which is different than other currencies. Unlike Dollars which causes inflation as the total number increases, Bitcoin on the other hand is relatively scarce and fungible, and does not cause inflation.
For these reasons, I am urging Nigerians to start using Bitcoins so that they can benefits from the above reasons.