The decline in Nigeria’s economic growth has made a lot of people consider venturing into cryptocurrency, especially Bitcoin as it is one of the world’s largest and most promising. This brings us to answer the most asked question by beginners, “how much is Bitcoin in Naira?”.
We would review the price of Bitcoin in Naira subsequently, but first let’s take an extensive look at what Bitcoin is, its purpose, what makes it valuable, and the overall benefits of investing in bitcoin.
What is Bitcoin and how does it work?
Bitcoin is a virtual currency that operates without the interface of a central control, bank, or even the government. The currency depends on peer-to-peer software and cryptography and is founded on blockchain technology.
All Bitcoin transactions are copies are recorded by a public ledger and are retained on servers globally. These servers are known as a Node and help to broadcast every Bitcoin transaction publicly. Thereafter, bitcoin miners gather these transactions into a single group as a block and add them to the blockchain permanently. The blockchain is the standard account book of Bitcoin.
Bitcoins are usually held in digital wallets which can be opened by using either client software or a variety of digital and hardware tools.
What makes Bitcoin valuable?
The willingness of people to exchange Bitcoin for cash and other real goods and services makes them valuable. In simpler terms, Bitcoins are valuable because people think they are. Basically, this is because demand controls the general cryptocurrency prices. Therefore, the higher the demand, the higher the cost.
What is the purpose of Bitcoin?
The founder created Bitcoin as another means of payment system that will operate devoid of any central control. It’s a means for people to send money virtually. Today, a lot of online shopping outlets accept Bitcoins for payments, making it both popular as a cryptocurrency and also a payment option.
What are the benefits of investing in Bitcoin? 4 amazing reasons why you should invest
Some of the amazing benefits of investing in Bitcoin include:
1. Transparency and decreased fraud risk:
Bitcoin helps buyers to make successful transactions without revealing any private financial information to the seller. Furthermore, their virtual feature makes it impossible for hackers to steal bitcoin. This helps to avoid unexpected target data breaches. Basically, blockchain technology keeps Bitcoin data private and protected, thereby making its consumers benefit from anonymity.
2. Fast and inexpensive:
You can send any amount of money to anyone by Bitcoin’s consumers within a few minutes regardless of its destination. Also, transferring to another part of the world via your bank can be very expensive unlike when you do it through Bitcoins. The virtual currency makes transfer costs negligible.
3. Decentralized issuance:
It’s impossible for Bitcoin to be regularly valued, distributed, or controlled by any government or bank. The currency is decentralized because it is created by the people.
4. Potential for high returns:
Bitcoin has the tendency to appreciate over time thereby providing high returns for its investors. However, there also exists a risk for its value to crash, dropping its price as a result.
How do people get Bitcoin?
Here are 3 basic ways people get Bitcoin:
- They can be generated by mining using a computer
- Also, you can get Bitcoin by selling things and allowing people to pay you with Bitcoins.
- Finally, Bitcoins can be bought using real money.
How much is Bitcoin in Nigeria?
According to Coinbase for cryptocurrency and Morning Star for currency, the price of one Bitcoin as of September 2021 equals 19,581,889.80 NGN (Nigerian Naira). However, there is a chance that this increases or decreases depending on the market in the nearest future.
Based on the fact that Bitcoin is a digital currency, the price is not constant and will fluctuate with time. Hopefully, the information shared above settles your curiosity about the price of Bitcoin in Naira.
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