What is Bitcoin?

Bitcoin is the first decentralized digital currency and is commonly referred to with terms like: Digital Currency, Digital Cash, Virtual Currency, Electronic Currency, or Cryptocurrency. Its inventor Satoshi Nakamoto


The major difference between bitcoin and your normal currency like pounds, dollars, etc bitcoin is digital and doesn't come in print form and is not produced by any central bank in the world.

Asides the differences, bitcoin shares very close similarities with the other normal currencies. A unit of bitcoin is called Satoshi, the same way we have the cent for dollars, and kobo for Naira. 100,000,000 Satoshi makes a bitcoin, same way 100 kobo makes a Naira. 

Bitcoin is recognized and accepted by many retail outlets as payment. Also, you can sell and buy bitcoins from exchangers, same way you buy dollars from bureau de change.
As of the time of writing this post, a bitcoin is worth more than $735 which is equivalent to over N370,000 or more than. Since bitcoin is just like every other currency albeit digital, you need where to store your bitcoins, same way you have your bank account to save your money.

To store bitcoin, you need a storage called a bitcoin wallet. A wallet is where your bitcoins are stored and it is easily accessible to you anywhere in the World, whether you are in Canada, Japan or Nigeria, you can easily access your wallet and sell the bitcoins there in exchange for the currency of that country. Isn't this amazing?

There are different bitcoin wallet providers. To get a bitcoin wallet, sign up for one free at Blockchain.info/wallet as Without the wallet, you can't receive, send and store up bitcoins.

Now, after signing up for your bitcoin wallet, there are some things to note.

1. Your wallet id is what you use to login to your bitcoin wallet, you can find the id at the bottom of the confirmation mail sent to you by blockchain. It's a long string of alphanumeric characters but has hyphens in between them.

2. Your bitcoin wallet is only accessible to you, make sure to safeguard your id and password as you would your Credit or debit card.

3. Your wallet address is what you use to receive funds to your bitcoin wallet, it's like your bank account number and it's unique to only you. To generate your wallet address, login to your wallet and click on the receive button a long string of alphanumeric characters will be generated for you. Each wallet address begins with 1 this is what you provide to whoever wants to send bitcoin to you.

Let go back in time 1 BTC price was 0.008$ in 2010? Now its value is at 702$/BTC. If you had purchased 100 BTC as at 2010, you would have invested $0.8 to acquire 100 bitcoins. Now your investment should be worth $70200 now. Did you miss that opportunity? No problem.


Read my other post on how to make money with your bitcoin
ZARFUND INVESTMENT
 

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