Basic facts about bitcoin cryptocurrency in Nigeria

In Nigeria, fact about bitcoin cryptocurrency at the moment is making clever people look dumb. It’s an in-vogue point of discussion among business angels, Venture Capitalist, investors, and stock traders, so you should be eager to everything about it.

bitcoin cryptocurrency in Nigeria

Explanatory fact about Bitcoin cryptocurrency

Bitcoin is carried online and it isn’t controlled by a central body such as government or bank. It’s created by “miners,” who use computers and specialized hardware to process transactions, secure the currency’s network and collect bitcoin cryptocurrency in exchange. It allows for more secure transactions over the internet.

It is only eight and a half years old, but it’s the oldest and most highly valued cryptocurrency out there. In such a short time, it’s had a rocky and contentious history, but it has also attracted high people that are trading with bitcoin.

Read Also: Zenith bank Transfer code: How to make transactions using the code

11 facts about bitcoin cryptocurrency

  1. The birth of Bitcoin cryptocurrency

The origin of bitcoin cryptocurrency can be traced back to 2008. When the inventor, who went by the pseudonym Satoshi Nakamoto, published an evidence of concept for Bitcoin. The evidence was then published to a cryptocurrency mailing list in 2009. Nakamoto didn’t finish the project in 2010 and disappeared. But other developers continue from where he stopped. Bitcoin cryptocurrency birthday is Jan. 3 when the Inventor mined the first 50 units of the currency.

  1. An elusive creator

The true identity of Bitcoin cryptocurrency creator has never been confirmed. Newsweek claimed to have discovered Bitcoin’s creator in 2014, identifying Temple City, Calif, resident Dorian Satoshi Nakamoto. He has vigorously denied it. In 2015, an Entrepreneur from Australia named Craig Wright said he was Bitcoin cryptocurrency creator, but he couldn’t provide the evidence to back up his claim. Whoever Nakamoto is, that person is very rich, as the inventor is estimated to have cryptocurrency in the early days.

  1. The Story of Very expensive pizza

The first transaction involving bitcoin was reported on May 22, 2010, when a programmer identified as Laszlo Hanyecz said he “successfully traded 10,000 bitcoin cryptocurrencies for pizza.” As of Aug. 28, 2017, 10,000 bitcoins are worth about $43 million.

Read Also: 7 best angel investors in African funding startups

  1. Spend of bitcoin cryptocurrency

While it may not seem like it, people continue to use bitcoins to buy stuff. The largest firms to accept bitcoin cryptocurrency at the moment include Overstock.com, Expedia, Newegg, and Dish.

  1. Federal Bureau of Bitcoin

At a certain point, the U.S. government was one of the largest holders of bitcoin cryptocurrency. In 2013, after the FBI shut down Silk Road, a darknet site where they sell and buy drugs including other illicit goods and services, it took over Bitcoin cryptocurrency wallets controlled by the site, one of which held 144,000 bitcoins.

  1. A mountain-sized setback

Early 2014, Bitcoin cryptocurrency suffered an overwhelming loss after the alleged hacking of Mt. Gox, a Japanese exchange. About $460 million of the currency (in 2014 value) was being stolen. It was the major loss of bitcoins ever and raised up concerns about how safe the currency was.

  1. The billionaires’ takes

Warren Buffett, perhaps the most well-known investor in the globe, was not so keen on Bitcoin cryptocurrency one of the only times he condemned the currency. But he recently invested in cryptocurrency. Richard Branson, however, has spoken more optimistically about it.

Read Also: The three tested way to fund your forex account

  1. Wealthy twins and a smart teen

Some notable investors in Bitcoin include Cameron and Tyler Winklevoss (the Harvard-educated twins who sued Mark Zuckerberg claiming that Facebook was based on an idea they’d had).

They both invested $11 million into Bitcoin cryptocurrency in 2013, an amount said to be about 1 percent of all bitcoins in circulation at that time. Erik Finman an investor and entrepreneur Erik Finman, who invested $1,000 into Bitcoin cryptocurrency when he was 14 years old and now he’s a millionaire.

  1. Celebrities are getting involved

Celebrities have also expressed their zeal for bitcoin such as Ashton Kutcher, Nas, and Floyd Mayweather have all invested in Bitcoin startups.

  1. Support from a big financial institution

In August 2017, Fidelity Investments became a rare standout among financial institutions in embracing Bitcoin and other cryptocurrencies. The company allows its clients to use the Fidelity website to view their bitcoin cryptocurrency holdings held through digital wallet provider Coinbase.

  1. A hard fork

On Aug. 1, 2017, Bitcoin experienced what’s being called a “hard fork” as a result of a few issues, including the limited number of transactions that can be processed per second.