What is bitcoin?
Bitcoin is digital money used for secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank or government – instead it is an open network which is managed by its users. Much in the way email improved communication by making it fast and cheap, Bitcoin is an improvement on existing payment methods which were not designed for the internet era.
Is Bitcoin safe?
Bitcoin’s core protocol is viewable by anyone. It has been vetted by thousands of security researchers around the world, and proven to be robust and reliable after immense scrutiny. Using Bitcoin is similar to using other private applications on the internet, such as email or online banking systems. Just like these and other web services, you must access your Bitcoin with a password in order to ensure that you alone have access to your money.
Is it tied to the value of the dollar?
The value of a Bitcoin is not tied or pegged to the value of any other currency. Similar to stocks or property, Bitcoin’s value is determined by buying and selling in the open market. The price of a Bitcoin changes in real time based on the number of people who wish to buy or sell it at a given moment.
Why does it change in value?
Bitcoin is traded for US Dollars, Euros, Yen, and other currencies in real time, 24 hours a day. Depending on the demand for buying and selling Bitcoin, the price can fluctuate from day to day. This is similar to the manner in which the value of a stock or property can go up or down based on supply and demand. Bitcoin’s value can be volatile compared to traditional currencies such as the US Dollars, as it is still an emerging technology.
Is it similar to a credit card or PayPal?
Unlike the Credit Card networks like Visa and payment processors like PayPal, Bitcoin is not owned by an individual or company. Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet and is never dependent on banks or private companies to process transactions.
Why would I use bitcoin?
Bitcoin allows you to instantly send any amount of money to anyone in the world without needing a bank. It allows you to access your money without needing an ATM or Credit Card – Bitcoin gives you total control over your money. You can pay friends back for dinner, buy your next computer, and donate to charity, all using Bitcoin.
Where can I spend bitcoin?
Many large online businesses such as Overstock, Expedia, and Dell accept Bitcoin. Non-profits such as Wikipedia and the United Way also accept Bitcoin donations. Look for a Bitcoin payment option on some of your favorite websites and you’ll be surprised how many accept Bitcoin!
The Value of bitcoin in Nigeria?
Create a Bitcoin Wallet?
For you to receive, send, or store bitcoin, you need a bitcoin wallet. There are several platforms that provide bitcoin wallet services but for the purpose of Zarfunders, we will be creating a blockchain bitcoin wallet using the video guide below:
You can partner with us in exchanging of Bitcoin to your local currency firstname.lastname@example.org.