{"id":3235,"date":"2018-08-13T19:01:09","date_gmt":"2018-08-13T19:01:09","guid":{"rendered":"https:\/\/pishondesigns.org\/Dbase\/?p=3235"},"modified":"2025-11-22T02:33:05","modified_gmt":"2025-11-22T02:33:05","slug":"everything-you-should-know-about-bitcoin","status":"publish","type":"post","link":"https:\/\/pishondesigns.org\/Dbase\/everything-you-should-know-about-bitcoin\/","title":{"rendered":"Everything You Should Know About Bitcoin"},"content":{"rendered":"

Bitcoin. Cryptocurrency. Confusing stuff.\u00a0Honestly it’s very confusing even to the smartest of tech heads. It’s a hot topic and a frequent point of discussion among investors, entrepreneurs and stock traders, so I decided to write about everything you should know about Bitcoin.<\/p>\n

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So What is Bitcoin?<\/h3>\n

Bitcoin is digital currency that isn’t controlled by a central authority such as a government or bank. It’s created by “miners,” who use computers and specialized hardware to process transactions, secure the currency’s network and collect bitcoins in exchange.<\/p>\n

The baseline idea, despite layers of complicated, tech-y specifics, is simple: What if there was a standardized currency that could be \u201cmined,\u201d like gold, and used anonymously across the World Wide Web and in select real-world locations? Users keep bitcoins in digital\u00a0wallets<\/a>\u2014perhaps not so different in concept than the PayPal account you keep dollars in\u2014and spend them like any other money.<\/p>\n

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Bitcoin broke onto the scene in\u00a02009<\/a>\u00a0after a Japanese programmer who uses the name Satoshi Nakamoto. By the end of 2011, bitcoin was established enough in certain circles to spark an\u00a0expose on Gawker\u00a0about people using the currency to buy\u00a0 illicit substances, and a\u00a0Wired<\/em>\u00a0feature titled \u201cThe Rise and Fall of Bitcoin.\u201d Then the hubbub died down\u2014until early 2013, when\u00a0Coinbase<\/a>, a bitcoin \u201cwallet service,\u201d\u00a0reportedly sold $1 million in bitcoins<\/a>\u00a0in a single month.\u00a0That\u2019s\u00a0<\/em>big money, and the real-world market took interest.<\/p>\n

So in layman’s lingua, bitcoin is DIGITAL CURRENCY you can use to buy anything<\/span> digitally (where it’s accepted). Banks hate it solely because they can’t track it but still… you can’t ignore it. It’s HUGE!<\/span><\/p>\n

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OMG FACT: 1 BITCOIN = 2.3 MILLION NAIRA.<\/strong><\/span><\/p>\n

At the end of November 2017, Bitcoin’s value reached toward $10,000\u00a0per unit. There are some 16.7 million Bitcoin units in circulation, and the cryptocurrency’s\u00a0market capitalization<\/a>\u00a0($167,156,585,840\u00a0as of\u00a0Nov. 28, 2017)\u00a0is actually higher than that of Disney, McDonald’s or IBM, and it is slightly above that of GE.<\/p>\n

Who Owns Bitcoins?<\/h3>\n

Bitcoin isn\u2019t owned by anyone. Think of it like email. Anyone can use it, but there isn\u2019t a single company that is in charge of it. Bitcoin transactions are irreversible. This means that no one, including banks, or governments can block you from sending or receiving bitcoins with anyone else, anywhere in the world. With this freedom comes the great responsibility of not having any central authority to complain to if something goes wrong.<\/p>\n

Related Post: What Nigerian Banks Need To Learn from Kenya Mpesa<\/a><\/strong><\/span><\/p>\n

How Do I get One?<\/h3>\n

Well.\u00a0 There are 2 main ways of owning bitcoin. You can:<\/p>\n

    \n
  • Mine it.<\/li>\n
  • Buy it.<\/li>\n<\/ul>\n

    See this comprehensive guide:\u00a040+ Best Ways To Buy Bitcoins<\/a><\/p>\n

    The easiest and fastest way to buy bitcoins instantly with a credit card or debit card.<\/p>\n