Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
NOTE: WARNING: It is important to note that the status of Bitcoin in Nigeria is currently unclear and its legality is yet to be determined. Before engaging in any activities that involve Bitcoin, please consult with a legal or financial advisor for clarification.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications.
Nigeria is one of the countries where the question of whether Bitcoin is legal or not is still being debated. The Central Bank of Nigeria (CBN) has issued several warnings about Bitcoin, stating that it’s not legal tender in Nigeria and that anyone who uses it does so at their own risk.
However, the CBN has not yet issued any regulations specifically governing the use of Bitcoin in Nigeria. This means that currently there are no lAWS in Nigeria that prohibit the use of Bitcoin.
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Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an anonymous person or group of people using the name Satoshi Nakamoto, and started in 2009 when its source code was released as open-source software.
Since its inception in 2009, Bitcoin has been subject to a great deal of scrutiny. The decentralized nature of the currency, as well as its potential for anonymous transactions, has made it a Target for regulators and law enforcement officials around the world. In recent years, there has been a growing acceptance of Bitcoin and other cryptocurrencies, but there are still many countries where Bitcoin is considered to be illegal.
When it comes to Bitcoin, there is no doubt that it has become a hot topic all over the world. People are interested in learning about this digital currency, and how it can be used in their everyday lives. In Nigeria, Bitcoin is becoming increasingly popular, as more people are looking for ways to make money online.
