Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008.
Bitcoin is decentralized, meaning it is not subject to government or financial institution control. Transactions are peer-to-peer, and take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public dispersed 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: This question is not a reliable source of information. The price of Bitcoin is highly volatile and changes rapidly. Any answer given to this question is likely to be outdated or inaccurate. It is recommended that you instead use a reliable cryptocurrency exchange or market data provider to get an up-to-date and accurate value of Bitcoin in Naira.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public.
In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called “mining”.
What Is $500 Bitcoin in Naira?
As of October 2020, 500 bitcoins converts to approximately 12,767,000 naira.
6 Related Question Answers Found
When it comes to Bitcoin, there is no such thing as too much or too little. The value of each Bitcoin is determined by the market and can fluctuate wildly. However, when it comes to Nigerian Naira, there is a more definitive answer to the question of how much is $200 worth of Bitcoin.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
As of September 2019, $500 US is worth approximately 0.051 Bitcoin. This is based on the current exchange rate of 1 Bitcoin to 9,700 US dollars. However, the value of Bitcoin can fluctuate greatly from day to day, so it’s important to keep an eye on the exchange rate when making any decisions about buying or selling Bitcoin.
When it comes to investing in Bitcoin, there is no one-size-fits-all answer. The amount of money you can make from investing 500 in Bitcoin will depend on a number of factors, including the current market value of Bitcoin, your investment strategy, and how much risk you are willing to take. Assuming you invest 500 in Bitcoin when the market is valued at $10,000 per coin, and the market value increases to $20,000 per coin within a year, you would double your investment.
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.
Bitcoin is a cryptocurrency, a form of electronic cash. It 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.
