Sunday, 29 January 2017
Thursday, 19 January 2017
Tuesday, 17 January 2017
How to Use Bitcoin in Nigeria | What is Bitcoin (BTC) | How does it Work?
Have you ever Wondered how to use Bitcoin in Nigeria?… What is Bitcoin and How does it
Work here in Nigeria?…
This article is here to answer those queries…
What is Bitcoin?
Bitcoin is monetary platform that is
controlled by no one…
No one?
What does that mean?
Bitcoin users controls the system,
its termed a decentralized system...
Bitcoin is a currency that is growing
daily and it is represented by BTC…
Bitcoin is used for online shopping
where you transfer bitcoins from your bitcoin wallet to another user’s bitcoin
wallet…
Let’s use an image to describe what
bitcoin is…
Wait bro…
What is a bitcoin wallet?
I have skipped that part… I’m sorry
In simple term, a bitcoin wallet is
just like a bank not visible one but like a store for your money where you can
easily receive and send bitcoins from…
You can easily buy and sell Bitcoins
in exchange for Naira online but you must have a bitcoin wallet…
OK bro, How do I create a Bitcoin
Wallet Account in Nigeria
Bitcoin Nigeria Wallet Registration
You can register for a secured
bitcoin wallet with Blockchain or Coinbase because it is very secured..
We are talking about money here …
*Lol*
·
Register for a bitcoin wallet with Blockchain or coinbase.
·
Email verification message will be sent your mailbox
·
Confirm by clicking the confirm button
To see your bitcoin wallet address
Oh… What is
bitcoin address?
Bitcoin address is like a bank
account number ….
The bitcoin address is an
identification for your bitcoin wallet in which will be requested for when
buying or selling bitcoins …
Now we know what bitcoin wallet is…
What is the concept about Bitcoin
·
Bitcoin was created to ease stress of carrying money about, your bank is
on your phone or computer not a building
·
Coinbase provides a bitcoin wallet app where you can easily buy and sell
bitcoins..
·
Bitcoin runs under a system known as crypto-currency.
·
Crypto-currencies only exist as computer codes; they are not less real
than paper money is (fiat currency).
·
It has the advantage that a very large sum can be carried around in your
mobile phone, without inviting undue or silly attention.
·
The decentralized nature of bitcoin is another benefit it has over
normal currency.
·
Bitcoin is made possible by the blockchain technology created by the
inventor, Satoshi Nakamoto.
·
The most important benefit of bitcoin is the peer-to-peer nature without
central
governing body; it also involves the absence of a third party when sending money.
governing body; it also involves the absence of a third party when sending money.
·
The flow is usually from the sending wallet to the receiving wallet at
almost no charge.
Bitcoin rate is higher than any
currency in the world…
There is no rule against the transfer
of bitcoin unlike other currencies…
Sunday, 15 January 2017
Thursday, 12 January 2017
Wednesday, 11 January 2017
Tuesday, 10 January 2017
What is Bitcoin?
Bitcoin is a form of digital currency, created and held electronically.
No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re
produced by people, and increasingly businesses, running computers all around
the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as
cryptocurrency.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s
like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that
makes it different to conventional money, is that it is decentralized. No single institution controls the
bitcoin network. This puts some people at ease, because it means that a large
bank can’t control their money.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on
mathematical proof. The idea was to produce a currency independent of any
central authority, transferable electronically, more or less instantly, with
very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a
central bank, unaccountable to the population, and making its own rules. Those
banks can simply produce more money to cover the national debt, thus devaluing
their currency.
Instead, bitcoin is created digitally, by a community of people that
anyone can join. Bitcoins are ‘mined’, using
computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own
payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work –
say that only 21 million bitcoins can ever be created by miners. However, these
coins can be divided into smaller parts (the smallest divisible amount is one
hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder
of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically,
you knew that if you handed over a dollar at the bank, you could get some gold
back (although this didn’t actually work in practice). But bitcoin isn’t based
on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a
mathematical formula to produce bitcoins. The mathematical formula is freely
available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to
make sure that it does what it is supposed to.
What are its characteristics?
Bitcoin has several important features that set it apart from
government-backed currencies.
1. It's
decentralized
The bitcoin network isn’t controlled by one central authority. Every
machine that mines bitcoin and processes transactions makes up a part of the
network, and the machines work together. That means that, in theory, one
central authority can’t tinker with monetary policy and cause a meltdown – or simply
decide to take people’s bitcoins away from them, as the Central European Bank decided
to do in Cyprus in early 2013. And if some
part of the network goes offline for some reason, the money keeps on flowing.
2. It's easy to set
up
Conventional banks make you jump through hoops simply to open a bank
account. Setting up merchant accounts for payment is another Kafkaesque task,
beset by bureaucracy. However, you can set up a bitcoin address in seconds, no
questions asked, and with no fees payable.
3. It's anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they
aren’t linked to names, addresses, or other personally identifying information.
However…
4. It's completely
transparent
…bitcoin stores details of every single transaction that ever happened
in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.
If you have a publicly used bitcoin address, anyone can tell how many
bitcoins are stored at that address. They just don’t know that it’s yours.
There are measures that people can take to make their activities more
opaque on the bitcoin network, though, such as not using the same bitcoin
addresses consistently, and not transferring lots of bitcoin to a single
address.
5. Transaction fees
are miniscule
Your bank may charge you a £10 fee for international transfers. Bitcoin
doesn’t.
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon as
the bitcoin network processes the payment.
7. It’s
non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the recipient
returns them to you. They’re gone forever.
So, bitcoin has a lot going for it, in theory. But how does it work, in
practice? Read more to find out how bitcoins are mined,
what happens when a bitcoin transaction occurs, and how the network keeps track of everything.
SOME THINGS YOU NEED TO KNOW ABOUT BITCOIN WALLET
If you
are about to explore Bitcoin, there are a few things you should know. Bitcoin
lets you exchange money in a different way than with usual banks. As such, you
should take time to inform yourself before using Bitcoin for any serious
transaction. Bitcoin should be treated with the same care as your regular
wallet, or even more in some cases!
SECURING YOUR WALLET
Like in
real life, your wallet must be secured. Bitcoin makes it possible to transfer
value anywhere in a very easy way and it allows you to be in control of your
money. Such great features also come with great security concerns. At the same
time, Bitcoin can provide very high levels of security if used correctly.
Always remember that it is your responsibility to adopt good practices in order
to protect your money.
BITCOIN PRICE IS VOLATILE
The
price of a bitcoin can unpredictably increase or decrease over a short period
of time due to its young economy, novel nature, and sometimes illiquid markets.
Consequently, keeping your savings with Bitcoin is not recommended at this
point. Bitcoin should be seen like a high risk asset, and you should never
store money that you cannot afford to lose with Bitcoin. If you receive
payments with Bitcoin, many service providers can convert them to your local
currency.
BITCOIN PAYMENTS ARE IRREVERSIBLE
Any
transaction issued with Bitcoin cannot be reversed, they can only be refunded
by the person receiving the funds. That means you should take care to do business
with people and organizations you know and trust, or who have an established
reputation. For their part, businesses need to keep control of the payment
requests they are displaying to their customers. Bitcoin can detect typos and
usually won't let you send money to an invalid address by mistake. Additional
services might exist in the future to provide more choice and protection for
the consumer.
BITCOIN IS NOT ANONYMOUS
Some
effort is required to protect your privacy with Bitcoin. All Bitcoin
transactions are stored publicly and permanently on the network, which means
anyone can see the balance and transactions of any Bitcoin address. However,
the identity of the user behind an address remains unknown until information is
revealed during a purchase or in other circumstances. This is one reason why
Bitcoin addresses should only be used once. Always remember that it is your
responsibility to adopt good practices in order to protect your privacy.
UNCONFIRMED TRANSACTIONS AREN'T
SECURE
Transactions
don't start out as irreversible. Instead, they get a confirmation score
that indicates how hard it is to reverse them (see table). Each confirmation
takes between a few seconds and 90 minutes, with 10 minutes being the average.
If the transaction pays too low a fee or is otherwise atypical, getting the
first confirmation can take much longer.
|
Confirmations
|
Lightweight
wallets
|
|
|
0
|
Only
safe if you trust the person paying you
|
|
|
1
|
Somewhat
reliable
|
Mostly
reliable
|
|
3
|
Mostly
reliable
|
Highly
reliable
|
|
6
|
Minimum
recommendation for high-value bitcoin transfers
|
|
|
30
|
Recommendation
during emergencies to
allow human intervention
|
|
BITCOIN IS STILL EXPERIMENTAL
Bitcoin
is an experimental new currency that is in active development. Each improvement
makes Bitcoin more appealing but also reveals new challenges as Bitcoin
adoption grows. During these growing pains you might encounter increased fees,
slower confirmations, or even more severe issues. Be prepared for problems and
consult a technical expert before making any major investments, but keep in
mind that nobody can predict Bitcoin's future.
GOVERNMENT TAXES AND REGULATIONS
Bitcoin
is not an official currency. That said, most jurisdictions still require you to
pay income, sales, payroll, and capital gains taxes on anything that has value,
including bitcoins. It is your responsibility to ensure that you adhere
to tax and other
legal or regulatory mandates issued by your government and/or
local municipalities.
Earn Bitcoins in 8 different ways
1. Earn Bitcoins by accepting
them as a means of payment
In my opinion, the best and easiest way to
earn Bitcoins is to accept them as a means of payment. If you have a small
business, the integration is done quickly and easily. No matter if you have a brick and mortar
shop or an online business, no matter if you sell goods or services. You just
have to complete the following three steps:
Get a free online Bitcoin wallet from Blockchain.com or Coinbase.
If you're not sure what a Bitcoin wallet is. There are also many other
providers apart from Blockchain.com or Coinbase. When you sign up with LocalBitcoins you will also get a free bitcoin wallet with a broad
range of functions. Find out which works best for you. And remember, no wallet
is absolutely safe, so be careful with your money. Especially make sure you
keep your Bitcoins stored safely in at least 2 or 3 different places.
Display a QR-code with your Bitcoin address next to your cash register. There are two options here.
When you have your wallet, go to a section
that says 'Receive Money' or 'Add funds' or something similar. There will
usually be a QR-code that has your Bitcoin address encoded in it. Print out the
image with the QR-code and place it next to your cash register. Your customers
will typically have a Bitcoin app installed on their smartphone where they can
enter the value of the purchase in USD or EUR. Their app calculates the
corresponding Bitcoin value. It automatically takes the current exchange rate
to get the right amount. On your wallet account you can check the confirmation
of your incoming payment.
Some wallets offer a 'Receive Money'
functionality. When you earn Bitcoins by accepting them as a payment method on
a more regular basis it comes in handy when you use a button called 'Create
Payment Request'. Here you enter the Bitcoin amount the customer has to pay and
it will show the corresponding QR-code automatically. This way the customer
doesn't need to enter an amount which makes the payment for them more
convenient. For this method you need to calculate the Bitcoin amount from your
USD or EUR price before you can enter it for the QR-code to generate.
Display the 'Bitcoin accepted here' logo at the entrance to your shop to show everybody your innovative payment integration.
That's it. It's so easy, start to earn Bitcoins by selling goods and services today! This is just a quick description how to earn Bitcoins by accepting them as a means of payment. These links are also helpful:
How to
accept Bitcoin, for small businesses includes
more info for online businesses
The Bitcoin
Wiki Trade page shows you which other
businesses already accept Bitcoin. Add your shop here to get more publicity
Coinmap is an OpenStreetMap where you can see the geographical
distribution of Bitcoin accepting businesses. Add your shop here as well
There are many other lists and indexes where
you can add your shop. I find the two mentioned ones to work best so far. If
you have one that you think is really good and complete, contact me. I will be
happy to add other links here.
2. Earn free Bitcoins by completing tasks on websites ✔
There are many websites which offer you to
earn free Bitcoins. With most of these sites, the concept is that you visit the
site and just for looking at it you get a small amount of Bitcoins. The concept
has something in common with watching good old free TV. You watch a lot of ads
and in between you get something you actually want to see, like a film or music
clips.
While this is a legitimate concept, the return on your
invested time is very little. So when you
earn Bitcoins from these advertising sites, the Bitcoins actually come at the
cost of your time. As the saying goes 'there is no free lunch'. But see for
yourself, here is a list of some of the sites that I find interesting
BitVisitor :: Earn Bitcoins for watching websites or videos. Every page is shown for five minutes. Then you can
click 'Next' for confirmation and move on to the next page. What I like about
this site is that payouts come within roughly an hour. This is a major
advantage compared to other sites that pay Bitcoins for completing tasks. Also,
you don't need an user account here, you just enter your Bitcoin address. The
amount of Bitcoins you can earn here is limited though. Per five minutes you
get something like µBTC 100 (that's 100 microcoins or BTC 0.00001) which means
that your hourly payout is something like BTC 0.00012. That's not too much
money but it is a start to make you first Satoshis and get familiar with
Bitcoin. And note, payout per five minute period varies. So the above
calculation only holds if the average payout
per five minutes is µBTC 100.
freedigitalmoney.com :: Earn Bitcoins by getting rewards fo purchases made in Bitcoin. On this site you also don't need a user account and
just have to enter your Bitcoin address to earn Bitcoins.
CoinWorker :: Earn Bitcoins by completing analytical tasks. A user account is required here. I haven't tried
this service but payouts seem to be a bit higher than with the aforementioned
sites.
Bitfortip :: Earn Bitcoins by answering forum questions. This is a nice service because it brings people
together who are interested in Bitcoin and many other topics. At the same time
it allows to pay rewards in bitcoin for answering questions. This is something
that would not have been possible without a currency like Bitcoin that has low
transaction fees and instant transfers
Earning Bitcoins from completing tasks on
websites is a viable option to actually earn some Bitcoins, but don't expect your income to be very
large. I regard it as a first step to get familiar with Bitcoin in general.
Also, it is interesting to see what kind of services are enabled through
frictionless money transfers.
3. Earn Bitcoins from interest
payments %
If you already have some Bitcoins, put your Bitcoins to
work for you. Earn Bitcoins through
interest payments by lending them out.
Lend
directly to someone you know. This
allows you to assess personally, whether you regard the borrower as
trustworthy. Then the two of you only need to agree on the terms like duration
and interest rate and off you go. The drawback is, however, that you probably
will not have too many acquaintances who match your amount, duration and
interest rate requirements. But it's a nice way to earn Bitcoins.
Peer to peer
Bitcoin lending websites with
listings from various borrowers are another option.Bitbond is such
a peer-to-peer lending site. Borrowers publish funding requests and you can
contribute to their loan. You can fund small portions of many loans and thereby
diversify default risk. Bitcoin loans usually work the same way as fiat
currency loans. The borrower gets a certain amount of money over a specified
time and repays the money with interest. There are two things you need to be
aware of when you lend Bitcoins. The site needs to be trustworthy and the borrower needs to be trustworthy. When the site assesses the creditworthiness of their
applicants the information given about borrowers can be more credible.
A Bitcoin banking like
model. Here you place your Bitcoins as a deposit with a site that pays you a
fixed interest rate on these deposits. As everything here, this method has
advantages and disadvantages. The good thing is, that you don't need to
diversify your Bitcoins over many borrowers. You just place your Bitcoins with
your Bitcoin bank and that's it. You earn Bitcoins as a steady stream of
interest income. However, be very careful. In the previous case of peer to peer
lending you diversify your lending activity over many borrowers. In the banking
model you
trust one single borrower which is the bank.
If they don't do a good job in managing your Bitcoins, everything can be lost
at once. That's because the bank takes your deposits and invests them in
assets, the most important assets usually being loans. If they do a good job
you are fine because you simply collect the interest payment. If they don't do
a good job you take the hit. An there is no deposit insurance in the Bitcoin
world, too.
To sum it up, Bitcoin lending is a good way
to make more Bitcoins from what you already have. And please notice this disclaimer: only
lend through sites that you trust. Such
sites will comply with theusual requirements that you expect from non-Bitcoin related
sites as well. That means they have proper terms and conditions in place, they
disclose their status of incorporation and contact details. Some sites in the
Bitcoin world do not do this and in the end people wonder what happened to
their Bitcoins. Therefore, when you earn Bitcoins from Bitcoin lending watch who
you deal with and only use Bitcoins which you can afford to lose.
4. Earn Bitcoins from mining
Bitcoin mining is the process by which new Bitcoins are generated. When you perfom mining, your computer adds new
Bitcoin transactions to the block chain (a public ledger where all Bitcoin
transactions are stored) and searches for new blocks. A block is a file that
has the most recent Bitcoin transactions recorded in it. When your computer
discovers a new block, you receive a certain number of Bitcoins. Currently a
block contains BTC 25. This number changes throughout time and gets smaller by
the factor 0.5 every four years.
Since bitcoin mining has become a hardware
intense and therefore expensive process, most individual miners join a so
called mining
pool. One of the mining pools you can
conect to is BitMinter for example. By providing computing power to their
pool you can earn Bitcoins from mining without the need to build your own big
mining farm. There are entire communities around Bitcoin mining and besides the
fact that you earn Bitcoins it's also fun. You meet new people online and get
in-depth knowledge about Bitcoin as a protocol and technology.
If you want to earn Bitcoins through mining,
be aware that it is a costly and time consuming process. Read the respective
introductions and manuals to learn
more about it. This website is a good starting point. Unless you are mining just
out of curiosity and want to get to know the technology, it is important to
make a cost / benefit analysis. Hardware prices, electricity costs, bitcoin
difficulty and the Bitcoin value
influence the profitability of Bitcoin mining. If all this seems interesting to
you and you want to earn Bitcoins from mining make your first calculations on
the Mining
Dashboard.
5. Earn Bitcoins by getting
tipped
When you earn Bitcoins through tips, it is
much like accepting Bitcoin as a means of payment. You need a wallet, a QR-code
with your Bitcoin address on it and the people who can potentially give you a
tip need to be aware of it. There are various places where you can receive
Bitcoin tips.
Again, your shop is the first thing to start with in case you have one.
It's just a bit simpler because since tips are voluntary you don't really need
to check the incoming payment and the exact amount. Simply display the QR-code
and check each day what came in.
With tips, the nice thing is that you don't
necessarily need to have a shop. A blog for
instance or any other website is sufficient. You can display the QR-code or
just your Bitcoin address at the bottom of your page or wherever it seems
convenient and let people decide how much they want to tip you. You can also
view how this looks like in the footer of this German blog bitcoins21.
Another really cool way to get tipped online
is ChangeTip. This service
allows you to integrate tips on all major social networks, YouTube and GitHub.
Very nice!
Imagine you have a restaurant and want to
encourage your customers to tip with Bitcoins, there is this nice service: bctip is a website where you can print little paper vouchers that have a certain Bitcoin balance on them. When your
customer has one of these, he or she can simply give it to you or your
employees and you can redeem it like a coupon.
6. Earn Bitcoins through
trading
Some people would say that trading is a form
of gambling. While there these two things have something in common, there are
also fundamental differences. When you gamble (and assuming that it's a fair
game) you have a certain probability of winning and losing. When you trade
assets, this gets much more complex. I don't want to go into too much detail
here. I just want to outline the concept how you can earn Bitcoins with
trading.
The safest way to make money with trading is
through arbitrage.
In short, this means that you see an opportunity to buy an asset in one place
for a certain price and sell it immediately at another place for a higher
price. It is important that you know you can
sell the asset immediately at a certain price. If
this does not hold, then we are talking of speculation - or gambling if you
prefer.
The Bitcoin world, in my opinion offers such
arbitrage opportunities. But they are not as simple to execute as it might seem
at first sight. Price differences between exchanges often come for certain
reasons. The speed of fiat money transfers and access restrictions are just the
most striking ones. You have to find out the concrete opportunities yourself.
One place to start is this thread on Bitcoin
StackExchange. Also, not every opportunity is available to everyone.
Go and have a look at the price differences between exchanges and check out if
you can find opportunities.
If you want to give arbitrage a try, you need to get Bitcoins almost instantly. One of the
few sites where you don't need to sign up is bit4coin. If you spot an opportunity and want to
act on it immediately, this is a way to get a hold of Bitcoins fast. If you
manage to earn Bitcoins from arbitrage, this can be very profitable after all.
But start cautiously as it really does require some experience.
The other way to earn Bitcoins from trading
is simple
speculation. In this case you would buy Bitcoins, wait
until the price increases, then sell for a fiat currency. When the price drops
again, you buy more Bitcoins and start all over. For this to work out you
either need to be very lucky or capable of predicting the future.
There are people who are good traders and
who can recognize patterns from price charts. But that's something very
specialized and I'm not sure if I believe in this. So for me, if you want to
earn Bitcoins from this form of trading it could also be categorized as
gambling. And actually it's even more risky if you compare it to a fair game
where you know your odds. When you speculate with assets, you can extract your
odds from historical prices. But never start believing this would tell you
something about the future reliably.
7. Earn Bitcoins as a regular
income
Getting your monthly paycheck in Bitcoins is probably the steadiest way to earn Bitcoins. There
aren't many organisations who would pay you in Bitcoins but there are some at least. And maybe there will be more as acceptance
increases continuously. Gavin Andresen, core Bitcoin developer of the Bitcoin
Foundation stated in this interview that he gets paid in Bitcoins. And chances are, that
when your employer accepts Bitcoins they might be willing to pay you in
Bitcoin, too.
Apart from being employed by a company or a
non-profit you can be self-employed and get paid in Bitcoins. Being a
freelancer has multiple advantages. You can for example earn Bitcoins
conveniently from home by participating in this bitcoin affiliate program.
You can also work from home for others. Here
is a list of sites where you can search job offers or where you can post an
offer yourself. It's a very convenient way to earn Bitcoins, because many jobs
can be completed from home.
Bitcointalk Forum Services Section is another starting point to look for job listings
that are paid in Bitcoins. Some of the jobs are done easily within a short
amount of time so it's a good way to earn Bitcoins quickly.
Jobs 4 Bitcoins on reddit has a focus on job listings for programmers. But
again, it's not purely programming and it's definitely worthwile to browse
through the different offers.
BitGigs is an online job board with many diverse job offers.
The variety is reall amazing so go check it out.
Coinality has a different approach by not simply listing jobs
where you can earn Bitcoins, but displaying them on a map. This comes in handy
when you are interested in a local job somewhere near you. The number of
listings could be higher but when it keeps growing it will become more
interesting.
XBTFreelancer is another job board for gigs that are paid in
Bitcoin. These jobs are mostly also software related. If you have programming
or other IT related skills it is therefore probably easiest for you to earn
Bitcoins with your expertise.
Then of course, you can start your own Bitcoin
related business and earn Bitcoins
this way. Either as a fully fledged business of goods or services or you could
run a website and place ads from CoinURL.
If you want to start or already have a brick and mortar shop check out the earn
Bitcoins downloads.
The flyer shows you, how easy it is to integrate Bitcoins payments in your
shop.
8. Earn Bitcoins from gambling
- not suitable for everyone
To be honest, I'm not a big friend of
gambling. But it is a way to earn Bitcoins so in order to make this list
complete it needs to be mentioned here. However, I won't list any links to
gambling sites here. It's fairly easy to research them if you are interested.
And if you clicked on some of the above links you probably already came across
some Bitcoin gambling sites.
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