Is Bitcoin legal in Nigeria? Is bitcoin legal in Nigeria? This is a popular question in the cryptocurrency world in Nigeria. Many people think bitcoin is illegal and is something one should keep away from. But is bitcoin really illegal? Well to answer this question, No, bitcoin is not illegal in Nigeria and although bitcoin is not regarded as a legal tender by the central bank of Nigeria (i.e. bitcoin is seen as a means of payment for goods and…
What is etherscan? (All you need to know) Etherscan is the leading block explorer for the ethereum blockchain. In this post, I will try to explain what etherscan is as simply as I possibly can. Before I go in to what exactly etherscan is, let me remind you exactly what ethereum is about. What is ethereum? Ethereum(ETH) like bitcoin runs on blockchain technology, but ethereum and bitcoin are very different. To really understand ethereum, you must understand how the internet works. These…
Bitcoin ATM in Nigeria(How to locate and use a Bitcoin ATM) Bitcoin ATM looks like a normal atm machine, with some key differences and they also perform different functions. The first ever Bitcoin ATM was opened on October 29, 2013 in canada. Bitcoin ATMs usually comprises of a cash dispenser, a scanner and a computer to manage the transactions. Bitcoin are usually dispensed either to the buyers own wallet (via scanned QR code on the buyers mobile device or paper…
What is litecoin? (Beginners guide) Litecoin (LTC) is a peer to peer cryptocurrency. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff, it was meant to be the silver to bitcoin’s gold. Litecoin was created by “Charlie Lee”, a former Google employee and also a former engineering director at coinbase. Litecoin is third largest cryptocurrency measured by market capitalization. Similarities between Bitcoin…
What is ripple? Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records. Is ripple like Bitcoin? In some ways yes, but there is a massive difference between ripple and Bitcoin. 1. Ripple is not a blockchain and does not require proof of work like Bitcoin. 2. Ripple is not mined, the company that founded ripple just picked…
What is bitcoin mining? The Bitcoin protocol stipulates that 21 million Bitcoin will exist at some point. What Bitcoin miners do is bring them out into the light, a few at a time. Bitcoin mining is performed by high powered computers that solve complex mathematical computations, these computations are impossible to solve by hand. When computers solve these computations, they add transactions to the blockchain and as a reward, they get a new Bitcoin. How does it work? What these…
What is an ICO? ICO stands for initial coin offering, An ICO is a way of raising funds for new cryptocurrencies. It means that someone(or people) offer investors some units of a new cryptocurrencies or crypto token in exchange for other cryptocurrencies like Bitcoin(BTC), ethereum(ETH), litecoin(LTC). Why should I be interested in an ICO? Many ICO’s have been very profitable for investors, with an ICO, you get a token, these tokens do not give you any sort of ownership of…
What is ethereum (ETH) (Beginner’s guide) Ethereum(ETH) like bitcoin runs on blockchain technology, but ethereum and bitcoin are very different. To really understand ethereum, you must understand how the internet works. These days our personal data, passwords & financial information are stored on cloud servers owned by big companies like google, facebook, we trust them to keep our data safe (or we have to trust them), but a hacker or government can gain access to those information, meaning they can…
What is bitcoin(BTC) (Beginner’s guide) In order for you to truly understand what bitcoin(BTC) is, am going to break it down as much as possible. Think of bitcoin as money except that 1. Unlike money, bitcoin is not printed. 2. Unlike money, bitcoin is not controlled by organisations(banks). 3. Bitcoin is limited, this means that a time will come when bitcoin will reach its maximum amount ( 21 million). Who created bitcoin? Bitcoin was created by a software developer Satoshi…
