Bitcoin In Nigeria: Things You Need Know
You are about to adventure into Bitcoin? Congratulations! But here are things you need to know. Bitcoin should be treated with the same care as your regular wallet.
Securing your wallet
Your bitcoin in your wallet should be handled with care. Just like the way you handle your real life regular wallet. Bitcoin comes with great features that allow you transfer value anywhere in the world in a very easy way and you are always in control. Such great features also come with great security concerns. That’s why it is vital you open a bitcoin account with a trusted, secure and reliable bitcoin wallet platform. Jostpay.com is Nigeria’s leading Bitcoin Wallet Operator.
You can buy Bitcoin several ways, but trusted exchange portal like (https://instantexchangers.net) are a great way to acquire the currency. If an exchange constantly has substantially different prices, it is a sign of trouble and that exchange should be avoided. It’s also a good idea not to use an exchange as a wallet. Move your Bitcoin to your personal wallet (https://jostpay.com) so that you have control over your funds at all times.
The price of bitcoin is determined by the laws of supply and demand. Since the number of bitcoin is fixed to just 21 million, as more people used the currency, combined with the fixed supply, the price will go up. Early 2011, a Bitcoin was exchanged for less than one US Dollar, but now one Bitcoin is worth hundreds of USD.
Transactions are not anonymous
All Bitcoin transactions are stored in public and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. The identity of the user behind an address remains unknown though until information is revealed during a purchase or in other circumstances.
Bitcoin payments are irreversible
Any transaction issued with Bitcoin cannot be reversed; they can only be reimbursed 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 senses typos and usually won't let you send money to an invalid address by mistake.
Bitcoin has no central authority
Bitcoin isn’t controlled by any authority. 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. Just like physical cash, don’t let operators lacking good testimonies to hold your bitcoins for you. Jostpay.com automatically posts users review of their services on its website and social media.
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Bitcoin In Nigeria: Things You Need Know Reviewed by Richard Oyome on 04:00 Rating: