Encryption simply means coding. It is the activity of converting data or information into code
Crypto Currency is not a Legal tender- Meaning it is not an official medium of payment recognized by law.
No one knows the face or faces behind the creation of crypto currency. They chose to remain anonymous under the alias of Satoshi Nakamoto.
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The currency was borne out of the need to depend less on any government and this was after the 2007-2008 global financial crisis.
Just as Naira is the Nigeria currency, Bitcoin is the Crypto currency.
Bitcoin exchange was first launched in July 2010 in Japan by a company called MT Gox. In 2014 the exchange suspended trading, its website shutdown and filed for bankruptcy. The CEO of the company; Mark Karpeles was sued for loss of investment and currently still being tried for embezzlement and manipulation of data.
The Bitcoin being an electronic cash system was later re-created in 2013.
The plan is to create 21 million units of Bitcoin by 2040. The unit is created based on the ability to solve a math algorithm. The more they solve, the harder it becomes.
As at quarter3 2017, about 16.6 million Bitcoin have been mined. Mining is one of the primary ways of obtaining Bitcoin while others are through purchase on any exchange using flat money and accepting Bitcoin for goods or services.
Blockchain is to Bitcoin what bannks are to physical currencies. Blockchain is a technology used to ensure secure document sharing. It eliminates the possibility of hacking.
A user has a Bitcoin wallet which computes the spendable balance while also verifying transactions as emanating from the owner.
The value of a Bitcoin today is about 6,000 dollars to 1 Bitcoin.
Currently, no Government has a direct control over the activities of Crypto currency.
The Central Bank of Nigeria just as most Central Banks of other countries, is yet to take a stand with regards the Crypto currency. However, they advise the public to take precautionary measures.