Game fans who often buy and sell items or games are certainly no strangers to bitcoin. Currently, the use of Bitcoin is increasingly widespread and the price has increased sharply, which is around 4,008 or 58.12 million nairas per coin. Before using it, know what bitcoin is, its advantages, and risks.
Knowing What Bitcoin Is, The Advantages And Risks At The Same Time
For beginners on the internet who want to pursue business on the internet, they certainly know the popularity of bitcoin. But it is possible that some of them have little knowledge of the transaction system. Of course, there will be questions about what bitcoin is, its advantages, and its risks.
Bitcoin is a virtual currency that is now popular enough to be used as a transaction around the world. Payment systems with bitcoin can generally be done virtually. Because the bitcoin turnover system is controlled through open system software.
Everyone can use bitcoin to transact and even invest for profit without the hassle of asking for permission. Cryptocurrency or bitcoin results are indeed very promising, especially if you are already an expert at doing it. Huge profits can be earned overnight as the price increases.
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Advantages And Risks
Promising results and benefits are reaping the increasing interest of most users of the virtual world. In addition to being easy in doing business, investing using bitcoin has competition that can be easily overcome. After you know what bitcoin is, the benefits and risks also need to be studied.
Advantages of Investing with Bitcoin In Nigeria
Ease of Peer to Peer or P2P System
Business or investment with bitcoin is considered a secure system and can be controlled easily. All bitcoin transaction history will be recorded in detail and verified via the network. The cryptographic system in it is recorded in a large data vault owned by the public.
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This advanced technology uses a peer-to-peer system because it is carried out by direct transactions. While the storage technique is commonly referred to as the blockchain. Everyone has their data and transaction history securely.
Massive Flowing Profits
The first person to be able to take advantage of bitcoin was Hal Finney who was a scientist in the computer field. Purchase of bitcoin is done by exchanging 10 pieces given by Nakamoto. Even with these bitcoins, several people can exchange them for one pizza pan.
The exchange price is around 10,000 coins per pizza. Meanwhile, when bitcoin first appeared in Nigeria, you could exchange it for only 451 nairas for one piece. Such exchange systems can generate massive profits when the exchange rate rises.
Risks Of Investing With Bitcoin
Bitcoin transactions or investments are actually very popular all over the world, including Nigeria. However, you need to know that this is still classified as an illegal activity.
Official government institutions in the financial sector such as CBN or OJK do not give official permission that bitcoin can be used as a medium of exchange. Because it is considered to violate the rules in accordance with Law.
Its Potential Could Trigger An Economic Bubble
An economic bubble or an economic bubble can occur when the price of bitcoin increases and its function as a medium of exchange becomes increasingly unbalanced. This event is a phenomenon of the collapse of the price of goods due to a drastic increase in accordance with the exchange rate on bitcoin.
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