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Bitcoin (BTC) is known as the first open-source, peer-to-peer, digital cryptocurrency that was developed and released by a group of unknown independent programmers named Satoshi Nakamoto in 2008. Cryptocoin doesn’t have any centralized server used for its issuing, transactions and storing, as it uses a distributed network public database technology named blockchain, which requires an electronic signature and is supported by a proof-of-work protocol to provide the security and legitimacy of money transactions.

The issuing of Bitcoin is done by users with mining capabilities and is limited to 21 million coins. Currently, Bitcoin’s market cap surpasses $138 billion and this is the most popular kind of digital currency. Buying and selling cryptocurrency is available through special Bitcoin exchange platforms or ATMs. Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need of intermediaries.

Transactions are verified by network nodesthrough cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and was released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and by reputable economists stating that "it should have a zero price".Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin. Identification as a speculative bubble Bitcoin, along with other cryptocurrencies,---(A cryptocurrency or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.).

It has been described as an economic bubble (An economic bubble or asset bubble sometimes also referred to as a market bubble, a price bubble, or a financial bubble, ,is a situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as trade in an asset at a price or price range that strongly exceeds the asset intrinsic value). by at least eight Nobel Memorial Prize in Economic Sciences laureates, including Robert Shiller,Joseph Stiglitz,and Richard Thaler.Noted Keynesian economist Paul Krugman wrote in his New York Times column criticizing bitcoin, calling it a bubble and a fraud; and professor Nouriel Roubini of New York University called bitcoin the "mother of all bubbles." Central bankers, including former Federal Reserve Chairman Alan Greenspan,investors such as Warren Buffett,and George Soros have stated similar views, as have business executives such as Jamie Dimonand Jack Ma.

Energy consumption Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year). At the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of electricity.Politico noted that the even high-end estimates of bitcoin's total consumption levels amount to only about 6% of the total power consumed by the global banking sector, and even if bitcoin's consumption levels increased 100 fold from today's levels, bitcoin's consumption would still only amount to about 2% of global power consumption.

To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energyis cheap and cooling Arctic air is free.Bitcoin miners are known to use hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity costs.Miners are attracted to suppliers such as Hydro Quebec that have energy surpluses.According to a University of Cambridge study, much of bitcoin mining is done in China, where electricity is subsidized by the government. Ponzi scheme and pyramid scheme concerns Various journalists, economists,and the central bank of Estonia have voiced concerns that bitcoin is a Ponzi scheme. In April 2013, Eric Posner, a law professor at the University of Chicago, stated that "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."A July 2014 report by the World Bank concluded that bitcoin was not a deliberate Ponzi scheme. In June 2014, the Swiss Federal Council examined the concerns that bitcoin might be a pyramid scheme; it concluded that, "Since in the case of bitcoin the typical promises of profits are lacking, it cannot be assumed that bitcoin is a pyramid scheme."

In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme. Security issues Bitcoin is vulnerable to threat through phishing, scamming, and hacking. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges Use in illegal transactions Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods.Nobel-prize winning economist Joseph Stiglitz says that bitcoin's anonymity encourages money laundering and other crimes, "If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that." He's also said that if "you regulate it so you couldn't engage in money laundering and all these other [crimes], there will be no demand for Bitcoin. By regulating the abuses, you are going to regulate it out of existence.

It exists because of the abuses." To the question of How does Bitcoin work? As a new user, you can get started with Bitcoin without understanding the technical details. Once you've installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once.(8) This is just a short summary of Bitcoin. If you want to learn more of the details, you can read the original paper that describes its design, the developer documentation, or explore the Bitcoin wiki. Bitcoin and crypto are finally entering the mainstream political and economic discourse. Most recently, Senate Banking Committee Chairman Mike Crapo, a Senior Senator from Idaho, claimed that he is coming under the impression that “these technologies and other digital innovations are inevitable”.

He added that if the United States was to try and ban Bitcoin and other cryptocurrencies, “we couldn’t succeed in doing that because this is a global innovation”. Continuing the tacitly pro-crypto narrative, Crapo went on to note that the U.S. would be unwise to crackdown on the industry, as they could be “beneficial” to many facets of the economy and society.Crapo’s comment comes hot on the heels of a near-identical one from Patrick McHenry, who basically said the exact same thing as Crapo did in a Congressional hearing regarding Libra and a segment of CNBC “Squawk Box” with the Bitcoin-friendly Joe Kernen. McHenry of North Carolina called Bitcoin and the ecosystem that surrounds it is an “unstoppable force”.

This may leave some of you wondering, why is crypto unstoppable? Well,even if a ban was to occur, it would likely not work because even bank institutions are looking into buying bulk of gold and investing also in it. Is Bitcoin Trending in Nigeria? Bitcoin, the world’s most popular cryptocurrency, is making waves in Nigeria. According to Ray Youssef, CEO of cryptocurrency exchange Paxful, 41% of new users in 2018, hailed from Nigeria, Ghana, and South Africa. However, Nigerians who use Paxful to buy Bitcoin, often pay at least 20% more for Bitcoin than international users.The demand for Bitcoin is increasing in Nigeria. Bitcoin exchange is making buying Bitcoin easier and more affordable at www.nairaex.com.  

Bitcoin appeals to both investors and entrepreneurs in Nigeria.People see Bitcoin as a profitable long-term investment and either for remittance purposes,to shop online or transfer money to friends and family.Nigerians who use Bitcoin for remittance and transfer purposes, need to exchange Bitcoin for Naira regularly.To this effect,NairaEx allows verified users to exchange Bitcoin for Naira, just as easily as users can trade Naira for Bitcoin. NairaEx was launched in Nigeria in 2015. and recently, over 100 thousand Nigerians are already using NairaEx to buy and sell Bitcoin every day.

To find out more or to buy Bitcoin yourself, simply visit https://nairaex.com. To most people,Bitcoin is another Ponzi scheme while to others,Bitcoin is a productive scheme and so it's a matter of sheer preference whether to trade in Bitcoin or not to which implies that whatever consequence that comes with it's transaction processes must be consciously and individually responsibly tackled

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