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You see everyone shouting"BTC dey rise" here and there but you don't understand why they're restlessly happy as such? Get in here!
Will try to break it down to as minimal as possible.
Will try to break it down to as minimal as possible.
Recent report from @qzafrica claims Nigeria has the biggest #Bitcoin 
market in the world after the US...yet so many Nigerians, including Corporations, still don't understand what the "Frenzy" around Bitcoin is all about.
market in the world after the US...yet so many Nigerians, including Corporations, still don't understand what the "Frenzy" around Bitcoin is all about.
First of all, you don't need to call/write it in full... it's a lot of stress
. Just BTC will do. FYI, BTC is an acronym of Bitcoin.
. Just BTC will do. FYI, BTC is an acronym of Bitcoin.
"How did BTC come about?"
BTC was created by a regular human like me & you...the only difference was just that he was smarter.
No one knows his name till tomorrow, but he went by the alias "Satoshi Nakomoto". He presented it to the Public in 2008, but obviously worked on it..
BTC was created by a regular human like me & you...the only difference was just that he was smarter
. No one knows his name till tomorrow, but he went by the alias "Satoshi Nakomoto". He presented it to the Public in 2008, but obviously worked on it..
...long before that. Satoshi presented BTC to everyone citing the financial & economic depression ravishing the whole world that year as a valid reason why he created Bitcoin.
Using the basic principles of demand and supply: "The higher the demand of a particular commodity,
Using the basic principles of demand and supply: "The higher the demand of a particular commodity,
..the higher the price people will be willing to pay for it", Satoshi programmed a digital currency infusing technology with Economics.
How then can you make people demand crazily for something if not by limiting it's supply?! People saw sense in Satoshi's crazy BTC invention.
How then can you make people demand crazily for something if not by limiting it's supply?! People saw sense in Satoshi's crazy BTC invention.
I mean, logically, the more scarce something is, the more badly people should want it and then the more valuable it should be right?
Satoshi was a genius make I no lie
Satoshi was a genius make I no lie
"How then will the scarcity of BTC help stabilize the world's economy?"
Most economists in the world believe the MAIN reason why the economy of countries slide into depression (Yeah! Not only humans get depressed) is because of the Govt printing more & more money as they want...
Most economists in the world believe the MAIN reason why the economy of countries slide into depression (Yeah! Not only humans get depressed) is because of the Govt printing more & more money as they want...
(Since it's anything the Govt authorizes as money, that's what will be nationally acceptable for transactions. We get choice?)
The more money is printed, the more non-valuable it'll be over time (Remember our demand & supply narrative above). That in turn, is what causes inflation - the average rise in prices of goods.
In short, the printing of more money is the main killer of a country's economy.
In short, the printing of more money is the main killer of a country's economy.
So if the unlimited supply of money is what's killing Countries' economy, why not create a type of currency the Govt will have no control over, with a very limited amount of it so it can get valuable as time passes.
Boom! The idea of BTC was immediately adopted by the masses.
Boom! The idea of BTC was immediately adopted by the masses.
Just so you know, there can only be 21Million BTC ever! The more limited it is, the more higher the price will be...and obviously, Satoshi's theory is clearly a success today!
Sincerely, there's a whole lot about Cryptocurrency...and I'll try to be putting out these interesting infos about them on here from time-to-time. Right now, my finger don dey pain me
The more you know, the more you'll be able to take adv. of these paradigm shifts in technolog
The more you know, the more you'll be able to take adv. of these paradigm shifts in technolog
...No be everything be scam 
If you no still get wetin the basic idea of #Bitcoin be, maybe you should visit "Baba". You can ask your burning questions in the comments sha
If you no still get wetin the basic idea of #Bitcoin
be, maybe you should visit "Baba". You can ask your burning questions in the comments sha
