We’ve all seen the crazy rise in the value of Bitcoin over the past months, as well as the increased awareness and frenzy this rise has brought to Bitcoin as a type of money.
You are already a player in the Bitcoin space, how do you explain Bitcoin to a newbie or enthusiast in a few, easy points? — Here you go. Thank us later 😎.
- Bitcoin is a type of Cryptocurrency.
- Cryptocurrency is electronic or digital money. That means, it is not represented by a physical bill like the Dollar or Naira.
- The name cryptocurrency suggests that crypto is the cryptography or encryption used to verify transactions, and that keeps the information highly safe from hackers.
- Advanced coding is involved in storing and transmitting cryptocurrency data between wallets and public ledgers. Encryption or coding aims to provide security and safety 🔐.
- Bitcoin is the most common type of cryptocurrency used in trading. There are other types of cryptocurrency like Bitcash (BCH), Ethereum (ETH), Litecoin(LTC), Ripple, Stellar, etc.
- Bitcoin as a digital currency (Cryptocurrency) can be sent from one person to another. The transactions with Bitcoins happen from sender to receiver, i.e., on the peer-to-peer network, No intermediary, like the bank involved. With Pandar’s, Bitcoin Exchange feature, you can send money from anywhere in the world directly into any Nigerian bank account in the blink of an eye 😉 without any registration, KYC, or long talk.
- With Bitcoin, everyone is equal, it offers a fairer financial system 💯. All Bitcoin transactions are recorded on a global public ledger called the blockchain, and anyone can view them. It is decentralized; nobody controls or ‘owns’ the Bitcoin network, and transactions can never be altered or censored.
- Bitcoin is fixed in supply, only 21 million coins will ever be created, making Bitcoin much more immune to the inflation traditional currencies are prone to.
- Bitcoin, just like with all money, can be stored, exchanged, used in making payments, using bitcoin wallets like Pandar Bitcoin Wallet. This means you can send, receive, and store any amount of money without relying on financial intermediaries, making bank fees, identity fraud, and delays a thing of the past with Bitcoin, using Wallets like pandar.ng
- Bitcoin is easily liquidated, You can convert the bitcoins into cash with ease. The process is simple, and can be done in a blink of an eye 😉 with the Pandar Quick Sell feature — We dey for you.
Secure payments go directly from one person or business to another, Bitcoin puts you in full control of your own money.
At the tap of a button, with pandar.ng, you can move any amount of money, anywhere in the world — instantly, securely, and at no extra fees.
Start trading now. Find the Pandar App on the Apple and Google Play Store.
Share this post with that person you have been trying to explain Bitcoin, we saved you the long talk 🥳.
