Bitcoin is an int’l eCurrency, a new form of money created by an unknown programmer. It’s not owned by any state, companies or individuals.
Bitcoin first decentralized payment system allowing peer-to-peer principle — without intermediaries between the sender and the recipient.
Bitcoin wallets can be created anonymously. Banks and the government do not control bitcoins — they are only available to owners.
As cryptocurrency, Bitcoins cannot be faked, and payments cannot be cancelled or terminated, once initiated.
Transfer fees on Bitcoin do not depend on the amount or location. You can transfer money to anyone from anywhere in the world.
Bitcoin transactions take a few seconds and transaction fee charged is very low (about $0.05), irrespective of amount transferred.
Like other unregulated digital currencies, Bitcoin is already being used by drug cartels, terror orgs, politicians & oil theft syndicates
Lots of int’l businessmen in Nigeria now use Bitcoin as means of transaction, in order to avoid bank charges, stress of looking for dollars
Bitcoin’s anonymity & untraceabilitiy allow criminals use it for laundering money, buying and selling illegal goods and services.
Turkey, Israel and Dubai have a small but flourishing Bitcoin community, with a few Bitcoin ATMs available.
Bitcoin ATMs work just like bank ATMS. They are devices that allow Bitcoins to be exchanged for cash without the need for a cashier!
When a Bitcoin ATM is not available, users sell them online to digital currency traders, who can sometimes take your Bitcoin & not give cash
While it’s possible to see the web of exchanges involving Bitcoin, it’s not possible to see who is using them, or what they are paying for!
This why bitcoins have a growing criminal constituency, particularly in the unregulated, murky online world of the Deep Web
While our authorities may not be able to stop digital currencies like Bitcoin we can learn about them & how it could be regulated in Nigeria.
Philip Obin is CEO at Potech Ltd., founder @ Wazobialand.com, President @ Club080.com; accomplished business executive with proven ability to train and mentor startups, and be reached at #20 Adeniran Ogunsanya Street, Surulere Lagos Nigeria, ceo@potechng.com, 08027196002, or @PhilipObin @ Wazobialand.com, Twitter, facebook and Instagram.
