1BTC = 0.0000001434 NGN
1BTC = 0.0000553547 USD
|Highest||₦7,456,949:00||on Nov 06, 2020|
|Lowest||₦122,488:15||on Nov 10, 2020|
|Highest||$18,065:31||on Nov 18, 2020|
|Lowest||$263:42||on Nov 10, 2020|
Bitcoin is a remarkable kind of money, with a unique payment option that makes use of a highly secured technology for its operations.
It is currently the largest cryptocurrency and has spread across the world, since it’s inception in 2009. The popularity of this currency has stirred up several other crypto currencies collectively called altcoins.
This platform depends on a peer-to-peer activity, designed to work in a decentralised manner. Thus, Bitcoin does not have a central authority that controls it’s activities unlike Fiat currencies.
Coins are held in wallets, and transactions are recorded within a public ledger known as blockchain. For a successful transaction, the parties involved must provide their public and private keys. These keys are a means of securing the transactions of these coins.
The public keys are similar to an account number from the bank, whereas the private keys are like the ATM pin that one should keep secured.
Also, transaction requires a fee, which is not stipulated as it vary according to the storage size of transactions.
Processing these transactions are the duty of miners, as they confirm transactions that are pending, and collates them chronologically in blockchain.
Individuals are prohibited from adding or replacing parts of the blockchain to make changes in their spends.
Furthermore, Bitcoin consists of several nodes that runs its operational codes and verifies transactions using cryptography.
Thus, it is commonly seen as a collection of blocks, with each block fitting the strict cryptographic rules and containing several transactions. The number of nodes has increased over the years, and as at May 2020, Bitcoin recorded 47,000 nodes.