who owns Bitcoin?
Well, this is complicated, no one owns Bitcoin.
Bitcoin is an open source platform without a central
authority, Bitcoin software and protocol can be
edited by any developer (programmer) in the world,
but the edition must be reviewed and accepted by
many other developers before being accepted.
Now you may wonder who controls the Bitcoin
platform; It is controlled by all Bitcoin users in the
world who all have to use the Bitcoin software that
adheres to Bitcoin's defined protocols.
How does it work?
To begin, you need to download and
install a Bitcoin mobile or computer
application that will provide you with
a Bitcoin Portfolio similar to Google
Wallet, etc. And that wallet allows
you to send and receive bitcoins.
Is it safe?
Yes, it is quite airtight due to very high-security
measures and very recent technology, but that does
not mean that it can not be hacked, I doubt that
anything digital can not be.
How do you make money through
Bitcoin?
There are two ways to do this:
1. Through speculative buying and
selling: Bitcoin is a universal
currency which means that anyone in
the world can (can choose not to)
buy or sell it. The value of Bitcoin as
of April 7, 2016, was 1 Bitcoin equal
to the US $ 421.64 which is 83,000
Naira in the official CBN dollar at the
Naira rate of 197 Naira or 135,000
naira at the current parallel market
rate of 320 Naira the dollar.
Like currency trading people
speculating that some currencies will
rise, you can also speculate with
Bitcoin because the value increases
or decreases with certain trends and
events. For example, people who
bought bitcoins when they just
invented in 2009 bought one bitcoin
for only $ 6; their value rose to a
peak of about $ 1100 in 2014 then
took a dive to less than $ 300 in 2015
and started Upload again.
2. Mining for Bitcoins: This is a
process in which you use your
computer and special mining
hardware and software from Bitcoin
to compete with several other miners
to solve some very complex
mathematical problems that serve as
protection for Bitcoin transactions. If
you are lucky and your hardware
breaks a problem, you will be
rewarded with a bitcoins usually of
about 25 bitcoins per calculation.
Also check www.bitcoin.org for more details about bitcoin, and how to make money with it
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