It's Bitcoin that is doing the rounds in social circles nowadays. Everybody is talking about them and those who have used it for transactions are excited about it. It's time that Nigerians also learn to use it as millions of people all across the world are doing at this moment.

What is Bitcoin?

In simple terms, Bitcoin can be defined as digital money. Yes, it is a form of digital currency that has ushered in an age of a new payment system over the internet which is not governed by any central authority. It is a peer-to-peer payment network that works like any other app on computer or mobile.

Bitcoin provides every user with a personal Bitcoin wallet that can be used to receive and send bitcoins.

How popular is Bitcoin?

Bitcoin is very popular today. It was introduced in 2008 and ever since has grown in popularity. There are many businesses today which deal in Bitcoin and according to a recent report by August 2013, the value of bitcoins in circulation exceeded US $ 1.5 billion.

Advantages of Bitcoin

Bitcoin is just not a fad. It comes with its advantages which has fueled its popularity. Bitcoin lends its users with freedom. People can transfer money, anytime and anywhere they want. Bitcoin transcends borders and users don’t have to worry about bank holidays.

Bitcoin is safe and enables the users to have full control over the transactions. Block chain makes Bitcoin extremely transparent. Users can check all of their transactions and that of others in the network. However, personal information is never shared and thus Bitcoin is safe and secured.

Bitcoin payments do not attract fees and hence are very cheap. Bitcoin is also protected against fraud and other malpractices and thus it has emerged as the most preferred option of transactions for merchants.

Bitcoin in Nigeria –potential of growth and development

Bitstake is a new Nigerian Bitcoin exchange that is planning to offer Nigerians the facility of Bitcoin exchange. There are over 70 million internet users in Nigeria and this move can affect them positively and also boost the Nigerian economy.

Bitstake is all set to operate a peer-to-peer lending marketplace in Nigeria. This marketplace would involve digital currency and thus offer a safe and viable alternative to traditional loan market. Businesses would get an opportunity to get loans of different types at much lower rates and cleaner fee structures.

The loans would be offered depending on the need of the businesses and would include personal loans and SMEs too. This would definitely give an impetus to businesses in Africa and help the economies to chart higher growth.

Register Bitstake account at http://bitstake.co and receive a welcome bonus. For Inquires, please email: press@bitstake.co​