The Bitcoin Rush in Nigeria

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With Bitcoin, you are simply your own bank; this means you can spend your own money anytime, anywhere, with no restrictions whatsoever. This has made it gain more popularity in the world including our country Nigeria. Many now receive payment with this online currency due to the advantage it has over ever dropping value of naira, it is now worth more than an ounce of gold and completely digital.

How much is it worth?
One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps exchange the cryptocurrency. The value of bitcoin can change within a twinkle of an eye especially since it was worth about $457.04, which means that it’s nearly quadrupled in the last 12 months.  The price has been fairly stable and reliable in Nigeria for a while now. It is said that most investors will benefit from this cryptocurrency through a number of exchanges. Purchasing Bitcoin will also allow you to delve into trading alternative cryptocoins which are much more volatile. Another thing is that Bitcoin will simply become a popular store of value much like gold. People use gold for jewelry and electronics, of course, but mostly gold is used as a way to store wealth outside the reach of conventional financial institutions. Bitcoin has a much shorter track record than gold, but it has some advantages too: It’s easier to store and can be transferred around the world with the click of a button. The world’s gold supply is worth trillions of dollars.

Well should you invest in bitcoin? We will say it is still in its early stages and you need a great deal of understanding of how it works before you invest in it except you have lots of cash you don’t mind losing but that doesn’t mean you should write it off completely, there are people making a lot of money through it.  BoonBuy is an example of an investment platform that deals in bitcoin.